BW LPG Ltd (BWLP) 2026 Q1 法說會逐字稿

Good morning, good afternoon, good evening, everyone. And thank you for joining us today. My name is Aline Anliker and I'm the Head of Corporate Communications at BW LPG.

各位早安、午安、晚安。感謝各位今天與我們一同參與。我叫 Aline Anliker，現任 BW LPG 企業傳播主管。

On behalf of the management team, I'd like to extend a warm welcome to all of our shareholders investors, analysts and valued stakeholders joining us for our quarterly earnings presentation. We appreciate you taking the time to be with us and for your continued interest and confidence in our company. Joining me today are our CEO, Kristian Sorensen; and our CFO, Samantha Xu, who will walk you through the quarter's performance, key market developments and our strategic priorities moving forward.

我謹代表管理團隊，熱烈歡迎所有股東、投資人、分析師以及各位重要利害關係人參加我們的季度財報簡報。感謝各位撥冗出席，並持續關注與信任本公司。今天與我一同出席的有我們的執行長 Kristian Sorensen，以及財務長 Samantha Xu；他們將帶領各位回顧本季表現、關鍵市場發展，以及我們未來的策略重點。

Following the presentation, we will open the floor for a Q&A session. You are welcome to submit questions throughout the Q&A chat, throughout the presentation or alternatively, raise your hand to ask your question directly during the Q&A part.

簡報結束後，我們將開放問答時間。歡迎各位在簡報期間或問答聊天室中隨時提交問題；或者在問答環節舉手，直接提問。

Before we begin, I would like to draw your attention to the legal disclaimers shown on the current slide. Please also note that today's presentation is being recorded. And with that, and with that it is my pleasure to hand over to our CEO, Kristian.

在開始之前，我想請各位留意目前投影片所示的法律免責聲明。也請注意，今天的簡報將會錄音錄影。那麼，接下來我很高興把時間交給我們的執行長 Kristian。

Thanks, Aline. Hi, everyone. Thanks for dialing in as we review our first quarter financial results and recent developments including our announced new buildings and the Middle East situation, which is still overshadowing the markets. Let's turn to slide 4, please. The first quarter was another one with significant geopolitical volatility, marked by increased inefficiencies from the Middle East conflict driving higher shipping demand from the US and resulting in extraordinarily high freight rates, which we will cover in more detail in the market overview section.

謝謝你，Aline。各位好。感謝各位撥入參與，我們將回顧第一季財務結果與近期發展，包括我們已宣布的新造船，以及仍持續籠罩市場的中東局勢。請翻到第 4 頁投影片。第一季地緣政治波動依然顯著；中東衝突造成的效率下降推升了來自美國的航運需求，並帶動運價異常走高，我們將在市場概覽部分更詳細說明。

In addition, as disclosed over the weekend, we are pleased to announce that we have signed a contract for a 90,000 cubic meter Panamax new buildings with HHI with expected delivery from start 2029 until the second quarter of 2030. Further details will be covered on the next page.

此外，如同我們在週末所揭露的，我們很高興宣布已與 HHI 簽署一份 90,000 立方公尺 Panamax 新造船合約，預計交付期自 2029 年初至 2030 年第二季。更多細節將在下一頁說明。

Moving on to the Q1 results. We reported a TCE income of $55,500 per available day above our guidance of $54,000 per day and $51,300 per calendar day. The Q1 profit after minority interest was $164 million, equivalent to an EPS of $1.08. Our trading branch, BW Product Services reported a gross profit of $127 million and a profit after tax of $98 million for the quarter. The extraordinary high results are mainly driven by large unrealized mark-to-market valuation gain of the portfolio.

接著看第一季業績。我們每可用日的 TCE 收入為 55,500 美元，高於我們每日至 54,000 美元的指引，且每曆日為 51,300 美元。第一季扣除少數股權後的淨利為 1.64 億美元，相當於每股盈餘（EPS）1.08 美元。我們的交易部門 BW Product Services 本季毛利為 1.27 億美元，稅後淨利為 9,800 萬美元。這些異常偏高的結果主要由投資組合大額未實現按市價（mark-to-market）評價收益所帶動。

Prior to no delays, we expect a large part of this to be realized by end of Q2, for the second quarter 2026, we're guiding on about $81,000 per day fixed for 85% of our available days. These are solid levels of our all-in cash breakeven of $24,500 per day. The figure includes the fixed time charter coverage in the second quarter of 40% of our available days at $44,000 per day. Please see in the appendix in this presentation for the full breakdown of time charter days and levels.

在不出現延誤的前提下，我們預期其中相當大一部分將於第二季底前實現；針對 2026 年第二季，我們的指引為：85% 的可用日已鎖定約 81,000 美元/日。相較於我們 24,500 美元/日的全包現金損益兩平水準，這是相當穩健的水準。該數字包含第二季 40% 可用日的固定期租覆蓋，日租金為 44,000 美元。完整的期租天數與價格水準拆解，請參閱本簡報附錄。

The Board of Directors has declared a dividend of $0.67 per share with $0.56, representing 100% of our shipping NPAT in Q1 and $0.11 per share from Product Services final dividend from 2025. Following the front heavy drydocking activity in 2026 with 257 days related to drydocking in Q1 alone. The majority of the drydocking is now behind us. We expect off-hire days to reduce to approximately 105 days in the second quarter.

董事會已宣告每股股利 0.67 美元，其中 0.56 美元代表第一季航運業務稅後淨利（NPAT）的 100%，另有每股 0.11 美元為 Product Services 2025 年度期末股利。由於 2026 年上半年坞修（drydocking）活動較為集中，僅第一季就有 257 天與坞修相關。目前大部分坞修已經完成。我們預期第二季停租（off-hire）天數將降至約 105 天。

In other subsequent events during the first quarter, we fixed BW Brage and BW Gemini for 5- and 3-year time charter-out agreements in the low $40,000 per day. We also fixed the BW Pampero, which is part of our India fleet for a one-year time charter out at high $60,000 per day with delivery in August. As the Middle East tensions have persisted and the Strait of Hormuz remains closed. We still have one vessel from our India flag fleet inside the Persian Gulf on time charter.

第一季其他後續事項方面，我們以每日日租金 40,000 美元出頭的水準，分別簽訂 BW Brage 與 BW Gemini 的 5 年與 3 年期租出租合約。我們也將 BW Pampero（屬於我們印度船隊的一部分）以每日日租金 60,000 美元後段的水準簽訂一年期租出租，並於 8 月交付。由於中東緊張局勢持續，且荷姆茲海峽仍維持封閉。我們仍有一艘印度旗船隊的船舶在波斯灣內以期租方式營運。

The two other vessels transited the Strait of Hormuz safely back in April. Turn to slide 5, please. Okay. During the weekend, we announced that we have signed a contract for the construction of eight 90,000 cubic Panamax VLGCs, with an average newbuilding price of approximately $117.5 million per vessel. This is subject to final technical specifications on the respective vessels. The new buildings are expected to be delivered from start 2029 until the second quarter of 2030.

另外兩艘船舶已於 4 月安全通過荷姆茲海峽。請翻到第 5 頁投影片。好的。週末我們宣布已簽署合約建造 8 艘 90,000 立方公尺 Panamax VLGC，新造船平均價格約為每艘 1.175 億美元。此仍須視各船最終技術規格而定。新造船預計自 2029 年初至 2030 年第二季交付。

This newbuilding series underpins our ongoing fleet renewal program, reducing the average age of the current fleet by about three years after the last newbuilding delivery. Furthermore, the Panamax new buildings represent the most flexible design, future-proofing our fleet composition. Newbuilding prices have eased from peak levels around $125 million some years ago, while shipyard capacity remains constrained for the foreseeable future in a high energy price environment.

這批新造船系列支撐我們持續的船隊汰舊換新計畫，在最後一艘新造船交付後，將使現有船隊平均船齡降低約三年。此外，Panamax 新造船代表最具彈性的設計，可使我們的船隊組成更具前瞻性與適應未來需求。新造船價格已自數年前約 1.25 億美元的高峰回落，但在能源價格高企的環境下，可預見未來一段時間內船廠產能仍將受限。

This is likely to increase the inflationary pressure the way we see it. Against this backdrop, the timing of the newbuilding order is supported by a strong balance sheets, enabling fleet renewal and capital structure optimization by balancing shareholder returns with long-term value creation. Furthermore, the newbuilding deliveries follow the peak of the order book in 2027 and '28, coinciding with additional US and Middle East LPG export capacity coming online. Various financing options are currently being considered with 30% of total newbuilding price to be paid within the next 6 months. Next slide, please.

我們認為這很可能會加大通膨壓力。在此背景下，新造船下單時點受惠於強健的資產負債表，使我們得以推動船隊更新並優化資本結構，在股東回饋與長期價值創造之間取得平衡。此外，新造船交付時程將落在 2027 與 2028 年訂單高峰之後，並與美國及中東新增 LPG 出口產能投產的時間相吻合。目前正評估多種融資方案，且總新造船價款的 30% 將於未來 6 個月內支付。請看下一頁。

Now let's take a look at the market. Increasing inefficiencies are reshaping LPG shipping economics and driving a historically strong VLGC market. The LPG shipping market entered 2026 on a strong footing, supported by solid US LPG production growth and accelerated ramp-up in export capacity. Following the geopolitical disruptions, the market has experienced simultaneous reactions that are reshaping trade dynamics, increasing inefficiencies, absorbing shipping capacity and ultimately supporting higher freight rates.

現在我們來看市場。效率下降正在重塑 LPG 航運的經濟性，並推動 VLGC 市場達到歷史性強勢。LPG 航運市場在 2026 年以穩健態勢開局，受惠於美國 LPG 產量的穩健成長以及出口產能加速擴張。在地緣政治干擾之後，市場出現同時性的反應，正在重塑貿易動態、提高效率損失、吸收航運運力，並最終支撐更高的運價。

Heading into 2026. US propane inventory stood well above historical norms at around 100 million barrels versus 85 million barrels a year earlier. Strong production, combined with stable domestic demand created a persistent export surplus. At the same time, infrastructure developments added further momentum with the Energy Transfer, Targa and enterprise terminal expansions ramping up VLGC loading capacity in the US

進入 2026 年之際。美國丙烷庫存約為 1 億桶，明顯高於歷史常態，相較一年前的 8,500 萬桶。強勁的產量加上穩定的國內需求，形成持續的出口盈餘。同時，基礎設施發展帶來進一步動能，Energy Transfer、Targa 與 Enterprise 的碼頭擴建正逐步提升美國

Gulf. The outbreak of the US Iran war end of February and the effective closure of the Strait of Hormuz introduced the structural disruption to Middle East LPG exports. This removed a significant portion of VLGC loading volumes almost immediately and triggered the forced relocational trade flows with longer sailing distances as vessels increasingly sought cargoes from the US Gulf.

墨西哥灣的 VLGC 裝載能力。2 月底爆發的美伊戰爭以及荷姆茲海峽的實質封閉，對中東 LPG 出口造成結構性干擾。這幾乎立即移除了相當大一部分 VLGC 裝載量，並引發被迫的貿易流向重新配置；由於船舶愈來愈多地轉向自美國墨西哥灣尋找貨源，航程距離也隨之拉長。

The Middle Eastern exports with Middle East and exports remain in constrained, the US Gulf has effectively become the supplier of LPG to Asia, operating close to maximum utilization as it compensates for the loss of Middle East and export volumes. At the same time, high spot fixture activity in the US has tightened vessel availability and supported elevated freight rates. In addition, a larger number of VLGCs than expected has remained idle in the Arabian Sea waiting for the Strait of Hormuz to reopen rather than seeking US cargoes, and this has further tightened shipping supply.

由於中東出口受限且中東與出口量仍然受抑制，美國墨西哥灣實際上已成為亞洲的LPG供應來源，為彌補中東與出口量的流失而接近滿載運轉。同時，美國現貨租船活動高企，收緊了船舶供給並支撐運費維持在高位。此外，較預期更多的VLGC仍在阿拉伯海閒置，等待荷姆茲海峽重新開放，而非尋找美國貨源，這進一步收緊了航運供給。

As other shipping segments with high willingness to pay also experience change in freight flows, the traffic and congestion in the Panama Canal have increased. This has resulted in more VLGCs selling via the Cape of Good Hope significantly extending voyage distances between the US and Asia and thereby absorbing additional shipping capacity from the global fleets. And this long-haul trade pattern via Cape of Good Hope has been bolstered even further as India and Southeast Asian countries are now importing basically all the LPG from the US Next slide, please.

隨著其他願意支付較高運費的航運分支也出現貨物流向變化，巴拿馬運河的通行量與壅塞程度已上升。這導致更多VLGC改走好望角航線，顯著拉長美國與亞洲之間的航程距離，從而吸收全球船隊的額外運力。而這種經由好望角的長航線貿易模式又進一步被強化，因為印度與東南亞國家目前幾乎全部自美國進口LPG。下一頁，謝謝。

Looking at the North American exports. The expansion is taking place somewhat earlier than anticipated as US exporters are racing to replace lost Middle East volumes. Consequently, North American exports forecast is raised significantly for 2026 on the back of high oil and gas activity and demand for Middle East replacement volumes. Provided a reopening on the Middle East exports markets, volumes from the region will contribute more to overall growth in global shipping volumes.

再看北美出口。擴張發生得比預期略早，因為美國出口商正加速補上流失的中東供應量。因此，在油氣活動強勁以及對中東替代量需求的帶動下，我們大幅上調2026年北美出口預測。若中東出口市場重新開放，該地區的出口量將對全球航運量的整體成長作出更大貢獻。

In our forecast, we assume reopening of the Hormuz during second quarter 2026 and then a gradual normalization, but this is obviously hard to know for sure. More US export capacity is set to come online in the coming years. While we conservatively anticipate most of Energy Transfer and enterprise flex export capacity being allocated for ethane exports and the very large ethane carriers are delivered over the next years. Next slide, please.

在我們的預測中，我們假設荷姆茲海峽將於2026年第二季重新開放，之後逐步恢復常態，但這顯然很難確定。未來幾年將有更多美國出口產能投產。同時，我們保守預期Energy Transfer與Enterprise的彈性出口產能多數將分配用於乙烷出口，且未來幾年超大型乙烷運輸船將陸續交付。下一頁，謝謝。

Looking at the current fleet and order book. We can see that the fleet has grown in the last 3 months and now stands at 429 VLGCs on the water. The order book is made up of 130 VLGCs currently under construction with delivery stretching all the way to the beginning of 2030. We've seen a significant ramp-up in contracting our vessels in recent months. And while we expect more newbuildings to be delivered going forward, we also keep in mind that 9% of the fleet is older than 25 years.

再看目前船隊與訂單簿。我們可以看到船隊在過去3個月有所成長，目前在營運中的VLGC達429艘。訂單簿由目前在建的130艘VLGC組成，交付期一路延伸至2030年初。近幾個月我們看到新船簽約量顯著增加。雖然我們預期未來仍會有更多新造船交付，但也要留意船隊中有9%船齡已超過25年。

So as a summary, there are several factors driving the VLGC freight market to unprecedented highs. Sharp increase in US LPG exports, coinciding with the Middle East exports being choked has created a long-haul trade pattern where the sailing distances are compensating for the lost Middle Eastern volumes. As mentioned, it's impossible to have a clear view on when the Strait of Hormuz is reopened. But when it does open, we expect repairs or production export infrastructure to take time before the LPG exports reach prewar levels.

總結而言，有多項因素正推動VLGC運費市場升至前所未見的高位。美國LPG出口大幅增加，且與中東出口受阻同時發生，形成長航線貿易模式，以更長航程距離來彌補中東供應量的流失。如前所述，無法清楚判斷荷姆茲海峽何時重新開放。但即使重新開放，我們預期修復或生產與出口基礎設施仍需時間，LPG出口才可能回到戰前水準。

As I said before, the Panama Canal remains a wildcard in our markets. And we believe the congestion will increase as several shipping segments are competing for the limited number of transit slots. While the order book is substantial, the fleet continues to age with more than 40 vessels equivalent to 9% for the fleet already exceeding 25 years of age. Also keep in mind that 53 wheel disease are considered part of the shadow fleet. And that concludes our market segment.

如我先前所說，巴拿馬運河仍是我們市場中的一個不確定因素。我們認為，隨著多個航運分支競逐有限的通行名額，壅塞將加劇。雖然訂單簿規模可觀，但船隊持續老化，已有超過40艘、相當於船隊9%的船齡超過25年。另外也請留意，有53艘被視為影子船隊的一部分。以上為我們的市場分部報告。

Over to you, Samantha.

交給你了，Samantha。

Thank you, Kristian, and hello, everyone. Let's zoom in on our financial performance for the quarter. Start with our shipping performance. We delivered a quarter with a TCE at USD51,300 per calendar day or USD55,500 per available day. The free utilization was 92% after deducting technical off-hire and waiting time.

謝謝你，Kristian，各位好。我們來聚焦本季的財務表現。先從航運表現開始。本季我們的TCE為每曆日51,300美元，或每可用日55,500美元。在扣除技術性停租與等待時間後，自由利用率為92%。

The healthy performance was underpinned by a strong spot market full of uncertainties and a continuous disciplined execution of our commercial strategy (inaudible) on time charter portfolios and FFA at a healthy level.

這項穩健表現，主要受惠於充滿不確定性的強勁現貨市場，以及我們在商業策略上的持續紀律性執行（聽不清），包括定期租船組合與FFA維持在健康水準。

In Q1, we have fixed the time charter portfolio at 53% and out of which 41% was fixed rate time charters. Looking ahead for Q2, we have fixed 85% of the available fee days at an average rate of about USD81,000 per day. This also included index-linked time charter contracts, which could fluctuate with the spot market changes. Looking at full year 2026, we have secured 42% of our portfolio with fixed rate time charter and FFA hedges at USD44,800 and $48,100 per day, respectively. Altogether, our time charter out portfolio is expected to generate around USD245 million.

在第一季，我們已鎖定53%的定期租船組合，其中41%為固定費率的定期租船。展望第二季，我們已以約每日81,000美元的平均費率，鎖定85%的可用收費日。其中亦包含與指數連結的定期租船合約，其費率可能隨現貨市場變動而波動。就2026年全年而言，我們已透過固定費率定期租船與FFA避險，分別以每日44,800美元與48,100美元鎖定42%的組合。整體而言，我們的定期租出組合預期可產生約2.45億美元。

Next slide, please. Product Services posted a realized loss of USD10 million in Q1. Separately, Product Services also reported the USD145 million increase in mark-to-market on our cargo position, offset by a USD8 million decrease in paper position. After accounting for general and administrative costs and other expenses, Product Services reported a net profit after tax of USD98 million for the quarter with net asset value of USD150 million at quarter end.

下一頁，謝謝。產品服務（Product Services）在第一季錄得已實現虧損1,000萬美元。另外，產品服務亦回報我們貨物部位的按市價計價（mark-to-market）增加1.45億美元，並由紙上部位（paper position）減少800萬美元所抵銷。在計入一般及行政成本與其他費用後，產品服務本季稅後淨利為9,800萬美元，季末淨資產價值為1.5億美元。

As we highlighted previously, this mark-to-market movement would fluctuate regularly are largely driven by the gradual phasing in of our multiple year term contract as reflected in a volatile market. While the periodic value adjustments are significant, they reflect delta between the balance sheet date, and we'll continue to see fluctuations before the positions are realized. We will continue to report our future trading performance, including the mark-to-market changes via our quarterly trading updates. It's also important to note that trading gains and losses are realized across different financial periods. They cannot be extrapolated from past performance as unrealized position will vary depending on the end period valuations.

如我們先前強調，這些按市價計價的變動會經常波動，主要由我們多年期合約逐步到位所驅動，並反映在波動的市場之中。雖然定期的價值調整幅度顯著，但其反映的是資產負債表日之間的差額；在部位實現之前，我們仍將持續看到波動。我們將透過每季交易更新，持續揭露未來交易表現，包括按市價計價的變動。同時也必須注意，交易損益會在不同財務期間實現。由於未實現部位會隨期末估值而變動，因此無法由過往表現推算。

Our trading model is designed to create value by combining cargo, paper and shipping positions. With that in mind, we would like to remind you that the reported net asset value does not include unrealized physical shipping position of USD69 million, which is based on our internal valuation.

我們的交易模式旨在透過結合貨物、紙上與航運部位來創造價值。基於此，我們想提醒各位，所揭露的淨資產價值並未包含6,900萬美元的未實現實體航運部位，該數字係依據我們的內部估值。

In Q1, our average VaR, value at risk, was USD6 million, reflecting a well-balanced trading book, including cargo, shipping and derivatives. The VaR is expected to increase as we continue to account for the increased to term contract volumes that will start from the end of 2026 and continue to accumulate into mid '27 and beyond, while this also reflects a volatile market in the meantime. Next slide, please. Okay. Going on to our financial highlights.

第一季我們的平均VaR（風險值）為600萬美元，反映交易簿在貨物、航運與衍生品之間配置均衡。隨著我們持續納入增加的定期合約量（將自2026年底開始，並在2027年年中及之後持續累積），VaR預期將上升；同時這也反映期間市場仍然波動。下一頁，謝謝。好的。接著看我們的財務重點。

We reported a net profit after tax of USD187 million, including a profit of $9 million from BW LPG India and $98 million profit from product services. Profit attributable to equity holders of the company was USD164 million, which translate into our earnings per share of $1.08 per share for the quarter and an annualized earnings yield of 25% when compared against our share price at the end of March. We reported a net leverage ratio of 26.3% in Q1 and down from 28.4% at the end of '25. The reduction reflects principal repayments made during the quarter. The Board declared a dividend of $0.67 per share representing 100% payout of our quarterly shipping profits and $0.11 per share, 2025 final dividends from BW Product Services.

我們錄得稅後淨利1.87億美元，其中包括BW LPG India貢獻的900萬美元獲利，以及產品服務貢獻的9,800萬美元獲利。歸屬於公司股東的利潤為1.64億美元，換算本季每股盈餘為每股1.08美元；若與3月底的股價相比，年化盈餘殖利率為25%。第一季我們的淨槓桿比率為26.3%，較2025年底的28.4%下降。此下降反映本季進行的本金償還。董事會宣告每股0.67美元股利，代表我們季度航運利潤的100%配發；另宣告每股0.11美元，為BW Product Services的2025年期末股利。

The 100% shipping profit payout is beyond the 75% payout ratio as guided by our dividend policy, (inaudible) newly announced fleet renewal program, to invest up to USD940 million for 8 Panamax vessels. The dividend decision is a reflection of a continuous for lining principle to give back to our shareholders in a good market. We are also pleased to see such principle is supported by our healthy liquidity and positive market outlook. For the period end, our balance sheet reported shareholders' equity of USD2 billion. The annualized return on equity and on capital employed for Q1 were 38% and 30%, respectively.

100%的航運利潤派發已超出我們股利政策所指引的75%派息比率，（聽不清）以及新近公布的船隊汰舊換新計畫，將投資最高達9.4億美元，用於8艘巴拿馬型（Panamax）船舶。此次股利決策反映了我們一貫的原則：在市場景氣時回饋股東。我們也很高興看到，這項原則獲得我們充裕的流動性與正向的市場展望所支持。截至期末，我們資產負債表顯示股東權益為20億美元。2026年第一季的年化股東權益報酬率（ROE）與投入資本報酬率（ROCE）分別為38%與30%。

Our Q1 2026 OpEx was concluded at $7,300 per day, a reduction than previously reported. For '26, we expect our own fleet operating cash breakeven to be about USD19,000 and $21,300 for the whole fleet, including time charter vessels. The all-in cash breakeven is estimated to be $24,500 a slightly up from last reported due to predelivery funding cost for the new buildings. Next slide, please. Finally, as of end Q1, we maintained a healthy liquidity position of $680 million, which consists of $176 million in cash and $442 million undrawn credit facilities, providing a strong base to support our newbuilding project.

我們2026年第一季的營運費用（OpEx）結算為每日7,300美元，較先前披露有所下降。對於2026年，我們預期自有船隊的營運現金損益兩平約為19,000美元；全船隊（含期租船舶）約為21,300美元。全口徑現金損益兩平估計為24,500美元，較上次披露略升，主要因新造船的交付前融資成本所致。請看下一張投影片。最後，截至第一季末，我們維持健康的流動性水位達6.8億美元，其中包括1.76億美元現金及4.42億美元未動用授信額度，為支持我們的新造船專案提供堅實基礎。

Looking ahead, our liquidity stays strong. Repayment profile remains sustainable with major repayment starting from 2030. We're confident of maintaining a healthy liquidity and repayment profile to support our newbuilding project. On product services, trade finance utilizations stood at USD161 million or 22% of our available credit line, leaving ample headroom for future trading needs.

展望未來，我們的流動性仍將維持強勁。償債結構仍具可持續性，主要償還將自2030年起開始。我們有信心維持健康的流動性與償債結構，以支持我們的新造船專案。在產品服務方面，貿易融資動用額為1.61億美元，約占可用授信額度的22%，為未來交易需求保留充足空間。

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

以上是我的更新內容。感謝各位收聽，接下來交還給你，Aline。

Thank you, Samantha and thank you, Krisitian. We would now like to open the call for your questions. (Operator Instructions). Yes, we have Jostein Aschjem.

謝謝你，Samantha，也謝謝你，Krisitian。我們現在開放提問。（接線員指示）。好的，我們有Jostein Aschjem。

Yes, perfect. So this is Jostein Aschjem. from DNB Carnegie I just had a question regarding product services. So as Samantha also mentioned during the presentation, you had a very strong Q1 figures, which was also driven by the mark-to-market effect on the contract portfolio. Currently, it looks like the FOB premium has come down somewhat.

好的，太好了。我是DNB Carnegie的Jostein Aschjem，我有一個關於產品服務的問題。如同Samantha在簡報中提到的，你們第一季數字非常強勁，其中也受到合約組合按市價評價（mark-to-market）效果的帶動。目前看起來，FOB溢價已經有所回落。

Have you taken any actions in order to secure some of the profit? Or how should we think about the product services results going forward.

你們是否已採取任何行動來鎖定部分利潤？或者我們應該如何看待未來的產品服務業績表現？

Jostein, thanks for the question. I can start. So like you say, the arbitrage is somewhat narrower than it was at the peak. But as you may know, the business model at product services is having is based very much on hedging positions and ensuring that you can actually capture the profit through the paper market by locking in the margins.

Jostein，謝謝你的提問。我先回答。如你所說，套利空間相較高峰時確實收窄了一些。但你可能也知道，產品服務的商業模式很大程度是建立在避險部位之上，並透過紙貨市場鎖定利差，以確保能實際捕捉利潤。

So as mentioned by me in the presentation, we do hope and expect that a large part of the mark-to-market gain will come to realization in the second and probably also into the third quarter. So but we will come back with the trading update as per normal in between the earnings presentations and can shed some more light on it then. Samantha, anything you'd like to add?

因此，如我在簡報中提到的，我們希望並預期相當大一部分按市價評價的收益，將在第二季、並可能延續到第三季逐步實現。不過，我們會如常在兩次財報簡報之間提供交易更新，屆時也能再進一步說明。Samantha，你有要補充的嗎？

No, that's correct, Kristian. And I think it's also about where portfolios positions in the curve. -- although the position has changed as we speak. We do expect there's some realization or the reclassification from open position to be realized to come through by Q2.

沒有，Krisitian，你說得沒錯。我想也與投資組合在曲線上的部位位置有關——雖然目前部位也正在變動。我們確實預期在第二季會有部分實現，或是從未平倉部位重新分類為已實現的部分，會反映出來。

Yeah. So the realized position should be get going forward as well. But how about the mark-to-market, -- should that be more normal or potentially negative as the terminal fees has come somewhat down.

了解。所以已實現的部位未來也應該會持續推進。但按市價評價（mark-to-market）呢——隨著碼頭費（terminal fees）有所下滑，是否會回到較正常水準，或甚至可能轉為負值？

Well, since you're coming from a very high level, it's a little bit like the freight market as well. I don't think it's completely natural if you see a correction in the market reflected in the in the mark-to-market and the valuation in the portfolio because you're coming in from a very high level. So relatively, there could be a correction on the back of that. Did that answer your question?

嗯，因為你是從非常高的水準往下看，這有點像運費市場一樣。如果市場出現修正，反映在按市價評價以及投資組合估值上，我不認為這是不自然的，因為你是從很高的水準開始的。因此，相對而言，確實可能在此基礎上出現一些回調。這樣有回答到你的問題嗎？

Yes. Yes. And if I just have one last question. So I saw the charter hire expenses come up some $7 million from the last quarter. Is it any sort of profit sharing mechanism on the charter hire contracts?

有。有。我最後再問一個問題。我看到期租租金費用（charter hire expenses）較上一季增加了約700萬美元。這是否與期租合約中的某種利潤分成機制有關？

Or anything else explaining the difference? It doesn't look like you have added any time charter vessels into your portfolio?

或是還有其他原因可以解釋這個差異？看起來你們並沒有新增任何期租船舶到投資組合中？

It sounds like you have a cover shipping long enough and you are (inaudible).

聽起來你們的航運覆蓋期夠長，而且你們是（聽不清）。

Would it be possible to give any indication on the mechanism?

是否可以提供一些關於該機制的指引？

It's down to the -- it's a profit split on some of the time charters. So I prefer not to go into detail on the specific deals that we have done.

主要原因是——部分期租合約有利潤分成（profit split）。因此我傾向不就我們所做的特定交易細節進一步說明。

Fully understand.

完全理解。

Thank you. Next up, we have [Tim Mullen], please, if you want to proceed.

謝謝。下一位是[Tim Mullen]，請你繼續。

I wanted to start by asking a follow-up on the vessel that is strip inside the Strait. The vessel is on time charter. But when does the contract end? And secondly, should the vessels still be trapped when the contract end date arrives. How would you proceed?

我想先追問一下那艘被困在海峽內的船舶。該船是期租（time charter）。但合約何時到期？其次，如果到了合約到期日船舶仍然受困，您會如何處理？

Would you still receive a daily (inaudible)? Or how would that work?

你們是否仍會收到每日的（聽不清）？或是實務上會如何運作？

The ship is on time charter. It's with a cargo on board. So of course, the charters would like to sell and discharge a cargo before redelivering the ship. So it's -- that's something we'll have to get back on -- but the situation is that the ship is still on time charter. And when the Strait of Hormuz opens, we hope that we can ensure a safe transit for the ship, so she can find a discharge for cargo.

該船目前是期租狀態。船上載有貨物。因此，當然承租人會希望在交還船舶（redelivering the ship）之前，先把貨物出售並完成卸貨。所以——這部分我們之後需要再回覆——但目前情況是該船仍在期租中。當荷姆茲海峽（Strait of Hormuz）重新開放時，我們希望能確保船舶安全通行，讓她能找到卸貨港完成卸貨。

Okay, makes sense. Thanks for the color. And I also wanted to ask about your assumptions for Middle Eastern volumes on slide 9. Krisitian, you show 2027 volumes down a bit relative 2025 and I was wondering what are the key assumptions behind that? Is it damage to infrastructure facilities in the region?

好的，合理。謝謝補充說明。我也想問一下你們在第9頁投影片對中東出貨量的假設。Krisitian，你們顯示2027年的量相較2025年略有下降，我想了解背後的關鍵假設是什麼？是因為該地區基礎設施受損嗎？

Yes. Well, as you know, the recent much LPG flowing out of the Middle East at the moment. So of course, you will then have a reduction simply because the recent any exports from the Middle East taking place as we speak. So the -- if you go back to some of our previous presentations, we had forecasted about 44 million tons, up from 3940 million last year to be exported from the Middle East. And obviously, this is reduced now that there is basically no exports taking place.

是的。如你所知，近期中東目前幾乎沒有LPG外流。因此，出貨量自然會下降，因為眼下中東幾乎沒有任何出口正在進行。所以——如果你回顧我們先前的一些簡報，我們原本預測中東出口量約為4,400萬噸，較去年約3,940萬噸增加。而顯然，現在由於基本上沒有出口發生，這個數字已經下修。

But Kristian, I meant 2027, not 2026.

但是 Kristian，我指的是 2027，不是 2026。

Yes, sorry. So that's -- sorry, misunderstood. That's the ramp-up, which is gradually taking place as we believe it will take probably a year even longer to finalize repairs on production and export infrastructure.

是的，抱歉。所以那是——抱歉，我誤會了。那是爬坡期，我們認為這會逐步發生，因為要完成生產與出口基礎設施的修復，可能需要大約一年甚至更久。

Thank you. Any more questions verbally before we move on to the Q&A in the check. If not, then maybe let's turn to the written Q&A. The first one would be from Arne. Can you provide some color on TC fixing going forward?

謝謝。在我們轉到電話中的問答之前，還有沒有口頭問題？如果沒有，那我們就轉到書面問答。第一個來自 Arne。你能否就未來的 TC（定期租船）鎖定提供一些補充說明？

-- for example, is the plus/minus 30% coverage in 2027 meant to remain stable? Or will the company aim to maintain about 40% coverage as in Q1 '26.

——例如，2027 年正負 30% 的覆蓋率是打算維持穩定嗎？還是公司會像 2026 年第一季那樣，目標維持約 40% 的覆蓋率？

Thanks for the question, Arne. We have more or less an outspoken aim to have approximately 40% at least on time charter. So you should expect us to increase that cover ratio as we get closer to 2027. But it also depends on what time charter levels we can see in the market because, obviously, we also want to -- we also need to fix vessels for period business at the level we find attractive. But provided the rate level, the time chart level is attractive.

謝謝你的問題，Arne。我們或多或少明確的目標是，至少約 40% 以定期租船（time charter）覆蓋。因此，隨著我們更接近 2027 年，你應該會看到我們提高該覆蓋比例。但這也取決於我們在市場上看到的定期租船水準，因為很明顯，我們也希望——我們也需要在我們認為具吸引力的水準上，為船舶鎖定期間業務。但前提是費率水準、定期租船水準具有吸引力。

We will work to increase that cover ratio up towards the 40% we are talking about.

我們會努力把該覆蓋比例提高到我們所說的 40% 左右。

There is a follow-up question from Arne.

Arne 有一個追問。

Could you provide some additional information regarding the decrease in cargo and delivery expenses as well as voyage expenses. Additionally, could you elaborate on the factors driving the increase in chartering expenses during the period. Yes, Samantha, I think this is probably one for you.

你能否就貨物與交付費用以及航次費用的下降提供更多資訊？另外，你能否說明本期租船費用上升的驅動因素？是的，Samantha，我想這題可能要你來回答。

Arne, can you point a little bit closer, which part you're referring to? Just before you come up with a more specific reference of numbers, I could say that some of the voyage-related costs could also be because the product services as part of a risk management process have reduced [ CFR ] cargoes and the increased some of the FOB deals, which then naturally reduced the voyage expenses. In the meantime, you can, if you can follow up with the more details in terms of a specific what numbers you're looking at, that would be very helpful.

Arne，你能否更具體指出你指的是哪一部分？在你提出更具體的數字參考之前，我可以先說，部分與航次相關的成本也可能是因為作為風險管理流程一部分的產品服務，減少了 [ CFR ] 貨載並增加了一些 FOB 交易，這自然會降低航次費用。同時，如果你能就你關注的具體數字再補充更多細節，將會非常有幫助。

Then meanwhile, let's move on to a question from Andersch. With respect to the currently very elevated VLGC rates and LPG inventories seemingly plateauing in the US Could you offer some views on future or situation?

那同時，我們先繼續下一題，來自 Andersch。關於目前非常高的 VLGC 運價，以及美國 LPG 庫存似乎已趨於持平，你能否就未來或目前情勢提供一些看法？

Well, I think I also replied so along the same lines earlier. Of course, the AR was wide by the ever probably back some weeks and months ago. And it's not natural that the arbitrage is narrowing as people have filled up their storage at least for a short period of time. And then they are typically widens again.

嗯，我想我先前也用類似的脈絡回覆過。當然，幾週或幾個月前，套利（AR）曾經非常寬。而當人們至少在短期內把庫存補滿後，套利縮窄並不意外。之後通常又會再度擴大。

So this is typically, what we see when we also have a normal market functioning where you have wide arbitrage periods with wide arbitrage followed by more narrow arbitrage because simply because people have in the consuming markets stocked up, and they are not as willing to pay up for additional cargoes any longer. So I don't know if that replied answer the question, but, yes.

所以這通常是我們在市場正常運作時看到的情況：先是套利很寬的期間，接著因為消費市場已經補庫，人們不再願意為額外貨載支付溢價，套利就會變窄。所以我不確定這是否回答了問題，但，是的。

Thanks, Kristian. We have another question from Gregory regarding the VLGCs waiting of Hormuz. Do you expect Sun to migrate to the US market after receiving US Coast Guard regulatory approval and if so, to what extent.

謝謝，Kristian。我們還有一個來自 Gregory 的問題，關於在荷姆茲外等待的 VLGC。你是否預期 Sun 在取得美國海岸防衛隊（US Coast Guard）監管核准後會轉向美國市場？若是，程度如何？

Yes, we do see more of the ships balancing to the US for cargoes, more of the Indian control tonnage, for instance. So the answer to this is yes. It's a number which is hard to specify here now on the spot, but it's clear that there are more ships which have the US Coast Guard approval for loading in the states and have also taken the decision to ballast into the Atlantic Basin for cargoes out of the US

是的，我們確實看到更多船舶為了貨載而回到美國進行平衡，例如更多由印度控制的運力。所以答案是會。這個數字很難在此刻當場精確量化，但很明顯，有更多已取得美國海岸防衛隊核准、可在美國裝貨的船舶，也已決定以壓艙航行（ballast）進入大西洋盆地，承接美國出貨的貨載。

Thank you. We have a couple of more questions actually. So Someone is referring to Page 9, are the new enterprise and AltaGas terminals already at full run rate and when did this start or how much more do they have to ramp up? And why do you show minimal growth in US exports in your 2728 forecast despite the new terminal start-ups.

謝謝。其實我們還有幾個問題。有人提到第 9 頁：新的 Enterprise 與 AltaGas 碼頭是否已達到滿載運轉率？何時開始？或還需要再爬坡多少？以及，儘管新碼頭啟用，你們在 27-28 年的預測中為何仍顯示美國出口成長有限？

Yes. So the flattish growth that we are showing is due to our, like I said, rather conservative assumption that most of the flex capacity, which is currently going at full steam or allocated to LPG exports, will be allocated to ethane exports from energy transfer and enterprise as more of the VLECs ethane carriers are delivered in the coming years.

是的。我們所呈現的較為平坦的成長，源於我們（如我所說）相對保守的假設：目前全速運轉或已分配給 LPG 出口的大部分彈性產能，將會隨著未來幾年更多 VLEC 乙烷運輸船交付，而被 Energy Transfer 與 Enterprise 分配給乙烷出口。

Then you will see that on the same slide, there is another expansion taking place with a pure LPG export terminal facility from enterprise and AltaGas, which is going to take place somewhat later this year.

接著你會在同一張投影片看到，Enterprise 與 AltaGas 還有另一項純 LPG 出口碼頭設施的擴建，將在今年稍晚發生。

And then you have Targa and ONEOK also expanding towards the end of the decade. So I may say we are a little bit conservative in this assumption, but we like to take that approach since we also see that this is linked to the deliveries of all the ethane carriers in the coming years.

然後在本十年末，Targa 與 ONEOK 也會擴建。所以我可以說，我們在這個假設上稍微偏保守，但我們喜歡採取這種做法，因為我們也看到這與未來幾年所有乙烷運輸船的交付息息相關。

And then we have a follow-up from Arne on his earlier question directed to cementa. So it's regarding the Voyage expenses. He was referring to the decrease from $92.9 million in Q1 '25 to $59 million in Q1 '26. The difference in charter in expenses has already been addressed. So thank you for that clarification as well.

接著 Arne 針對他先前指向 Samantha 的問題有一個追問。是關於航次費用（Voyage expenses）。他指的是從 2025 年第一季的 9,290 萬美元下降到 2026 年第一季的 5,900 萬美元。租船費用（charter in expenses）的差異已經說明過了。也謝謝你對此的澄清。

Is there anything you would like to add here, Samantha?

Samantha，你這裡還有什麼想補充的嗎？

Well, I think part of it is -- well, some of our savings on the bunkering due to we have very much increased the bunkering to use our LPG fuel in a like-for-like basis especially in a day like this is a cheaper alternative than a conventional field. Separately, we also make some savings on the port charge side as well as other vessel-related costs as captured in the line of voyage cost. So if you -- that's pretty much reflect the major change of the voyage cost honor.

嗯，我想其中一部分是——我們在燃油補給（bunkering）方面的節省，因為我們大幅提高使用 LPG 燃料進行加注；在像今天這樣的情況下，與傳統燃料相比，這是更便宜的替代方案。另外，我們在港口費用以及其他與船舶相關的成本上也有一些節省，這些都反映在航次成本這一行。所以如果你——這大致反映了航次成本的主要變動原因。

And Arne comments, thank you for the helpful responses as always. So thank you, Samantha.

Arne 評論說，一如既往，謝謝你們提供很有幫助的回覆。所以謝謝你，Samantha。

Another question from Andersch. Could you share some further views on Panama congestion the situation as of now, but also considering the fairly high chances of El Nino this year.

Andersch 的另一個問題。你能否就巴拿馬運河壅塞的現況分享更多看法，同時也考量今年聖嬰現象機率相當高的情況？

Sure. The Panama Canal congestion is basically varying from day to day, but -- so it's hard to give exact picture today. But just to illustrate, we have over the last couple of weeks, had auctions for available transit slots reaching as high as $4 million just to have access to the Panama Canal. And this is before the canal fees. And then suddenly, two days later, you could see in the next auction that it drops down to maybe 400,000, 300,000.

當然。巴拿馬運河的壅塞基本上每天都在變化，所以——很難給出今天的精確圖像。但舉例來說，過去幾週，我們看到可用通行時段的拍賣價格最高達到 400 萬美元，只是為了取得進入巴拿馬運河的資格。而這還不包含運河通行費。然後突然兩天後，你可能會在下一次拍賣看到它降到大約 40 萬、30 萬。

And then two days later, it's up to $3 million again. So this is simply speaking, a supply-demand situation on the day of the auctions. But the trend is pretty clear. And especially if you are stuck on the wrong side of the canal, you have to make a transit to not lose the cargo dates in Houston. Of course, people are willing to pay up quite substantially to get through the canal.

然後兩天後，又回到300萬美元。所以簡單來說，這就是拍賣當天的供需狀況。但趨勢相當明顯。特別是如果你卡在運河的錯誤一側，你就必須通行，才不會錯過在休士頓的貨期。當然，為了通過運河，人們願意付出相當可觀的溢價。

And please also keep in mind that the competition from other shipping segments is increasing as more ships are being delivered in the container segments VLECs from the ethane side, VLGCs and so on.

也請大家記住，隨著更多船舶在貨櫃船分部交付，以及乙烷端的VLEC、VLGC等等陸續交付，來自其他航運分部的競爭正在加劇。

So it's something we believe is going to continue and even strengthen in the years to come. When it comes to El Nino, I can see everyone is talking about 80% chance of El Nino and lower water levels in the Panama Canal is here. If that plays out, it would be a very similar situation to what we saw in 2023, I think. And obviously, that would push more VLGCs and also other shifts from other segments around the Cape of Good Hope to and from the US and Asia.

因此，我們認為這種情況會持續，並且在未來幾年甚至會更強。談到聖嬰現象，我看到大家都在談聖嬰發生機率有80%，而巴拿馬運河的低水位已經出現。如果真的如此，我認為會非常類似我們在2023年看到的情況。而且很明顯，這會促使更多VLGC以及其他分部的船舶改走好望角，往返美國與亞洲。

There's a follow-up from Andersch. Could you elaborate a little on which type of ships tend to bid their way through the canal when it contests, so like dry, LPG, et cetera, guessing it varies, but at least to some further color on the topic.

Andersch有一個追問。你能否再多說一點，當運河出現競標（擁堵）時，通常是哪一類船舶會透過競標方式通行，例如散貨、LPG等等；我猜會有所不同，但希望能就這個主題提供更多背景。

LPG vessels definitely have had a high willingness to pay up because the freight levels have been accelerated as they are. Tankers have also, from time to time, paid up. We know, for instance, that Australia was almost running out of diesel has at least (inaudible) chatter in the market was saying at 1 point. And of course, then the tankers heading to that direction, we're also willing to pay quite a lot to secure transit slots, ethane carriers, container ships are always there also to compete. So it's a good mix, I would say.

LPG船舶確實一直有很高的付費意願，因為運價本來就已經被推升。油輪也會不時付費。例如我們知道，市場上曾有傳聞說澳洲在某個時間點幾乎要用完柴油（聽不清）。當然，往那個方向航行的油輪也願意付出相當多來確保通行名額；乙烷運輸船、貨櫃船也一向會參與競爭。所以我會說，組合相當多元。

And then follow-up, El Nino again, will this have a lagging effect? Or is it coincidentally typically?

接著追問，還是關於聖嬰：這會有滯後效應嗎？還是通常是同步發生？

Not entirely sure what you referred to on that one, Andersch. Could you be a bit more specific, please?

我不太確定你這題指的是哪一部分，Andersch。你可以再具體一點嗎？

So then maybe let's continue with (inaudible) when you say that 85% of available fleet days fixed at 81,000 is that number of available days, including or excluding the TC days fixed at [ 44,000?]

那麼也許我們繼續（聽不清）：當你說可用船隊日數的85%以81,000美元固定時，這個可用日數是否包含或不包含以[44,000？] 固定的期租（TC）日數？

Yes. As mentioned, it's including the time charter portfolio.

是的。如先前所提，這是包含期租組合在內。

All right. The next one would be, thus, the bookings data of 85% fixed at 81,000 per day just corresponds to the spot bookings, -- or does that also include the TC bookings of 39% at 41.80. And does it also factor in the FFAs or not.

好的。下一題是：因此，85%以每日81,000固定的訂艙數據，只對應現貨訂艙嗎——還是也包含39%以41.80的期租（TC）訂艙？另外，是否也把FFA納入計算，還是沒有？

So Yes. I think Kristian has previously mentioned, basically, the 85% has included both of the TC fixed rate TC coverage as well as the FFA.

是的。我想Kristian先前提過，基本上這個85%同時包含期租固定費率的期租覆蓋，以及FFA。

And then another one on a different topic. Given strength on earnings, is there any consideration for stock repurchases in the open market, this is from Kevin.

接著是另一個不同主題的問題。鑑於獲利表現強勁，是否有考慮在公開市場回購股票？這題來自Kevin。

Kevin, as you know, we have a share repurchase program, which we actuate from time to time. It's typically when we see our share trading quite well below NAV -- so it's not something we find attractive and creative -- or shareholder value creating at the moment because our share price is -- is trading at the levels above NAV at the moment.

Kevin，如你所知，我們有一項股票回購計畫，我們會不時啟動。通常是在我們看到股價明顯低於NAV時——因此目前我們不認為這件事具有吸引力或具創造性——或能創造股東價值，因為我們的股價——目前是在NAV之上的水準交易。

Thank you, Kristian. And then Andersch specified on the El Nino. So his question was related to if El Nino will drive lower water levels in the canal immediately? Or does it take some time from the higher temperature until it starts affecting water levels that drives congestion and long-haul effects for transporters.

謝謝你，Kristian。接著Andersch針對聖嬰現象補充說明。他的問題是：聖嬰是否會立即導致運河水位下降？還是從氣溫升高到開始影響水位、進而造成壅塞與運輸業者航程拉長的效應，需要一段時間？

And this is it (inaudible) at the level of detail. I'm not sure I can reply here and now. So I think -- what we could do is to get back to you after having looked at that with the research team here in our company. So we'll get back to you.

這個（聽不清）細節層級。我不確定我現在能否在此回覆。所以我想——我們可以在公司內部與研究團隊一起看過之後再回覆你。我們會再跟你聯繫。

Thanks, Kristian. Let me check that we have any more verbally -- like any more verbal questions, someone who has raised his or her hands -- and then quickly in the jet again. I don't see any more questions right now.

謝謝，Kristian。我確認一下是否還有任何口頭——例如還有沒有舉手要發問的人——然後再快速看一下聊天室。我目前沒有看到更多問題。

All right. So if no more questions, then I would like to say thank you to everyone for joining us today. and for your continued interest and support of BW LPG, we really greatly value your time you've spent with us. So this concludes BW LPG's Q1 2026 earnings presentation. A replay of the webcast and together with the call transcript will be made available on our website shortly.

好的。如果沒有更多問題，那我想感謝各位今天的參與，以及各位對BW LPG持續的關注與支持，我們非常珍惜各位與我們共度的時間。以上為BW LPG 2026年第一季（Q1）財報簡報。網路直播的重播以及電話會議逐字稿將很快在我們的網站上提供。

On behalf of the entire BW LPG team, thank you once again, for participating. We wish you a great rest of your day. Thanks, and bye.

我謹代表整個BW LPG團隊，再次感謝各位的參與。祝各位今天剩下的時間愉快。謝謝，再見。