Tsakos Energy Navigation Ltd (TNP) 首席执行官 Nikolas Tsakos 在 2019年 第二季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年09月08日 · 53 次阅读

Tsakos Energy Navigation Limited (NYSE:TNP) Q2 2019 Earnings Conference Call September 6, 2019 8:30 AM ET

Tsakos Energy Navigation Limited(纽约证券交易所代码:[TNP])2019年第二季度收益电话会议2019年9月6日美国东部时间上午8:30

公司参与者

Nicolas Bornozis - Capital Link Inc., IR
Efstratios Arapoglou - Chairman
Nikolas Tsakos - Founder, President, and CEO
George Saroglou - COO
Paul Durham - CFO

  • Nicolas Bornozis - Capital Link Inc.,IR
  • Efstratios Arapoglou - 主席
  • Nikolas Tsakos - 创始人,总裁兼首席执行官
  • George Saroglou - 首席运营官
  • Paul Durham - 首席财务官

电话会议参与者

Chris Robertson - Jefferies

  • Chris Robertson - Jefferies

会议主持员

Thank you for standing by, ladies and gentlemen, and welcome to Tsakos Energy Navigation Conference Call on the Second Quarter 2019 Financial Results. We have with us Mr. Takis Arapoglou, Chairman of the Board; Mr. Nikolas Tsakos, President and CEO; Mr. Paul Durham, Chief Financial Officer; and Mr. George Saroglou, Chief Operating Officer of the company.
At this time all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today.
And now I pass the floor to Mr. Nicolas Bornozis, President of Capital Link, Investor Relation Adviser of Tsakos Energy Navigation. Please go ahead, sir.

感谢您的支持,女士们,先生们,欢迎参加2019年第二季度财务业绩的Tsakos Energy Navigation电话会议。 我们和我们一起担任董事会主席Takis Arapoglou先生; 总裁兼首席执行官Nikolas Tsakos先生; Paul Durham先生,首席财务官; 和公司首席运营官George Saroglou先生。

此时所有参与者都处于只听模式。 会有一个演讲,然后是问答环节。 [操作员说明]我必须告诉您今天正在录制此会议。

现在,我请来到Tsakos Energy Navigation的投资者关系顾问Capital Link总裁Nicolas Bornozis先生。 请继续,先生。

Nicolas Bornozis

Nicolas Bornozis

Thank you very much, and good morning to all of our participants. I am Nicolas Bornozis of Capital Link, Investor Relations Advisor to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the second quarter and six months period of 2019. In case we do not have a copy of today's earnings release, please call us at 212-661-7566 or e-mail us at ten@capitallink.com, and we will have a copy for you e-mailed right away.
Please note that parallel to today's conference call, there is also a live audio and slide webcast, which can be accessed on the company's website on the front page at www.tenn.gr.
The conference call will follow the presentation slides, so please we urge you to access the presentation slides on the company's website. Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call. Also, please note that the slides of the webcast presentation are user controlled, and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own.
At this time, I would like to read the Safe Harbor Statement. This conference call and slide presentation of the webcast contain certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which may affect TEN's business prospects and results of operations. Such risks are more fully disclosed in TEN's filings with the Securities and Exchange Commission.
And now, I will turn the floor over to Mr. Takis Arapoglou, the Chairman of the Board of Tsakos Energy Navigation. Mr. Arapoglou, please go ahead, sir.

非常感谢,早上好,我们所有的参与者。我是资本链接的Nicolas Bornozis,Tsakos Energy Navigation的投资者关系顾问。今天早上,该公司公布了2019年第二季度和六个月期间的财务业绩。如果我们没有今天的收益发布,请致电212-661-7566或发送电子邮件给我们。 @ capitallink.com,我们将立即通过电子邮件发送给您的副本。

请注意,与今天的电话会议同时,还有一个现场音频和幻灯片网络直播,可以在公司网站的首页www.tenn.gr上访问。

电话会议将按照演示幻灯片进行,因此,我们强烈建议您访问公司网站上的演示幻灯片。请注意,网络直播演示的幻灯片将在电话会议结束后在公司网站上提供并存档。另请注意,网络直播演示文稿的幻灯片由用户控制,这意味着通过单击正确的按钮,您可以自己移动到下一张幻灯片或上一张幻灯片。

在这个时候,我想阅读安全港声明。该网络广播的电话会议和幻灯片演示包含1995年“私人证券诉讼改革法案”的安全港条款所界定的某些前瞻性陈述。投资者应注意这些前瞻性陈述涉及可能影响的风险和不确定性。 TEN的业务前景和经营业绩。这些风险在TEN向美国证券交易委员会提交的文件中得到了更全面的披露。

现在,我将向Tsakos Energy Navigation董事会主席Takis Arapoglou先生发言。 Arapoglou先生,请继续,先生。

Efstratios Arapoglou

Efstratios Arapoglou

Thank you, Nicolas. Good morning, everyone. Thank you for joining our call today. I'd say very positive performance one of -- perhaps only two positive performances in the sector, if I'm not mistaken, with over 40% increase in EBITDA year-on-year to $120 million. At the same time TEN reduced debt by $140 million, repaid the $50 million pref, continued paid dividends of all kinds and maintained a very healthy cash position, while continuously improving operational excellence.
TEN continues to invest in growing the fleet in a measured way as per our stated strategy both in the conventional tanker sector, as well as in LNG, the latter being in the core of our strategy going forward, as we've said many times.
On behalf of the Board of TEN once again congratulations to Nikolas Tsakos and the team, not only for the results but also for positioning the company so well for an upturn in the market as expected. So, thanks again, Nikola and over to you

谢谢你,尼古拉斯。 大家,早安。 感谢您今天加入我们的电话。 我说非常积极的表现之一 - 如果我没有弄错的话,这个行业可能只有两个积极的表现,EBITDA同比增长超过40%,达到1.2亿美元。 与此同时,TEN减少了1.4亿美元的债务,偿还了5000万美元的资金,继续支付各种类别的股息,并保持了非常健康的现金状况,同时不断提高运营绩效。

根据我们在常规加油机领域以及液化天然气领域的既定战略,TEN继续投资发展车队,后者是我们未来战略的核心,正如我们多次说过的那样。

代表董事会再次祝贺尼古拉斯·察科斯和团队,不仅取得了成果,而且还使公司如此好地定位,以实现市场的好转。 所以,再次感谢Nikola和你

Nikolas Tsakos

Nikolas Tsakos

Thank you, Chairman. We are glad that we are able to maintain our profitability in a challenging environment. I think we're very glad that our -- as you kindly said I think TEN is consistently one of the very few companies in our peer group that maintains profitability, regardless of the cycles.
We are looking at an environment that is promising, and we are preparing the company with that in mind. However, we continue to maintain our policy of chartering our vessels and building vessels against long-term accretive employments that ensure a very strong utilization. We are at 97% utilization in a challenging market for the first six months and this has not changed even last year when the market was even poorer than is today.
The future looks promising. A lot of disruptions will be happening in the next couple of quarters and seasonality will help. Already the futures market also indicates that we're going to be seeing a much healthier 2020 and the remaining of 2019. As we speak today, we are -- we have 32 of our vessels on fixed employments, 20% of our vessels in fixed and profit sharing arrangements, including contracts of a freightment [ph] and 16 vessels in the spot market.
I think this mix has enabled us for the first six months to outperform the market by about 10% on the six monthly basis, but even stronger in the last quarter, where the market was weaker about 38%. And this gives us confidence that when the market will be growing and going further, the company will be able to profit and increase the bottom-line even further, which hopefully at some stage will have to be reflected on our surprise.
What we're doing right now, we are in the final concluding a very large -- one of the largest newbuilding programs with first class long-term employment on every single vessel that any time to company had. We have already taken delivery of 16 vessels. We have reduced debt by more than a quarter of a billion dollars in the last 18 months, which means that the company throws a lot of cash flow to maintain repaying a dividend and also reducing our debt and allows us income for -- allows us liquidity for growth.
In the last month, we have -- as we stated before, increased our exposure on the LNG sector and again talking about state-of-the-art vessels with the long-term employments. So we are positioning the company in a situation, ready to take advantage of the market that we expect to be much stronger in the second half of the year and 2020.
And I think with this, I will ask, Mr. Saroglou to give us a much more detailed analysis of where we've been in the last six months.

谢谢主席。我们很高兴能够在充满挑战的环境中保持盈利能力。我想我们很高兴我们 - 正如你所说的那样,我认为TEN始终是我们同行中保持盈利能力的少数公司之一,无论周期如何。

我们正在寻找一个充满希望的环境,我们正在考虑这一点为公司做准备。然而,我们继续维持我们的租船和建造船只的政策,以防止长期增加的工作,确保非常有效的利用。在前六个月,我们在充满挑战的市场中的利用率为97%,即使去年市场甚至比今天更差,这种情况也没有改变。

未来看起来很有希望。在接下来的几个季度中将发生很多中断,季节性将有所帮助。期货市场也已经表明我们将会看到更加健康的2020年和2019年的剩余部分。正如我们今天所说的那样 - 我们有32艘固定就业船只,20%我们的船只处于固定状态和利润分享安排,包括货运合同[ph]和现货市场上的16艘船舶。

我认为这种组合使我们的前六个月在六个月的基础上跑赢市场约10%,但在上个季度甚至更强劲,市场疲软约38%。这让我们相信,当市场将会增长并进一步发展时,公司将能够进一步获利并增加底线,这有望在某些阶段反映出我们的意外。

我们现在正在做的事情,我们最终得出的结论是一个非常庞大的 - 最大的新建项目之一,在公司的任何时间都可以在每艘船上享受一流的长期工作。我们已经交付了16艘船。在过去的18个月里,我们减少了超过25亿美元的债务,这意味着该公司投入大量现金流以维持偿还股息并减少债务并允许我们的收入 - 允许我们流动性为了增长。

在上个月,我们已经 - 正如我们之前所说的那样,增加了我们对液化天然气行业的曝光率,并再次谈论了拥有长期就业机会的最先进船舶。因此,我们将公司定位于一种情况,准备好利用我们期望在下半年和2020年更加强大的市场。

我想,有了这个,我会问,Saroglou先生给我们更详细的分析,说明我们过去六个月的情况。

George Saroglou

George Saroglou

Thank you very much, Nikolas, and good morning to you all. We are very pleased to report a profitable second quarter and first six months of 2019 operations. As a result of a better freight market environment that started during the fourth quarter of 2018. As we said, we are one of the very few companies in the peer group, if not the only one that reported profitable operations in the first six months of the year.
The recovery in both the tanker and LNG market helped the company to recharter the two LNG vessels in the fleet at much higher accretive rates above the average all-in breakeven for both vessels. We continue to charter and recharter 13 vessels so far, since the start of the year, taking advantage of the appetite by oil majors and the company's clients to fix vessels forward.
The last three years the company built 20 vessels, including the one-option-one LNG order we announced today, against long-term industrial business. TEN is in the final stages of this 19 vessel growth program undertaken at competitive levels during the low levels of previous cycle.
Of these 15 ships have been successfully delivered finance and employed on long-term accretive charter to first-class end users. Within this year and 2020, the remaining four vessels are fully financed and chartered to an oil major concern for a minimum of five years will complete the company's current expansion and secure revenues going forward.
On the LNG newbuilding front, we have ordered one-option-one 174,000 cubic meter vessels for delivery in 2021. With this order the company's LNG performance fleet rises to four vessels. We expect for this -- including the option, we expect for this vessel to follow the same employment path as the other two vessels and be employed on time charter with major international natural gas and trading companies. Already discussions have started to be in place and we hope and expect to announce as time progresses similar charters like the ones that we have on our other two LNG vessels.
During the first half of the year, we had -- we concluded a deal with a major end user for four vessels and we have expanded a strategic relationship with a national oil concern by selling them two vessels.
Moving to the online presentation and slide three, we see the company's versatile and modern fleet expanding across all vessel types and sizes in crude product tankers and specialized categories like LNG and shuttle tankers. Thanks to the company's employment strategy that has a bias towards medium to long-term time charters with a combination of fixed rates profit sharing and min max rate that is able to outperform the average spot market indices.
Slide four, the left side presents the all-in breakeven costs for the various vessel type that we operate in the company. As you can see the costs base is low. In addition to the low shipbuilding costs we must highlight the purchasing power of TCM and the continuous cost control efforts by management to maintain a low OpEx for the fleet. In the first half of the year OpEx is down 3%, low general and administrative expenses, while keeping a very high fleet utilization quarter-after-quarter, again, almost 97% for both the second quarter and the first half of the year, which we believe qualifies us full employment.

非常感谢Nikolas,大家早上好。我们非常高兴地报告2019年第二季度和前六个月的盈利情况。由于2018年第四季度开始有更好的货运市场环境。正如我们所说,我们是同行中少数几家公司之一,如果不是唯一一家在前六个月报告盈利运营的公司。那一年。

油轮和液化天然气市场的复苏帮助该公司重新设计船队中的两艘液化天然气船,其增加率远高于两艘船的平均全部盈亏平衡率。到目前为止,我们继续包括和重新规划13艘船只,从今年年初开始,利用石油巨头和公司客户的兴趣来推动船只向前发展。

在过去三年中,该公司建造了20艘船,包括我们今天宣布的针对长期工业业务的一种选择 - 一种液化天然气订单。 TEN正处于这一19个船舶增长计划的最后阶段,该计划在前一周期的低水平期间以具有竞争力的水平进行。

在这15艘船中,已成功交付财务,并为一流的最终用户提供长期增值租赁服务。在今年和2020年之内,剩余的四艘船舶将获得全额融资,并将获得至少五年的石油主要关注,这将完成公司目前的扩张并确保未来的收入。

在液化天然气新造船厂方面,我们在2021年订购了一个选项 - 一个174,000立方米的船舶。通过这个订单,该公司的液化天然气性能船队增加到四艘船。我们预计这一点 - 包括期权,我们预计这艘船将遵循与其他两艘船相同的就业路径,并与主要的国际天然气和贸易公司一起受雇。已经开始讨论已经到位,我们希望并期望随着时间的推移宣布类似的章程,例如我们在其他两艘液化天然气船上的章程。

在今年上半年,我们已经与四艘船的主要最终用户签订了协议,我们通过出售两艘船扩大了与国家石油关注的战略关系。

转到在线演示文稿和第三张幻灯片,我们看到该公司的多功能和现代化车队扩展到原油产品油轮和液化天然气和穿梭油轮等专业类别的所有船型和规模。由于公司的就业战略倾向于中长期定期租约,固定利率利润分享和最高最高利率相结合,能够超越平均现货市场指数。

滑动四,左侧显示我们在公司运营的各种船型的全部盈亏平衡成本。如您所见,成本基数较低。除了造船成本低之外,我们必须强调TCM的购买力以及管理层持续的成本控制努力,以保持车队的低运营成本。今年上半年,OpEx下降了3%,总体和管理费用较低,同时保持了非常高的车队利用率,同样在第二季度和上半年保持了近97%,我们认为我们有充分的就业资格。

TEN’s flexible chartering strategy ensures that most of the times the company outperforms the spot market and this helps the company maintain an impeccable debt service records and meet all our obligation irrespective of where we are in the market cycle. Thanks to the profit sharing element, that is a big portion of the fleet, TEN benefit further on market conditions improve further, as we expect the market to do going forward.
Based on the current conditions and the number of vessels operating in the spot market and in time charter with profit sharing for every $1,000 increase in spot market rates, we have a positive $0.06 impact on annual EPS.
Debt reduction is an integral part of the company's strategy. Debt fixed at around $1.7 billion at the end of 2017. And in the last 18 months, we have reduced the company's debt by $221 million, taking down the net debt to capital ratio at the end of the second quarter of 2019 at below 50%. At the end of July, the company fully redeemed the highly successful $50 million Series B preferred shares.
Despite the headwind from the U.S.-China trade war and its potential spillover effect the rest of the world, global oil demand continues to grow. The latest forecast from the International Energy Agency calls for 1.1 million barrels per day oil demand growth this year and 1.3 million next year.
The USA is now the biggest crude oil producers and U.S. crude oil exports continue to grow. This, combined with geopolitical tensions, supply disruptions, the U.S. led sanctions against Venezuela and Iran, and OpEx production cuts are positive for ton miles and global fleet utilization substitute barrels travel longer distances to reach importers, refiners and consumers.
We had a longer than usual refinery maintenance season in the first half of 2019, as global refineries were preparing for IMO2020 low sulfur fuel oil. However global refinery throughputs are picking up and expected to require another on average 1 million barrels per day of more crude oil than they did in the first half of the year.
On the supply of tonnage the order book is at 7.7% and this is a low number compared to historical level. A big part of the fleet is over 15 years, and environmental regulations starting with retrofitting water ballast treatment systems and scrubbers to comply with IMO2020 create delays. As scrubber retrofitting takes longer than initially forecasted, while shipyard works at full capacity to meet retrofitting requirements, which could keep longer a big part of the global fleet in shipyards rather than trading and this could push more tankers approaching for above 20 years to go for scrapping.
Last year was one of the highest scrapping years of record this year scrapping as expected is lower, but with more than 1,000 tankers older than 15 years and post environmental regulations we could see a pickup in scrapping especially for those vessels approaching above for 20 years.
The graph on the right side of the slide is a forecast from Fearnleys the well-known ship broker from Norway. As you can see the LCC rates are expected to trend higher and reach multi-year highs going forward. We're also very positive about the market prospects and expect the strong market for all vessel categories. This environment, we believe that the company’s fleet is well positioned to capture any market opportunity that would be presented.

TEN灵活的租赁策略确保公司在大多数时候都能胜过现货市场,这有助于公司保持无可挑剔的债务服务记录,并履行我们的所有义务,无论我们处于市场周期的哪个阶段。由于利润分享因素,即机队的很大一部分,TEN在市场条件下进一步受益,因为我们预计市场会向前发展。

根据现货市场的现状和船舶数量,以及现货市场价格每增加1,000美元的利润分配,我们对每年每股盈利的影响为0.06美元。

减少债务是公司战略的一个组成部分。截至2017年底,债务固定在17亿美元左右。在过去的18个月中,我们将公司的债务减少了2.21亿美元,将2019年第二季度末的净债务与资本比率降低至50%以下。截至7月底,该公司完全兑现了非常成功的5000万美元B系列优先股。

尽管来自美中贸易战的逆风及其对世界其他地区的潜在溢出效应,全球石油需求仍在继续增长。国际能源署的最新预测显示,今年每天石油需求增长110万桶,明年增加130万桶。

美国现在是最大的原油生产国,美国原油出口继续增长。加上地缘政治紧张局势,供应中断,美国领导对委内瑞拉和伊朗的制裁,以及欧佩克减产对于里程数有利,而全球船队利用替代桶则需要更长距离才能进入进口商,炼油厂和消费者。

由于全球炼油厂正在为IMO2020低硫燃料油做准备,我们在2019年上半年的炼油厂维修季节比平时长。然而,全球炼油厂的吞吐量正在增加,预计每天平均需要100万桶原油,比上半年更多。

在吨位供应方面,订单量为7.7%,与历史水平相比这个数字较低。该船队的很大一部分已经超过15年,从改造水压载处理系统和洗涤器开始遵守IMO2020的环境法规造成了延误。由于洗涤器改造所需的时间比最初预测的要长,而造船厂满负荷运行以满足改装要求,这可能使全球船队中的大部分时间更长,而不是交易,这可能会使更多的油轮接近20年以上报废。

去年是今年报废的最高年份之一,如预期的那样,报废率较低,但是超过15年的超过1000艘油轮和环境法规,我们可以看到废弃物的回升,特别是那些接近20年以上的船只。

幻灯片右侧的图表是来自挪威着名船舶经纪人Fearnleys的预测。正如您所看到的那样,预计LCC利率将会走高并且将会达到多年来的高点。我们对市场前景也非常看好,并期望所有船舶类别的市场都很强劲。在这种环境下,我们相信公司的船队能够很好地抓住任何可能出现的市场机会。

That concludes the operational part of our presentation. Paul will walk you through the financial highlights for the second quarter and first half. Paul?

这就是我们演讲的操作部分。 保罗将带您了解第二季度和上半年的财务亮点。保罗?

Paul Durham

保罗达勒姆

Thank you, George. Well after a comfortable quarter one TEN continued on a profitable task in quarter two. Despite difficulties arising from refinery disruption, fleet over capacity, OpEx cuts and of course seasonal factors, nevertheless TEN was able to generate a net income of $300,000 a considerably better results from that loss of over $9 million in the prior quarter two.
For the half year there was net income of $11.5 million compared to $21.5 million loss in the first six months of 2018, a $33 million positive reversal. The profit was mainly due to an increase revenue by 16% in the quarter two and half year over the prior period.
Partly due to new accretive time charters, including those of the LNG carriers, increased long haul voyages helped our spot vessels to earn freight at an average 30% more than in the prior quarter two. Daily TTE for vessel in quarter two and six months averaged over $20,000 well above average market rates due to our time charters that again generated enough to pay operating overhead and finance cash costs.
Operating income increased fivefold from the prior quarter two to reach $19 million, despite some increase in OpEx due to the timing and higher maintenance in sales [ph], offset by a stronger dollar. Otherwise average daily OpEx for vessels stayed well under $8,000, while other expenses remain stable or fell from those of the prior quarter two.
Finance costs were up by $6.5 million in quarter two, mainly due to bunker hedge losses and negative non-cash movements in valuation. However, loan interest remains stable with interest rate increases, being offset by a substantial $142 million reduction in outstanding debt in the past year. In quarter two itself net debt was reduced by $52 million, leaving cash balances of $193 million at the end of the half year with our net debt to capital at 48%.
EBITDA in quarter two amounted to $56 million, 33% higher than in the prior quarter two and $120 million for the six months, a 43% increase. On top of a significant reduction in outstanding loads, we also redeemed the Series B preferred stock in July, with $50 million returned to stockholders.
So all-in-all we are pleased with the results for the first six months, given the difficult market and we remain optimistic for the rest of 2019 and beyond, based on low inventories, completed refinery maintenance, high U.S. oil exports and reduced tanker deliveries, recognizing that we are approaching a period of probable disruption that may reduce the availability of tankers that in turn will have a positive effect on returns.
And now I’ll hand the call back to Nikolas.

谢谢你,乔治。经过一个舒适的第一季度后,TEN继续在第二季度实现盈利。尽管炼油厂中断,船队超载,OpEx削减以及季节性因素造成困难,但TEN能够产生30万美元的净收入,而上一季度亏损超过900万美元的结果要好得多。

半年的净收入为1150万美元,而2018年前六个月的亏损为2150万美元,为3300万美元的正向逆转。利润主要是由于上一季度两年半的收入增加了16%。

部分由于包括液化天然气运输船在内的新增加时间租约,增加的长途航程帮助我们的现货船舶的运费平均比上一季度增加了30%。由于我们的时间租约再次产生足以支付运营间接费用和财务现金成本,因此第二季度和第六季度的船舶每日TTE平均超过20,000美元,远高于平均市场价格。

尽管由于时间和销售维持率的提高而使得运营支出有所增加,但营业收入比上一季度增加了五倍,达到了1900万美元,而美元走强抵消了这一增长。另外,船舶平均每日运营支出低于8,000美元,而其他支出则保持稳定或低于上一季度的水平。

第二季度融资成本增加650万美元,主要原因是燃油对冲损失和估值的非现金变动负值。然而,随着利率上升,贷款利息保持稳定,被过去一年中未偿还债务减少1.42亿美元抵消。在第二季度,净债务减少了5200万美元,在半年末留下了1.93亿美元的现金余额,我们的净债务为48%。

第二季度的EBITDA为5600万美元,比上一季度高出33%,六个月为1.2亿美元,增长43%。除了显着减少未偿货款外,我们还在7月份赎回了B系列优先股,并向股东返还了5000万美元。

总而言之,鉴于市场艰难,我们对前六个月的业绩感到满意,我们对2019年及以后的剩余时间保持乐观,基于低库存,完成炼油厂维护,美国石油出口量高和油轮减少交付,认识到我们正在接近一段可能的中断,这可能会减少油轮的可用性,从而对退货产生积极影响。

现在我将把电话交还给Nikolas。

Nikolas Tsakos

Nikolas Tsakos

Thank you, Paul for another quarter of positive news. And we are, as I said, glad being one of the very few in our peer group if not the only one that is positive this quarter, and for the first six months. We are able to achieve this by tight control on the actual assets, maintaining operating expenses and utilization at very high rates. And our chartering strategy gives us the ability to outperform the spot market significantly.
This -- the first six months, we had a 36% outperformance of the spot market that has enabled the company to be profitable. Our VLCCs performed significantly better than the spot market in the first six months. The same with our Suezmaxes, Aframaxes, Panamaxes in every single sector that we participate, we have outperformed the market significantly, with a total average of 36% in that growth.
Also, a very important part of our business has to do with reducing debt. And I think as Mr. Saroglou George said, reducing debt, and repaying our initial Series B preferred was one of the highlights of the first six months and here still realizing very strong liquidity. But also interest rate reduction is very positive for our business. Just to put it in perspective, every 1% reduction in interest rate is almost $15 million straight down to our bottom line. So that's a very significant number going forward.
On the growth side, our long term strategic relationships are maintained, our operational excellence is appreciated by the end users that they would rather do business with companies with a long-term solid profile like ourselves. Four vessels with a strategic relationship to a U.S. major oil company with very long employment starting this quarter and going -- or I guess starting next fourth quarter and one versus every quarter following.
And of course, then the expansion on the LNG sector continues. And a lot of accretive business in the backlog as we speak, which gives us the very positive feeling that the market is expected to go from strength-to-strength, at least in the medium to near future.
And with this, I would like to open the floor for any questions that you may have.

谢谢你,保罗再获得四分之一的好消息。正如我所说的那样,我们很高兴成为我们同行中最少的一个,如果不是本季度和前六个月唯一的积极因素。我们能够通过严格控制实际资产,维持高昂的运营成本和利用率来实现这一目标。我们的租船策略使我们能够显着超越现货市场。

这 - 前六个月,我们的现货市场表现优异36%,使公司盈利。我们的VLCC在前六个月表现明显优于现货市场。与我们参与的每个行业的Suezmaxes,Aframaxes,Panamax相同,我们的市场表现明显优于市场,平均增长率为36%。

此外,我们业务的一个非常重要的部分与减少债务有关。而且我认为正如Saroglou George先生所说,减少债务并偿还我们最初的B系列首选是前六个月的亮点之一,而且这里仍然意识到非常强劲的流动性。但降息也对我们的业务非常有利。换句话说,每降低1%的利率将近1500万美元直接降至我们的底线。所以这是一个非常重要的数字。

在增长方面,我们的长期战略关系得以维持,我们的卓越运营得到最终用户的青睐,他们宁愿与像我们这样具有长期稳固形象的公司开展业务。四艘与一家美国主要石油公司有战略关系的船只,从本季开始就业很长 - 或者我认为从下一个季度开始,一个与下一个季度相比。

当然,然后液化天然气行业的扩张仍在继续。正如我们所说的那样,在积压的业务中有很多增长的业务,这使我们产生了非常积极的感觉,即市场预期会从强度变为强势,至少在中期到近期。

有了这个,我想就你可能遇到的任何问题开场。

问答环节

Thank you very much. [Operator Instructions]. Okay, our first question for today is from James Mayer [ph] from Value Investors.

非常感谢你。 [操作员说明]。 好的,我们今天的第一个问题来自Value Investors的James Mayer [ph]。

身份不明的分析师

Hi. Good morning, gentlemen. Congratulations on the LNG order.

你好。 先生们,早上好。 祝贺LNG订单。

Nikolas Tsakos

Nikolas Tsakos

Thank you.

谢谢。

身份不明的分析师

Yes. I'm looking at the timing of your installment payments for -- you have two Aframaxes, 2 Suezmaxes and one-option-one LNG. Is that correct? And then also what is the timing of those installments both for the rest of 2019, 2020 and then 2021?

是。 我正在考虑分期付款的时间 - 你有两个Aframax,两个Suezmax和一个选项一个液化天然气。 那是对的吗? 那么,对于2019年,2020年和2021年的剩余时间,这些分期的时间是什么?

Paul Durham

保罗达勒姆

Well, to-date we paid for the four vessels, $25 million we've paid already out of our pocket. We expect to pay another $55 million from our pocket in the remainder of the year -- pardon, $5 million in the remainder of the year. And drawdowns we still have from our banks, they're providing fee financing, fee delivery financing. Drawdowns will amount to $45 million by the end of the year. And future drawdowns within the year, we have $26 million. And going into 2020, we have a further $122 million and that's been provided by the delivery debt.

好吧,到目前为止,我们支付了四艘船,我们已经从口袋里支付了2500万美元。 我们预计今年剩余时间将从我们的口袋中再支付5500万美元 - 请原谅,今年剩余时间将获得500万美元。 我们还有来自银行的提款,他们提供费用融资,费用交付融资。 截至年底,提款额将达到4500万美元。 而在未来一年内的亏损,我们有2600万美元。 到2020年,我们还有1.22亿美元,这是由交付债务提供的。

Nikolas Tsakos

Nikolas Tsakos

So, I think, actually from equity, it's another $5 million for the vessels.

因此,我认为,实际上来自股权,这是船舶的另外500万美元。

George Saroglou

George Saroglou

In addition to the 25, already paid.

除了25,已经支付。

Nikolas Tsakos

Nikolas Tsakos

In addition to the 25 already paid.

除了25已付款。

身份不明的分析师

Okay. So here is $5 million additional equity a year and what's the amount you anticipate I know all the financing is probably not wrapped up yet, especially for the LNG carriers. But what's the amount of equity that you anticipate spending in 2020 and then 2021, for those vessels?

好的。 所以这里每年增加500万美元的资产,你预计我知道所有融资的金额可能还没有结束,特别是LNG运营商。 但是,对于这些船舶,您预计在2020年和2021年之间的预计支出金额是多少?

Nikolas Tsakos

Nikolas Tsakos

I think the only the finance is wrap up for all the other vessels there is a Q of finance years for the LNGs. So we expect perhaps another $40 million of equity between 2020 and 2021 for the LNG carrier.

我认为唯一的融资是包装所有其他船只,液化天然气的财务年限为Q. 因此,我们预计2020年至2021年期间LNG运营商可能会再获得4000万美元的股权。

身份不明的分析师

So what's the -- kind of wrapping up on that, what's the target leverage for those vessels? It sounds to me like it's in the 70%, 80% range, is that about right?

那么什么是 - 那种包装,那些船只的目标杠杆是什么? 听起来像是在70%,80%的范围内,这是对的吗?

Nikolas Tsakos

Nikolas Tsakos

We try to be conservative, as you know we have conservative balance sheet and we try to keep it closer to 70%, rather than the 80%.

我们试图保守,因为你知道我们有保守的资产负债表,我们试图让它接近70%,而不是80%。

身份不明的分析师

Excellent, thank you. And then the other question I have similar is on your debt facilities, I know you've targeted refinancing the balloons, but you plan to pay down your regular amortization payments. Can you remind me what the remaining amortization payments are for the rest of 2019 and also for 2020 and scheduled for 2021?

非常好,谢谢。 然后我有类似的另一个问题是你的债务设施,我知道你有针对气球的再融资,但你打算支付你的正常摊还款。 您能否提醒我2019年剩余时间以及2020年和2021年的剩余摊还款项是多少?

Paul Durham

保罗达勒姆

Our scheduled repayments for the remainder of 2019 $84 million, going into 2020 we're going to -- do you want to know future years as well?

我们计划在2019年的剩余时间内偿还8400万美元,到2020年我们将要去 - 您是否也想知道未来几年?

身份不明的分析师

No.

没有。

Paul Durham

保罗达勒姆

Okay, so for the remainder of this year, we have scheduled $84 million to pay.

好的,今年剩下的时间里,我们计划支付8400万美元。

身份不明的分析师

And then do you amount available for 2020 or 2021 yet?

然后你有可用于2020年或2021年吗?

Paul Durham

保罗达勒姆

2020 we have $166 million, and these are scheduled payments, not balloons. Going into 2021 we have $141 million. And if we’re going into 2022, we got another $128 million.

2020年我们有1.66亿美元,这些都是定期付款,而不是气球。 进入2021年,我们有1.41亿美元。 如果我们进入2022年,我们又获得了1.28亿美元。

身份不明的分析师

Excellent. Thanks for the color on that. And then final question for me, we talked a little bit about scrubbers in the call and how those are adding some delays. I know previous calls you mentioned that there might be some customers that would pay for the scrubbers as part of their charters. Has there been any deals made on that, like how many of your fleets are tied up on scrubbers?

优秀。 谢谢你的颜色。 然后对我来说是最后一个问题,我们在电话会议中讨论了一些关于洗涤器的问题,以及这些问题是如何增加一些延迟的。 我知道您之前提到过的电话,可能会有一些客户支付洗衣机作为其包机的一部分。 是否有任何交易,比如你的船队中有多少人被捆绑在洗涤器上?

George Saroglou

George Saroglou

Well, as I said we have -- we will have about eight vessels, including the newbuilds with the scrubbers, all of them paid by the charterers in -- for the time that we will retrofit and the costs.

好吧,正如我所说的那样 - 我们将拥有大约八艘船,包括带洗涤器的新船,所有这些船都由租船人支付 - 我们将在改造时支付费用。

身份不明的分析师

Fantastic. So no CapEx expected for the scrubbers.

太棒了。 因此洗涤器没有预期的资本支出。

George Saroglou

George Saroglou

No, CapEx at all. The opposite, we will be earning money, sitting at the yard, while this is happening. So actually it will be more profitable, because we will not have OpEx also.

不,资本支出。 相反,我们将在院子里赚钱,而这正在发生。 所以实际上它会更有利可图,因为我们也不会有OpEx。

身份不明的分析师

Excellent. Thank you very much, gentlemen.

优秀。 先生们,非常感谢你们。...

会议主持员

[Operator Instructions] The next one is for Randy Giveans from Jefferies. Please go ahead.

[操作员说明]下一个是Jefferies的Randy Giveans。 请继续。

Chris Robertson

Chris Robertson

Good morning, gentlemen. This is Chris Robertson on for Randy. Thanks for taking our questions.

先生们,早上好。 这是Chris Robertson对Randy的看法。 谢谢你提出我们的问题。

Nikolas Tsakos

Nikolas Tsakos

Hi, Chris.

嗨,克里斯。

Chris Robertson

Chris Robertson

So, Nikolas mentioned operating expense control and the utilization rate that was strong in the quarter. So it looks like you're able to achieve close to a 97% utilization rate, do you expect similar results for the remainder of the year and will any IMO2020 preparations cut into that, any disruptions there regarding the changeover in fuels?

因此,Nikolas提到了运营费用控制和本季度强劲的利用率。 所以看起来你能够达到接近97%的利用率,你预计今年剩余时间会有类似的结果,并且IMO2020的任何准备工作都会切入,燃料转换的任何中断吗?

Nikolas Tsakos

Nikolas Tsakos

Well, if you go back to I would say even to the last 5 or 10 years history, you see we average well above the 95%, 85% is the industry average. So 97% we expect to be a very constant number. If you -- and as I said in the previous answer, the reason we will maintain this is because our -- the time we will be taking for the scrubber installations are going to be paid. So there will be no downtime, it will be paid by the charterers.
So yes, we expect to maintain because of the chartering profile, we have to maintain the same high utilization going forward.

好吧,如果你回到我想说的最近5年或10年的历史,你会发现我们平均远高于95%,85%是行业平均水平。 因此97%我们希望是一个非常恒定的数字。 如果你 - 正如我在前面的回答中所说的那样,我们维持这个原因的原因是因为我们 - 我们将为洗涤器装置采取的时间将会付清。 因此,没有停机时间,租船人将支付。

所以,是的,我们期望由于租船资料而维持,我们必须保持同样的高利用率。

Chris Robertson

Chris Robertson

Got you. And can you talk a little bit about the operational plans to make the changeover in fuels?

有你。 您能谈谈制定燃料转换的运营计划吗?

Nikolas Tsakos

Nikolas Tsakos

Yes, I have a big team that can say much more things than I do, but they are away from the speaker right now. Yes, I think we are preparing and at least internally, we are preparing the ships during the passage they are cleaning the tanks. So we do not have any off fire, if we have any scheduled delays, if we have any scheduled repairs, these repairs are going to be used at the same time to clean the tanks for the low sulfur.
So we do not really expect any major delays in what we will be doing in the preparation and having 70% of the fleet with long-term employment, it helps very much, because we have the cooperation of the charters because they are actually the owners of the products that we burn.

是的,我有一个可以说比我更多的事情的大团队,但他们现在远离演讲者。 是的,我认为我们正在准备,至少在内部,我们正在准备他们正在清洗坦克的船只。 所以我们没有任何火灾,如果我们有任何预定的延误,如果我们有任何定期维修,这些维修将同时用于清洁低硫罐。

因此,我们并不期望我们在准备工作中会有什么重大延误,并且70%的船队都有长期工作,这非常有帮助,因为我们有章程的合作,因为他们实际上是业主 我们燃烧的产品

Chris Robertson

Chris Robertson

Got you. And then with regards to the reduction in the vessel OpEx, was that fairly low hanging fruit and what additional steps could the technical managers take in coming quarters to maybe drive that down further?

有你。 然后关于船舶运营支出的减少,那个技术管理人员在未来几个季度采取了哪些额外措施可能会进一步推动这一进程?

Nikolas Tsakos

Nikolas Tsakos

Well, I think for us, we are -- first of all we are running a fleet at utilization of 97%. And at the same time we are -- we have on average the lowest at least from the tanker owners OpEx and G&A expenses in the industry, we have a vertical operation. So actually whatever happens on a ship, it does not happen in India, or somewhere else it happens within the premises that we all operate where the company is headquartered. So we are able to have very quick reaction and enhance control.
And that's why we would like to also appreciate the efforts of our seafarers and our ship managers that are cooperating so close with the commercial department to try and keep operating expenses even lower. And I think what will help a little bit more will be a stronger dollar, which we should not exclude.

嗯,我想对我们来说,我们是 - 首先我们运营的车队利用率为97%。 同时我们 - 我们平均至少来自油轮业主OpEx和行业的G&A费用,我们有垂直运营。 因此,实际上无论在船上发生什么,它都不会发生在印度,或者其他地方,它发生在我们所有公司总部所在地的场所内。 因此,我们能够快速反应并加强控制。

这就是为什么我们还要感谢我们的海员和我们的船舶管理人员的努力,他们与商业部门如此密切合作,试图将运营费用降低。 而且我认为对美元有所帮助会更有利,我们不应该排除这种美元。

Chris Robertson

Chris Robertson

Got you. And last question for me. Regarding the Aframax tankers, are any of the crude tankers operating in the product tanker trade? What trade do you think will benefit more in the lead up to IMO implementation? And any update on the lightering activity in the U.S. or Latin American markets with your Aframax tankers?

有你。 对我来说最后一个问题。 关于Aframax油轮,是否有任何在油轮贸易产品中运营的原油油轮? 在IMO实施之前,您认为哪些行业会受益更多? 有关您的Aframax油轮在美国或拉丁美洲市场的减少活动的最新消息吗?

Nikolas Tsakos

Nikolas Tsakos

Well, that's a very good question. And I think if we can go to page of our fleet, you’ll see that we have right now the three of our vessels, which are [indiscernible] on this. But our Aframaxes trading clean right now. And -- which is, I would say it's a market which is getting a lot of positive news because of the different dislocations of high and low sulfur growth. So we have three of those ships trading on the Aframaxes in the clean trade.
And it's a very good question, which we believe that initially, perhaps, the product market might get an early start in a positive environment, because of the dislocation from the various refineries However, in order for refineries to produce the right product, they would have to find the right crude. So I think the crude market then will follow us and I will give you very quick example, because I'm sure you're all -- the U.S. refineries because you are used to actually crack heavier crudes are better prepared for producing low sulfur, than let's call the Western European refinery. So we might see products coming to -- coming from the United States to Europe, low sulfur product.
Then, of course, in order to -- and also we might see lighter crude. We also like lighter crude that will have to be used to mix with a heavier crude, we have the [indiscernible] crudes, which are heavier. So the crude market will also take, I think will have an advantage of longer ton-mile. So I think the whole segment will have dislocation and disruption that will be positive for supply.

嗯,这是一个非常好的问题。而且我想如果我们能够进入我们舰队的页面,你会看到我们现在拥有的三艘船,这些都是[音频不清晰]。但我们的Aframaxes现在交易清洁。并且 - 也就是说,我认为由于高硫和低硫增长的不同位错,这是一个获得大量利好消息的市场。因此,我们有三艘船在清洁贸易中进行Aframaxes交易。

这是一个非常好的问题,我们认为,最初也许,产品市场可能会在积极的环境中早日开始,因为各种炼油厂的错位但是,为了让炼油厂生产出合适的产品,他们会必须找到合适的原油。因此,我认为原油市场将跟随我们,我会给你一个非常快速的例子,因为我确定你们都是 - 美国炼油厂,因为你们习惯性地开采更重的原油,为生产低硫做好了更好的准备,比起让我们称之为西欧炼油厂。因此,我们可能会看到产品 - 从美国到欧洲的低硫产品。

然后,当然,为了 - 而且我们也可能看到更轻的原油。我们也喜欢较轻的原油必须用于与较重的原油混合,我们有[音频不清晰]原油,它们更重。因此原油市场也将采取,我认为将具有更长的吨英里的优势。因此,我认为整个细分市场将出现错位和中断,这对供应有利。

Chris Robertson

Chris Robertson

Got you. Appreciate the time.

有你。 感谢时间。

会议主持员

Thank you very much. Gentlemen there are no further questions waiting. I'll hand to call back to you for closing remarks. Thank you.

非常感谢你。 先生们,没有其他问题在等待。 我会打电话回复你的结束语。 谢谢。

Nikolas Tsakos

Nikolas Tsakos

Thank you. Chairman?

谢谢。 主席?

Efstratios Arapoglou

Efstratios Arapoglou

Well, as Nikolas said earlier we remain optimistic going forward. Totally focused on our strategy, which has been paying off the way it has been executed. In October, we have a new strategy meeting, we will review as appropriate and of course, let you know of any changes in the next results call. So thank you very much from me over to Nikolas.

好吧,正如Nikolas早些时候所说,我们仍然保持乐观向前发展。 完全专注于我们的战略,这一战略已经取得了成功。 10月份,我们召开了新的战略会议,我们将在适当的时候进行审核,当然,让您了解下次结果调用的任何变化。 非常感谢我对Nikolas的支持。

Nikolas Tsakos

Nikolas Tsakos

Well, thank you, gentlemen. And I think looking forward to meet face-to-face with our shareholders. We have a big week in London next week with a London Maritime Week. I think the Capital Link event with a lot of chance to see our European investors, or whoever from the United States is in London, and then in October we have the LNG conference in Houston, which coincides with -- again, the various events, Capital Link events in New York all the team will be there.
And in the meantime, we'll hope to be able to maintain and be able to give you good news in November, when we report our nine months results and hopefully, come up with even better results going forward. And again, thank you for your support and looking forward to a healthy second half of the year. Thank you.

嗯,谢谢你们,先生们。 我认为期待与股东面对面交流。 我们下周将在伦敦举办一个盛大的伦敦海事周活动周。 我认为有很多机会看到我们的欧洲投资者的资本链接活动,或者来自美国的任何人都在伦敦,然后在10月我们在休斯敦举行了液化天然气会议,而这恰好与各种活动相吻合, 纽约的资本链接活动将全部在那里。

与此同时,我们希望能够在11月份能够维持并能够给你带来好消息,当时我们会报告我们的九个月结果,并希望能够在未来取得更好的成果。 再次感谢您的支持,并期待今年下半年健康。 谢谢。

会议主持员

Thank you very much. Ladies and gentlemen, that does conclude our conference for today. Thank you all for participating. You may not disconnect your line.

非常感谢你。 女士们,先生们,今天的会议结束了。 谢谢大家的参与。 你可能不会断开你的线路。

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