Excelerate Energy Inc (EE) 2025 Q2 法說會逐字稿

Good morning all, and thank you for joining us on today's Excelerate Energy second-quarter 2025 earnings conference call. My name is Drew, and I'll be the operator on today's call. (Operator Instructions)

大家早安，感謝您參加今天的 Excelerate Energy 2025 年第二季財報電話會議。我叫德魯，今天電話會議的接線生。（操作員指示）

It's now my pleasure to hand over to Craig Hicks, Vice President of Investor Relations and Strategy. Your line is now open. Please go ahead.

現在我很高興將主席職務交給投資者關係和策略副總裁 Craig Hicks。您的線路現已開通。請繼續。

Good morning, and thank you for joining Excelerate Energy's Second Quarter 2025 Earnings Call. Joining me today are Steven Kobos, CEO; Dana Armstrong, Chief Financial Officer; Oliver Simpson, Chief Commercial Officer; and David Liner, Chief Operating Officer. Our second quarter earnings press release and presentation were published this morning and are available on our website at ir.excelerateenergy.com.

早安，感謝您參加 Excelerate Energy 2025 年第二季財報電話會議。今天與我一起出席的還有執行長 Steven Kobos、財務長 Dana Armstrong、商務長 Oliver Simpson 和營運長 David Liner。我們的第二季收益新聞稿和簡報已於今天上午發布，可在我們的網站 ir.excelerateenergy.com 上查閱。

Before we begin, please note that today's discussion will include forward-looking statements, which involve risks and uncertainties that may cause actual results to differ materially. We undertake no obligation to update these statements.

在我們開始之前，請注意，今天的討論將包括前瞻性陳述，其中涉及可能導致實際結果大不相同的風險和不確定性。我們不承擔更新這些聲明的義務。

We'll also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found at the back of the presentation. With that, it is my pleasure to pass the call over to Steven Kobos.

我們也將參考某些非公認會計準則財務指標。在本簡報的背面可以找到與最直接可比較的 GAAP 指標的對帳表。我很高興將電話轉給 Steven Kobos。

Thanks, Craig. Good morning, everyone. We appreciate you joining us today to discuss our second quarter 2025 results. At Excelerate, we are committed to operational excellence, disciplined growth and delivering long-term value for our shareholders. This quarter was no exception.

謝謝，克雷格。大家早安。感謝您今天加入我們，討論我們的 2025 年第二季業績。在 Excelerate，我們致力於卓越營運、有序成長並為股東創造長期價值。本季也不例外。

We delivered strong financial and operational results. We advanced the strategic priorities that will define the next phase of our growth. On today's call, I'll speak to the Excelerate Energy value proposition and provide an update on our recent Jamaica acquisition. Then I will share recent highlights from Terminal Services before turning the call over to Dana, who will walk through our financial results. Let's turn to our value proposition.

我們取得了強勁的財務和營運業績。我們提出了決定下一階段成長的策略重點。在今天的電話會議上，我將談論 Excelerate Energy 的價值主張並提供我們最近收購牙買加的最新情況。然後，我將分享終端服務的最新亮點，然後將電話轉給 Dana，她將介紹我們的財務表現。讓我們來談談我們的價值主張。

I want to spend a few minutes on the key elements that define how Excelerate delivers long-term value to shareholders and how we are positioning the company for continued success. First, we are a leading provider of critical energy infrastructure in the downstream part of the global LNG value chain. The recent Jamaica acquisition represents a pivotal step in our evolution. Our growth strategy has long included owning and operating downstream infrastructure assets. And today, our business model reflects that ambition.

我想花幾分鐘時間討論 Excelerate 如何為股東創造長期價值以及我們如何讓公司持續成功的關鍵要素。首先，我們是全球液化天然氣價值鏈下游關鍵能源基礎設施的領先供應商。最近對牙買加的收購代表著我們發展過程中的關鍵一步。我們的成長策略長期以來包括擁有和營運下游基礎設施資產。今天，我們的商業模式體現了這一雄心壯志。

Second, our business is predominantly supported by long-term take-or-pay contracts. These allow us to generate predictable earnings and they are insulated from economic cycles. We told investors last quarter that our business model is essentially tariff proof. We aren't exposed to tariffs. That hasn't changed.

其次，我們的業務主要依靠長期照付不議合約。這些使我們能夠產生可預測的收益，並且不受經濟週期的影響。我們上個季度告訴投資者，我們的商業模式本質上是關稅證明。我們不受關稅影響。這一點沒有改變。

It's one of the reasons Excelerate continues to stand out as a resilient investment, especially in today's geoeconomic environment. We are a safe haven. Third, as a result of the groundwork we have laid, we have a long runway for growth through both strategic opportunities and scalable assets. Fourth, and importantly, this growth strategy is bolstered by strong macro tailwinds. These include the growing demand for LNG tied to enhancing energy security and advancing the energy transition.

這就是 Excelerate 繼續脫穎而出並成為具有彈性的投資的原因之一，尤其是在當今的地緣經濟環境下。我們是一個安全的避風港。第三，由於我們已經奠定了基礎，我們透過策略機會和可擴展資產擁有了長期的成長空間。第四，也是最重要的一點，強勁的宏觀順風因素支撐了這個成長策略。其中包括與加強能源安全和推動能源轉型相關的不斷增長的液化天然氣需求。

Energy security will remain a paramount need for all nations. We are also seeing supportive policy momentum, for example, the recent US EU trade agreement focused on expanding LNG exports. Look, any deal that's good for US LNG is good for Excelerate, and this one reinforces the relevance of our business in connecting supply to demand.

能源安全仍將是所有國家的首要需求。我們也看到了支持性政策勢頭，例如最近的美國歐盟貿易協定重點是擴大液化天然氣出口。你看，任何對美國液化天然氣有利的交易對 Excelerate 也有利，而這筆交易強化了我們的業務在連接供應與需求方面的相關性。

Fifth and finally, all of this results in an attractive financial profile that gives us the flexibility to pursue new growth opportunities while returning capital to shareholders. Our foundational strategy remains unchanged. It continues to guide our commercial efforts and underpins the bold moves we're making as a company. We are focused on protecting and enhancing long-term contracted revenue and margins, and we are doing this while pursuing growth catalysts for near-term value creation. So with that context in mind, let's turn to Jamaica.

第五，也是最後一點，所有這些都帶來了具有吸引力的財務狀況，使我們能夠靈活地尋求新的成長機會，同時向股東返還資本。我們的基本策略保持不變。它繼續指導我們的商業努力並支持我們作為一家公司所採取的大膽舉措。我們專注於保護和提高長期合約收入和利潤率，同時尋求短期價值創造的成長催化劑。考慮到這一背景，讓我們將目光轉向牙買加。

The Jamaica transaction, which closed in May, brought into our portfolio the Montego Bay and Old Harbour LNG terminals, the Clarendon combined heat and power plant and numerous small-scale regasification facilities throughout the island. Since we closed the acquisition, we have been laser-focused on ensuring a smooth integration of people, systems and processes. We are also working to optimize the existing business, enhance customer service and strengthen our continuity plans. I'm pleased to report that integration is proceeding as planned and the Jamaica assets are exceeding our operational expectations. Thanks to the excellent condition of the assets and the deep expertise of our new Excelerate colleagues, we are well positioned to deliver sustained reliability and high operational performance.

牙買加交易於五月完成，將蒙特哥灣和老港液化天然氣終端、克拉倫登熱電聯產廠以及遍布全島的眾多小型再氣化設施納入我們的投資組合。自完成收購以來，我們一直致力於確保人員、系統和流程的順利整合。我們也致力於優化現有業務、增強客戶服務並加強我們的連續性計劃。我很高興地報告，整合正在按計劃進行，牙買加資產超出了我們的營運預期。由於資產狀況良好以及我們新的 Excelerate 同事的深厚專業知識，我們有能力提供持續的可靠性和高營運績效。

The Jamaica transaction is a compelling strategic win for Excelerate and for our shareholders. The assets we acquired are contracted, cash generating and already contributing meaningfully to earnings. Beyond immediate earnings contribution, the transaction also strengthens the foundation of our US LNG supply portfolio. Jamaica's 21-year contract profile dovetails nicely with our 20-year offtake of US LNG from Venture Global's Plaquemines Phase 2.

牙買加交易對於 Excelerate 和我們的股東來說是一項令人信服的策略性勝利。我們收購的資產已簽訂合同，產生現金，並已對收益做出了有意義的貢獻。除了直接的獲利貢獻之外，此交易還加強了我們美國液化天然氣供應組合的基礎。牙買加的 21 年合約期限與我們從 Venture Global 的普拉克明二期專案承購美國液化天然氣的 20 年合約期限完美契合。

With this alignment, we have secured a long-term downstream destination for our volumes. As we optimize the Jamaica platform, we expect to unlock near-term EBITDA growth by improving asset performance and expanding commercial activity. At the same time, we see a clear path to scale this model across the Caribbean that will require targeted investment to support new infrastructure development to expand our customer reach and to deliver on broader commercial objectives. This approach is designed to enhance the value of the assets over time and strengthen the return profile of the broader transaction.

透過這種調整，我們確保了我們的產品有長期的下游目的地。隨著我們優化牙買加平台，我們期望透過改善資產績效和擴大商業活動來實現近期 EBITDA 成長。同時，我們看到了在加勒比地區推廣此模式的明確途徑，這將需要有針對性的投資來支持新的基礎設施建設，以擴大我們的客戶範圍並實現更廣泛的商業目標。這種方法旨在隨著時間的推移提高資產的價值並加強更廣泛交易的回報狀況。

By 2030, we expect to generate $80 million to $110 million in incremental EBITDA from optimizing the Jamaica platform and investing $200 million to $400 million in growth CapEx to expand our operational presence in Jamaica and across the Caribbean. Now let's talk about how this is going to happen. First, we are focused on optimizing and expanding the Jamaica platform to meet natural gas demand driven not only by fuel switching across the island, but also by the need for additional power generation as the Jamaican economy continues to grow. Our team is off to a great start, identifying ways to increase throughput across existing infrastructure and extract greater value from current commercial agreements. We have already begun to sell incremental volumes of LNG and natural gas to customers on the island, and we expect this early momentum to continue.

到 2030 年，我們預計透過優化牙買加平台並投資 2 億至 4 億美元的成長資本支出來擴大我們在牙買加和整個加勒比地區的業務，從而產生 8,000 萬至 1.1 億美元的增量 EBITDA。現在讓我們來討論一下這將如何發生。首先，我們專注於優化和擴大牙買加平台，以滿足天然氣需求，這不僅源自於全島燃料轉換的需求，也源自於牙買加經濟持續成長對額外發電的需求。我們的團隊已經有了一個很好的開端，找到了提高現有基礎設施吞吐量的方法，並從目前的商業協議中獲得更大的價值。我們已經開始向島上的客戶銷售增量液化天然氣和天然氣，我們預計這種早期動能將持續下去。

In the medium to longer term, we will make investments in larger scale infrastructure projects that support our growth. These opportunities span a diverse range of initiatives, including new power generation, terminal expansions, LNG bunkering and additional pipelines. The second part of our approach is to position Jamaica as a regional hub for LNG distribution across the Caribbean. Jamaica's geographic location gives us a structural cost advantage. Its proximity to the US

從中長期來看，我們將對支持我們成長的更大規模的基礎設施項目進行投資。這些機會涵蓋多種舉措，包括新發電、終端擴建、液化天然氣加註和額外管道。我們的方案的第二部分是將牙買加定位為加勒比地區液化天然氣分銷的區域樞紐。牙買加的地理位置賦予了我們結構性成本優勢。它靠近美國

and to key regional markets allows us to respond quickly to regional demand, making it an ideal launch point for LNG distribution and power development. We are advancing a hub-and-spoke model that leverages our floating LNG terminal in Old Harbour as a central storage and distribution point. From there, we can efficiently deliver LNG throughout the Caribbean using smaller vessels to reduce transportation times and lower fuel costs. We see this as a natural expansion of our downstream operations and an important part of our long-term Caribbean growth strategy. And while we are still early in our ownership, we have hit the ground running, and we see clear opportunities to scale the platform efficiently.

並涵蓋主要區域市場，使我們能夠快速響應區域需求，使其成為液化天然氣分銷和電力開發的理想起點。我們正在推進樞紐輻射模型，利用舊港的浮動液化天然氣終端作為中央儲存和配送點。從那裡，我們可以使用較小的船隻有效地將液化天然氣運送到整個加勒比地區，以減少運輸時間並降低燃料成本。我們認為這是我們下游業務的自然擴張，也是我們長期加勒比海成長策略的重要組成部分。儘管我們仍處於早期階段，但我們已經開始行動，並看到了有效擴展平台的明顯機會。

Now let's turn to Terminal Services. Before we get to the second quarter highlights, I want to underscore the progress we are making in expanding the asset portfolio that supports Terminal Services. We are strengthening our long-term infrastructure footprint and positioning ourselves to capitalize on new developing opportunities in the LNG import terminal space. These efforts will enable us to capture a greater share of our total addressable market, particularly in regions where demand for reliable energy infrastructure continues to rise. Now to the highlights.

現在讓我們轉向終端服務。在我們了解第二季的亮點之前，我想強調我們在擴大支援終端服務的資產組合方面所取得的進展。我們正在加強我們的長期基礎設施佈局，並定位自己以利用液化天然氣進口終端領域的新發展機會。這些努力將使我們能夠佔據更大的總體目標市場份額，特別是在對可靠能源基礎設施的需求持續增長的地區。現在來看看亮點。

This quarter marked several important milestones. In April, the FSRU Excelsior arrived in Germany at the Port of Wilhelmshaven. In late May, the Excelsior officially commenced regasification operations and is regularly delivering (inaudible) at maximum capacity. Really pleased with our operations team. In July, we acquired an LNG carrier, which we renamed the Excelerate Shenandoah.

本季度標誌著幾個重要的里程碑。4月，FSRU Excelsior號抵達德國威廉港。5 月下旬，Excelsior 正式開始再氣化作業，並定期以最大容量輸送（聽不清楚）。對我們的營運團隊非常滿意。7 月，我們收購了一艘液化天然氣運輸船，並將其更名為 Excelerate Shenandoah。

While the vessel will support our previously announced midterm Atlantic Basin supply agreement, its utility extends well beyond that. Shenandoah enhances our ability to serve Jamaica and support regional LNG storage and logistics. The LNG carrier also represents Excelerate's first owned asset to be selected as an FSRU conversion candidate. We have already begun engineering for the conversion to accelerate the construction timeline. Next, we signed a deal with Petrobras to install a reliquefaction unit on the FSRU Experience, our floating LNG terminal located in Guanabara Bay, Brazil.

雖然該船將支持我們先前宣布的中期大西洋盆地供應協議，但其用途遠不止於此。Shenandoah 增強了我們服務牙買加和支援區域液化天然氣儲存和物流的能力。該液化天然氣運輸船也是 Excelerate 旗下第一艘被選為 FSRU 改裝候選船的資產。我們已經開始進行改造工程，以加快施工進度。接下來，我們與巴西石油公司簽署了一項協議，在位於巴西瓜納巴拉灣的浮動液化天然氣終端 FSRU Experience 上安裝一個再液化裝置。

The reliquefaction unit is expected to be installed in '27 during the next planned dry dock for the Experience. Once installed, this technology will eliminate all excess LNG losses due to boil-off and lower our Scope 1 emissions. At the same time, it will upgrade the performance and life expectancy of the asset. Finally, we continue to make strong progress on the construction of Hull 3407, our newbuild FSRU under construction at Hyundai Heavy Industries. The vessel remains on track for delivery in June '26.

該再液化裝置預計將於 27 年在 Experience 號的下一次計畫乾船塢期間安裝。一旦安裝，該技術將消除因蒸發造成的所有過量液化天然氣損失，並降低我們的範圍 1 排放。同時，它將提升資產的性能和壽命。最後，我們在現代重工正在建造的新建 FSRU Hull 3407 的建造方面繼續取得重大進展。該船預計將於2026年6月交付。

Hull 3407 will be a best-in-class asset, capable of delivering up to 1 billion cubic feet a day of natural gas and also having the lowest rates of boil-off in the industry. We remain confident in our ability to place Hull 3407. The vessel's scale, performance and flexibility position it as a cornerstone asset in our global LNG infrastructure portfolio. We expect to provide further updates on its commercial deployment in the coming quarters. Let's sum it up.

3407 號船將成為同類最佳資產，每天可輸送高達 10 億立方英尺的天然氣，並且擁有業內最低的蒸發率。我們對於安置 3407 號船體的能力仍然充滿信心。該船的規模、性能和靈活性使其成為我們全球液化天然氣基礎設施組合的基石資產。我們預計將在未來幾季提供有關其商業部署的進一步更新。讓我們總結一下。

Excelerate is executing on a clear growth road map that aligns with our long-term strategic priorities. We remain committed to transparency and delivering on the promises we've made. We know this approach will support long-term value creation and position Excelerate as a compelling investment opportunity. I want to thank each of you for your continued support and confidence in Excelerate Energy. With that, I'll turn the call over to Dana.

Excelerate 正在執行與我們的長期策略重點一致的清晰成長路線圖。我們將繼續致力於透明度並兌現我們所做的承諾。我們知道這種方法將支持長期價值創造，並使 Excelerate 成為一個引人注目的投資機會。我要感謝你們每個人對 Excelerate Energy 的持續支持和信任。說完這些，我就把電話轉給達娜 (Dana)。

Good morning, and thank you for joining us. Before we dive into the numbers, I want to highlight a few important updates to our financial statements that better reflect the structure of our business following the Jamaica acquisition. On our income statement, we've renamed the FSRU and Terminal Services revenue line the Terminal Services and the gas sales revenue line is now presented as LNG, Gas and Power. The associated cost line items have been updated accordingly. Now let's turn to the results for the quarter.

早安，感謝您加入我們。在深入研究數字之前，我想強調一下我們財務報表中的一些重要更新，以更好地反映收購牙買加後我們的業務結構。在我們的損益表中，我們將 FSRU 和終端服務收入線重新命名為終端服務，天然氣銷售收入線現在顯示為液化天然氣、天然氣和電力。相關成本項目已相應更新。現在讓我們來看看本季的業績。

Q2 was a great quarter for Excelerate with adjusted EBITDA of $107 million. Adjusted EBITDA increased roughly $7 million quarter-over-quarter, driven primarily by the addition of Jamaica EBITDA for a partial quarter starting on May 14 when we closed the acquisition. This increase from Jamaica was partially offset by the seasonal impact of the Atlantic Basin winter cargo margin, which occurred in the first quarter of this year, but not in the second quarter, and the timing of various vessel operating expenses, which were higher in the second quarter as compared to the first quarter. Year-over-year, adjusted EBITDA grew by $18 million, driven both by the addition of the Jamaica EBITDA and the strength of our legacy business. Now let's turn to our balance sheet.

Excelerate 在第二季表現優異，調整後 EBITDA 達 1.07 億美元。調整後的 EBITDA 比上一季增加了約 700 萬美元，主要原因是自 5 月 14 日我們完成收購以來，部分季度增加了牙買加 EBITDA。牙買加的這一增長被大西洋盆地冬季貨運利潤的季節性影響（發生在今年第一季度，但未發生在第二季度）和各種船舶運營費用的時間（第二季度高於第一季）部分抵消。與去年同期相比，調整後的 EBITDA 成長了 1,800 萬美元，這得益於牙買加 EBITDA 的增加以及我們傳統業務的強勁成長。現在讓我們來看看資產負債表。

Our balance sheet remains strong and continues to provide the stability and flexibility needed to execute on our long-term strategy and navigate dynamic market conditions. As of June 30, our total debt, including finance leases, was $1.3 billion, and we had $426 million of cash and cash equivalents on hand. Additionally, all of the $500 million of undrawn capacity under our revolver was available for additional borrowings. Net debt was $867 million, and our trailing 12-month net leverage as of June 30 stood at 2.2x. Our financial strength is rooted in the durability and predictability of our business model with over 90% of our adjusted EBITDA supported by take-or-pay contracts.

我們的資產負債表依然強勁，並持續提供執行長期策略和應對動態市場條件所需的穩定性和靈活性。截至 6 月 30 日，我們的總債務（包括融資租賃）為 13 億美元，我們手頭上有 4.26 億美元的現金和現金等價物。此外，我們的循環信用額度下所有 5 億美元未動用額度可用於額外借款。淨債務為8.67億美元，截至6月30日的過去12個月淨槓桿率為2.2倍。我們的財務實力源自於業務模式的持久性和可預測性，超過90%的調整後EBITDA由照付不議合約支撐。

This structure gives us a high degree of visibility into future cash flows, supports disciplined capital allocation and enables us to invest confidently in growth while returning capital to our shareholders. Now let's turn to capital allocation. Our capital allocation strategy remains unchanged. Investing in accretive growth opportunities remains our top priority. We're actively deploying capital into growth projects like our newbuild FSRU Hull 3407, which remains on track and on budget.

這種結構使我們能夠高度了解未來的現金流，支持嚴格的資本配置，並使我們能夠自信地投資於成長，同時向股東返還資本。現在讓我們來討論資本配置。我們的資本配置策略維持不變。投資增值成長機會仍是我們的首要任務。我們正在積極地將資金投入成長項目中，例如我們新建的 FSRU Hull 3407，目前仍在按計劃進行且在預算之內。

We're also targeting additional infrastructure investments across our asset footprint that support long-term value creation. At the same time, we recognize the importance of returning capital to shareholders. That's why on July 31, we announced an increase to our quarterly dividend. Raising the dividend is a direct reflection of our enhanced cash flow profile from the Jamaica acquisition. It's a signal of confidence in the cash flows of both the newly acquired Jamaica assets as well as our legacy business.

我們還計劃在我們的資產範圍內進行額外的基礎設施投資，以支持長期價值創造。同時，我們認識到向股東返還資本的重要性。這就是為什麼我們在 7 月 31 日宣布增加季度股息。提高股利直接反映了我們收購牙買加後現金流狀況的增強。這表明我們對新收購的牙買加資產以及我們的傳統業務的現金流充滿信心。

Looking ahead with even greater confidence in our forward cash flow outlook, we are now targeting an annual dividend growth rate in the low double digits, commencing in 2026 and continuing through 2028. Of course, all dividend decisions remain subject to Board discretion and the pace of future growth investments. We believe this balanced approach of investing in growth while returning capital will create long-term value for our shareholders. As previously communicated on July 29, following the closing of the Jamaica acquisition and based on our second quarter results, we have raised our adjusted EBITDA guidance range for 2025. For the full year, adjusted EBITDA is expected to range between $420 million and $440 million.

展望未來，我們對未來現金流前景更有信心，目前我們的目標是從 2026 年開始到 2028 年，年度股息成長率維持在低兩位數。當然，所有股息決定仍取決於董事會的判斷和未來成長投資的步伐。我們相信，這種在投資成長的同時回報資本的平衡方法將為我們的股東創造長期價值。正如之前 7 月 29 日所傳達的，在完成牙買加收購之後，根據我們的第二季度業績，我們上調了 2025 年調整後的 EBITDA 指導範圍。全年調整後的 EBITDA 預計在 4.2 億美元至 4.4 億美元之間。

As a reminder, our adjusted EBITDA guidance continues to include the financial impacts of the 2 dry docks planned for the third and fourth quarters of this year. Maintenance CapEx has increased slightly and is now expected to range between $65 million and $75 million. Committed growth capital, which is defined as capital that has been contractually committed or internally approved for specific growth projects, is now expected to range between $95 million and $105 million. This represents an increase of $30 million from our prior guidance, the majority of which is related to the purchase of our new LNG carrier. In closing, Excelerate is exceptionally well positioned to create long-term value for our shareholders.

提醒一下，我們調整後的 EBITDA 指引繼續包括計劃於今年第三季和第四季建成的 2 個乾船塢的財務影響。維護資本支出略有增加，目前預計在 6,500 萬美元至 7,500 萬美元之間。承諾成長資本，即已透過合約承諾或內部批准用於特定成長項目的資本，目前預計在 9,500 萬美元至 1.05 億美元之間。這比我們先前的預期增加了 3,000 萬美元，其中大部分與購買新的液化天然氣運輸船有關。最後，Excelerate 擁有為股東創造長期價值的絕佳優勢。

We've integrated the Jamaica platform and it's already contributing meaningfully to our financial performance. We're executing with discipline, and we will continue investing in growth opportunities that will enhance our long-term earnings power while returning capital to shareholders. We believe this combination of operational strength, financial discipline and a clear focus on shareholder returns positions Excelerate to thrive and lead in the evolving global energy landscape. Thank you. And with that, we will now open up the call for Q&A.

我們已經整合了牙買加平台，它已經對我們的財務表現做出了重大貢獻。我們正在嚴格執行，並將繼續投資於成長機會，以提高我們的長期獲利能力，同時向股東返還資本。我們相信，營運實力、財務紀律和對股東回報的明確關注將使 Excelerate 能夠在不斷發展的全球能源格局中蓬勃發展並處於領先地位。謝謝。現在，我們將開始問答環節。

(Operator Instructions) Wade Suki, Capital One.

（操作員指示）Wade Suki，Capital One。

Just wondering if you might be able to maybe give us a better sense of your priorities for Jamaica projects timing-wise, the nature of the projects. If you could sort of help us sort of near segregating them for near to intermediate-term projects versus some of the (inaudible) projects. And then I think you were talking about $80 million to $110 million in EBITDA by 2030. I mean I'll go ahead and expand on that question and see what do you think might be the contribution next year? And if you're willing to go out further to '27, I'm sure everyone would love to hear it.

我只是想知道您是否可以讓我們更好地了解您對牙買加項目的時間表和項目性質的優先考慮事項。如果您能幫助我們將它們分為近期和中期專案以及一些（聽不清楚）專案。然後我認為您談論的是到 2030 年 EBITDA 將達到 8000 萬至 1.1 億美元。我的意思是我將繼續擴展這個問題，看看您認為明年的貢獻可能是什麼？如果你願意進一步了解 27 年的情況，我相信每個人都會很高興聽到它。

Thanks, Wade. This is Oliver. I'll take this question. So I think we put out there the guidance through 2030 on our expectations for the Jamaica and Caribbean platform. Obviously, that encompasses a wide range of opportunities that we see out there.

謝謝，韋德。這是奧利佛。我來回答這個問題。所以我認為我們提出了 2030 年牙買加和加勒比平台的期望指導。顯然，這涵蓋了我們看到的廣泛機會。

But I think what I can probably say here today, just to give you a sense of how we're looking at it is with the assets that we purchased in Jamaica, we've talked about the platform. It gives us a platform on which to grow. Those assets, some of them, there is opportunities to directly use those assets, optimize those assets and get near-term EBITDA and growth, which doesn't necessarily require significant additional CapEx. So that's getting new LNG or gas customers on the island or using those assets to reach other customers in the region. So some of those are probably a little bit more near term in nature, and we would like to think.

但我認為今天我可以在這裡說的是，只是為了讓你們了解我們是如何看待這個問題的，我們已經討論了我們在牙買加購買的資產以及平台。它為我們提供了一個成長的平台。這些資產中，有些是有機會直接使用這些資產、優化這些資產並獲得近期的 EBITDA 和成長，而這並不一定需要大量額外的資本支出。這樣就可以在島上獲得新的液化天然氣或天然氣客戶，或利用這些資產接觸該地區的其他客戶。因此，我們認為其中一些可能在本質上更屬於近期。

And then there is the opportunities that will require more CapEx. And those -- there's sort of growth opportunities on the island. Certainly, new power generation is likely to be on the higher end of the CapEx as well as some other infrastructure opportunities we're looking there as well as in the broader region. So there's kind of -- there's that split there. I think we don't want to get into specific details exactly on the different opportunities.

然後就有機會需要更多的資本支出。而這些——島上都有一些發展機會。當然，新發電可能會處於資本支出的高端，以及我們在那裡以及更廣泛地區尋找的一些其他基礎設施機會。所以那裡存在著某種分歧。我認為我們不想深入討論不同機會的具體細節。

We've had these assets now for a few months. But we're extremely confident on the platform and the ability of the platform too to capture new demand and grow from there. As Steven mentioned, we've already had some additional sales since we've acquired the platform. There's a number of discussions, and we've had a really positive reaction both in Jamaica and in the broader region of this. So we're really excited about what's coming from these assets.

我們已經擁有這些資產幾個月了。但我們對該平台以及該平台捕捉新需求並從中成長的能力非常有信心。正如史蒂文所提到的，自從我們收購該平台以來，我們已經獲得了一些額外的銷售。我們進行了多次討論，並在牙買加和更廣泛的地區得到了非常積極的反應。因此，我們對這些資產的前景感到非常興奮。

Great. Thanks, Oliver. Appreciate that. Maybe I'll push it a little bit more here. Maybe I can ask if you could maybe expand on some of these opportunities in the Caribbean, maybe speak to specific markets that are of interest or where you're seeing the best opportunities to the extent you feel comfortable doing that, that would be great.

偉大的。謝謝，奧利佛。非常感謝。也許我會在這裡再多推一點。也許我可以問您是否可以擴大加勒比地區的一些機會，也許可以談談您感興趣的特定市場，或者您認為最好的機會在哪裡，只要您覺得這樣做很舒服，那就太好了。

Sure. I mean I think, obviously, you've seen a little bit from the Jamaica assets. You've seen what we've touched in Jamaica. And in many ways, as you look at some of the other islands in the Caribbean, there's similar fundamentals. So where Jamaica is today is perhaps where some of these markets want to be themselves in a few years.

當然。我的意思是，我認為，顯然你已經從牙買加資產中看到了一些。您已經看到了我們在牙買加所觸及的一切。從很多方面來看，加勒比海地區的其他一些島嶼也有類似的基本情況。因此，牙買加目前的狀況或許就是這些市場未來幾年想要達到的水平。

So on that, as you look at the Caribbean, a lot of these islands in the Caribbean are still burning liquid fuels, whether that's diesel, HFO in power generation. So the opportunity for fuel switching is there. And that's -- again, that's where we believe that with our assets, you have that launch pad in Jamaica to be a hub for the broader region. So I'd say a lot of it is coming from power generation in the broader region. But we're also looking -- we're looking at bunkering, and I think Steven mentioned that -- mentioned that, too.

因此，就這一點而言，當你看加勒比海時，你會發現加勒比海的許多島嶼仍然在燃燒液體燃料，無論是柴油還是用於發電的重油 (HFO)。因此，燃料轉換的機會是存在的。那就是——再說一次，我們相信，憑藉我們的資產，牙買加的發射台可以成為更廣泛地區的樞紐。所以我想說，其中很大一部分是來自更廣泛地區的發電。但我們也在考慮——我們正在考慮加油，我想史蒂文也提到了這一點——也提到了這一點。

The growth of bunkering globally is, I think there's some very bullish estimates out there about global demand for and LNG for bunkering over the next 5-plus years. And we see Jamaica in a great position, both in terms of receiving supply from US for LNG bunkering, but also in terms of proximity to some main shipping lines to which you could provide those services. So hopefully, that gives a little flavor on some of those different opportunities there.

全球加油需求的成長，我認為對於未來 5 年以上的全球加油需求和液化天然氣加油的需求有一些非常樂觀的估計。我們認為牙買加處於有利地位，不僅因為可以從美國獲得液化天然氣加註供應，而且因為靠近一些可以提供這些服務的主要航運線路。所以希望這能為你們帶來一些不同的機會。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

Oliver, I wanted to follow up on your comments about the opportunity for fuel switching in the Caribbean. Have you been able to quantify the addressable untapped market for gas here? What can you realistically target?

奧利弗，我想跟進你關於加勒比地區燃料轉換機會的評論。您能化這裡尚未開發的天然氣市場嗎？您能實際達成什麼目標？

I mean I think there is -- again, in the Caribbean and the region, there is significant demand. I don't think we're -- I don't think I have a number to put out there today. But again, the majority of the islands in the Caribbean are currently burning liquid fuels for power generation. So -- and we see this as -- this is a market with healthy margins. And as you go down the value chain on the LNG, there's a few people who can truly offer these services.

我的意思是，我認為——加勒比地區和該地區存在著巨大的需求。我認為我們——我認為我今天沒有可以公佈的數字。但加勒比地區的大多數島嶼目前都在燃燒液體燃料發電。所以——我們認為——這是一個利潤率健康的市場。隨著液化天然氣價值鏈的深入，你會發現只有少數人能夠真正提供這些服務。

And I think our view is that with these assets in Jamaica, we're able to offer a service and at a cost that I think others will have a competitive advantage there. So we see it as a big market from which we can grow.

我認為，憑藉牙買加的這些資產，我們能夠提供服務，而且我認為成本會讓其他人在那裡具有競爭優勢。因此，我們認為這是一個我們可以實現成長的巨大市場。

And turning to a different component within your portfolio. 2025 has clearly been a banner year for US LNG on multiple fronts. And I realize you will likely have more details about Hull 3407's commercialization progress as things become more concrete. But can you give us a sense of how discussions are going in general and your view of the supply and demand outlook for new builds like 3407, especially at that caliber?

並轉向投資組合中的不同組成部分。 2025 年顯然是美國液化天然氣在多個方面具有里程碑意義的一年。而且我意識到，隨著事情變得更加具體，您可能會對 Hull 3407 的商業化進展有更多了解。但是，您能否向我們介紹一下討論的總體進展情況，以及您對 3407 等新建項目的供需前景的看法，尤其是這種規模的項目？

Yes. Theresa, it's Steven. I'll jump in. I said just a few minutes ago that, that asset is best-in-class Bcf and more importantly, likely the fact that it's got the lowest boil-off in the industry. So it -- the asset class is incredibly tight right now, will remain tight, and that's largely why you're hearing the confidence.

是的。特蕾莎，我是史蒂文。我會跳進去。我幾分鐘前就說過，該資產是同類中最好的 Bcf，更重要的是，它很可能是業內沸點最低的。因此，目前資產類別極其緊張，並將持續緊張，這主要是因為您聽到了信心。

I don't want to go into the discussions and negotiations that Oliver's team are having around the world, but they are active and there is demand. And we've talked -- all of us know that, as I said, what's good for US LNG is good for Excelerate. That is in part because that means more FIDs. That means an expanding global supply of this commodity that is already in the money for fuel switching, but which will be kind of (inaudible) in the money for these markets that are examining them.

我不想談論奧利佛的團隊在世界各地進行的討論和談判，但他們很活躍，而且有需求。我們已經討論過了——我們都知道，正如我所說，對美國液化天然氣有利的事情對 Excelerate 也有利。部分原因是這意味著更多的最終投資決定 (FID)。這意味著這種商品的全球供應量不斷擴大，對於燃料轉換來說，這種商品的供應量已經是有利可圖的，但對於正在研究它們的市場來說，這種商品的供應量也將是（聽不清楚）有利可圖的。

So you've got you have -- if you put it all together, you have an enormous TAM, you have a tight infrastructure market and you have a price point that will be ever-increasing demand for further access. So we think we're well positioned when you take all 3 of that together.

所以，如果你把所有這些放在一起，你就擁有了巨大的TAM，擁有了緊張的基礎設施市場，並且擁有一個價格點，而這個價格點對於進一步訪問的需求將不斷增長。因此，我們認為，如果將這三者結合起來，我們就處於有利地位。

Chris Robertson. Deutsche Bank.

克里斯·羅伯遜。德意志銀行。

Just on the FSRU conversion project, Steven, can you remind us, I guess, the timeline around that, when you expect to initiate the conversion? And then if you were to compare like on an apples-to-apples basis, a similarly sized new building project, what are the cost savings associated with the conversion asset versus a new build asset?

就 FSRU 轉換專案而言，Steven，您能否提醒我們該專案的時間表，您預計何時啟動轉換？然後，如果您以同類基礎來比較類似規模的新建築項目，那麼轉換資產與新建資產相比可以節省多少成本？

Chris, I'm going to hand it over to David because his team is in the weeds on the engineering for it. And then I'll let him compare apples and oranges for you.

克里斯，我要把它交給大衛，因為他的團隊正在為這項工程而努力。然後我會讓他為你比較一下蘋果和橘子。

Chris, David here. Yes. So we've got actually multiple conversion -- we've got multiple conversion projects underway right now, both the ones I'll speak to are in the engineering phase. Earlier this year, I spoke about one opportunity that we're pursuing, one specific vessel that we're working with a prospective partner on. That engineering, the original or initial engineering has already wrapped up, and we're continuing to work with that partner to move that project forward.

克里斯，我是大衛。是的。因此，我們實際上已經有多個轉換 - 我們目前正在進行多個轉換項目，我將要談到的兩個項目都處於工程階段。今年早些時候，我談到了我們正在追求的一個機會，即我們正在與潛在合作夥伴合作建造一艘特定的船隻。該工程，原始或初始工程已經結束，我們將繼續與該合作夥伴合作，推動該專案向前發展。

So we're already well on our way with that one. Now that we have Excelerate Shenandoah in our ownership, we are starting the conversion engineering for her. So before we've said it's roughly 2 years to bring an asset like that to market. That's about right, but we would like to think that we can compress that. We have quite a bit of equipment already in storage that we can use for that conversion that we hope is going to compress the timeline.

因此，我們在這方面已經取得了很大進展。現在我們已經擁有了 Excelerate Shenandoah，我們正在開始對她進行改造工程。所以之前我們說過，要將這樣的資產推向市場大約需要 2 年。這差不多是對的，但我們認為我們可以壓縮它。我們已經儲存了相當多的設備可用於轉換，我們希望這能夠縮短轉換時間。

So those 2 projects are well on their way. In terms of cost savings that you asked about versus a new build, it's -- they're different animals very much. A new build is going to be generally a higher capacity, more flexible asset. When you get into a conversion, it's usually not as high capacity, so you aren't putting as much equipment and as much engineering into the conversion as you do for a new build. So there are some savings there.

所以這兩個項目進展順利。就您所問到的與新建相比的成本節約而言，它們是完全不同的。新建項目通常會具有更高的容量和更靈活的資產。當你進行轉換時，它的容量通常不會那麼高，因此你不會像新建那樣在轉換中投入那麼多的設備和工程。因此可以節省一些開支。

Usually, it's more bespoke for a specific project, and it doesn't have that flexibility of a new build. So there's some savings there, too. So I hope that gives you a sense for some of the savings.

通常，它是針對特定項目定制的，並且不具備新構建的靈活性。因此，這方面也有一些節省。所以我希望這能讓你了解一些節省的方法。

Sure. Yes, I appreciate that. Just going back to the Jamaica assets for a minute. I wanted to ask around your expectations on incremental CapEx related to building the smaller receiving terminals in the kind of the hub-and-spoke model that you've talked about. So just kind of comparing it to the Montego Bay receiving terminal, for example, what would the cost expectations be around smaller receiving terminals for the shuttle tankers?

當然。是的，我很感激。我們先回到牙買加資產的問題。我想詢問一下您對建立您所談到的那種中心輻射模型的小型接收終端的增量資本支出的預期。那麼，僅將其與蒙特哥灣接收站進行比較，例如，穿梭油輪的小型接收站的成本預期是多少？

Chris, Oliver here. I'll take that one. I mean I think we -- again, we put out a range. I mean, I think the range covered a number of assets that we saw. It had obviously some power generation.

克里斯，我是奧利佛。我要那個。我的意思是，我認為我們——再次，我們提出了一個範圍。我的意思是，我認為該範圍涵蓋了我們看到的許多資產。它顯然具有一定的發電能力。

It did have some smaller terminals in there. I don't think we'll be giving an exact range on those terminals. It's early days. We're assessing some of these projects. But I think it's also -- there's many different markets, many different sizes.

那裡確實有一些較小的終端。我認為我們不會給出這些終端的確切範圍。現在還為時過早。我們正在評估其中一些項目。但我認為，市場也有很多種，規模也有很多種。

So there's also many different solutions that we can look at. So obviously, Montego Bay, as you look at it, is something that can be scaled up or scaled down as you look at that asset as how it could work somewhere else. It's also something that we could use also as a platform for the further Caribbean. So I think we'll be looking to have some, obviously, commonality across assets, but also be flexible to ensure that we deliver the customer what they're looking for.

因此，我們也可以考慮許多不同的解決方案。因此，顯然，蒙特哥灣是可以擴大或縮小的，只要你看看該資產如何在其他地方發揮作用。我們也可以將其用作進一步拓展加勒比地區的平台。因此，我認為我們顯然會尋求在資產之間實現一些共性，但同時也要保持靈活性，以確保我們能夠向客戶提供他們想要的東西。

Got it. Okay. And last question from my end, if I might get a third one in here. Just looking at the balance sheet, this might be a question for Dana. It looks like as part of the transaction, we have some intangible assets here on the balance sheet.

知道了。好的。我的最後一個問題是，我是否可以在這裡問第三個問題。僅從資產負債表來看，這可能是達娜的疑問。看起來作為交易的一部分，我們的資產負債表上有一些無形資產。

Just wondering if you could walk through some of the aspects on that from the transaction.

只是想知道您是否可以從交易的角度介紹這方面的一些情況。

Yes. And Chris, that's detailed in our Q, which I think has been filed as of this morning, but it's customer contracts, and that's really the bulk of what's in that intangibles.

是的。克里斯，這在我們的 Q 中有詳細說明，我認為它已於今天早上提交，但它是客戶合同，而這實際上是無形資產的主要部分。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

This is Eli on for Jeremy. I appreciate there's been a lot of color shared today on the Jamaica platform and the work that's ongoing there. But maybe if we just think about specific milestones that we should keep an eye out for both operationally and financially, whether we can expect updates on those this year? And if you can just share color on, again, the kind of the first key milestones you guys expect to hit and what that would do for EE both operationally and financially?

這是 Eli 代替 Jeremy 上場。我很欣賞今天在牙買加平台上分享的豐富多彩的內容以及在那裡正在進行的工作。但是，如果我們只考慮在營運和財務上都應該關注的具體里程碑，我們是否可以期待今年這些里程碑的更新？您能否再次分享一下，你們預計要達到的第一個關鍵里程碑是什麼，以及這對 EE 的營運和財務有何影響？

Eli, this is Steven. Just touch on it in general. I mean we're going to continue to be as transparent as I believe we've been today. So I assure you we will continue to give as much color as we can. Just as today, we told you, hey, we're already making incremental sales of LNG and nat gas through the platform right off the bat.

伊萊，這是史蒂文。只是大致上談談。我的意思是，我們將繼續保持像今天這樣的透明度。因此我向你們保證，我們將繼續盡可能提供色彩。就像今天我們告訴你們的，嘿，我們已經開始透過這個平台增量來銷售液化天然氣和天然氣了。

We will continue to update you on those incremental paths. We've already -- in terms of optimizing, we've already ordered ISOs. We're buying trucks. We're buying other vaporizers. And then we've already hit the ground running and doing some of these smaller investments that will allow for immediate optimization, and that will continue.

我們將繼續向您通報這些增量路徑。就優化而言，我們已經訂購了 ISO。我們正在購買卡車。我們正在購買其他蒸發器。然後，我們已經開始行動並進行了一些較小的投資，這些投資將允許立即進行最佳化，並且這種情況將繼續下去。

And then obviously, when we hit a suitable contractual milestone on something where we're going to deploy a little more capital than that, I assure you you'll be the first to know. Yes, all of you will be the first to know.

然後顯然，當我們在某件事上達到合適的合約里程碑時，我們將投入比這更多的資金，我向你保證，你會第一個知道。是的，你們所有人都會第一個知道。

Got you. And then maybe if we just touch on the LNG supply side to support some of this targeted growth across your asset portfolio. I know the Venture Global agreement provides key supply in the Caribbean, but how much kind of incremental supply do you guys need to execute on this targeted growth? And how should we think about kind of agreements going forward to support that?

明白了。然後，如果我們只觸及液化天然氣供應方面，也許就能支持整個資產組合中的部分目標成長。我知道 Venture Global 協議為加勒比地區提供了關鍵供應，但你們需要多少增量供應才能實現這一目標成長？我們應該如何考慮未來達成何種協議來支持這一點？

Eli, this is Oliver. I'll take this one. So obviously, we've mentioned that the VG volume works well. The 20-year VG offtake works well with our profile in Jamaica. There's a little -- the VG volume themselves, it's a little larger offtake than we have the current demand.

伊萊，這是奧利佛。我要這個。顯然，我們已經提到 VG 體積效果很好。20 年 VG 承購與我們在牙買加的業務狀況非常契合。就 VG 產量而言，其需求量比我們目前的需求量大一點。

So obviously, there's room for some growth there. But as the platform grows in Jamaica and the Caribbean, we'll be looking for incremental supply to match that. But we feel with Jamaica and the Caribbean, obviously, the proximity to the US, the US LNG that's coming on starting this year going forward, I think that's a really good mixture and sets us up really well to be able to access that incremental LNG as we -- as that demand comes from the customers. So I think it's something we can work pretty much hand-in-hand as that comes on.

顯然，這裡還有成長空間。但隨著該平台在牙買加和加勒比地區的發展，我們將尋求與之相匹配的增量供應。但我們認為，牙買加和加勒比地區顯然與美國距離較近，而且美國液化天然氣將於今年開始供應，我認為這是一個非常好的組合，並且使我們能夠很好地獲取增量液化天然氣，因為這種需求來自客戶。因此，我認為我們可以攜手並進，共同努力。

Michael Scialla, Stephens Inc.

麥可夏拉，史蒂芬斯公司

I want to see, given the incremental growth you're expecting from Jamaica, the EBITDA growth, if there's been any change in thinking on how you might finance the 3407. I think in the past, you've been leaning towards some external financing. I want to see if there's been any change in thinking there.

我想看看，考慮到您預期牙買加的增量增長，即 EBITDA 增長，您對如何為 3407 融資的想法是否有任何改變。我認為過去你們一直傾向於一些外部融資。我想看看那裡的思維是否發生了任何變化。

Mike, it's Dana. We're still evaluating that. As you know, we raised $800 million of debt from the bond market a couple of months ago. And so we are continuing to evaluate that. But as you can see from our balance sheet, we still have a very healthy balance sheet.

麥克，我是達娜。我們仍在評估這一點。如您所知，幾個月前我們從債券市場籌集了 8 億美元的債務。因此我們正在繼續評估這一點。但正如您從我們的資產負債表中看到的，我們的資產負債表仍然非常健康。

We have over $400 million of cash on hand and restricted cash. We have $500 million of borrowing capacity on our revolver. So we're in a very good position to finance that roughly $200 million, which is going to be due in a little under a year in 2026. So again, it could be revolver borrowing. It could be some of our cash or a combination of cash and debt.

我們手頭上有超過 4 億美元的現金和限制現金。我們的循環信貸額度為 5 億美元。因此，我們完全有能力籌集約 2 億美元的資金，這筆資金將在 2026 年不到一年的時間內到期。所以，這又可能是循環借貸。它可能是我們的部分現金或現金和債務的組合。

It could be -- we're still working on potential ECA financing or it could be some sort of bond upside. But we haven't decided yet. I'll just say that there's no issue there. And if we wanted to use cash and revolver capacity, we could do that.

可能是——我們仍在研究潛在的 ECA 融資，也可能是某種債券上漲。但我們還沒決定。我只想說，那裡沒有問題。如果我們想使用現金和循環信貸能力，我們可以這樣做。

Okay. Good. And looking at the purchase of the LNG carrier, the Shenandoah, it looks like you were kind of on the low end or maybe even a little bit below the low end of what you had previously talked about for a purchase price. Just wondering, could you speak to -- did you have to sacrifice anything in terms of the quality or size of the vessel that you were looking for there?

好的。好的。從購買液化天然氣運輸船 Shenandoah 的角度來看，您的報價似乎處於較低水平，甚至可能略低於您之前談到的購買價格的最低水平。只是想知道，您能否談談——您是否必須犧牲您所尋找的船隻的質量或尺寸方面的任何東西？

Michael, this is David. I can take that one. Yes, we were really happy with the Excelerate Shenandoah. We took her immediately after her dry docking. So for folks unfamiliar, at a dry docking, which happens roughly every 5 years, you're renewing or rebuilding all the major equipment.

邁克爾，這是大衛。我可以拿那個。是的，我們對 Excelerate Shenandoah 非常滿意。她進乾船塢後，我們立刻將她接走。因此，對於不熟悉的人來說，在大約每 5 年進行一次的乾船塢中，您要更新或重建所有主要設備。

So when we took her -- when we took ownership, she's in great condition, got a great price on her. We're really happy about it, and she's already on her way over into the Atlantic. So we didn't have to compromise anything, not at all. We're happy. She's a great candidate for conversion, and she's going to serve those Atlantic Basin volumes very well until we need to pull her over for whatever conversion we have.

所以當我們接手她時——當我們擁有她時，她的狀況很好，而且價格也很好。我們對此感到非常高興，她已經前往大西洋了。所以我們不需要做出任何妥協，根本不需要。我們很高興。她是一艘非常適合改裝的船隻，在我們需要對她進行改裝之前，她將很好地為大西洋盆地的航運提供服務。

Zach Van Everen, TPH.

範弗倫（Zach Van Everen），TPH。

Maybe going back to the new LNG carrier. I know you mentioned this is going to help with the midterm Atlantic Basin supply deal. I believe that deal was already in motion. So will there be any cost savings using your own vessel or any upside to that contract that we can look for?

也許會回到新的液化天然氣運輸船。我知道您提到這將有助於中期大西洋盆地供應協議。我相信該交易已在進行中。那麼，使用您自己的船隻是否可以節省成本，或者我們可以從該合約中尋找什麼好處？

Zach, it's Dana. Yes, we -- I mean, obviously, buying this vessel, there's an upside to our returns. It's cheaper to own a vessel than a charter vessel for this contract. So you will see enhanced returns. We don't release what those returns are.

札克，​​我是達娜。是的，我們——我的意思是，顯然，購買這艘船，我們的回報是有好處的。對於該合約而言，擁有一艘船比租用一艘船更便宜。因此您將看到更高的回報。我們不會公佈這些回報的具體數字。

But we are delivering a new cargo -- our summer cargo in the third quarter of this year, and we do expect to have more accretive returns on that project than in the past because of that ownership of that vessel.

但我們將在今年第三季交付一批新的貨物——夏季貨物，由於擁有這艘船，我們確實預計該項目將比過去獲得更多的增值回報。

Got it. That makes sense. And then maybe one more on Jamaica. The $80 million to $110 million EBITDA, I know you're still in the works of kind of planning all that out and how that will look. But can you break out maybe at a high level, what portion of that is synergies on the existing assets versus new build or CapEx going into other Caribbean islands?

知道了。這很有道理。然後也許再講一個關於牙買加的問題。8000 萬到 1.1 億美元的 EBITDA，我知道您仍在規劃這一切以及它將會是什麼樣子。但是，您能否從高層次上突破，其中有多少部分是現有資產的協同效應與新建資產或進入其他加勒比島嶼的資本支出？

Just kind of an idea of how much of that is original deal synergies versus new EBITDA from other opportunities?

只是想了解其中有多少是原始交易協同效應與來自其他機會的新 EBITDA？

Yes. Zach, this is Oliver. I mean, I think all of these opportunities the platform that Jamaica gives us access to all these new opportunities. I mean I think that's part of the reason why we were comfortable giving some of this guidance today because these -- there are opportunities that without Jamaica on these other islands, we didn't think we could be competitive or have a sort of right to win on those. So some, as I mentioned earlier, and it's not -- I'd say it's not an insignificant portion are things that optimizing the assets we have and growing from there with minimal CapEx.

是的。札克，​​這是奧利佛。我的意思是，我認為所有這些機會都是牙買加為我們提供的平台，讓我們能夠獲得所有這些新的機會。我的意思是，我認為這也是我們今天願意給出這些指導的原因之一，因為這些——如果沒有牙買加在這些其他島嶼上的存在，我們認為我們無法具有競爭力或有權在這些島嶼上取勝。正如我之前提到的，有些事情——我想說這不是微不足道的一部分——是優化我們現有的資產並以最少的資本支出實現成長的事情。

Others, while they will likely use the assets we have in Jamaica, they will require further CapEx for that project. So there's a split there. It's -- yes, I wouldn't want to get pinned to, to specific numbers on that, but that's a little bit how we are looking at it.

其他人雖然可能會使用我們在牙買加的資產，但他們將需要為該專案進一步投資。因此，那裡存在分歧。是的，我不想局限於具體的數字，但我們就是這麼看待這個問題的。

(Operator Instructions) Bobby Brooks, Northland Capital.

（操作員指示）Bobby Brooks，Northland Capital。

The Caribbean growth plan, very intriguing, but I just wanted to make sure I'm thinking about it right with the hub-and-spoke model. Would you be buying a vessel that would then move the LNG from the Jamaican hub to other islands? Or would it be countries you make agreements with make their own arrangements to move the LNG or maybe something of a combination of both? Just curious on that.

加勒比地區增長計劃非常有趣，但我只是想確保我能夠正確地採用樞紐輻射模型來思考它。您是否會購買一艘船，將液化天然氣從牙買加樞紐運送到其他島嶼？還是由與您達成協議的國家自行安排運輸液化天然氣，或兩者兼具？只是對此感到好奇。

Bobby, it’s Oliver again. Yes. So I think – I mean it’s today we have a small scale vessel that we used to just shuttle from within Jamaica from our Old Harbour terminal up to the Montego Bay terminal. As we look at other opportunities on other islands in the Caribbean, it's early stages, it's discussions with the customers. So it's understanding what they want, what we can give to them.

鮑比，又是奧利佛。是的。所以我認為——我的意思是——今天我們有一艘小型船隻，我們過去常常在牙買加境內從我們的舊港口碼頭往返於蒙特哥灣碼頭。當我們在加勒比海其他島嶼尋找其他機會時，這還處於早期階段，正在與客戶進行討論。所以，我們要了解他們想要什麼，我們能給他們什麼。

But I'd say as a general statement, they want the delivered LNG, the delivered gas solution. So we are looking to expand the asset base that we have to bring those solutions to the customers. So that would mean new vessels, new onshore assets on other islands to deliver those solutions. So it could be quite a wide range, but yes, we're pretty excited about that growth there.

但我想說的是，總的來說，他們想要的是外送的液化天然氣和外送的天然氣解決方案。因此，我們正在尋求擴大資產基礎，以便為客戶提供這些解決方案。這意味著需要新的船隻、其他島嶼上的新陸上資產來提供這些解決方案。所以範圍可能相當廣，但是是的，我們對那裡的成長感到非常興奮。

Super helpful. And then I just think more broadly, a lot of focus today, obviously, on the Eastern Hemisphere of the business. But I know your vision for growth goes far obviously expands globally. So I was just curious to hear any updates -- general updates on developments within Europe or Asia, maybe specifically Vietnam, as I know we've talked about that more specifically before.

超有幫助。然後我只是從更廣泛的角度來看，今天的重點顯然是業務的東半球。但我知道，你們的成長願景顯然會延伸到全球。所以我只是好奇想聽聽最新消息——關於歐洲或亞洲發展的一般最新消息，特別是越南，因為我知道我們之前已經更具體地討論過這個問題。

Bobby, it's Steven. I'll take that one because you've probably seen photos of me around the world, and that is because we are a global company. We want to spend some time today on the Caribbean and this area near to the United States just because it was a significant investment. We're excited about that. We're excited about this platform.

鮑比，我是史蒂文。我會選擇這張照片，因為你們可能已經在世界各地見過我的照片，而這又因為我們是一家全球性公司。今天我們想花一些時間在加勒比海和美國附近的這個地區，因為這是一項重大投資。我們對此感到很興奮。我們對這個平台感到非常興奮。

We think it's going to give us the ability to shop some predictable wood in the neighborhood, a lot of thirst for US LNG in the neighborhood, and we're excited about that. But our confidence comes from the fact that we are a global energy company. And we do care about those markets. We do care about all of that TAM.

我們認為這將使我們有能力在附近購買一些可預測的木材，滿足附近地區對美國液化天然氣的大量需求，我們對此感到興奮。但我們的信心來自於我們是一家全球性能源公司的事實。我們確實關心這些市場。我們確實關心所有這些 TAM。

I'll touch on a couple of points. I am excited. I mentioned it in passing as a proof point, but I think the EU and US deals, anything that's going to have more US LNG flowing into Europe is good.

我將談幾點。我很興奮。我順便提到這一點作為證明點，但我認為歐盟和美國的協議，任何能讓更多美國液化天然氣流入歐洲的事情都是好的。

I'm pleased that Excelsior is regularly delivering at max send out into Germany. We are an important part of the mix. So Europe is an important market. I think we've talked in the past about Germany and Germany adding gas-fired power and the resilience that they have and need. I think it's a cornerstone.

我很高興 Excelsior 能夠定期向德國發送最大數量的貨物。我們是這個組合中一個重要的組成部分。因此歐洲是一個重要的市場。我想我們過去曾談論過德國增加燃氣發電以及他們所擁有和需要的彈性。我認為它是基石。

We expect to be in Europe for a long time. Let me pivot to the other side of the world, Vietnam, since you mentioned it. How can you not be interested in a market that is -- that people widely expect to be 20 gigawatts of gas to power generation. I mean, how can you not be excited about Vietnam? I'm excited about Vietnam.

我們預計將在歐洲停留很長時間。既然您提到了越南，那麼讓我把話題轉到世界的另一端。人們普遍預計天然氣發電量將達到 20 千兆瓦，你怎麼能對這個市場不感興趣呢？我的意思是，你怎麼能不為越南感到興奮呢？我對越南感到很興奮。

I was over and met with the Prime Minister of Vietnam in late May or June, and we continue to engage with Vietnam. What I would say there is, I think what I told folks on this call back in May. We have 2 MOUs with PetroVietnam or with subsidiaries of PetroVietnam. We continue to engage with PetroVietnam. We are willing to make significant investments in Vietnam.

我於 5 月底或 6 月去越南會見了越南總理，我們將繼續與越南保持接觸。我想說的是，我想我在五月的電話會議上已經告訴大家了。我們與 PetroVietnam 或其子公司簽署了 2 份諒解備忘錄。我們繼續與越南石油公司合作。我們願意對越南進行大量投資。

We want to be part of the solution for Vietnam. We want to aid with the prosperity of that country. And the best way to do that is to continue to build and prove oneself with significant actors and national champions like PetroVietnam, and we continue to do that. So basically, I would say we're wanting to give everyone on this call some detail about the Caribbean and what we -- what our intentions are there. But we are a global company.

我們希望成為解決越南問題的一部分。我們希望幫助那個國家繁榮昌盛。而做到這一點的最好方法就是繼續與 PetroVietnam 等重要參與者和國家冠軍一起建立和證明自己，我們將繼續這樣做。所以基本上，我想說我們想向這次電話會議中的每個人介紹一些有關加勒比地區的詳細資訊以及我們在那裡的意圖。但我們是一家全球性公司。

We're bringing that global expertise to this platform just as we do to everywhere else. We are a critical part of the LNG value chain. And I expect for folks to sit up and take notice that we are the important part downstream that are going to help make all of this happen.

正如我們向其他地方所做的那樣，我們將把全球專業知識帶到這個平台。我們是液化天然氣價值鏈的重要組成部分。我希望大家能夠注意到，我們是幫助實現這一切的下游重要部分。

With that, we have no further questions in the queue at this time. So that concludes the Q&A portion of today's call. I'll hand back over to Steven Kobos, CEO, for some closing comments.

至此，我們目前沒有其他問題了。今天電話會議的問答部分到此結束。我將把時間交還給執行長史蒂文·科博斯 (Steven Kobos)，請他發表一些結束語。

Thank you all for joining us today. Look, we appreciate your continued support and engagement as we execute on our strategy and deliver long-term value. We're going to look forward to updating all of you on our progress and seeing many of you on the road in the months ahead. Thank you.

感謝大家今天的參與。您看，我們感謝您在我們執行策略和提供長期價值的過程中給予的持續支持和參與。我們期待向大家通報我們的進展情況，並期待在未來幾個月內見到你們。謝謝。

That concludes today's call. You may now disconnect your lines.

今天的電話會議到此結束。現在您可以斷開線路了。