BW LPG Ltd (BWLP) 2024 Q2 法說會逐字稿

Welcome to BW LPG's second quarter 2024 financial results presentation. Bringing you through the presentation today are CEO, Kristian Sorensen; and CFO, Samantha Xu. We are pleased to answer questions at the end of the presentation. (Operator Instructions)

歡迎觀看 BW LPG 2024 年第二季財務業績示範。今天為您帶來演示的是首席執行官克里斯蒂安·索倫森 (Kristian Sorensen)；和財務長薩曼莎·徐。我們很高興在演示結束時回答問題。 （操作員說明）

Before we begin, we wish to highlight the legal disclaimers shown on the current slide. This presentation, held on Zoom, is also recorded.

在開始之前，我們希望強調目前幻燈片中顯示的法律免責聲明。這場在 Zoom 上舉行的演講也被錄製下來。

I now turn the call over to Kristian.

我現在把電話轉給克里斯蒂安。

Thank you, Lisa, and hi, everyone, and welcome to our 2024 Q2 presentation. Thank you for taking time to join us today as we present our financial results and recent events. It's been an eventful period for our company.

謝謝麗莎，大家好，歡迎來到我們的 2024 年第二季演示。感謝您今天抽出寶貴時間加入我們，我們將介紹我們的財務表現和最近發生的事件。對我們公司來說，這是一個多事的時期。

So let's turn to slide 4. Before we talk about the more recent events, let's focus on the Q2 numbers, where we are pleased to report another good quarter for our fleets, with time charter equivalent in line with our guiding of $49,000 per day. We're also happy to report another profitable quarter for our trading activity in product services, with net accounting profit just below $16 million.

因此，讓我們轉向幻燈片4。指導。我們也很高興地報告我們的產品服務交易活動又一個盈利季度，會計淨利潤略低於 1600 萬美元。

As you will see from slide 16, with our usual waterfall illustration of product services performance, there was a $29 million profit from realized positions, which were offset against an unrealized net loss from physical and paper hedging positions.

正如您從幻燈片 16 中看到的那樣，透過我們通常對產品服務績效的瀑布圖，已實現頭寸獲得了 2900 萬美元的利潤，這抵消了實物和紙質對沖頭寸的未實現淨損失。

Following our good results, our Board declared a dividend of $0.58 per share, which corresponds to a 100% payout of our shipping NPAT of $0.48 plus $0.10 top-up from product services. The biggest news is the subsequent event of last week, where we announced the acquisition of the 12 of Avance Gas VLGCs for a total transaction price of $1.050 billion. This transaction is a major milestone, and shows our capacity to strike transactions with big scale and strategic significance. It also propels BW LPG forward as the leading VLGC shipping and LPG value chain player.

繼我們取得良好業績後，我們的董事會宣布派發每股 0.58 美元的股息，這相當於我們 100% 支付 0.48 美元的運輸 NPAT，加上來自產品服務的 0.10 美元充值。最大的新聞是上週的後續事件，我們宣布以 10.5 億美元的總交易價格收購 12 艘 Avance Gas VLGC。這項交易是一個重大里程碑，展現了我們完成大規模、策略性交易的能力。它還推動 BW LPG 成為領先的 VLGC 運輸和 LPG 價值鏈參與者。

On the next slide, we will look at the highlights of the transaction, which was enabled by our successful listing on the New York Stock Exchange, which has boosted the liquidity and robustness in our share. Looking at the market outlook, we are currently in the market, which is on its way back from the summer doldrums, with the spot rates bottomed out around $30,000 per day from the US Gulf because of disruptions in the terminal shifting program after the Hurricane Beryl.

在下一張幻燈片中，我們將了解該交易的亮點，該交易是由於我們在紐約證券交易所的成功上市而實現的，這提高了我們股票的流動性和穩健性。從市場前景來看，目前市場正從夏季低迷中恢復過來，由於颶風 Beryl 後碼頭轉移計劃的中斷，來自美灣的即期運價已觸底，每天約 30,000 美元。

Demand side in the consuming markets of Suez continued showing robust growth, and the FFA market is pricing December liftings around $50,000 per day.

蘇伊士消費市場的需求面持續呈現強勁成長，FFA 市場將 12 月漲價定價約為每天 5 萬美元。

More about the market developments later in the presentation, let's turn to page 5 for a repeat of last week's announcements. For us as a company, we have historically had a clear preference for growing our fleet with vessels on the water without adding capacity to the global fleet. We did so when we acquired the Maersk VLGC fleet in 2013, as well as Aurora LGP fleet three years later.

有關市場發展的更多信息，請參閱稍後的演示，讓我們翻到第 5 頁，重複上週的公告。對於我們作為一家公司來說，我們歷來都明確地傾向於透過水上船隻來擴大我們的船隊，而不增加全球船隊的運力。我們在 2013 年收購了馬士基 VLGC 船隊，並在三年後收購了 Aurora LGP​​ 船隊，從而做到了這一點。

So first, this transaction was of the same scale and strategic magnitude where we, overnight, create a much bigger footprint commercially, and a much larger company for the capital market to invest in. Through the transaction, our larger fleet will give us commercial advantages of scale, more flexibility, and market power. Moreover, the acquired 12 vessels will contribute to renewal of our fleets, and we will own and operate 53 VLGCs by the start of 2025, where all 22 are dual-fuel.

首先，這筆交易的規模和戰略意義相同，我們在一夜之間創造了更大的商業足跡，並為資本市場投資了一家更大的公司。來商業優勢規模、靈活性和市場力量。此外，收購的 12 艘船舶將有助於更新我們的船隊，到 2025 年初，我們將擁有並營運 53 艘 VLGC，其中所有 22 艘均為雙燃料。

However, to do this transaction at this point in the cycle, it was essential for us to use our share as currency in a way which is accretive to our shareholders. Out of the total purchase price of $1.050 billion, of which $500 million in debt, we will effectively fund 60% of the net asset value by issuing 19.282 million new shares at $17.25, equaling $333 million.

然而，為了在周期的這個階段進行這項交易，我們必須以有利於股東增值的方式使用我們的股份作為貨幣。在 10.5 億美元的總收購價（其中 5 億美元的債務）中，我們將以 17.25 美元的價格發行 1,928.2 萬股新股（相當於 3.33 億美元）來有效資助資產淨值的 60%。

Avance Gas will have a 40 calendar day lockup period for the shares received when the vessels are delivered ship-by-ship in the fourth quarter. Consequently, we are increasing our total shares outstanding by 15%, while adding more than 40% earnings power through the expansion of our own fleet.

Avance Gas 將在第四季度逐船交付船舶時收到的股份有 40 個日曆日的鎖定期。因此，我們將流通股總數增加 15%，同時透過擴大我們自己的機隊來增加超過 40% 的獲利能力。

The balance of the net asset value in the transaction is to be financed by cash at hand and drawdown our current revolvers. The transaction is fully funded and financed with BW Group providing us with a revolving unsecured shareholder loan of up to $350 million, allowing us to comfortably take over the 10 Avance vessels with bank loans and swiftly refinance. The sale leaseback facility currently financing two other vessels will be innovated soon.

交易中資產淨值的餘額將透過手頭現金和提取我們現有的左輪手槍來融資。此次交易的資金充足，BW Group 為我們提供了高達 3.5 億美元的循環無擔保股東貸款，使我們能夠透過銀行貸款輕鬆接管 10 艘 Avance 船舶並迅速進行再融資。目前為另外兩艘船舶提供融資的售後回租設施將很快進行創新。

On a like-for-like basis post transaction, our liquidity will remain at a healthy level of $343 million before any refinancing effect to optimize the liquidity position. Net leverage ratio is expected to increase to 30% to 35%, a healthy and more optimal level than the 7% to 12% range we have reported the last two quarters. Basis on positive market view, this illustrates the attractiveness and accretiveness in this fleet acquisition, which expands our market-leading business platform while we maintain a robust balance sheet.

按照交易後的同類基礎計算，在進行任何再融資以優化流動性狀況之前，我們的流動性將保持在 3.43 億美元的健康水準。淨槓桿率預計將增至 30% 至 35%，這是一個比我們過去兩個季度報告的 7% 至 12% 範圍更健康、更理想的水平。基於正面的市場觀點，這說明了此次機隊收購的吸引力和增值性，這擴大了我們市場領先的業務平台，同時我們保持了穩健的資產負債表。

Let's turn to the next slide to look at the latest market developments. After a slow couple of months over the summer, the US exports have picked up from the delays caused by Hurricane Beryl and the export volumes from the enterprise and target terminals in US Gulf are catching up with the backlog. The most recent report from Gibson Shipbrokers shows an uptick of 10 VLGC export cargoes from July to August, meaning the number of VLGC loadings in the US, including the East Coast will arrive at 104 for the month of August.

讓我們翻到下一張投影片來看看最新的市場動態。經過夏季幾個月的緩慢增長後，美國出口因颶風貝裡爾造成的延誤而有所回升，美灣企業和目標碼頭的出口量正在趕上積壓。 Gibson Shipbrokers的最新報告顯示，7月至8月，VLGC出口貨物數量增加了10艘，這意味著8月份美國（包括東海岸）裝載的VLGC數量將達到104艘。

The price differential between the US and the Far East is currently around $230 per ton, leaving room for higher freight rates on the back of tighter availability of ships as we have seen over the last weeks.

目前美國和遠東之間的價差約為每噸 230 美元，正如我們過去幾週所看到的那樣，由於船舶供應緊張，運費有上漲的空間。

Heading into the winter season, the forward market is pricing the Houston-Chiba benchmark leg at around $50,000 per day. And this is without any Panama Canal delays for VLGCs, indicating an upside on the rates should the canal become more congested.

進入冬季，遠期市場將休士頓-千葉基準航線的定價約為每天 5 萬美元。而且這還不包括巴拿馬運河 VLGC 的任何延誤，這表明如果運河變得更加擁堵，運價將會上漲。

If you look further out on the horizon, there are firm expansion plans from the three big terminals on the US Gulf Coast starting second-half next year. And we view these $1 billion investments as positive for shipping demand when coupled with continued demand growth in the Asian markets.

如果你看得更遠，美國墨西哥灣沿岸的三個大型碼頭將從明年下半年開始製定堅定的擴張計畫。我們認為，加上亞洲市場需求的持續成長，這 10 億美元的投資將對航運需求產生正面影響。

In the Middle East, the annual export volumes are pretty much stable with seasonal reduction in export volumes over the summer due to maintenance and higher domestic consumption. According to Gibson's, the number of VLGC cargoes has fluctuated between 55 to 60 per month since May. What is interesting is that around 50% of these volumes end up in the increasingly important Indian market, which leaves the import markets further east in Asia more dependent on cargos from the US, which in turn is supporting shipping.

在中東，年度出口量基本上穩定，但由於維護和國內消費增加，夏季出口量季節性減少。據Gibson稱，自5月份以來，VLGC貨物數量在每月55至60艘之間波動。有趣的是，其中約 50% 的貨物最終進入了日益重要的印度市場，這使得亞洲東部的進口市場更加依賴來自美國的貨物，而美國反過來又支撐了航運。

For a period of time, there have been mixed signals from the overall Chinese economy, but the Chinese import demand for LPG, and in particular propane, continues to grow on the back of scheduled PDH plant expansions.

一段時間以來，中國整體經濟發出的訊號好壞參半，但在計畫的PDH工廠擴建的支持下，中國對液化石油氣（尤其是丙烷）的進口需求持續成長。

As a final comment on the status of the LPG market, there's a lot of focus on the demand growth in China and the Indian subcontinent, while the rise of the Southeast Asian market is overlooked by many observers. This region with growing population and prosperity imported around 13 million tons of LPG last year and is surfacing as a considerable consumer of LPG, which also sources significant volumes from the US.

作為對液化石油氣市場狀況的最後評論，人們非常關注中國和印度次大陸的需求成長，而東南亞市場的崛起被許多觀察家忽略。這個人口不斷成長、經濟繁榮的地區去年進口了約 1,300 萬噸液化石油氣，目前已成為液化石油氣的重要消費國，該地區也從美國進口大量液化石油氣。

Looking at the supply side of the VLGC market, we have entered a period of modest fleet growth for the next 18 months. In addition, if you look at the fleet profile for vessels 15 years and younger, there are 35 VLGCs going into drydock this year, while the number increases to 65 next year, which under normal circumstances will reduce the global fleet capacity.

從VLGC市場的供應方面來看，我們已進入未來18個月船隊適度成長的時期。此外，如果你看一下15年及以下船舶的船隊概況，今年有35艘VLGC進入乾船塢，而明年這個數字將增加到65艘，這在正常情況下會減少全球船隊運力。

And with that, I leave the floor to you, Samantha.

莎曼珊，我現在就把發言權留給你了。

Thank you, Kristian, and hello, everyone. So let's have a closer look of the shipping performance.

謝謝克里斯蒂安，大家好。那麼讓我們仔細看看運輸表現。

For the second quarter 2024, we delivered a TCE of a $48,000 per calendar day and $49,700 per available day, a continued solid performance on shipping. We have a healthy coverage through our time charter and FFA portfolio, which represents about 39% of our shipping exposure. For the third quarter, we have fixed 86% of the available days at about $43,300 per day.

2024 年第二季度，我們的 TCE 為每個日曆日 48,000 美元，每個可用日 49,700 美元，運輸表現持續穩定。我們透過定期租船和 FFA 投資組合擁有良好的覆蓋範圍，約占我們航運業務的 39%。第三季度，我們將 86% 的可用天數固定在每天 43,300 美元左右。

For 2024, our time charter outfit generates a profit of around $27 million over the time charter in-fleet. The remaining of our fixed time charter out portfolio is estimated to generate $68 million for year '24.

到 2024 年，我們的定期租船公司在船隊的定期租船中將產生約 2,700 萬美元的利潤。我們剩餘的定期租船投資組合預計在 24 年將產生 6,800 萬美元的收入。

Coming to product services, we're pleased to share that we delivered another quarter of a strong performance. In Q2, product services yield a net profit of $16 million contributed by a gross profit of $25 million after netting of G&A and tax provisions. After deducting share capital returns concluded in Q2, the net asset value ended in June at $69 million. The gross profit of $25 million includes a realized gain of $29 million as mentioned, offset by $5 million of unrealized or cargo and derivative loss.

談到產品服務，我們很高興地告訴大家，我們又一個季度實現了強勁的業績。第二季度，產品服務淨利潤為 1,600 萬美元，扣除 G&A 和稅收撥備後的毛利為 2,500 萬美元。扣除第二季的股本回報後，截至 6 月的資產淨值為 6,900 萬美元。 2500 萬美元的毛利包括如上所述的 2900 萬美元的已實現收益，並被 500 萬美元的未實現或貨物和衍生品損失所抵消。

Due to increased fiscal forward volume from the new multi-year term contract with enterprise products partners being phased in and included in the 12-month rolling mark-to-market valuation, we may see larger movements in unrealized positions in the future quarter as cargo price fluctuates.

由於與企業產品合作夥伴簽訂的新的多年期合約逐步實施並包含在12 個月滾動按市價估值中，導致財政遠期交易量增加，我們可能會看到未來季度未實現頭寸的較大變動，因為貨物價格波動。

The reported net profit does not include the $31 million unrealized physical shipping position based on our internal valuation. For Q2, we reported an average of $5 million on a well-balanced trading book, including cargoes, shipping, and derivatives.

根據我們的內部估值，報告的淨利潤不包括 3,100 萬美元的未實現實體運輸部位。第二季度，我們報告平衡良好的交易帳簿平均有 500 萬美元，包括貨物、運輸和衍生品。

Going on to our financial highlights. On the back of good performance from both shipping and product services segment, we reported a net profit after tax of $85 million in Q2, including profit of $12 million from BW LPG India and $16 million from product services. Profit attributable to equity holders of the company was $77 million for the quarter, which translated to an earnings per share of $0.58. This means an annualized earnings yield of 12% when compared against our share price at the end of June.

繼續我們的財務亮點。由於航運和產品服務部門的良好表現，我們第二季度稅後淨利潤為 8500 萬美元，其中 BW LPG India 利潤為 1200 萬美元，產品服務利潤為 1600 萬美元。該季度公司股東應占利潤為 7,700 萬美元，每股收益為 0.58 美元。這意味著與 6 月底我們的股價相比，年化報酬率為 12%。

We reported a net leverage ratio of 12% in Q2 and increased from 7% reported at the end of March, mainly driven by our cash position changes. As we progressively take delivery of the newly acquired 12 VLGCs, which mostly estimate to be in Q4, we expect that our net leverage ratio will gradually increase to an approximation of 30% to 35% range, as we slowly draw down on our revolving credit facilities.

我們報告第二季的淨槓桿率為 12%，高於 3 月底報告的 7%，這主要是由於我們的現金部位變化所致。隨著我們逐步接收新收購的12 艘VLGC（預計大部分將在第四季度交付），隨著我們慢慢提取循環信貸，我們預計我們的淨槓桿率將逐漸增加至約30% 至35% 的範圍。

For Q2, the Board declared a dividend of $0.58 per share, 100% payout of the company NPAT, or 121% of shipping NPAT. This reassures that our continuous commitment to return value to our shareholders as we deliver growth to our business. The balance sheet ended the quarter with a shareholder equity of $1.6 billion and our annualized Q2 return on equity and on capital employed were 21% and 17% respectively.

第二季度，董事會宣布派發每股 0.58 美元的股息，派發公司 NPAT 的 100%，或運送 NPAT 的 121%。這讓我們確信，在實現業務成長的同時，我們將繼續致力於為股東回報價值。本季末的資產負債表股東權益為 16 億美元，第二季年化股本回報率和已動用資本回報率分別為 21% 和 17%。

Year-to-date OpEx per day arrived at $8,600, a slight reduction than last quarter. For '24, we expect our own fleets operating cash break even to be about $17,800 and $22,300 for the whole fleet, including the time charters.

年初至今的每日營運支出為 8,600 美元，比上季略有下降。對於 24 年，我們預計我們自己的船隊營運現金收支平衡約為 17,800 美元，整個船隊（包括定期租船）的現金收支平衡約為 22,300 美元。

As you can see, we continue to have a healthy repayment profile with outstanding shipping loan at $230 million, of which BW LPG India term loan of $127 million is only due to be refinanced in 2026; a very manageable position.

正如您所看到的，我們繼續保持健康的還款狀況，未償運輸貸款為 2.3 億美元，其中 BW LPG India 的 1.27 億美元定期貸款將於 2026 年再融資；一個非常易於管理的位置。

On the liquidity side, we ended Q2 with a strong position of $578 million, which paved the way for the announced advanced gas fleet acquisition. The vessels delivery will be carried out from September 15 to end December. By the time when all the vessels have been delivered, our liquidity is expected to remain healthy at a level of $343 million, with the estimate that $235 million is drawn from our current revolvers.

在流動性方面，我們在第二季結束時擁有 5.78 億美元的強勁頭寸，這為宣布的先進天然氣車隊收購鋪平了道路。該船的交付將於9月15日至12月底進行。當所有船隻交付時，我們的流動性預計將保持在 3.43 億美元的健康水平，預計從我們現有的左輪手槍中提取 2.35 億美元。

We also expect to gradually draw down the revolving shareholder loan of $350 million, in part or in full, to fund the vessels delivery. The shareholder loan makes sure the transaction can progress swiftly and that we can refinance with an improved term post-vessel delivery. We expect a net free refinancing to be initiated as soon as possible while working on other refinancing projects to optimize the balance sheet. We're confident to maintain a healthy leverage and financing structure, as well as a sustainable repayment profile with a growth fleet.

我們也預計將逐步提取部分或全部 3.5 億美元的循環股東貸款，為船舶交付提供資金。股東貸款確保交易能夠迅速進展，並且我們可以透過改進的船後交貨期限進行再融資。我們預計淨自由再融資將盡快啟動，同時開展其他再融資項目以優化資產負債表。我們有信心維持健康的槓桿和融資結構，以及可持續的還款狀況和成長的船隊。

On the product service side, trade finance draws stood at a moderate level of $159 million, or 20% of our available credit line, leaving a healthy headroom for growth.

在產品服務方面，貿易融資提款處於中等水平，為 1.59 億美元，占我們可用信貸額度的 20%，為成長留下了健康的空間。

With that, I would like to conclude my updates. And back to you, Lisa.

至此，我想結束我的更新。回到你身邊，麗莎。

Thank you, Samantha. (Event Instructions)

謝謝你，薩曼莎。 （活動須知）

We have one question from Petter. Petter, please go ahead.

彼得向我們提出了一個問題。彼得，請繼續。

Good afternoon. Yeah, this is Petter Haugen from ABG, asking. In terms of the cost side of taking over those 12 VLGCs, could you give some specific guiding on just how we should model that going into Q3 and further into Q4, potentially also impacts in Q1?

午安.是的，我是 ABG 的 Petter Haugen，我在問。就接管這 12 艘 VLGC 的成本方面而言，您能否就我們如何建模進入第三季度和進一步進入第四季度以及可能對第一季度產生的影響提供一些具體指導？

Hi, Petter. Cost side, can you be a bit more specific what you are thinking of?

嗨，彼得。成本方面，您能更具體地說一下您的想法嗎？

Well, in terms of doing inspections and so forth, I would assume that the handover would take longer than what a normal turnaround would be, and if there are any -- well, any planned non-revenue-making days needed for the transaction to sort of go along, or if it's no cost, Kristian, that's just fantastic.

嗯，就進行檢查等而言，我認為移交將比正常的周轉時間更長，並且如果有任何 - 嗯，交易所需的任何計劃的非創收天數有點同意，或者如果不需要任何費用，克里斯蒂安，那就太棒了。

Well, the way it works is that -- and it's contracted, these vessels, the transaction is done on standard sail form terms in shipping, where you inspect with the underwater inspection and have the delivery of the vessel at the same time as you pay for the ships, and then the ship is in our hands. So there is no difference from a regular sale and purchase transaction to this transaction in that respect.

嗯，它的運作方式是這樣的——而且它是簽訂合同的，這些船隻，交易是按照航運中的標準航行形式條款完成的，您通過水下檢查進行檢查，並在付款的同時交付船隻為船，然後船就在我們手中。因此，在這方面，本次交易與常規買賣交易沒有區別。

Yeah, I understand. But in terms of the revenue days in this time period, so are you capable of fixing prior to the inspection and the delivery, or effectively not having most revenues days when taking over the ships?

是的，我明白。但就這段時間內的收入天數而言，你們是否有能力在檢驗和交付之前確定，或者在接收船舶時實際上沒有大部分收入天數？

Well, the ships are on for Avance cost until we have taken delivery. And they can deliver the ship typically in Asia, and then we balance the ship into the Middle East, and lot of it goes back to the US Gulf. So it depends on the position of the ship. But all the cost for the vessel up until delivery to BW LPG is, as per normal, sale and purchase transactions for the sellers -- at the seller's expense.

好吧，在我們收到貨之前，這些船都按預先費用開船。他們通常可以在亞洲交付這艘船，然後我們將這艘船平衡到中東，其中許多船回到美國海灣。所以這取決於船的位置。但按照正常情況，船舶在交付給 BW LPG 之前的所有費用均由賣方承擔銷售和購買交易費用。

Of course, the inspection is on the regular, let's say, procedure around that is at our cost, but this is nothing, I mean, there is no material cost to be thought of in this respect on our side.

當然，檢查是定期的，比如說，周圍的程序是由我們承擔費用的，但這沒什麼，我的意思是，我們這邊沒有考慮到這方面的材料成本。

Okay, that's helpful. Thank you. And if I just follow-up on a quick one on the market's outlook, so this time you talk about the future growth for the next three years, which is -- well, at least in what I can read, longer than what you normally have guided for. Could you shed some light on what sorts of considerations you have been making to make statements now going into '26?

好的，這很有幫助。謝謝。如果我只是簡單地跟進一下市場前景，那麼這次你談論的是未來三年的未來增長，至少在我能讀到的內容中，這比你通常的增長要長已指導。您能否透露一下您在進入 26 年後發表聲明時出於何種考慮？

And perhaps also shed some light on why you think US LPG export growth is going to be in the high single-digit territory also in the coming few years?

也許還可以解釋為什麼您認為未來幾年美國液化石油氣出口成長也將維持在高個位數區域？

Yeah, sure. I mean, we usually take our view, have a view two to three years out in time based on our own data collection. And I think the way we see -- and I said this before, the way we see that the big terminals and the big players in US Gulf are gearing up and investing, and also guiding on their volumes is, on top of our own data gathering, supporting this. So we source our data from various sources.

是的，當然。我的意思是，我們通常會根據我們自己收集的數據，在兩到三年後提出自己的觀點。我認為我們看到的方式 - 我之前說過，我們看到美國海灣的大型碼頭和大型參與者正在準備和投資以及指導其數量的方式是基於我們自己的數據聚集，支持這個。因此，我們從各種來源獲取數據。

And of course, we also take a look at what the big infrastructure players in the US Gulf are planning for, because this is obviously having a big impact on the capacity and what they also see as the potential for exports going forward.

當然，我們也會看看美國海灣地區大型基礎設施參與者的計劃，因為這顯然對產能以及他們認為的未來出口潛力產生了重大影響。

Okay, thank you. I'll hand it over.

好的，謝謝。我會把它交給你。

Thank you, Petter. Eirik, you're next. Please go ahead.

謝謝你，彼得。艾瑞克，下一個就是你。請繼續。

Yeah, hi. Just a question, because you've taken some coverage recently, but obviously now with another 12 vessels, you're kind of naked going into '25-'26. So with your -- at least on a percentage basis, so as you're increasing your financial leverage, should we expect you to also then maybe be a bit more aggressive on time charters now going into peak season, or will you be happy with 15% coverage with a much bigger fleet?

是的，嗨。只是一個問題，因為你最近接受了一些報道，但顯然現在又有 12 艘船，你有點赤裸裸地進入“25-”26。因此，至少在百分比基礎上，當您增加財務槓桿時，我們是否應該期望您在現在進入旺季的定期租船方面更加積極一點，或者您會感到滿意嗎15% 的覆蓋率和更大的機隊？

Yeah. I think without promising anything or guaranteeing anything, like, I have guided on previously, we are quite happy with the coverage that we've had over the last years, which has been in the range, 35, little bit higher percent. So I think for us, we like to have exposure to the markets, but we also want to -- and have always had a certain downside protection being somewhere in the 30% to 40% range of our fleet capacity. So I think that's what I can say at the moment, but yeah, if that answers your question.

是的。我認為，在不承諾任何事情或保證任何事情的情況下，就像我之前指導過的那樣，我們對過去幾年的覆蓋率感到非常滿意，覆蓋率一直在 35% 左右，略高一些。因此，我認為對我們來說，我們喜歡接觸市場，但我們也希望——並且始終在我們機隊運力的 30% 到 40% 範圍內提供一定的下行保護。所以我想這就是我現在可以說的，但是，是的，如果這回答了你的問題。

Yeah, that's good. And just to follow-up on the cost question, but more so on your efficient G&A, should we expect, I mean, the addition of Avance, those vessels? Will it do a lot to your organization, or is it just something you'll swallow with the team you have now?

是的，那很好。只是為了跟進成本問題，但更重要的是您的高效 G&A，我們是否應該期望，我的意思是，增加 Avance，這些船隻？它會對你的組織產生很大的影響，還是只是你現在擁有的團隊會接受的東西？

Yeah. We are able to absorb that basically with the team now. So there is no plans to increase the number of people or the G&A in any way.

是的。我們現在基本上能夠與團隊一起吸收這一點。因此，沒有計劃以任何方式增加人員數量或一般行政費用。

Excellent. Thank you very much.

出色的。非常感謝。

Hopefully to the contrary.

希望情況恰恰相反。

Good.

好的。

We have another question from [Johanna]. Johanna, please go ahead.

[約翰娜]向我們提出了另一個問題。約翰娜，請繼續。

Hello. Thank you. I'm Johanna [Pinedo], reporter for [August Media]. I'm curious to know how BWC is the new announcement from Panama Canal for long-term slot reservation. So I would like to understand how BW thinks that will impact the market and how it will -- if it's interested in securing some slots as well. Thank you.

你好。謝謝。我是 Johanna [Pinedo]，[August Media] 記者。我很好奇巴拿馬運河關於長期艙等預訂的新公告BWC是怎麼樣的？因此，我想了解 BW 認為這將如何影響市場以及它將如何影響——如果它也有興趣獲得一些席位。謝謝。

Thanks for the question. We have actually spent quite a bit of time trying to decipher this, and what it means for us. And the conclusion is that I don't think we'll bid in for this tender. I think that's -- it's more designed for container ships and the likes which are shuttling back and forth the way we see it.

謝謝你的提問。事實上，我們花了相當多的時間試圖解讀這一點，以及它對我們意味著什麼。結論是我認為我們不會參加這次招標。我認為，它更多是為貨櫃船和類似的船舶設計的，它們以我們所看到的方式來回穿梭。

If I can, just a follow-up, because that is going to use up about 40% of those lots there, they go for auctions. So can we expect that to be included in some there would be more -- less vessels, or less slots around for auctions. So is that a factor at play here?

如果可以的話，我會進行後續行動，因為這將用掉那裡大約 40% 的拍品，他們會進行拍賣。因此，我們是否可以預期，如果將其納入其中，將會有更多、更少的船隻，或更少的拍賣時段。那麼這是一個因素在起作用嗎？

The Panama Canal is basically designed for container ships, and you can say LNG carriers also prioritize above VLGCs. So we're quite -- and the Panama Canal is a big black box and a wild card in our market. So what's happening there has a big impact, but for the dynamics in the market, but it's hard for us to also justify going in on a tender where you book slots, because we don't -- we are in a market where you have -- the charter is auctioned to discharge in Europe or go to Asia or other parts after loading or the role after loading in the US So I think for us, we are as it looks now at least, better off to play the spot market, so to say in the Panama Canal.

巴拿馬運河基本上是為貨櫃船設計的，可以說液化天然氣運輸船也優先於超大型液化天然氣運輸船。所以我們很平靜——巴拿馬運河是一個大黑盒子，也是我們市場上的一個通配符。因此，那裡發生的事情產生了很大的影響，但對於市場的動態而言，我們也很難證明參與您預訂席位的招標是合理的，因為我們不這樣做——我們所處的市場是您擁有席位的市場。說在巴拿馬運河。

Okay, thank you.

好的，謝謝。

Thank you. Axel, please go ahead.

謝謝。阿克塞爾，請繼續。

Yes. Thank you, Axel Styrman from Kepler Cheuvreux. It's a question related to the product services division. Do you have any, do you plan to ramp up the activity now as you grow the VLGC fleet to such a big scale as you're doing?

是的。謝謝你，來自 Kepler Cheuvreux 的 Axel Styrman。這是一個與產品服務部門相關的問題。隨著 VLGC 船隊規模的擴大，您是否計劃現在加大活動力度？

Well, we announced an extension of the enterprise contract last quarter. So there are no plans to further expand on the contract basis more than we already have announced.

嗯，我們上個季度宣布延長企業合約。因此，除了我們已經宣布的以外，沒有計劃在合約基礎上進一步擴大規模。

We will now move on to questions from the Q&A channel. Kaja, over to you.

我們現在將繼續回答問答頻道的問題。卡婭，交給你了。

Yes. So we have one question here from the audience asking if you could elaborate on how much additional free cash flow earnings you expect to generate from the larger fleet post acquisition and the long run dividend per share, assuming TCE remains approximately at current levels.

是的。因此，我們有一個觀眾提出的問題，請您詳細說明一下，假設 TCE 大致保持在當前水平，您希望在收購後從更大的機隊中獲得多少額外的自由現金流收益以及每股長期股息。

Yeah, thanks for the question. I think, first of all, is that without a doubt adding 12 vessels to the fleet is definitely increasing the revenue generation potentials. We expect that this fleet to perform at a similar level of our existing fleet as well as on the cost front as well.

是的，謝謝你的提問。我認為，首先，毫無疑問，在船隊中增加 12 艘船肯定會增加創收潛力。我們預計這支機隊的表現與我們現有機隊的水平以及成本方面也類似。

So I think that that would likely give you a very good guidance in terms of, based on our cash breakeven and the market where it's trending, our guiding on the coverage, et cetera will probably give you a very good idea, where the free cash flow will likely land following the market fluctuations.

因此，我認為，根據我們的現金收支平衡和市場趨勢，我們對覆蓋範圍的指導等，這可能會給您非常好的指導，自由現金在哪裡流量可能會隨著市場波動而下降。

And as from a dividend perspective, well, as we shared many times, this is at the board's discretion. We would largely follow the dividend policies while maintaining to distribute values back to the shareholders as much as possible.

從股息的角度來看，正如我們多次分享的那樣，這由董事會自行決定。我們將在很大程度上遵循股利政策，同時繼續將價值盡可能分配給股東。

I hope that answer your questions.

我希望能夠回答您的問題。

Yeah. And then, we'll go over to a question from [Dasha] here, asking in terms of terminal export capacity; is it pre-booked, or do you pay spot for terminal pricing?

是的。然後我們再回答一下[大傻]這裡的一個問題，問的是碼頭出口能力方面的問題；是提前預訂的，還是現場支付終端價格？

I can just answer. In general, if you enter a term contract with the export terminals in the US Gulf, you have a pricing mechanism which is agreed on a case-by-case basis depending on the negotiations with the terminal which again boils down to flexibility, volume, duration, and so on. And if you play the spot market, then of course, you are exposed to the supply and demand there and then, when you want to buy the cargo. So this is quite -- as in any other market, I think quite normal.

我只能回答一下。一般來說，如果您與美國海灣的出口碼頭簽訂定期合同，您將擁有一個定價機制，該機制根據與碼頭的談判情況逐案商定，這又歸結為靈活性、數量、持續時間等。如果你參與現貨市場，那麼當你想購買貨物時，你當然會面臨那裡的供需情況。所以，就像在其他市場一樣，我認為這很正常。

Dasha is following up with a second question. What are the specific projects expansions you're looking at which should increase LPG export capacity in the US, Canada?

達莎接著提出第二個問題。您正在考慮哪些特定的擴建項目，以增加美國和加拿大的液化石油氣出口能力？

Yes. So if you look at our slide, we are mentioning enterprise energy transfer. I mean that in Canada, there are plans for ramping up the exports on the West Coast of Canada. So I think there's a fairly long list of expansion plans on the terminal infrastructure side in the US and Canada over the next years. Argus actually have been there last -- since they had Argus on the line here now in the last monthly review, they had a long list of -- they showed the different expansion plans, which are confirmed in the US Gulf. So I think the companies are quite open about this since they're also stock listed.

是的。因此，如果您看一下我們的投影片，我們會提到企業能源轉移。我的意思是，在加拿大，有計劃增加加拿大西海岸的出口。因此，我認為未來幾年美國和加拿大的碼頭基礎設施方面有一個相當長的擴張計劃。阿格斯實際上是最後一個——自從他們在上一次月度審查中讓阿格斯上線以來，他們有一長串清單——他們展示了不同的擴張計劃，這些計劃在美國海灣得到了證實。所以我認為這些公司對此相當開放，因為它們也是股票上市的。

Then we have a question from [Aman] here asking, we see most ship owners in LPG are opting to order new build, very large ammonia carriers. Thus, BW LPG also have any plans or intend to focus on VLACs or ammonia trade?

然後，[Aman] 向我們提出了一個問題，我們看到大多數液化石油氣船東都選擇訂購新建的超大型氨運輸船。那麼，BW LPG是否也有計劃或打算專注於VLAC或氨貿易？

Thanks for the question. If you go back in time, we were one of the biggest shipping companies in the ammonia space actually. These ships -- the last ship, I think was sold in 2019. That was a large gas carrier, which is the size below VLGCs. So we are not strangers to trading in ammonia. At the moment, we do not have any ammonia lifting capacity on our ships, except for in the Indian fleet, which are tied up in trading LPG from the Middle East to India.

謝謝你的提問。如果你回顧過去，我們實際上是氨領域最大的航運公司之一。這些船——我認為最後一艘船是在 2019 年出售的。因此，我們對氨貿易並不陌生。目前，我們的船舶上沒有任何氨氣提升能力，除了印度船隊，這些船隊主要從事從中東到印度的液化石油氣貿易。

So we are absolutely believers in the ammonia case going forward, but we do not have any VLACs on order at the moment, but let's see what the future brings. Like I said, we are no strangers to trading and lifting cargoes in the ammonia space.

因此，我們絕對相信氨的情況會繼續發展，但目前我們沒有訂購任何 VLAC，但讓我們看看未來會發生什麼。就像我說的，我們對氨領域的貿易和貨物運輸並不陌生。

And Aman is also following up on that answer. There are concerns for oversupply in LPG shipping, especially for VLGCs with 40-something VLACs scheduled for delivery in 2026-2027. Any thoughts on how it would impact the earnings?

安縵也在跟進這個答案。人們擔心液化石油氣運輸供應過剩，尤其是 VLGC，計劃於 2026 年至 2027 年交付 40 多艘 VLAC。關於這將如何影響收益有什麼想法嗎？

Like in any other shipping market, if you have overcapacity in the fleet, of course, that will impact the rates negatively. So it depends on how the LPG volumes are expanding in the period from now up to '26-'27. And also, of course, how the much talked about ammonia projects are materializing in the same period and towards the end of this decade. So this is -- I would say a million-dollar question. And like in any other shipping segment, of course, overcapacity is a challenge, if that occurs.

與其他航運市場一樣，如果船隊運力過剩，當然會對費率產生負面影響。因此，這取決於從現在到 26 年至 27 年期間液化石油氣產量的成長。當然，還有備受關注的氨計畫如何在同一時期和本世紀末實現。所以我想說這是一個價值百萬美元的問題。當然，與其他航運領域一樣，如果發生產能過剩，那麼產能過剩將是一個挑戰。

Next, a question from [Knut]. He has two questions. The redomiciliation to Singapore, tax-wise. Will the company still be assumed to be outside the exemption method according to Norwegian tax legislation. Second question, when will the new shares related to the Avance Gas transaction be issued?

接下來是[克努特]的問題。他有兩個問題。稅務方面，遷居到新加坡。根據挪威稅法，該公司是否仍被視為不屬於免稅方法？第二個問題，與Avance Gas交易相關的新股何時發行？

I can start off with replying to number two, and then I'll leave to Samantha to reply the first question. So the Avance Gas will receive their shares when the ships are being delivered. So every ship has a pre-agreed portion of shares and cash to be paid before they are delivered to us.

我可以先回答第二個問題，然後由薩曼莎回答第一個問題。因此，當船舶交付時，Avance Gas 將獲得他們的股份。因此，每艘船在交付給我們之前都需要支付預先商定的部分股份和現金。

And then, for the next question, I leave that to Samantha to reply on, please.

然後，對於下一個問題，我請薩曼莎回答。

Yeah. Maybe I would ask you to elaborate a little bit on what you mean by the exemption methods about the Norwegian tax legislation. But basically, there is no change as for the investors domicile in Norway, how the taxes status has changed. Still now we have [redon] site to Singapore. There is no withholding tax applied for dividend paid from BW LPG to the investors around the world.

是的。也許我想請您詳細說明挪威稅收立法的免稅方法的含義。但基本上，投資者在挪威的住所、稅務狀況並沒有改變。現在我們仍然有到新加坡的[redon]站點。 BW LPG 向世界各地的投資者支付的股息無需繳納預扣稅。

And as for either as a dividend or in the case of a share buyback, all the proceeds will be taxable based on the investors' tax status. I hope that answers your question.

至於作為股息或股票回購，所有收益將根據投資者的納稅身分納稅。我希望這能回答你的問題。

And then we have another question from [Tyrone] asking the fleet taken over from Avance is younger than your current fleet and probably more fuel efficient. How will this impact on your average OpEx?

然後我們還有一個來自 [Tyrone] 的問題，詢問從 Avance 接管的機隊比你們現在的機隊更年輕，並且可能更省油。這對您的平均營運支出有何影響？

Yes, we hope that it will impact positively on our OpEx. So like you say, the fleet is a few years younger on the average than our current fleet. So that's also one of the parts we found attractive with this transaction. So we hope that we can benefit from that and also from the scale when adding 12 more ships to our fleet.

是的，我們希望這會對​​我們的營運支出產生正面影響。所以就像你說的，這支船隊平均比我們現在的船隊年輕幾歲。所以這也是我們認為這筆交易有吸引力的部分之一。因此，我們希望我們能夠從中受益，並在向我們的船隊增加 12 艘船舶時也能從規模中受益。

(Operator Instructions) There being no questions, over to you, Kristian.

（操作員指示）沒有問題，就交給你了，克里斯蒂安。

We had one question just at the end here. Is there more analyst coverage in the USA? We are working on it. So we hope that more equity analysts in the states will take up coverage of our share and company, especially now that we are growing in size. So that's something we are working on.

我們在最後有一個問題。美國有更多的分析師報告嗎？我們正在努力。因此，我們希望各州有更多的股票分析師能夠關注我們的股票和公司，特別是現在我們的規模正在擴大。這就是我們正在努力的事情。

Yes, and then we have a question from [Damian]. How many shares of the company belong to owners, directors, and how many are traded on New York Stock Exchange and also Stock Exchange approximately?

是的，然後我們有 [Damian] 的問題。公司的所有者、董事擁有多少股份，大約有多少股份在紐約證券交易所和證券交易所交易？

I think, there is an overview. We report on this. So it's something you can find on our website or we can just send the mail to our IR e-mail. We can reply to you on that, if that's fine by Damian.

我想，有一個概述。我們對此進行報道。您可以在我們的網站上找到它，或者我們也可以將郵件發送到我們的 IR 電子郵件。如果達米安同意的話，我們可以就此回覆您。

And then we have one question from Johanna. How has EPS impacting the market so far?

然後我們有一個來自約翰娜的問題。到目前為止，每股盈餘對市場有何影響？

I would say that EPS has impacted the market in the sense that there is more focus on newer vessels and well, of course, the fact that we now have 22 ships with dual-fuel technology on the water by the end of the year is something which is to our advantage in that sense. So overall, it's shifting the focus and the preference in the market slowly towards more fuel-efficient and environmentally-friendly vessels with the latest technology.

我想說，EPS 對市場產生了影響，因為人們更加關注更新的船舶，當然，到今年年底，我們現在有 22 艘採用雙燃料技術的船舶在水上航行，這一事實是值得的。上說，這對我們有利。因此，整體而言，市場的焦點和偏好正在慢慢轉向採用最新技術的更節能、更環保的船舶。

No more questions.

沒有更多問題了。

Okay, everyone. Then I'd like to thank you all for joining us today. And thank you for your support and we see you again next quarter.

好吧，大家。那我要感謝大家今天加入我們。感謝您的支持，我們下季再見。

Thank you for attending BW LPG's second quarter 2024 financial results presentation. More information on BW LPG and BW Product Services are available at www.bwlpg.com and www.bwproductservices.com respectively. Have a good day and a good night.

感謝您參加 BW LPG 2024 年第二季財務表現發表會。有關 BW LPG 和 BW 產品服務的更多信息，請分別訪問 www.bwlpg.com 和 www.bwproductservices.com。祝你有美好的一天和美好的夜晚。