BW LPG Ltd (BWLP) 2025 Q3 法說會逐字稿

Hello, everyone. A warm welcome to BW LPG's Q3 2025 earnings presentation. My name is Aline Anliker, and I'm the Head of Corporate Communications at BW LPG. Today's presentation will be given by our CEO, Kristian Sorensen; and our CFO, Samantha Xu. After the presentation, we will have a Q&A session.

大家好。熱烈歡迎參加BW LPG 2025年第三季業績發表會。我叫艾琳‧安利克，是BW LPG公司企業傳播主管。今天的演講將由我們的執行長 Kristian Sorensen 和財務長 Samantha Xu 進行。演講結束後，我們將進行問答環節。

The questions can be put into the Q&A chat during the presentation, or you can raise your hand and ask your question directly once we move to the Q&A part. Before we begin, I would like to highlight the legal disclaimers displayed on the current slide. Please also note that today's call is being recorded.

您可以在演示期間將問題發送到問答聊天室，或在進入問答環節後舉手直接提問。在開始之前，我想重點介紹一下目前投影片上顯示的法律免責聲明。另請注意，今天的通話將被錄音。

And without further ado, I would now like to hand over to our CEO, Kristian.

那麼，事不宜遲，現在我將把發言權交給我們的執行長克里斯蒂安。

Thanks, Aline, and hi, everyone. Great to have you with us today as we review our third quarter financial results and the recent developments. Let's turn to slide 4, please. Q3 was marked by a series of geopolitical events and market disruptions that significantly increased uncertainty in the shipping segment and heightened volatility in the trading environment.

謝謝艾琳，大家好。很高興今天能和您一起回顧第三季財務業績和近期發展。請翻到第4張投影片。第三季發生了一系列地緣政治事件和市場動盪，顯著增加了航運業的不確定性，加劇了貿易環境的波動性。

After minority interests, the Q3 profit was $57 million, equivalent to an earnings per share of $0.38. The Board of Directors has declared a dividend of $0.40 per share, representing 75% of our shipping and PAT in accordance with the dividend policy. For the third quarter, we reported a TCE income of $ 51,300 per available day and for $48,700 per calendar day, slightly below our guidance of $53,000 per day.

扣除少數股東權益後，第三季獲利為5,700萬美元，相當於每股收益0.38美元。董事會已宣布派發每股0.40美元的股息，根據股息政策，該股息占我們航運和稅後利潤的75%。第三季度，我們報告稱，每日可用租金收入為 51,300 美元，每日日曆收入為 48,700 美元，略低於我們此前每日 53,000 美元的預期。

The difference was driven by limited fixing activity despite high headline rates in the second half of the quarter in addition to a negative IFRS adjustment of approximately $7 million. Moving on to our trading operations. Product services reported a gross loss of $23 million and a loss after tax of $29 million for the quarter.

儘管本季下半段利率居高不下，但固定利率活動有限，加上約 700 萬美元的 IFRS 負面調整，導致差異。接下來談談我們的交易業務。產品服務部門本季毛虧損2,300萬美元，稅後虧損2,900萬美元。

The accounting loss was due to a negative mark-to-market valuation adjustments driven by a surprisingly low October contract price announced by the Middle Eastern producers. More about that on slide 7, when we review the market events for the quarter. With regards to product services accounting loss, we want to emphasize that it's the realized results which generate product services dividend capacity.

會計虧損是由於中東生產商公佈的 10 月合約價格出乎意料地低，導致按市值計價估值出現負調整所致。更多內容請參閱第 7 頁，屆時我們將回顧本季的市場事件。關於產品服務會計虧損，我們想強調的是，只有實現的績效才能產生產品服務的股利能力。

Despite volatile market conditions, the portfolio remains firmly net positive. We are pleased to report a continued strong realization of $15 million from our trading activities in Q3, bringing our aggregated realized results as of the 30th of September to $54 million. Further, regarding our shipping activities, we have continued our busy 2025 dry-docking program with 168 off-hire days in the third quarter.

儘管市場波動，但該投資組合仍保持淨利潤。我們很高興地報告，第三季我們的交易活動持續保持強勁勢頭，實現了 1500 萬美元的收入，截至 9 月 30 日，我們的累計實現收入達到 5400 萬美元。此外，關於我們的航運業務，我們繼續推進繁忙的 2025 年乾船塢計劃，第三季停租天數達到 168 天。

We expect a total of 121 days to be off-hire due to dry docking in the fourth quarter. Looking into next year, 13 more vessels are scheduled for dry docking. For Q4, we're guiding on about $47,000 per day fixed for 91% or available days. These are solid levels above our all-in cash breakeven of $24,600 per day, but reflecting the slow market from September well into October, which impacts the TCE guiding for Q4.

預計第四季將有 121 天因乾船塢維修而停租。展望明年，另有 13 艘船舶計劃進行乾船塢維修。對於第四季度，我們預計每天固定收入約為 47,000 美元，可用天數佔比為 91%。這些水準遠高於我們每天 24,600 美元的全現金損益平衡點，但也反映了 9 月到 10 月的市場低迷，這影響了第四季度的 TCE 指引。

In other subsequent events, we have as part of our refinancing terminated two ship financing facilities, which Samantha will talk more about later in the presentation. Next slide, please. Despite the recent turmoil, the VLGC market is characterized by solid fundamentals. The growth in US LPG export volumes is set to continue with expected growth rates in the mid- to high single digits, driven by an increase in gaseous drilling wells and ongoing terminal expansions.

在其他後續事件中，作為再融資的一部分，我們終止了兩項船舶融資安排，Samantha 將在稍後的演講中詳細介紹。請看下一張投影片。儘管近期市場動盪，但超液化天然氣市場基本面依然穩固。受天然氣鑽井數量增加和終端擴建的推動，美國液化石油氣出口量預計將持續成長，成長率將達到中高個位數。

In the Middle East, stable OPEC+ production, along with new gas projects, is expected to support the Middle East LPG exports going forward. Following the de-escalation of trade tensions between the US and China, it's reasonable to expect some unwinding of the inefficiencies in the global fleet. As trading restrictions on the US and China-linked vessels are now lifted.

在中東，穩定的歐佩克+產量以及新的天然氣計畫預計將支持中東液化石油氣出口的未來發展。隨著中美貿易緊張局勢的緩和，全球船隊效率低下的問題有望得到一定程度的解決。隨著美國和中國相關船隻的貿易限制解除。

At the same time, the fundamentals for the LPG shipping markets remain supportive. In addition to the mentioned increase in export volumes, which underpins the US Asia trade, ton mile demand will likely see further support from the recent term deal signed by India to buy 2 million tons of US LPG. And this is compared to 75,000 tons of the total Indian imports sourced from the US back in 2024.

同時，液化石油氣運輸市場的基本面仍保持良好。除了上述出口量的成長（這支撐了美亞貿易）之外，噸英里需求可能會因印度最近簽署的購買 200 萬噸美國液化石油氣的長期協議而進一步支撐。而到 2024 年，印度從美國進口的商品總量為 75,000 噸。

Last quarter, we talked about the impact from the Panama Canal congestion and more container vessels have been using the Panama Canal this year, diverting VLGCs around the Cape of Good Hope. In the coming years, higher traffic from container vessels, VLGCs and VLECs will likely push a growing portion of VLGCs out of the canal as the canal capacity is fixed. Looking at the global fleets.

上個季度，我們討論了巴拿馬運河擁擠的影響，今年有更多的貨櫃船使用巴拿馬運河，導致超大型液化氣船繞道好望角。未來幾年，隨著貨櫃船、超大型液化氣船和超大型液化氣船的交通量增加，由於運河通行能力有限，越來越多的超大型液化氣船可能會被擠出運河。縱觀全球艦隊。

The fleet growth is currently at a low level with 413 ships currently in service and one more to be delivered in 2025. Taking a look at the paper market and how is pricing in the future, it is currently pricing the Ras Tanura-Chiba leg for 2026, slightly above $45,000 per day, although with limited liquidity. Next slide, please. The last few months have been nothing, if not eventful for LPG shipping and its commodity markets.

目前船隊成長處於較低水平，現有413艘船舶在役，另有一艘將於2025年交付。從紙幣市場及其未來定價情況來看，目前 2026 年 Ras Tanura-Chiba 區段的定價略高於每天 45,000 美元，但流動性有限。請看下一張投影片。過去幾個月對於液化石油氣運輸及其商品市場來說，可謂風雲變幻。

So let's catch up on the key developments. In August, USTR regulations targeting Chinese controlled and operated vessels calling at US ports started to make an impact. This created a 2-tier market as China-linked VLGCs repositioned to the Middle East where they could operate without triggering high port fees. China retaliated in October, announcing similarly high port fees for vessels on 25% or more by US entities, further complicating selling patterns for VLGCs.

那麼，讓我們來了解一下主要進展。8 月，美國貿易代表辦公室針對停靠美國港口的中國控制和營運船舶的規定開始產生影響。這造成了兩級市場，因為與中國有關的超大型液化氣船 (VLGC) 重新定位到中東，在那裡它們可以運作而不會觸發高額的港口費用。中國在 10 月進行了反擊，宣布對美國實體持有 25% 或以上股份的船舶徵收類似的高額港口費，進一步加劇了超大型液化氣船 (VLGC) 銷售模式的複雜性。

And in this period, it was very limited fixing activity despite the solid headline rates as numerous ships were repositioning and effectively disappeared from the market for a preliminary period of time. And then in late September, Saudi Aramco announced a sharp price cut for the October monthly price for Middle Eastern LPG.

在此期間，儘管表面上的運價堅挺，但實際的船舶租賃交易活動卻非常有限，因為許多船舶都在重新定位，並在一段時間內有效地從市場上消失了。隨後在9月下旬，沙烏地阿美宣布大幅下調10月份中東液化石油氣價格。

This instantly caused propane prices in the Far East to adjust down accordingly which narrowed the price difference between the US and the delivered price for LPG in Asia. And as the spot shipping market out of the US dried up, something had to give. And eventually, both VLGC spot rates and terminal fees came down, kick starting the spot market activity as they are widened again as we moved into November.

這立即導致遠東地區的丙烷價格相應下調，從而縮小了美國與亞洲液化石油氣到岸價之間的價格差距。隨著美國現貨航運市場萎縮，某些方面必然會受到影響。最終，VLGC現貨價格和碼頭費雙雙下降，隨著11月的到來，現貨市場再次擴大，啟動了現貨市場活動。

However, the slow market we saw from September well into second half October has had a material impact on our TCE guidance for the fourth quarter as waiting time, positioning costs and the period is done until the freight invoice is issued, have an accounting delay of several months. September to October proved to be a tricky market to navigate.

然而，從 9 月到 10 月下半月，市場低迷，這對我們第四季度的 TCE 指導產生了重大影響，因為等待時間、定位成本以及從發貨到開具貨運發票的這段時間，會計上存在幾個月的延遲。9月至10月的市場行情難以預測。

But the supply-driven LPG market eventually demonstrated its resilience. With LPG price to clear and its ability to always find a home as a byproduct, we observed prices gradually rebalancing over a few weeks, activity picking up and freight rates improving. With the Far East being the key destination for LPG, let's move on to the recent developments in the Asian import markets shaping the trade dynamics.

但供應驅動的液化石油氣市場最終展現了韌性。隨著液化石油氣價格趨於穩定，並且其作為副產品總能找到銷路，我們觀察到價格在幾週內逐漸恢復平衡，市場活動回暖，運費也得到改善。遠東地區是液化石油氣的主要目的地，接下來讓我們來看看亞洲進口市場的最新發展如何影響貿易格局。

On this slide, we can see the profound impact the trade tensions between China and the US have had this year. The total Far East LPG imports on the VLGCs are more or less at the same level during the first nine-months this year compared to the same period in 2024. In fact, Chinese imports declined slightly that was largely offset by higher Japanese imports in the same period.

從這張投影片中，我們可以看到今年中美貿易緊張局勢的深遠影響。今年前九個月，遠東地區透過超大型液化石油氣船進口的液化石油氣總量與 2024 年同期基本持平。事實上，中國進口略有下降，但同期日本進口增加基本上抵消了這一降幅。

We've also seen that China sourced considerably more of its LPG from the Middle East so far this year, as trade tensions between China and the US caused both vessels and volumes to be diverted elsewhere. India and Southeast Asia increased their imports in the first nine-months. Historically, these markets have largely relied on LPG volumes from the Middle East.

我們也看到，今年以來，中國從中東購買的液化石油氣數量大幅增加，因為中美之間的貿易緊張局勢導致船隻和運輸量轉向其他地區。印度和東南亞在前九個月增加了進口。從歷史上看，這些市場在很大程度上依賴來自中東的液化石油氣供應。

This year, however, North American volumes have replaced a significant part of the Middle East cargoes accounting for a larger share of imports. And market participants interpret a solid contract price reduction as a direct response to the increased competition Middle East and producers have faced from US exports, as well as the Indian importers' recent purchase tenders for US LPG.

然而，今年北美貨運量已經取代了很大一部分中東貨運量，在進口中所佔份額更大。市場參與者將合約價格大幅下降解讀為對中東和生產商面臨的來自美國出口產品日益激烈的競爭，以及印度進口商最近對美國液化石油氣進行的採購招標的直接回應。

The Indian state-owned energy companies will buy 2 million tons of LPG from the US, and this does not only raise the ton mile for volumes going into India, where it will most likely push some Middle East volumes to be shipped further east in Asia. Imports into these regions are still small compared to the Far East, but they are attractive offtakers nonetheless and showing how LPG finds new markets when it's competitively priced.

印度國有能源公司將從美國購買 200 萬噸液化石油氣，這不僅增加了運往印度的液化石油氣噸英里數，而且很可能會促使一些來自中東的液化石油氣被進一步運往亞洲東部。與遠東地區相比，這些地區的進口量仍然很小，但它們仍然是有吸引力的買家，這表明當液化石油氣價格具有競爭力時，它可以找到新的市場。

So now having looked at the Asian import trends so far this year, let's turn to what we can expect for exports going forward. Energy exports are expected to continue growing from both main exporting regions, North America and the Middle East. In North America, this growth is being facilitated by additional export expansions coming on streaming in the coming years as well as Permian oil production becoming increasingly gaseous as shown here in an excerpt from Targa Resources August investor presentation.

現在我們已經了解了今年迄今為止亞洲的進口趨勢，接下來讓我們看看未來出口方面的情況。預計北美和中東兩大主要出口地區的能源出口將持續成長。在北美，未來幾年即將投產的更多出口擴張項目以及二疊紀盆地石油生產中氣態成分的增加，都促進了這一增長，正如 Targa Resources 8 月份投資者演示文稿中的摘錄所示。

LPG volumes from the large US natural gas fields will also contribute, although these are drier than the Permian crude oil wells. While for the Middle East, stable OPEC+ oil production, combined with new projects in Saudi Arabia, Qatar and the UAE are expected to support growth for several years. But the VLGC market is not only affected by volumes, trade patterns also play a vital role with inefficiencies, such as congestion in the Panama Canal, having a significant impact on the rate environment.

來自美國大型天然氣田的液化石油氣產量也將有所貢獻，儘管這些天然氣田比二疊紀原油井乾燥。而對於中東地區而言，穩定的歐佩克+石油產量，加上沙烏地阿拉伯、卡達和阿聯酋的新項目，預計將在未來幾年內支撐經濟成長。但 VLGC 市場不僅受交易量的影響，貿易模式也發揮著至關重要的作用，而巴拿馬運河的擁擠等效率低下問題會對價格環境產生重大影響。

Last year, in 2024, the Panama Canal was less congested and its influence on the VLGC market was far lower than during the drought year of 2023. This year, the relevance of the Panama Canal to our market has returned as already limited slot availability has been further constrained during periods of elevated container traffic.

去年（2024 年），巴拿馬運河的擁擠情況有所緩解，其對超大型液化氣船市場的影響遠低於 2023 年的乾旱年份。今年，巴拿馬運河對我們市場的重要性再次凸顯，因為在貨櫃運輸量激增期間，原本就有限的艙位供應進一步受到限制。

The new canal logs where most of the VLGC transits have a daily average capacity of 10 transits in total for both directions. The limited capacity is very sensitive to one or two more ships from higher-paying shipping segments competing for the transits. And this, in turn, caused increased volatility in transit auctions and diverted more VLGCs to the much longer sailing distance around Cape of Good Hope to and from the US and Asia.

新的運河日誌顯示，大多數 VLGC 過境船隻的日均通行能力為雙向共 10 艘次。有限的運力對高收入航運領域的一兩艘船舶爭奪過境航線非常敏感。而這反過來又導致運輸拍賣的波動性增加，並將更多的超大型液化氣船 (VLGC) 改道至繞過好望角往返美國和亞洲的更長航程。

Looking ahead, incremental growth from container volumes, fleet growth from ethane carriers and expanding VLGC fleet is likely to keep canal utilization high and in turn, divert VLGCs around Cape of Good Hope. LNG carriers, they also absorb canal capacity in the future, although they are less apparent in today's Panama Canal traffic.

展望未來，貨櫃吞吐量的逐步成長、乙烷運輸船隊的成長以及超大型液化氣船隊規模的擴大，可能會使運河利用率保持在高位，進而導致超大型液化氣船繞道好望角。LNG運輸船未來也會佔用運河運力，儘管它們在今天的巴拿馬運河交通中並不那麼明顯。

Looking at the current fleet and order book, there are no major changes compared to the previous quarter. The current fleet of VLGCs now stands at 413 vessels as 11 ships have been delivered so far this year with one more to be delivered in 2025. The order book now consists of 108 VLGCs with deliveries stretching into last quarter of 2028. And while we expect a more staggered pace of newbuilding deliveries next year, we also highlight that 10% of the fleet is now more than 25-years old.

從目前的船隊規模和訂單情況來看，與上一季相比沒有重大變化。目前，VLGC 船隊共有 413 艘船舶，今年迄今已交付 11 艘，2025 年還將交付一艘。目前訂單簿上有 108 艘 VLGC，交付一直持續到 2028 年最後一個季度。雖然我們預計明年新造船的交付速度會更加分散，但我們也強調，目前船隊中有 10% 的船隻船齡超過 25 年。

And by that, over to you, Samantha.

那麼，接下來就交給你了，莎曼珊。

Thank you, Kristian, and hello, everyone. It's great to be here with you today. Let's take a closer look at our performance in this quarter. Start with our shipping performance. In the third quarter of '25, we delivered a TCE of $48,700 per calendar day or $51,300 per available day with fleet utilization at 92% after deducting technical off hire and waiting time.

謝謝你，克里斯蒂安，大家好。今天能和大家在一起真是太好了。讓我們仔細看看本季的業績。首先來看我們的物流表現。2025 年第三季度，我們實現了每日 48,700 美元的 TCE（即每個可用日 51,300 美元），扣除技術性停租和等待時間後，車隊利用率為 92%。

This healthy result achieved in a market full of uncertainties is a strong testament to our commercial strategy. If we have not consistently secured time charters and FFAs during active and strong markets, we will not have been able to provide stability and support when spot market came under pressure this quarter. In Q3, the time charter portfolio was 44% of the total shipping exposure or 34% on fixed rate time charters.

在充滿不確定性的市場中取得如此佳績，有力地證明了我們商業策略的正確性。如果我們在活躍強勁的市場期間沒有持續獲得定期租船和遠期貨運協議，那麼在本季現貨市場承壓時，我們將無法提供穩定性和支援。第三季度，定期租船業務佔航運總風險敞口的 44%，其中固定費率定期租船業務佔 34%。

Looking ahead for Q4 2025, we have fixed 91% of the available fleet days at an average rate of about $47,000 per day. For full year '26, we have secured 35% of our portfolio with fixed rate time charters and FFA hedges at $43,600 and $47,500 per day, respectively. Altogether, our time charter out portfolio is expected to generate around $182 million.

展望 2025 年第四季度，我們已經鎖定了 91% 的可用車隊天數，平均價格約為每天 47,000 美元。2026 年全年，我們已透過固定費率定期租船和 FFA 對沖，分別以每天 43,600 美元和 47,500 美元的價格，保障了我們投資組合的 35%。總的來說，我們的定期租船業務組合預計將產生約 1.82 億美元的收入。

Although the level of rates appear to be slightly lower than '25, it continues to represent a very healthy level of earnings against our cash breakeven of low $20,000. Next slide, please. Turning now to product services. The business posted a realized gain of $15 million for Q3 reflecting effective risk management despite the turbulent market conditions that we experienced.

儘管利率水準似乎略低於 2025 年，但相對於我們約 20,000 美元的現金損益平衡點而言，這仍然代表著非常健康的收益水準。請看下一張投影片。接下來談談產品服務。儘管市場環境動盪，但該公司第三季實現了 1500 萬美元的收益，這反映了有效的風險管理。

At quarter end, we reported a $32 million decrease in mark-to-market on our cargo position alongside a $6 million reduction in paper position. After accounting for other expenses, mainly G&A costs, product services reported a net loss after tax of $29 million for the quarter with net asset value sitting at $30 million at quarter end. As we highlighted in previous quarters, these mark-to-market valuation movements are largely driven by the gradual phasing in of our multiple year term contract as reflected in a volatile market.

季度末，我們的貨物頭寸按市值計價減少了 3,200 萬美元，同時紙質頭寸減少了 600 萬美元。在計入其他費用（主要是一般及行政費用）後，產品服務部門本季稅後淨虧損為 2,900 萬美元，季末淨資產值為 3,000 萬美元。正如我們在前幾季所強調的那樣，這些市值計價的估值變動主要是由於我們多年合約的逐步生效所致，這反映在波動的市場中。

While the periodic period value adjustments are significant, they reflect the delta between the balance sheet dates, and will see fluctuations before the positions are realized. And in the case of a favorable market condition, the mark-to-market will recover in the form of positive adjustments. It is also important to note that trading gains and losses are realized across different financial periods.

雖然週期性期間價值調整幅度很大，但它們反映的是資產負債表日期之間的差額，並且在頭寸實現之前會出現波動。如果市場條件有利，市值計價將以積極調整的形式恢復。還要注意的是，交易的盈虧是在不同的財務週期內實現的。

They cannot be extrapolated from past performance, as unrealized position will vary depending on end period valuations. The realized trading profit, though, will add to the company's dividend potential and be considered for dividend distribution post year-end. Our trading model is designed to create value by combining cargo, paper and shipping positions.

由於未實現頭寸會根據期末估值而變化，因此不能根據過去的業績進行推斷。不過，已實現的交易利潤將增加公司的分紅潛力，並將在年底後考慮進行分紅分配。我們的交易模式旨在透過結合貨物、紙張和航運部位來創造價值。

With that in mind, we would like to remind you that the reported net asset value does not include unrealized physical shipping position of $35 million based on our internal valuation. In Q3, our average VAR, value-add risk, was $5 million, reflecting a well-balanced trading book, including cargoes, shipping and derivatives. Even after accounting for the increased contract volume that is scheduled to start end 2026.

有鑑於此，我們想提醒您，根據我們的內部估值，所報告的淨資產值不包括 3500 萬美元的未實現實體發貨頭寸。第三季度，我們的平均 VAR（增值風險）為 500 萬美元，反映出我們交易帳簿的平衡性良好，包括貨物、航運和衍生性商品。即使考慮到計劃於 2026 年底開始增加的合約量。

Next slide, please. Going on to our financial highlights. We reported a net profit after tax of $57 million, including a profit of $11 million from BW LPG India and $29 million loss from product services. Profit attributable to equity holders of the company was $57 million for the quarter, which translates to an earnings per share of $0.38 per share, and an annualized earnings yield of 11% when compared against our share price at the end of September.

請看下一張投影片。接下來是我們的財務亮點。我們公佈的稅後淨利潤為 5,700 萬美元，其中包括來自 BW LPG India 的 1,100 萬美元利潤和來自產品服務的 2,900 萬美元虧損。該季度歸屬於公司股東的利潤為 5,700 萬美元，相當於每股收益 0.38 美元，以 9 月底的股價計算，年化收益率為 11%。

We reported a net leverage ratio of 29.7% in Q3, down from 32.7% at the end of '24. The reduction was mainly due to lower lease liability following the exercise of purchase options for BW Kizoku and BW Yushi. For Q3, the Board declared a dividend of $0.40 per share, representing a 75% payout of our shipping profit for the quarter, in line with our dividend policy.

第三季淨槓桿率為 29.7%，低於 2024 年底的 32.7%。減少的主要原因是 BW Kizoku 和 BW Yushi 行使購買選擇權後租賃負債降低。第三季度，董事會宣布派發每股 0.40 美元的股息，相當於該季度航運利潤的 75%，符合我們的股息政策。

For the period end, our balance sheet reported a shareholder equity of $1.9 billion. The annualized return on equity and return on capital employed for Q3 were 12% and 9%, respectively. On operating costs, our Q3 OpEx was $9,300 per day. For full year '25, we estimated operating cash breakeven for our own fleet to be $19,400 per day and for the total fleet, including time charter in vessels at $21,300 per day.

期末資產負債表顯示股東權益為 19 億美元。第三季的年化權益報酬率和資本報酬率分別為 12% 和 9%。在營運成本方面，我們第三季的營運支出為每天 9,300 美元。2025 年全年，我們估計自有船隊的營運現金損益平衡點為每天 19,400 美元，包括船舶定期租船在內的整個船隊的營運現金損益平衡點為每天 21,300 美元。

This is an improvement compared to 2004's breakeven of $22,200, thanks to disciplined financing, VLGC in vessels and lower G&A, which offset higher operating expenses. Including the dry-dock program, all-in cash breakeven is expected to be $24,600 per day. Finally, let's look at our financing structure and repayment profile.

與 2004 年 22,200 美元的損益平衡點相比，這是一個進步，這得益於嚴格的融資、船舶上的 VLGC 以及較低的 G&A，這些都抵消了較高的營運費用。包括乾船塢專案在內，預計每日現金損益平衡點為 24,600 美元。最後，我們來看看我們的融資結構和還款計劃。

As of end Q3, we maintained a robust liquidity position of $855 million comprising $276 million in cash and $579 million in undrawn revolving credit facilities. Post Q3, we further optimized funding costs by voluntarily canceling two ship financing facilities leading to repayment of $36 million and a reduction of $216 million in undrawn revolver facilities.

截至第三季末，我們保持了穩健的流動性狀況，擁有 8.55 億美元，其中包括 2.76 億美元現金和 5.79 億美元未提取的循環信貸額度。第三季後，我們透過自願取消兩項船舶融資安排，進一步優化了融資成本，從而償還了 3,600 萬美元，並減少了 2.16 億美元的未提取循環信貸額度。

With this disciplined approach, we expect liquidity to remain strong, providing a solid foundation for the future. Our repayment profile remains sustainable with major repayments only beginning after 2029. On product services, trade finance utilization stood at $153 million or 19% of our available credit line, leaving ample headroom for future trading needs.

透過這種嚴謹的方法，我們預期流動性將保持強勁，為未來奠定堅實的基礎。我們的還款計劃仍可持續，主要還款將在 2029 年後開始。在產品服務方面，貿易融資利用率為 1.53 億美元，占我們可用信貸額度的 19%，為未來的貿易需求留出了充足的空間。

And with that, I would like to conclude my updates. Thank you for listening, and back to you, Aline.

至此，我的報告就結束了。謝謝收聽，艾琳，把麥克風交給你。

Thank you, Samantha, and thank you, Kristian. We would now like to open the call for your questions. (Operator Instructions) Petter Haugen, ABG Sundal Collier.

謝謝你，薩曼莎，也謝謝你，克里斯蒂安。現在我們來接受大家的提問。（操作說明）Petter Haugen，ABG Sundal Collier。

To start off with a question regarding the 2026 coverage. You increased that quite a bit now in the last quarter. And I was -- well, twofold. What would you think now is the targeted TCE coverage for 2026 and the second part, also 2027?

首先問一個關於 2026 年保險覆蓋範圍的問題。上個季度你們大幅提高了這個數字。而我——嗯，有兩方面。您認為 2026 年和 2027 年第二階段的目標 TCE 覆蓋率是多少？

Petter, thanks for the question. We have previously being quite open about our aim to have about 40% of our fleet capacity locked in on period charters and/or FFAs, just as a tool for protecting the downside. So -- and if we are able to obtain what we believe is attractive rates in -- for time charters for duration of three, four, five-years, you may see us add to the reported coverage that we have in this quarter. So as mentioned before, around 40% is what we are aiming at, given that we can obtain the levels that we find attractive.

Petter，謝謝你的提問。我們先前曾公開表示，我們的目標是將大約 40% 的船隊運力鎖定在定期租船和/或固定航次協議 (FFA) 中，以此作為防範下行風險的手段。所以——如果我們能夠獲得我們認為有吸引力的費率——對於三年、四年、五年期限的定期租船，您可能會看到我們在本季度增加已公佈的承運量。如前所述，我們的目標是達到 40% 左右，前提是我們能夠達到我們認為理想的水平。

Okay. And that also then applies to '27, '28 as we just go along and 40% is then to be thought of as a coverage you will have coming into that year. So that you're not seeking now in the last quarter or last month of this year to increase 40% any further than 2026?

好的。這也適用於 2027 年、2028 年，我們繼續往下看，40% 的保障金可以看作是您在那一年將獲得的保障。所以，你們並不打算在今年最後一個季度或最後一個月尋求在2026年之前再成長40%？

No. And this is a gradual and ongoing renewal of the current contracts. And so that's why we also report on this quite granularly on a quarterly basis because it's -- it may vary from quarter-to-quarter depending on how we can renew vessels, which are coming off time charters as well. So it's something we don't fix all the ships at the same time. This is something which is ongoing concern in the company.

不。這是對現有合約的逐步和持續續約。所以，這也是為什麼我們按季度對此進行非常詳細的報告的原因，因為——這可能會因我們如何續租即將到期的定期租船而逐季度發生變化。所以我們不能同時修理所有的船。這是公司一直以來都非常關注的問題。

Understood. And the second question from my side. In terms of prices here according to what we look at the Clarksons quotes for both new builds and the five-year old ships, and the second hand five-year old ships seems to be trending upwards again over the past few months, and Clarksons now puts it at $90 million for a five-year old VLGC while the newbuilding prices as well more difficult to assess.

明白了。我的第二個問題是：就價格而言，根據我們對克拉克森報價的觀察，無論是新造船還是五年船齡的船舶，五年船齡的二手船價格在過去幾個月似乎又呈上漲趨勢，克拉克森現在將五年船齡的超大型液化氣船 (VLGC) 的價格定為 9000 萬美元，而新造船的價格則更難評估。

I would say, because it really depends on what sort of specifications you ask for, I suppose, in terms of ammonia, readiness and alternative propulsions. But I would very much -- I will find it very interesting if we can have some, well, ideally, price points that you would think is transactable in the market now, both for say, ammonia ready new building and also a five-year-old VLGC please.

我覺得，這真的取決於你提出的具體要求，例如氨氣、準備好狀態和替代推進方式等方面。但我很希望——如果能有一些，嗯，理想情況下，您認為目前市場上可以成交的價格點，無論是針對例如已準備好使用氨氣的新建築，還是針對五年新的超液化石油氣化爐，我都會覺得非常有趣。

Well, I think we, on slide 11, are assessing the new building price to approximately $116 million for a dual fuel. And then when it comes to a five-year old $90 million, yes, that's a number we also see, but it's a limited liquidity on the five-year-old vessels in the market. Where you do see quite -- still quite good buying interest for the vessels which are built prior to 2010 and also some interest for the 10-year olds.

嗯，我認為我們在第 11 張幻燈片中評估的新建築價格約為 1.16 億美元，這是一座雙燃料建築。至於船齡五年、價值 9,000 萬美元的船舶，是的，我們也看過這樣的價格，但市場上五年船齡船舶的流動性有限。確實可以看到，對於 2010 年之前建造的船隻，買家仍然抱有相當濃厚的興趣，而對於船齡 10 年的船隻，買家也表現出一定的興趣。

So I am -- and as we have reported recently, we have just or recently concluded the sale of the BW Lord, which is set to be delivered by the end of this year. And this was, as you may know it starts with a 6 in -- for a vessel of that vintage.

所以，正如我們最近報導的那樣，我們剛剛或最近完成了 BW Lord 的銷售，預計將於今年年底交付。正如你可能知道的那樣，這件器皿的年份以 6 開頭。

We have up next, [Kevin Whelan], if you can please unmute yourself.

接下來是凱文惠蘭，請你解除靜音。

Two questions. Can you comment on any of the Avance Gas fleet acquisition and its contribution to the current quarterly profit? And I have a second question after that.

兩個問題。您能否就Avance Gas車隊的收購及其對本季利潤的貢獻發表一些評論？我之後還有第二個問題。

I mean the number of days and you -- what you're thinking about is the additional number of days that are reported in the fleet compared to last year before the acquisition. Is that what you think about a year ago?

我的意思是天數，而你所想的是與收購前的去年相比，船隊報告的額外天數。你對一年前的看法也是如此嗎？

Yes. I'm assuming that that's from the Avance Gas acquisition, yes.

是的。我猜那是收購 Avance Gas 帶來的收益，是的。

Yes. So we acquired 12 vessels, I don't have the exact number of days that we reported the difference from a year ago. So let us come back to you on that, if that's okay. But it's 12 ships from the beginning of this year phased into the fleet. And you can calculate the number of days from there, but we can also get back to you on the exact number of day that we calculate internally on this.

是的。所以我們收購了 12 艘船，我沒有確切的天數來統計我們與去年同期相比的變化。如果可以的話，我們會稍後再回覆您。但今年年初開始，共有 12 艘艦艇陸續加入艦隊。您可以根據計算結果得出天數，但我們也可以稍後告知您我們內部計算出的確切天數。

Yes. I guess part of my question gets -- I think a lot of the Avance Gas ships had longer-term time charter commitments and whether that is increasing the average rate that we're realizing and as those roll over, whether there would be a greater risk, but that will be balanced out when you get into the new time charters for '26 and '27, and so it's all good in terms of shareholder return.

是的。我想我的問題的一部分是——我認為Avance Gas的許多船舶都有長期定期租船合同，這是否會提高我們目前實現的平均租金，以及隨著這些合同的續簽，是否會有更大的風險，但當2026年和2027年的新定期租船合同生效時，這種情況就會得到平衡，因此就股東回報而言，一切都是好事。

But I was just curious the contributions in there. The second question is given some of the potential thawing of the Ukraine Russian situation, do you see any specific risk from the dark fleet of Russian ships that appear to be more idled rather than transporting gas as something dilutive to time charter pricing going forward into the second half of '26, '27?

但我只是好奇裡面有哪些文章。第二個問題是，鑑於烏克蘭和俄羅斯局勢可能會出現一些緩和，您是否認為俄羅斯的「黑船隊」（這些船隻似乎更處於閒置狀態，而不是運輸天然氣）會對 2026 年下半年和 2027 年的定期租船價格造成任何具體風險？

Okay. Thanks and I understand where you're coming from. So from the 12 ships that we acquired from Avance Gas, only two vessels were on short-term time charter actually. So what -- so 10 ships were trading spots. And the -- it's only the Avance Polaris, which is still on time charter to a certain French energy company.

好的。謝謝，我明白你的意思。因此，在我們從 Avance Gas 收購的 12 艘船舶中，實際上只有兩艘是短期定期租船。那又怎樣——10艘船在交換位置。而且──只有 Avance Polaris 號，它目前仍按期租給某法國能源公司。

And the -- so the impact on our time charter coverage from the Avance transaction was actually minimal. It was more spot trading fleet than time charter or a fleet with time charter coverage. So at the moment, there's only one ship left trading on time charters from that fleet. And then to your question on the dark fleet, the impact of the Russian LPG exports is -- you can basically disregard it because it's only smaller vessels historically, which have traded from the Baltics down to the European continent or smaller vessel sizes, which have been affected.

因此，Avance 交易對我們的定期租船業務的影響實際上微乎其微。這支船隊更專注於現貨交易，而非定期租船或擁有定期租船合約的船隊。因此，目前該船隊中僅剩一艘船仍在從事定期租船業務。至於你提出的關於「暗船隊」的問題，俄羅斯液化石油氣出口的影響基本上可以忽略不計，因為歷史上只有從波羅的海到歐洲大陸進行貿易的小型船舶或較小尺寸的船舶受到了影響。

So for us, in the VLGC segment, the Russian LPG exports have not been part of our market. So this is not going to impact the VLGC market as such, if that was a clear answer.

因此，對我們來說，在超大型液化石油氣（VLGC）領域，俄羅斯液化石油氣出口並不屬於我們的市場。所以，如果這個答案很明確的話，那就是這不會對超大型燃氣渦輪機市場產生直接影響。

Thank you. And then we have also (technical difficulty) who raised his hand.

謝謝。然後還有一位（技術難題）舉手了。

Samantha, you mentioned that the Board may consider the distribution of the realized gains on the Product Services division post year-end. Would that include the whole realized gains year-to-date plus the Q4 performance? And secondly, I mean, this is obviously not set in stone, but is it fair to expect the payout of around 75% of that amount?

薩曼莎，你提到董事會可能會考慮在年末之後分配產品服務部門已實現的利益。這是否包括今年迄今的所有已實現收益以及第四季的業績？其次，我的意思是，這顯然不是板上釘釘的事，但是期望獲得該金額的 75% 左右的賠償是否合理呢？

[Clement] good to hear your voice. Well, as you know very well already that the dividend distribution is very much the Board's discretion. I can only comment also on it historically that we have benefit greatly from Product Services' positive realized profit. You can benchmark and maybe go back to our Q4 '24 similar earnings and dividend distribution.

[克萊門特] 很高興聽到你的聲音。如您所知，股利分配完全由董事會酌情決定。我只能從歷史角度評論說，我們從產品服務部門的積極實際利潤中受益匪淺。您可以進行基準測試，或許可以參考我們 2024 年第四季的類似收益和股利分配。

So I would only say that the I think product services will continue to contribute greatly to our dividend potential. If you look at year-to-date, product services has already achieved $53 million realized profit -- trading profit. Yes, I hope that answers some part of your question, at least.

因此，我只想說，我認為產品服務將繼續為我們的股利潛力做出巨大貢獻。從今年迄今為止的情況來看，產品服務已經實現了 5,300 萬美元的實際利潤——交易利潤。是的，我希望這至少能解答你部分的問題。

Yes, it does. Definitely helpful. And you have not added any further time chartering exposure in recent months. Could you talk a bit about Europe on long-term time charter rates at the current time? And secondly, should we expect the India JV to grow further over the coming quarters?

是的，確實如此。非常有幫助。而且，您最近幾個月也沒有增加任何新的定期租船業務。您能否談談目前歐洲長期定期租船費率的情況？其次，我們是否應該預期印度合資企業在未來幾季會進一步成長？

So I guess you're referring to the time charter in fleet, right? That's what you are --

所以，你指的是船隊中的定期租船，對嗎？你就是這樣的人--

Yes, exactly.

是的，正是如此。

So we are -- I would say, as you also can see from the presentation, gradually reducing the time charter in fleet, if we see opportunities which we find attractive in the future, of course, then we will increase that time charter-in fleet again, but we don't have a plan to drastically increase it at the moment. So -- but again, if we see attractive opportunities to TCE in vessels, we are always in the market for that.

所以，正如你們從簡報中看到的那樣，我們正在逐步減少船隊中的定期租船數量。如果我們將來看到我們認為有吸引力的機會，當然，我們會再次增加定期租船船隊，但我們目前沒有大幅增加定期租船船隊的計劃。所以——但再說一遍，如果我們看到船舶TCE有有吸引力的機會，我們總是會關注這方面的市場。

And then to your question on the India JV, we -- I mentioned that we are -- sorry, we are delivering the BW Lord to the new owners before the end of the year. So it depends a little bit on the opportunities we see out there on time charters too, whether we want to dropped further vessels from the conventional fleet to the Indian JV, but that's something we may consider in the new year, but nothing has been decided on.

至於你提出的關於印度合資企業的問題，我們——我之前提到過——抱歉，我們將在年底前把BW Lord交付給新東家。所以，這在一定程度上也取決於我們在定期租船方面看到的機會，以及我們是否想將更多船舶從傳統船隊轉移到印度合資企業，但這是我們可能會在新的一年裡考慮的事情，但目前還沒有做出任何決定。

As I see no more raised hands right now, let's move on to some questions in the chat. We have one on the spot bookings for Q4. So how would you compare your spot bookings for Q4 versus the Baltic benchmark?

現在我沒看到有人舉手，那我們就進入聊天室提問環節吧。我們目前已收到第四季度的一個現場預訂。那麼，您如何將貴公司第四季的現貨預訂量與波羅的海基準市場進行比較？

Thanks, Chrysis. The -- I presume that -- because you have seen the guidance of $47,000 a day for Q4 that we have reported. So I assume that you are thinking of the vessels we are fixing now compared to the current Baltic level. And I would say that it's closer -- definitely closer to the Baltic index. The waiting time and the repositioning cost and what I described in the presentation is not at the same level as we saw back in September, October. So it's closer to the reference index.

謝謝你，克里西斯。我猜想，是因為你們已經看到了我們公佈的第四季每日 47,000 美元的業績預期。所以我認為你指的是我們現在正在修復的船隻與目前波羅的海海域的水平相比的情況。而且我認為它更接近——絕對更接近波羅的海指數。等待時間和重新定位成本，以及我在簡報中描述的情況，與我們在 9 月、10 月看到的情況相比，已經沒有那麼嚴重了。所以它比較接近參考指數。

But again, there is always some waiting time, repositioning costs and so on, which will occur compared to the purely technical Baltic index that we -- that you are referring to. And then you're also asking, how are the bookings for Q1 shaping up at the moment? It's a bit too early. When we fix vessels in today's market, we are looking at the last decade of December, some very, very early January pictures at the moment.

但同樣，總是會有一些等待時間、重新定位成本等等，這與我們——您所指的——純粹的技術性波羅的海指數相比是不可避免的。然後你也會問，目前第一季的預訂情況如何？現在還為時過早。在當今的船舶市場中，我們查看的是過去十年中12月份以及目前一些非常非常早期的1月份的船舶照片。

So I think -- and again, like I said, it's more reflective of the index than what we saw back in September, October.

所以我認為——而且就像我剛才說的，它比我們在九月、十月看到的指數更能反映真實情況。

Thank you, Kristian. We have another question in the chat from Ernest. Can you provide some color on the increase in average daily OpEx per vessel and G&A?

謝謝你，克里斯蒂安。聊天記錄中，Ernest 又提出了一個問題。能否詳細說明一下每艘船舶平均每日營運成本和一般及行政費用的增長情況？

Yes. Thanks, Ernest. I think you're referring to the increase of OpEx as recorded for year-to-date Q3 (technical difficulty) 300 versus last year. As you know that we have taken over the Avance Gas vessels since end of last year. And during the course of this year, the focus has been optimizing the performance of this fleet. Part of it also included changing some of the ship managers as we took over from Avance Gas.

是的。謝謝你，歐內斯特。我想你指的是今年迄今為止第三季（技術困難）的營運支出增加 300，與去年同期相比。如您所知，我們從去年年底開始接管了Avance Gas公司的船隻。今年以來，重點一直是優化這支機隊的表現。其中一部分工作還包括更換一些船舶管理人員，因為我們從 Avance Gas 接管了公司。

So as that happened, we have incurred some sort of change cost for the ship management change. And also, there is some increase from the crew perspective but the increase of OpEx is well managed from the overall cost perspective as we optimize the G&A as well as the financing cost. As for the increase of G&A, I believe you are referring to the reflection of some of accruals as reflected of G&A.

因此，由於船舶管理變更，我們產生了一定的變更成本。此外，從船員的角度來看，營運支出有所增加，但從整體成本的角度來看，營運支出的增加得到了很好的控制，因為我們優化了一般及行政費用以及融資成本。至於一般及行政費用的增加，我認為您指的是部分應計項目反映在一般及行政費用中。

So from a G&A perspective, the accrual of bonus is also reflect -- a reflection of our Product Services realized result. So that's why probably you see a little bit of an increase as the realized trading profit increases as well.

因此，從一般及行政費用的角度來看，獎金的累積也反映了我們產品服務的實際表現。所以，隨著實際交易利潤的增加，你可能會看到利率略有上升。

Thank you, Samantha. I see another raised hand from Axel Styrman, if you please unmute yourself.

謝謝你，薩曼莎。我看到 Axel Styrman 又舉起了手，請你解除靜音。

Question to Kristian. On the import side, we see China actually has decreased imports so far this year only slightly. But do you think this relates to lack of sufficient volumes from the Middle East compensating for the switch out from the US market relating to the trade war, port fees on Chinese-built ships, et cetera? Or do you think it reflects a new trend of weaker development regarding the demand from China?

問克里斯蒂安一個問題。從進口方面來看，我們看到中國今年迄今的進口量實際上只略有下降。但您認為這是否與中東地區供應量不足，無法彌補因貿易戰、中國製造船舶的港口費用等原因導致的美國市場轉向有關？還是你認為這反映了中國需求成長放緩的新趨勢？

I think you are pointing to something which is the fact that the US exports is very much a propane heavy export, while the Middle Eastern production export is much more 50-50 butane and propane. And the Chinese importers are predominantly importing propane. So I think you have a point that the reduction in the Chinese imports is partly also because they simply can't get enough propane from the Middle East or other sources to replace the US sourced propane, if that answers your question?

我認為你指出的一點是，美國出口的丙烷佔很大比例，而中東的出口產品中丁烷和丙烷的比例則大致為 50/50。中國進口商主要進口丙烷。所以，我認為你的觀點有道理，中國進口量減少的部分原因也是因為他們無法從中東或其他來源獲得足夠的丙烷來替代美國進口的丙烷，這樣回答你的問題了嗎？

Yes. Just a follow-up there. Do you see any increased activity from China in the US market now after truce?

是的。補充一點。停戰之後，您是否看到中國在美國市場的活躍度有所提高？

Yes, definitely increased activity, but it's still not back at the same level as we had last year, for instance. So it takes a bit of time to recover the trading activities, it seems. But -- and you know there is still a 10% tariff on the Chinese side on the US sourced LPG. So -- but we -- so far, that's being absorbed by the market participants. So the trade -- it doesn't really disrupt the trade as such. But let's say, the -- it's a more hesitant, let's say, trade relationship than what it was last year.

是的，活動量確實有所增加，但例如，它仍然沒有恢復到去年的水平。看來恢復交易活動需要一些時間。但是——而且你也知道，中國方面對美國進口的液化石油氣仍然徵收 10% 的關稅。所以——但是——到目前為止，這都被市場參與者消化了。所以，這筆交易——它實際上並沒有擾亂貿易。但可以說，目前的貿易關係比去年更加猶豫不決。

Thank you. Are there any more questions from the audience either verbally or via chat? Right now, I can't see any. I'll give you a few more seconds, if someone has any last questions. All right. And if not, we would like to thank you very much for joining today's call. This would conclude our Q3 25 earnings presentation. The call transcript and recording will be available on our website shortly. So thanks so much for dialing in, and we wish you a very good rest of your day. Thank you.

謝謝。觀眾還有什麼問題嗎？無論是口頭提問還是透過聊天功能提問？現在，我一個也看不見。如果還有人有最後幾個問題，我再給你們幾秒鐘。好的。如果沒有，我們非常感謝您參加今天的電話會議。至此，我們的2025年第三季財報報告就結束了。通話記錄和錄音將很快在我們的網站上提供。非常感謝您的撥入，祝您今天餘下的時間過得愉快。謝謝。