Excelerate Energy Inc (EE) 2025 Q3 法說會逐字稿

Hello and welcome to the Accelerate Energy third quarter 2025 earnings conference call. My name is Alex, I'll be coordinating today's call. If you'd like to ask a question at the end of the presentation, please press led by 1 on your telephone keypad.

大家好，歡迎參加 Accelerate Energy 2025 年第三季財報電話會議。我叫亞歷克斯，今天我將負責協調這場電話會議。如果您想在演示結束後提問，請按電話鍵盤上的 1 號鍵。

I now hand it over to Craig Hicks, Vice President of Investor relations. Please go ahead.

現在我將發言權交給投資人關係副總裁克雷格希克斯。請繼續。

Good morning and thank you for joining Accelerate Energy's third quarter 2025 earnings call. Joining me today are Steven Kobos, President and CEO, Dana Armstrong, Chief Financial Officer, and Oliver Simpson, Chief Commercial Officer.

早安，感謝各位參加 Accelerate Energy 2025 年第三季財報電話會議。今天與我一同出席的有總裁兼執行長 Steven Kobos、財務長 Dana Armstrong 和首席商務長 Oliver Simpson。

Our third quarter earnings press release and presentation were published yesterday afternoon and are available on our website at ir.excelerateenergy.com.

我們第三季收益新聞稿和簡報已於昨天下午發布，可在我們的網站 ir.excelerateenergy.com 上查看。

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.

在開始之前，請注意，今天的討論將包含前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。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 end of the presentation. With that, it is my pleasure to pass the call over to Steven Kobos.

我們也會參考一些非GAAP財務指標。與最直接可比較的 GAAP 指標的調整表可在簡報的末尾找到。接下來，我很高興將電話轉交給史蒂文·科博斯。

Thanks, Craig, and good morning, everyone. We appreciate you joining us to discuss our third quarter 2025 results. But before we turn to the business. Update, I want to begin by acknowledging the impact of Hurricane. Melissa on Jamaica. Our thoughts are with those affected.

謝謝克雷格，大家早安。感謝各位參加我們2025年第三季業績討論會。但在正式進入業務更新環節之前，我想先談談颶風梅麗莎對牙買加的影響。我們與所有受災民眾同在。

Especially our employees, their families, and the communities we serve. We've been in close contact with our teams throughout and we're grateful for their safety and for the care they've shown to one another and to the communities around them.

尤其要感謝我們的員工、他們的家人以及我們所服務的社區。我們一直與團隊保持密切聯繫，我們感謝他們的安全，也感謝他們彼此之間以及對周圍社區的關懷。

Also. I want to note for you all that David Leiner. Our Chief Operating Officer, who's usually with us on these earning calls is currently on the ground in.

另外，我想提醒大家，我們的營運長大衛·萊納（David Leiner）通常會和我們一起參加這些財報電話會議，但他目前在場。

Jamaica. Helping to coordinate our hurricane response and relief efforts. In the days. Leading up to landfall, our crisis management team activated contingency plans. And conducted drills to ensure personal safety and operational resilience.

牙買加。協助協調我們的颶風應變和救援工作。在颶風登陸前的幾天裡，我們的危機管理團隊啟動了緊急應變計畫，並進行了演練，以確保人員安全和行動的穩定性。

On October '23, following direction from the harbor master, our FSRU at Old Harbor and our other mobile marine assets safely relocated offshore. Our teams then moved to ensure that all our critical systems and onshore operations were prepared and secured ahead of the storm.

2023年10月，根據港務長的指示，我們位於舊港的浮式儲存再氣化裝置（FSRU）和其他移動式海上資產安全轉移至近海。隨後，我們的團隊迅速採取行動，確保所有關鍵系統和陸上作業在風暴來臨前做好準備並得到妥善保護。

When Hurricane Melissa made landfall on the west side of the island, Montego Bay. Experienced severe conditions. But our infrastructure held and our teams responded quickly. The FSRU returned to port in Old Harbor on October 30th, and regasification operations resumed on October '31.

颶風梅麗莎在島嶼西側的蒙特哥灣登陸時，遭遇了惡劣天氣。但我們的基礎設施經受住了考驗，我們的團隊也迅速做出了回應。浮式儲存再氣化裝置（FSRU）於10月30日返回舊港，再氣化作業於10月31日恢復。

The Clarendon CHP plant also restarted operations that same day. As of November 1st, the Montego Bay terminal was fully operational. Deliveries to small scale customers have resumed. These deliveries were made possible through coordinated efforts to clear access routes and restore supply chains.

克拉倫登熱電聯產廠也於當日恢復營運。截至11月1日，蒙特哥灣碼頭已全面恢復運營，並已恢復向小型客戶的供貨。這些供貨的恢復得益於各方協調努力，包括清理通道和恢復供應鏈。

I want to take a moment to thank our operations team in Jamaica. The response was not only fast and effective. But it was also deeply responsible. They did what needed to be done, and they did it with care, discipline, and quiet resolve.

我想藉此機會感謝我們在牙買加的營運團隊。他們的反應不僅迅速有效，而且高度負責。他們盡責地完成了所有工作，並且表現得細緻周到、嚴於律己、沉著冷靜。

This isn't just a business when a sovereign and its people count on you for basic needs like reliable energy. That kind of trust carries weight. It's a relationship built on consistency, accountability, and respect. And it's one we take seriously.

當一個主權國家及其人民依賴你提供可靠的能源等基本需求時，這不僅僅是一門生意。這種信任舉足輕重。它是一種建立在一致性、責任感和尊重之上的關係。我們對此無比重視。

That's why our response goes beyond restoring operations. We've mobilized relief funding, fresh water, and essential supplies to support recovery efforts. We remain committed to standing with Jamaica.

因此，我們的應對措施不僅限於恢復營運。我們已調動救災資金、清潔飲用水和基本物資，以支持災後重建工作。我們將繼續與牙買加站在一起。

Not just through this recovery, but in the long-term work of strengthening energy infrastructure across the region we are proud to stand with the impacted communities as they begin to rebuild.

我們不僅在這次災後重建中，而且在加強整個地區能源基礎設施的長期工作中，都為能夠與受影響的社區站在一起，幫助他們開始重建而感到自豪。

I want to reassure our stakeholders that we have comprehensive insurance coverage for adverse weather events like this. With that insurance coverage combined with our take or pay business model.

我想向我們的利害關係人保證，我們已為此類惡劣天氣事件購買了全面的保險。憑藉這項保險保障以及我們「照付不議」的商業模式。

We are confident that there will be limited financial impacts resulting from Hurricane Melissa. Now let's turn to the third quarter. Accelerate delivered another strong quarter, underscoring the strength of our infrastructure platform.

我們相信颶風梅麗莎造成的財務影響有限。現在讓我們來看看第三季。 Accelerate 又迎來了一個強勁的季度，凸顯了我們基礎設施平台的實力。

I'll begin with a brief overview of our third quarter highlights and the current macro environment. Then I'll provide updates on two important developments. Those being our recently executed terminal contract in Iraq and the continued growth of our operations in Jamaica.

首先，我將簡要概述我們第三季的亮點以及當前的宏觀經濟環境。然後，我將介紹兩項重要進展，分別是近期在伊拉克簽署的終端合約以及我們在牙買加業務的持續成長。

After that, I'll turn the call over to Dana, and she'll walk through the financials in more detail. Accelerate delivered record quarterly EBITDA of $129 million.

之後，我會把電話轉給達娜，她會更詳細地講解財務數據。 Accelerate公司本季EBITDA創下1.29億美元的新紀錄。

This underscores the durability and diversification of our business model. With approximately 90% of our future contracted cash flows under takeer pay agreements, portfolio of weighted average investment grade counterparties.

這凸顯了我們商業模式的持久性和多元化。我們未來約90%的已簽約現金流均來自承兌付款協議，且交易對手均為加權平均投資等級客戶。

And minimal commodity exposure. We continue to deliver predictable cash flows through market cycles. On the operational front, we've maintained high levels of asset reliability across our portfolio. Our global footprint and disciplined execution.

我們極少涉足大宗商品領域。我們能夠持續在市場週期中提供可預測的現金流。在營運方面，我們始終保持著投資組合中資產的高可靠性。我們的全球佈局和嚴謹的執行力也功不可沒。

Are enabling stable returns while advancing strategic growth opportunities that position us for long-term value creation. Let's turn for a moment to the LNG macro environment. The global LNG market is entering a new phase of accelerated growth.

我們致力於在實現穩定回報的同時，推動策略成長機遇，從而為長期價值創造奠定基礎。接下來，讓我們簡單了解一下液化天然氣宏觀環境。全球液化天然氣市場正進入加速成長的新階段。

After a modest supply expansion over the past three years, Approximately $200 million tons of incremental LNG supply is expected to come online between now and the end of the decade.

經過過去三年適度的供應擴張，預計從現在到本十年末，將有價值約 2 億美元的新增液化天然氣供應投入使用。

This growth is expected to drive global LNG supply from approximately $430 million tons per annum and 25 to greater than 600 mpa by 2030.

預計到 2030 年，這項成長將推動全球液化天然氣供應量從每年約 4.3 億噸 25 億噸增加到每年 6 億噸以上。

As the ratio of global regas capacity to supply titans. Developing new regas infrastructure will become increasingly important. This imbalance is not theoretical. It's structural Many emerging markets lack financing, permitting frameworks, or time to build large scale onshore terminals.

隨著全球再氣產能與供應巨頭的比例不斷擴大，開發新的再氣基礎設施將日益重要。這種不平衡並非理論上的，而是結構性的。許多新興市場缺乏建造大型陸上終端所需的資金、審批框架或時間。

Even in developed markets, infrastructure timelines often lack commercial opportunities. Accelerate energy is purpose built to solve this problem. We offer a range of scalable regasification solutions. From FSRUs to converted LNG carriers.

即使在已開發市場，基礎建設週期也往往缺乏商業機會。 Accelerate Energy 正是為解決這個問題而生。我們提供一系列可擴展的再氣化解決方案，涵蓋從浮動儲存再氣化裝置 (FSRU) 到改造後的液化天然氣 (LNG) 運輸船等多種類型。

To integrated downstream infrastructure. These solutions can be deployed rapidly. Adapt to local constraints. An unlocked demand for gas was previously unavailable or uneconomical. More affordable LNG pricing is expected to drive incremental demand for natural gas.

整合下游基礎設施。這些解決方案可以快速部署，並能適應當地的限制。此前，天然氣需求要不是無法釋放，就是成本過高。預計更實惠的液化天然氣價格將推動天然氣需求的成長。

Particularly in price sensitive and infrastructure constrained markets. That demand will require more regasification infrastructure, not less. As we look ahead, accelerate is preparing to meet the demand of the next wave of LNG growth.

尤其是在價格敏感且基礎設施受限的市場，這種需求將需要更多的再氣化基礎設施，而不是更少。展望未來，Accelerate公司正積極準備，以滿足下一波液化天然氣成長的需求。

With our newest vessel Hull 3,407, now committed to the Iraq project. We are advancing plans to convert our existing LNG carrier, the Shenandoah into a floating storage and regasification unit. This conversion will expand our fleet's flexibility and allow us to respond more quickly to merging opportunities.

我們最新建造的船舶（船體編號3407）已投入伊拉克計畫。我們正在推動將現有液化天然氣運輸船「謝南多厄號」改裝為浮動儲存再氣化裝置的計畫。此次改裝將提升我們船隊的靈活性，使我們能夠更快地掌握併購機會。

Engineering work is already underway, and we've initiated procurement of long lead items to compress the construction timeline and accelerate deployment. These steps reflect our continued focus on scalable.

工程工作已經展開，我們已啟動長週期部件的採購，以縮短施工週期並加快部署速度。這些舉措體現了我們對可擴展性的持續關注。

Capital efficient infrastructure that can be delivered where and when it's needed most. The recent announcement regarding Iraq is a powerful example of how accelerates integrated model creates differentiated value in markets where energy infrastructure is urgently needed.

能夠有效率地利用資金的基礎設施，可以在最需要的時間和地點交付使用。最近關於伊拉克的公告就是一個強而有力的例證，它展示了加速一體化模式如何在急需能源基礎設施的市場中創造差異化價值。

In October, we executed a definitive agreement with a subsidiary of Iraq's Ministry of Electricity to develop the country's first LNG import terminal at the port of Hor al-Zubair.

10 月，我們與伊拉克電力部的一家子公司簽署了最終協議，在霍爾祖拜爾港開發該國第一個液化天然氣進口終端。

This agreement builds on extensive engagement with the government of Iraq over the past several years. We've worked closely with key stakeholders to shape a reliable solution. That addresses the country's urgent energy needs and supports its long-term infrastructure goals.

這項協議建立在過去幾年與伊拉克政府的廣泛諮詢之上。我們與主要利害關係人緊密合作，制定了一項可靠的解決方案，既滿足了伊拉克迫切的能源需求，也支持其長期基礎建設目標。

Iraq continues to face chronic power shortages and unreliable gas supply. These challenges have led to persistent load shedding and heavy reliance on imported gas from neighboring countries. Our integrated solution offers a fast track path to energy security.

伊拉克持續面臨電力短缺和天然氣供應不穩定的問題。這些挑戰導致持續的限電措施，並嚴重依賴從鄰國進口天然氣。我們的一體化解決方案為實現能源安全提供了一條快速途徑。

Accelerate will deliver a turnkey package that includes an FSRU, fixed terminal assets, LNG supply, and operational support. This integrated structure is strategically significant.

Accelerate將提供一站式交鑰匙工程，包括FSRU（浮動儲存再氣化裝置）、固定終端資產、LNG（液化天然氣）供應和營運支援。這種一體化架構具有重要的策略意義。

Unlike a traditional FSRU charter where accelerate provides regasification capacity alone, An integrated deal allows us to capture a broader portion of the value chain. This approach also creates multiple revenue streams and a more durable commercial framework.

與傳統的FSRU（浮式儲存再氣化裝置）租賃模式（Accelerate僅提供再氣化能力）不同，一體化交易使我們能夠獲得更廣泛的價值鏈份額。這種方式還能創造多元化的收入來源，並建構更持久的商業框架。

Iraq has already made meaningful progress on enabling infrastructure. A 40 kilometer pipeline connecting the jetty to the tie-in pipeline network is largely complete.

伊拉克在基礎建設方面已經取得了顯著進展。連接碼頭和輸油管網路的40公里管道已基本完工。

Under the agreement, we will construct and operate the floating. LNG import terminal. It's designed to accommodate up to $500 million standard cubic feet per day of gasification capacity. We also plan to repurpose an existing jetty at Ho Al-Zubair port that has been deemed structurally suitable for FSRU operations.

根據協議，我們將建造並營運一座浮動液化天然氣進口終端。該終端的設計處理量高達每日5億美元標準立方英尺的液化天然氣。我們還計劃改造胡祖拜爾港現有的一座碼頭，該碼頭的結構已被認為適合浮式儲存再氣化裝置（FSRU）的運作。

The project includes a five year agreement for gasification services and LNG supply.

該項目包括一項為期五年的氣化服務和液化天然氣供應協議。

It's got extension options and a minimum contracted uptake of $250 million standard cubic feet a day. Let's call that equivalent to about $200 million tons per annum of LNG. We will deploy 3,407, our newest FSRU, and deliver the topside equipment and berth modifications required to enable operations of the jetty.

該項目具有延期選項，最低合約約定日吞吐量為2.5億標準立方英尺。我們姑且認為這相當於每年約2億美元液化天然氣。我們將部署最新的3407號浮式儲存再氣化裝置（FSRU），並交付碼頭運作所需的上部設備和泊位改造工程。

So why is whole 3,407 a strategic fit for the project? Well, In addition to its high send out capacity, Hole 3,407 offers best in class boil off gas management.

那麼，為什麼3407號井對該計畫來說具有戰略意義呢？除了其高出氣能力外，3407號井還提供一流的蒸發氣管理。

Delivering strong operational efficiency and reliability. Its advanced design and flexible deployment make it well suited to meet Iraq's large scale and urgent energy needs.

它擁有卓越的運作效率和可靠性。其先進的設計和靈活的部署方式使其非常適合滿足伊拉克大規模且迫切的能源需求。

The total project investment is expected to be approximately $450 million inclusive of the cost of the FSRU. With the definitive agreement now in place. We're advancing project execution while continuing to de-risk the opportunity through a take or pay contract structure, credit support, political risk insurance, and strong support from the US government.

該項目總投資預計約為4.5億美元，其中包括FSRU的成本。目前已達成最終協議。我們正在推動專案執行，同時透過「照付不議」合約結構、信用支持、政治風險保險以及美國政府的大力支持，持續降低專案風險。

Political risk insurance provides added assurance for long-term stability, while US government support reinforces confidence in the project. And strengthens its strategic importance in the region. Together these measures enhance certainty and create a strong foundation for successful execution.

政治風險保險為長期穩定提供了額外保障，而美國政府的支持則增強了人們對該計畫的信心，並提升了其在該地區的戰略重要性。這些措施共同增強了確定性，並為專案的成功實施奠定了堅實的基礎。

Now let's turn back to Jamaica. In the third quarter, the reliability of our Jamaica assets remained exceptional. They exceeded 99.8% across the platform.

現在讓我們回到牙買加。第三季度，我們在牙買加的資產可靠性依然非常出色。他們在平台上的佔比超過了 99.8%。

Integration continues to progress extremely well.

整合工作進展非常順利。

We've continued to optimize our LNG and power platform by selling incremental gas volumes to existing customers, progressing commercial agreements with new small scale customers on the island and throughout the Caribbean.

我們不斷優化我們的液化天然氣和電力平台，向現有客戶銷售更多天然氣，並與島上和整個加勒比地區的新小規模客戶推進商業協議。

And improving the efficiency of our integrated operations. Jamaica also serves as a proof of concept for the scalable solutions we aim to replicate across our global footprint. Now more than ever we're committed to investing in the critical infrastructure needed to help rebuild and strengthen Jamaica's energy network in the wake of Hurricane Melissa.

並提升我們一體化營運的效率。牙買加也為我們旨在全球推廣的可擴展解決方案提供了概念驗證。如今，我們比以往任何時候都更加致力於投資關鍵基礎設施，以幫助重建和加強受颶風梅麗莎影響的牙買加能源網路。

We will work collaboratively with the government and our customers on the island to enhance the system's durability. And ensure long-term reliability. To sum it up, Accelerate Energy is executing with discipline and delivering results. We're solving real infrastructure challenges in real markets, and we're doing it at scale.

我們將與島上政府和客戶通力合作，提昇系統的耐久性，確保長期可靠性。總而言之，Accelerate Energy 以嚴謹的執行力和卓越的成果著稱。我們正在解決真實市場中真正的基礎設施挑戰，而且我們正在大規模地解決這些問題。

As we look ahead, we see significant opportunities to extend our platform into new regions and deepen our presence in existing ones. Our ability to deploy reliable energy regasification infrastructure when and where it's needed most, position us well to meet rising demand.

展望未來，我們看到了將平台拓展至新地區並深化在現有地區業務的巨大機會。我們能夠在最需要的時間和地點部署可靠的能源再氣化基礎設施，這使我們能夠更好地滿足不斷增長的需求。

And unlock new growth. Thank you for your continued support and confidence in accelerate Energy. With that, I will turn the call over to Dan.

並開啟新的成長機會。感謝您一直以來對Accelerate Energy的支持與信任。接下來，我將把電話交給Dan。

Thanks Stephen and good morning everyone. As stated by Stephen, we had a great third quarter. We reported adjusted net income of $57 million which is a sequential increase of $10 million or up 22% as compared to the second quarter of this year.

謝謝史蒂芬，大家早安。正如史蒂芬所說，我們第三節表現出色。我們公佈的調整後淨收入為 5,700 萬美元，比今年第二季季增 1,000 萬美元，增幅達 22%。

Adjusted EBITDA for the third quarter was $129 million, up 22 million, or up 21% versus the prior quarter.

第三季調整後 EBITDA 為 1.29 億美元，比上一季增加 2,200 萬美元，增幅達 21%。

Adjusted net income and adjusted EBITDA for the third quarter increased from last quarter primarily due to a full 25% of Jamaica margin, an uplift from our second cargo delivery related to our Atlantic basin supply which utilized our new LNG carrier, the Accelerate Shenandoah.

第三季調整後淨收入和調整後 EBITDA 較上一季有所成長，主要原因是牙買加利潤率達到 25%，這得益於我們與大西洋盆地供應相關的第二批貨物交付，該批貨物使用了我們新的液化天然氣運輸船「Accelerate Shenandoah」。

In comparison to our guidance range announced in August, we achieved considerable savings in the third quarter related to our exemplar dry dock, which completed in September with less off-hire days than anticipated, along with lower costs than we had projected.

與我們 8 月公佈的指導範圍相比，我們在第三季度實現了與示範性乾船塢相關的可觀節省，該乾船塢於 9 月完工，停租天數比預期要少，成本也比我們預期的要低。

Additionally, our third quarter performance was favorably impacted by lower than expected fuel costs for the Shenandoah.

此外，由於謝南多厄地區的燃料成本低於預期，我們第三季的業績也得到了正面影響。

Turning to our balance sheet remains strong and continues to provide the stability and flexibility needed to execute on our long-term strategy and to navigate dynamic market conditions. For the three months ended September 30th, our total debt, including financed leases, was $1.3 billion.

從資產負債表來看，我們的資產負債表依然穩健，並持續提供執行長期策略和應對動態市場環境所需的穩定性和靈活性。截至 9 月 30 日的三個月內，我們的總債務（包括融資租賃）為 13 億美元。

And we had $463 million of cash and cash equivalents on hand. Additionally, all of the $500 million of capacity under our revolver was available for borrowings. At the end of the third quarter. We had $818 million of net debt, and our 12 month trailing net leverage stood at roughly 2 times.

我們當時手頭上有4.63億美元的現金及現金等價物。此外，我們循環信貸額度下的 5 億美元全部可用於借款。第三節結束時。我們當時的淨債務為 8.18 億美元，過去 12 個月的淨槓桿率約為 2 倍。

This strong balance sheet combined with discipline, capital allocation, and robust cash flow. Gives us ample liquidity and financial flexibility to fund additional growth projects.

強勁的資產負債表，加上嚴謹的財務紀律、合理的資本配置和穩健的現金流。這為我們提供了充足的流動資金和財務靈活性，可以為額外的成長項目提供資金。

Now I'd like to spend a few minutes on our capital allocation priorities.

現在我想花幾分鐘時間談談我們的資本配置優先事項。

Our priorities have not changed. We remain focused on investing in a creative growth opportunities and delivering consistent shareholder returns through dividends and opportunistic share repurchases while preserving balance sheet strength to enable long-term strategic flexibility.

我們的工作重點沒有改變。我們將繼續專注於投資創新成長機會，並透過分紅和擇機回購股票為股東帶來持續回報，同時保持資產負債表的穩健性，以實現長期的策略靈活性。

This disciplined approach positions accelerate to create sustainable long-term value while achieving attractive near-term returns.

這種嚴謹的方法有助於加速創造可持續的長期價值，同時實現具有吸引力的短期回報。

In line with this framework, on October 30th, our board of directors approved a quarterly cash dividend of $0.08 per share, or $0.32 per share on an annualized basis. The dividend is payable on December 4th to Class A common stockholders of record as of the close of business on November 19th.

根據此框架，10 月 30 日，我們的董事會批准了每股 0.08 美元的季度現金股息，或按年計算每股 0.32 美元。股利將於 12 月 4 日支付給截至 11 月 19 日營業結束時登記在冊的 A 類普通股股東。

Now let's turn to an update on our financial guidance.

現在讓我們來看看最新的財務指導意見。

Based on our results to date, we are increasing our previously communicated adjusted EBITDA guidance for 2025. For the full year, we now expect adjusted EBITDA to range between $435 million and $450 million. This revised guidance range incorporates the minimal financial impact we expect from Hurricane Melissa.

根據我們迄今為止的業績，我們將上調先前公佈的 2025 年調整後 EBITDA 預期。我們現在預計全年調整後 EBITDA 將在 4.35 億美元至 4.5 億美元之間。此次修訂後的指導範圍包含了我們預計颶風梅麗莎造成的最小財務影響。

Also, as a reminder, we delivered a seasonal cargo under our Atlantic Basin supply deal in the third quarter.

另外，提醒一下，我們在第三季根據大西洋盆地供應協議交付了一批季節性貨物。

Since the next Atlantic basin delivery is expected to be in the first quarter of 2026, the fourth quarter of 2025 does not include EPIDA related to the Atlantic basin.

由於下一次大西洋盆地交付預計將在 2026 年第一季度，因此 2025 年第四季不包括與大西洋盆地相關的 EPIDA。

In regard to Hurricane Melissa, as Steven mentioned earlier, thanks to our comprehensive insurance coverage and the swift restoration of operations across our Jamaican assets following the storm, we currently expect only a limited impact on our fourth quarter results.

關於颶風梅麗莎，正如史蒂文之前提到的，由於我們全面的保險保障以及風暴過後我們在牙買加資產的迅速恢復運營，我們目前預計對我們第四季度的業績只會產生有限的影響。

For Accelerate overall, we expect maintenance CapEx to continue to range between $65 million and $75 million. Committed growth CapEx, which is defined as capital allocated and committed to specific infrastructure investments currently in execution, is still expected to range between $95 million and $105 million this year.

就 Accelerate 專案整體而言，我們預期維護性資本支出將繼續維持在 6,500 萬美元至 7,500 萬美元之間。已承諾的成長性資本支出（定義為已分配並承諾用於目前正在執行的特定基礎設施投資的資金）預計今年仍將維持在 9,500 萬美元至 1.05 億美元之間。

Before I close, I want to speak briefly to the commercial deals we now have in place that will drive our financial outlook in the coming years.

在結束演講之前，我想簡要地談談我們目前已達成的商業協議，這些協議將在未來幾年推動我們的財務前景。

First, I'll start with the project and the placement of our new build, Hull 33,407. As Steven said, we're excited to have secured this opportunity.

首先，我將從專案和我們新建造的船體 33,407 的位置開始。正如史蒂文所說，我們很高興能獲得這個機會。

From a return perspective, the project is expected to have an even to build multiple between 4.5 times and 5 times, which is consistent with the economics we expect for infrastructure projects that are fully integrated with LNG supply. Second, our Petro Bangla Qatar Energy LNG supply deal begins in January 2026.

從回報的角度來看，該項目的建設回報率預計在 4.5 倍到 5 倍之間，這與我們對與液化天然氣供應完全整合的基礎設施項目的經濟預期是一致的。其次，我們與 Petro Bangla Qatar Energy 的液化天然氣供應協議將於 2026 年 1 月開始生效。

This 15 year take or pay infrastructure based contract is back to back to mitigate commodity risk and is expected to contribute $15 million of incremental EBITDA in 2026 and 2027 and then step up to $18 million of EPBITDA in 2028 and thereafter.

這份為期 15 年的照付不議基礎設施合約是連續簽訂的，旨在降低商品風險，預計將在 2026 年和 2027 年貢獻 1500 萬美元的增量 EBITDA，然後在 2028 年及以後逐步增加到 1800 萬美元的 EBITDA。

Third, our 2026 earnings will benefit from a full year of contribution from the integrated platform in Jamaica. Our assets in Jamaica have continued to exceed our operational expectations and have proven to be a great addition to our portfolio.

第三，2026 年我們的收益將受惠於牙買加綜合平台全年的貢獻。我們在牙買加的資產持續超出我們的營運預期，並已證明是我們投資組合的絕佳補充。

As we've previously mentioned, we expect to add $80 million to $110 million of incremental EBITDA over the next five years, driven by Jamaica and broader Caribbean growth. We'll provide further detail on our 2026 guidance, including guidance around expected 2026 dry docks on our year-end earnings call in February of next year.

正如我們之前提到的，我們預計在未來五年內，在牙買加和更廣泛的加勒比地區成長的推動下，將新增 8,000 萬美元至 1.1 億美元的 EBITDA。我們將於明年二月舉行的年終收益電話會議上提供 2026 年業績指引的更多細節，包括 2026 年預期乾船塢的指引。

In closing, Accelerate is well positioned to deliver long-term value for our shareholders.

總之，Accelerate 已做好充分準備，為我們的股東創造長期價值。

We remain focused on discipline, execution, and are committed to investing in growth opportunities that will strengthen our long-term earnings potential while also returning capital to our shareholders. With that, we'll open up the call for Q&A.

我們將繼續專注於紀律和執行，並致力於投資成長機會，以增強我們的長期獲利潛力，同時為股東帶來回報。接下來，我們將開放問答環節。

(Operator Instructions)

（操作說明）

Our first question for today comes from Wade Suki of Capital One Securities. Your line's now open, please go ahead.

今天我們提出的第一個問題來自 Capital One Securities 的 Wade Suki。您的線路已開通，請繼續。

Thank you, operator and good morning everyone. I appreciate you all taking my questions. Just the first one on Iraq if I could, just curious on the split between, let's call it vessel and supply margin. Would it be safe to assume sort of like a 65% to 35% split.

謝謝接線員，大家早安。感謝各位回答我的問題。如果可以的話，我只想問關於伊拉克的第一件事，我只是好奇，我們姑且稱之為船隻和補給之間的差距。假設比例大致為 65% 比 35% 是否合理？

Between the two? Hey Wade, good morning. This is Steven.

兩者之間？嘿，韋德，早安。這是史蒂文。

Frankly, I don't think that we are going to be breaking it down at this point. I mean, you should just really look at the integration of it. I think what Dana said 4.5 turn multiple based upon it, but look, there's some variability there. Minimum take is $250 million steps a day weighed.

坦白說，我覺得我們現在沒必要深入分析。我的意思是，你應該專注於它的整合。我認為達納說的4.5倍市盈率是基於此的，但你看，這裡面存在一些變數。最低收入為每天 2.5 億美元（以步數計算）。

I think I said on the call that was $200 million tons. Let's call that $2 million tons. Let me do a correction there. But it could easily go up to $500 million scuffs part of the year. So implicitly, there's some variability in that component.

我想我在電話會議上說過，那是2億美元噸。我們姑且稱之為200萬噸。讓我做個更正。但一年中某些時候，損失很容易高達 5 億美元。因此，這其中隱含著一些可變性。

But at this point, what we want to point to is just that overall.

但就目前而言，我們想指出的是整體情況。

Build multiple.

建造多個。

Absolutely, no, I appreciate that, very attractive. I guess maybe just switching gears a little bit, to the conversion. It sounds like we've sort of got a definitive, move forward all clear here. Can you kind of remind us, I know you've done some, engineering work.

當然，不，我很欣賞這一點，非常有吸引力。我想或許應該稍微轉換一下話題，談談轉換過程。聽起來我們已經有了明確的進展，一切就緒，可以繼續前進了。你能提醒我們一下嗎？我知道你做過一些工程的工作。

I think you might have mentioned on a previous call having spent, I don't know, let's say $30 million just off the top of my head. Can you sort of remind us, how you see that sort of timeline and capital cost, to convert that vessel, when it goes in the shipyard or any way kind of bracket the timeline around CapEx and I guess dry dock time would.

我想你可能在之前的電話會議中提到過，花費了，我不知道，就我記憶所及，大概 3000 萬美元吧。您能否提醒我們一下，您認為改裝這艘船所需的時間軸和資本成本是多少？例如，當它進入造船廠時，或以某種方式大致估算一下資本支出和乾船塢時間的時間範圍？

Be great.

做到最好。

Thank you.

謝謝。

You wait and As I mentioned, David's down in Jamaica right now and in fact, I think you all saw our press release on some of our efforts down there, the Shenandoah, which is we're talking about is Alongside in Kingston and is going to start offloading humanitarian supplies at 20 and we envision it's going to take about.

你們等著，正如我剛才提到的，大衛現在在牙買加，事實上，我想你們都看到了我們關於我們在那裡的一些工作的媒體稿，我們正在談論的“謝南多厄號”目前停泊在金斯頓，將於20日開始卸載人道主義物資，我們預計大約需要一段時間。

12 hours to get that all offloaded. So I just want to give a shout out to the conversion candidate because she's doing good things for Jamaica and the people of Jamaica right now.

12個小時就把所有東西都卸下來了。所以我想特別表揚這位改宗候選人，因為她現在正在為牙買加和牙買加人民做很多好事。

The $30 million that you spoke to, Wade, I believe that was going to the acquisition cost of the Shenandoah that we spoke about before. That was, of course, kind of all in right after she had been dry docked right before delivery.

韋德，你提到的那 3000 萬美元，我相信是用來支付我們之前談到的謝南多厄的收購費用。當然，那都是在她交貨前完成乾船塢維修之後的事了。

In terms of what we've spoken to you before, I think we've had a decent range saying, we're kind of thinking about all $200 million in on a conversion that varies between what.

就我們之前和你們談過的內容而言，我認為我們已經談到了一個相當不錯的範圍，我們正在考慮將全部 2 億美元投入到一個轉換過程中，轉換範圍在什麼之間。

What you're starting with is the host ship. This will be the lower end of that. You can imply from that that there will be a more extensive CapEx than if the host vessel had been a TFDE vessel without geeking out too much on the shippy stuff. So I think we're consistent with that.

你首先要面對的是宿主船。這將算是最低值。由此可以推斷，如果宿主船是 TFDE 船，那麼資本支出將會更高，而無需過度糾結於船舶方面的技術細節。所以我覺得我們在這點上是一致的。

Ultimately, I don't want to commit to a particular time frame in the yard on it. We're going to give ourselves plenty of time, so that we can execute that in a good way, but I can assure you, we've just put away 3,407 in a great home, and our effort and our focus is on Shenandoah at this point.

最終，我不想在院子裡設定一個具體的時間期限。我們會給自己充足的時間，以便我們能夠很好地執行這項任務，但我可以向你們保證，我們剛剛把 3,407 號球衣安置在一個很棒的球衣上，目前我們的精力和注意力都集中在 Shenandoah 球衣上。

But wait, I'll ask your next question, which is, what do you think, what else are you thinking about?

等等，我再問你一個問題，那就是，你覺得呢，你還在想些什麼？

We haven't given up on new buildings. We've had a team in Korea talking extensively and workshopping what a new generation could look like for different markets we're thinking about. So I don't want to indicate by virtue of the steps we're taking with Shenandoah that that is an exclusive path.

我們並沒有放棄新建建築的計畫。我們在韓國組建了一個團隊，就我們正在考慮的不同市場，進行了廣泛的討論和研討會，探討新一代產品可能會是什麼樣子。所以，我並不想透過我們與謝南多厄大學共同採取的措施來表明這是一條唯一的道路。

Forward Understood. Thank you. Very clear and just appreciate your comments and efforts in Jamaica. I hope the rest of the island recovers as quickly. Thanks again. Appreciate it. You all have a great day.

明白了，謝謝。非常清楚，感謝您在牙買加的評論和付出。我希望島上其他地方也能盡快恢復。再次感謝。謝謝。祝大家今天過得愉快。

Thank you.

謝謝。

Our next question comes from Chris Robertson of Deutsche Bank.

下一個問題來自德意志銀行的克里斯羅伯森。

The line is now open. Please go ahead.

線路已開通。請繼續。

Thank you, operator, and thank you for taking my questions. I'm just wondering. If you guys could walk.

謝謝接線員，也謝謝您回答我的問題。我只是好奇，你們能不能走路？

Through what you're thinking on remaining spend on the new building asset, currently under construction and then how you're thinking about when work will commence at the jetty in Iraq, kind of your estimate around equipment and construction costs there, just outside of the remaining new build.

透過您對目前正在建設中的新建築資產剩餘支出的考慮，以及您對伊拉克碼頭何時開工的考慮，您對那裡的設備和建設成本的估計（就在剩餘的新建築之外）。

CapEx Okay.

資本支出沒問題。

Chris, this is Steven. I think I'm, we're going to divide that question up. I'll let Dana speak first to what's left on delivery on 3,407, then I'll let Oliver, who was Lead for some number of weeks in Baghdad on this project, really fired up about it.

克里斯，這位是史蒂文。我認為我們應該把這個問題分成幾個部分來討論。我先讓達娜談談 3407 號交付項目還剩下什麼，然後讓奧利弗談談這個項目，他曾在巴格達擔任該項目的負責人好幾週，他對此非常激動。

Let him speak to construction, but I'll tell you, we're trying to bring this online. As quickly as we can, there's a pressing need for this, for the people of Iraq. We need to help solve this load shedding, so.

讓他去談建設方面的事情吧，但我告訴你，我們正在努力盡快讓這個專案上線。伊拉克人民迫切需要這個項目，所以我們必須盡快完成。我們需要協助解決限電問題，所以…

The big picture is as soon as possible.

長遠來看，越快越好。

But I'll hand it over today.

但我今天就會把它交出去。

Yes, on the new build, Chris, it's actually pretty simple. We've got $200 million left to pay, and that'll be paid at delivery. So the total cost of the shipyard was about $340 million with some of our change orders.

是的，克里斯，在新版本上，其實很簡單。我們還剩下 2 億美元要付，這筆錢將在交貨時支付。因此，加上我們的一些變更訂單，造船廠的總成本約為 3.4 億美元。

So $340 million shipyard costs, roughly about another 10% of ancillary costs for owner furnished equipment and other items. It's going to be over time. And then we've, that's just being paid over time. It's pretty small, but the big payment is $200 million when it's delivered next year.

因此，造船廠成本為 3.4 億美元，船東提供的設備和其他物品的輔助成本約佔 10%。這需要時間。然後，我們還有，就是分期付款。雖然規模不大，但明年交付時需要支付2億美元的大筆款項。

Yeah, if I take on the, yeah.

是的，如果我接受的話，是的。

Hey, Chris, if I take on the sort of jetty side, on the in-country side in Iraq, as we mentioned, we're looking to get this up and running by summer '26.

嘿，克里斯，如果我負責伊拉克境內碼頭那邊的工程，正如我們之前提到的，我們希望能在 2026 年夏天之前把它建成並投入使用。

So really, starting from now through next summer, that's how you'll see that CapEx fill out. There are some long lead items that either we've had in stock and that we're able to deploy or that we're in the process of procuring. So we'll see that ramp up on the overall journey spend between now and next summer.

所以實際上，從現在到明年夏天，你會看到資本支出項目是這樣逐步完成的。有些交貨週期較長的商品，要么我們已經有庫存並且可以立即部署，要么我們正在採購中。因此，我們將看到從現在到明年夏天，整體旅行支出將會增加。

And just to summarize, the project is expected to cost $450 million which is inclusive of the $340 million for the whole of the 3,407, then we should assume around $100 million or so of CapEx related to terminal construction.

綜上所述，該項目預計耗資 4.5 億美元，其中包括 3,407 座客運站的全部費用 3.4 億美元，那麼我們應該假設與航站樓建設相關的資本支出約為 1 億美元。

Roughly there's some ancillary cost on the on the new build. So the new build is roughly all370 in and so the rest of that is the estimate for Iraq.

新建工程通常會產生一些額外的費用。所以新建的大約是 370 套，其餘就是對伊拉克的估計。

Yeah, and Chris, just 11. Thank you. So I was going to just add 11 point of clarity on that. Just, obviously we, we're using an existing jetty, in Hua Zabar.

是的，克里斯，就11點。謝謝。所以我本來想補充11點說明。很顯然，我們使用的是華扎巴爾現有的碼頭。

So, that's why, I mean, generally the cost of building a full jetty would be higher, but this is using an existing jetty and putting on the topside equipment and getting it ready for, LNG.

所以，我的意思是，通常建造一個完整的碼頭的成本會更高，但這裡是利用現有的碼頭，安裝上部設備，並使其為液化天然氣做好準備。

Operations.

營運.

Thanks for clarifying that. I just wanted to shift focus a bit to your commercial discussions in the Caribbean outside of Jamaica.

謝謝你的解釋。我只是想稍微把話題轉移到你們在牙買加以外的加勒比地區的商業討論上。

If you could comment where you're seeing more interest, are you seeing interest in more small scale onshore regas and transmission solutions? Are you seeing appetite for floating solutions? Or where are those conversations, kind of focused right now?

如果您能談談您認為哪些方面更受關注，例如小型陸上再氣化和輸送解決方案是否更受歡迎？您認為市場對浮動式解決方案有需求嗎？或者說，目前這些討論的焦點在哪裡？

So, I'll take that again, Chris. And, I think the answer is a little bit of all of the above. But, I'd say I'd point to what just happened in Jamaica, in the last week. Obviously, there was this, Melissa was a Category 5 hurricane that came through and, we took off. The FSIU was able to leave the bus, go to a safe place, and come back.

那我再說一遍，克里斯。我認為答案是以上所有因素都兼具。但是，我想指出的是上週在牙買加發生的事情。顯然，當時發生了這樣的事，梅麗莎是一場五級颶風，它襲擊了我們，然後我們就離開了。FSIU得以離開巴士，前往安全地點，然後返回。

So I think there's a, there's certainly a lot of value in the floating solutions in terms of the critical infrastructure they are and how they can respond to these kind of events. So I would certainly expect, conversations going forward to Look at this as a as a as a big plus, but really it's, every island is unique, different availability of land on shore, different water depths.

所以我認為，就關鍵基礎設施而言，浮動解決方案肯定具有很大的價值，而且它們能夠應對這類事件。所以我當然希望，未來的對話會把這視為一個巨大的優勢，但實際上，每個島嶼都是獨一無二的，岸上的土地可用性不同，水深也不同。

So with our technical team we're looking at a wide range of solutions and really using Jamaica as a hub, which for us is that's that critical. Commercial advantage we have, we can then develop different technical solutions for these different markets and and I'm seeing, we're seeing good interest across the Caribbean to use LNG to displace liquid fuels and So I think that's progressing well.

因此，我們的技術團隊正在研究各種解決方案，並真正將牙買加作為樞紐，這對我們來說至關重要。我們擁有商業優勢，因此可以為這些不同的市場開發不同的技術解決方案。我看到，加勒比地區對使用液化天然氣替代液體燃料表現出濃厚的興趣，所以我認為這方面進展順利。

Great, thank you. I'll turn it over.

太好了，謝謝。我把它翻過來。

Thank you. Our next question comes from Bree Brooks of Northland Capital Markets. Your line's now open, please go ahead.

謝謝。下一個問題來自 Northland Capital Markets 的 Bree Brooks。您的線路已開通，請繼續。

Hey, thanks guys for taking my question. So just with the growth CapEx guide unchanged for this year, is it then right to assume the majority of the spending for the term, the jetty in Iraq is then going to be coming in the first half of 26?

嘿，謝謝各位回答我的問題。假設今年的成長資本支出指引保持不變，那麼是否可以假設大部分支出（包括伊拉克碼頭的建設）將在 2026 年上半年完成？

Yeah, Bobby, I think that's a safe bet.

是的，鮑比，我覺得很穩。

Got it. And then, well, I want to just say my thoughts are with those affected by Hurricane Melissa in Jamaica and it, and it's great to hear how much you're helping the country get its feedback underneath itself.

知道了。然後，我想說，我非常關心受颶風梅麗莎影響的牙買加人民，很高興聽到你們為幫助該國進行自我反思做出了巨大貢獻。

But that, and the, at the same time, it's great to hear how quickly the, your business operations got back up and running and how insulated your financial contributions from your assets are. There, so my question is it right to think that all of your other assets have similar insurance coverage that would insulate you from natural disasters like this?

但同時，很高興聽到您的業務營運恢復得如此迅速，以及您的財務投入與您的資產之間是如何相互隔離的。所以我的問題是，是否可以認為您所有其他資產都有類似的保險保障，可以保護您免受此類自然災害的影響？

Bobby, The short answer, yes. I want to brag on the ops group though a little bit here because you all will remember when we were talking about some of the incremental maintenance CapEx we spent in Jamaica over the summer, and you may recall that involved putting in Black Star generators.

鮑比，簡而言之，是的。我想在這裡稍微誇獎一下營運團隊，因為你們都記得我們之前討論過今年夏天在牙買加投入的一些增量維護資本支出，你們可能還記得其中就包括安裝黑星發電機。

It also included strengthening seawalls. And frankly, we said we're just wanting to take, do the things that brought these assets up to an accelerate standard.

其中包括加固海堤。坦白說，我們說過我們只是想採取一些措施，讓這些資產達到加速發展的標準。

And thank God we did because that those moves and planning and execution by the accelerated operations team over the summer made a tremendous difference here. So I'm going to salute them and just as a reminder that the type of uptime that they achieve around the globe is not an accident.

感謝上帝，我們做到了，因為夏季加速營運團隊的這些舉措、計劃和執行在這裡產生了巨大的影響。所以我要向他們致敬，同時也要提醒大家，他們在全球範圍內取得的這種正常運作時間並非偶然。

So, I'll make that point. I would say in general, Bobby, most of the insurance programs on the floating assets, it's all quite similar, on land-based assets. It's going to depend upon the type of the asset.

所以，我就說這一點。總的來說，鮑比，大多數水上資產的保險計劃與陸上資產的保險計劃非常相似。這取決於資產的類型。

But there's general commonality across the platform.

但該平台存在一些普遍的共通性。

Got it. That's really helpful color and great to hear that the operate, got to be able to execute those pieces to strengthen the operating base before the hurricane came in.

知道了。這真是個很有幫助的顏色，很高興聽到行動小組能夠在颶風來臨之前執行這些措施來加強行動基礎。

And my last question is just, could you remind us, do you, of your current, the contracts you have across the globe right now are there's none coming up, none expiring over the next couple of years, or when's kind of the next one coming up where you could. Maybe move an asset to a different location.

我的最後一個問題是，您能否提醒我們一下，您目前在全球範圍內簽訂的合同中，是否有即將到期或在未來幾年內到期的合同，或者下一個即將到期的合同大概是什麼時候？或許可以將資產轉移到其他地點。

Bobby, you're always wanting us to optimize, man, and we do too. We have two on Evergreen that we're always trying to get our hands on, obviously, Express and Expedient, And we're continuing to look at ways to do that.

鮑比，你總是希望我們做到最好，我們也是。顯然，我們一直想辦法拿下 Evergreen 上的兩家公司，分別是 Express 和 Expedient，我們也持續尋找方法來實現這一目標。

That's going to be a catalyst, obviously, we've managed at this point to have, higher contracted rates on most everything that we've been able to redeploy and we would look for that to be the case if we can get our hands on those, but in general, then you've got.

顯然，這將起到催化劑的作用。目前，我們已經設法提高了大部分可重新部署項目的合約費率，如果我們能繼續獲得這些項目，我們希望情況也能如此。但總的來說，情況就是這樣。

You've got Excelsior in Germany in 2028. That's a longer discussion.

2028年，德國將迎來Excelsior。那就需要更深入的討論。

Excelsior, since she's come online, is sending maximum gas ashore. I'm proud, by the way, that As far as I know, she's taken all US LNG since she came online in May, and that's a great asset that the German government has spent a lot of money comporting the ports to work with Excelsior.

自投入使用以來，「精益求精號」一直在向岸上輸送最大天然氣。順便說一句，我感到自豪的是，據我所知，自 5 月投入營運以來，她接收了所有美國的液化天然氣，這是德國政府投入大量資金改造港口與 Excelsior 合作的一項巨大資產。

We've spent a lot of money on Excelsior. We think it's a great asset. We'll be having further discussions about it down the road, but I'm really I'm really proud of that ship and everything she's doing.

我們在Excelsior上投入了很多錢。我們認為這是一筆寶貴的財富。我們以後會就此進行進一步的討論，但我真的為這艘船以及它所做的一切感到無比自豪。

I understand she's kind of fully booked for next year, so bottom line is, That asset is used, it's providing good value, and it remains cheap insurance. So, but that's kind of a look at what's sort of nearer term out there.

我知道她明年的檔期已經排滿了，所以總而言之，這項資產得到了充分利用，物有所值，而且保險費用仍然很低。所以，這算是對近期發展趨勢的一種展望。

Appreciate the call and congrats on the great quarter. I'll return to the queue.

感謝來電，恭喜你們本季業績優異。我將重新排隊。

Thank you. Our next question comes from Michael Ciala of Stephens Inc.. Your line's now open, please go ahead.

謝謝。下一個問題來自 Stephens Inc. 公司的 Michael Ciala。您的線路已開通，請繼續。

Good morning. I'll start off by echoing everybody else's sentiments on commending you on your relief efforts for Jamaica. Want to, ask, you, you've talked in the past about scaling the Jamaica model across the Caribbean.

早安.首先，我要和大家一樣，對您為牙買加所做的救災工作表示讚賞。我想問一下，您過去曾談到將牙買加模式推廣到整個加勒比地區。

It sounds like now you're saying you want to do that across your global footprint. I don't know if I'm reading too much into that. Has anything changed there to, have you, make that comment at this.

聽起來你現在是說你想在全球推廣這種做法。我不知道我是不是想太多了。那邊情況有改變嗎？你對此有何評論？

Point? This is Steven. I sure as heck hope I haven't been saying we only want to scale and grow the Caribbean. I mean, this is a global company and we want to do this all over the world.

重點是什麼？我是史蒂文。我當然希望我沒有說過我們只想擴大和發展加勒比地區的業務。我的意思是，這是一家全球性公司，我們希望在世界各地開展這項業務。

Anything in particular about Jamaica though that I guess that you're seeing that is transferable to other areas of the.

不過，我想你看到的關於牙買加的某些特別之處，是可以推廣到其他地區的。

Globe? Yeah. I mean Mike I. What I'd love is if you, when we look back at 2025, we will have come. To the market with two fully integrated deals and we love what that does for us. It is.

地球？是的。我是說，麥克，我希望，當我們回顧2025年時，我們能夠帶著兩項完全整合的交易進入市場，我們很喜歡這給我們帶來的好處。這是。

I mean you can see on what we're talking about Iraq and the project there, the build multiple that you're going to achieve what we've always said the returns that we're looking for are always going to be higher with integrated.

我的意思是，從我們正在談論的伊拉克和那裡的項目可以看出，建設倍數將實現我們一直所說的目標，我們所尋求的回報總是透過一體化實現的，而且會更高。

A models and look, we're built for this. We have the balance sheet for this. We have the credibility for this. We are not simply a capital leasing company. We're never going to be content to do that. We want to make a difference around the world.

模特兒身材，我們天生就是做這行的。我們有相關的資產負債表。我們有足夠的信譽來做到這一點。我們不僅僅是一家資本租賃公司。我們絕不會滿足於此。我們希望為世界帶來改變。

We want to be that go to partner for sovereigns around the world. So yeah, we haven't been shy. We want to be an integrated energy company in these markets. Now, we want it to go through our infrastructure, but we want to be the whole package, and you don't see a whole, I mean, no offense, you don't see a lot of folks doing this around the world.

我們希望成為世界各國政府的首選合作夥伴。是的，我們並不羞於表達。我們希望成為這些市場中的一家綜合性能源公司。現在，我們希望它能通過我們的基礎設施運行，但我們希望成為一個完整的解決方案，而你不會看到一個完整的方案，我的意思是，無意冒犯，你不會看到世界上有很多人這樣做。

So I think, and it's going to be, anyway, I'll leave it at that, but we're fired up.

所以我覺得，反正最後一定會是這樣，我就說到這裡吧，但我們都幹勁十足。

I think you can hear it in my voice.

我想你從我的聲音裡聽得出來。

Yes, definitely can. Wanted to ask on your gas sales are hard to predict. You haven't really guided on them in the past. You had a lot in the third quarter. Can you talk more about those?

是的，當然可以。我想問一下，你們的汽油銷售很難預測。你過去並沒有真正指導過他們。第三節比賽你們有很多機會。能詳細談談這些嗎？

Did most of those go to Jamaica? Any of those cargoes go, anywhere else? And any thoughts on, future cargoes?

他們大部分都去了牙買加嗎？這些貨物有運往其他地方的嗎？對於未來的貨物運輸，您有什麼想法嗎？

Hey Mike, this is Dana. So yeah, that was a great quarter for us from an LNG supply perspective. So we had a couple of things going on there. We had our Atlantic Basin supply that delivered in the third quarter, which had great performance.

嗨，麥克，我是達娜。所以，從液化天然氣供應的角度來看，這對我們來說是一個非常好的季度。所以當時我們那邊有兩件事要處理。我們在大西洋盆地的供應在第三季交付，表現非常出色。

We also had really good performance in Jamaica, a little bit of volumes above our expectations, and then we had two cargoes delivered into the APEC region. So all of that combined to those numbers for the, for the quarter.

我們在牙買加的業績也非常好，銷量略高於預期，然後我們向亞太經合組織地區交付了兩批貨物。所以，所有這些因素加起來就構成了本季的這些數字。

Thank you.

謝謝。

Thank you. Our next question comes from Emma Schwartz of Jefferies. Your line's now open, please go ahead.

謝謝。下一個問題來自傑富瑞集團的艾瑪·施瓦茨。您的線路已開通，請繼續。

Hi, Steven and Accelerate team. Congrats on the Iraq deal and the strong quarterly results. It really looks strong, what you guys, agreed to in Iraq, and that's really tied to the integration.

您好，Steven 和 Accelerate 團隊。恭喜伊拉克協議達成以及強勁的季度業績。你們在伊拉克達成的協議看起來確實很有力，而且這與一體化息息相關。

Could you speak a little bit about the repeatability of integrated deals like this, and do you see integrated opportunities for the conversion candidate?

您能否談談這類整合交易的可重複性，以及您認為轉化候選人是否有機會獲得整合機會？

Thank you. This is Steven. We absolutely do. I mean, that's why I kind of digress talking about the coming LNG wave. I think the point I'd make to the listeners is We're executing on integration before that wave comes. It is coming.

謝謝。這是史蒂文。當然。我的意思是，這就是為什麼我會稍微離題，轉而談論即將到來的液化天然氣浪潮。我想對聽眾說的是，我們正在這波浪潮到來之前推進整合工作。它即將到來。

It is going to drive greater affordability on LNG. So I see the TAM that we're serving. Only increasing And we continue to prove. That we are the sort of company that can execute on it. We're continuing to put the tools in the toolbox that we need to deliver on it. I mean, you see with Iraq, everything's coming together.

這將進一步降低液化天然氣的價格。所以我認為我們所服務的潛在市場規模只會不斷擴大，而且我們也一直在證明，我們是一家能夠勝任這項工作的公司。我們正在不斷完善工具箱，以便完成這項任務。我的意思是，你看伊拉克的情況，一切都匯聚到了一起。

And we've been planning for that for some time.To be able to deliver. That, so. I absolutely believe, we believe that the TAM is, it's enormous to begin with. It's increasing. The commodity is going to be ever more affordable. It's going to drive more liquid fuel and other type of switching.

我們為此籌劃已久，以確保能夠實現目標。的確如此。我堅信，我們相信，潛在市場規模本身就非常龐大。這種情況正在加劇。這種商品的價格將會越來越實惠。這將推動更多液態燃料和其他類型的轉換。

And. We are after those opportunities around the world and we're going to continue to do that.

而且，我們正在世界各地尋求這些機會，並將繼續這樣做。

That's great to hear. For my second question, I was wondering if you could speak a little bit more about the dry docking this quarter, what drove the lower cost there and is that kind of performance, sustainable going forward?

聽到這個消息真是太好了。我的第二個問題是，您能否再詳細談談本季的乾船塢維修情況？是什麼因素導致了成本降低？這種業績能否持續下去？

Emma, I think it would be unfair to David Leinar, our COO, if I put him too much on the spot there. They did deliver a great dry docking. They, now, part of that was in the Baltic. We're taking it from Finland to Denmark.

艾瑪，我覺得如果我當時讓我們的營運長大衛萊納感到太難堪，對他不公平。他們的乾船塢作業完成得非常出色。他們現在的一部分位於波羅的海。我們要把它從芬蘭運到丹麥。

So logistically, it was fairly close.

所以從後勤角度來看，兩者相當接近。

We were looking at different ways to advance some of the, or perhaps more of the prep work on board before we went.

我們當時正在考慮不同的方法，以便在出發前推進一些，或者說更多的船上準備工作。

We're looking at all types of lessons learned there, but for now, we're always trying to optimize.

我們正在研究從中學到的各種經驗教訓，但就目前而言，我們始終致力於優化。

Dry docking, but I don't want to say that the lessons from one geographic location may transfer seamlessly to other dry docks. Well, frankly, I hope that we will Not hope. We will have more insight for you on that at your end, but I think it's a little Far out from the execution and planning process to be able to commit to a.

幹船塢，但我不想說從一個地理位置獲得的經驗教訓可以無縫地轉移到其他乾船塢。坦白說，我希望我們不要抱持希望。我們會在你們那邊提供更多相關信息，但我認為現在距離執行和計劃過程還有很長一段時間，還無法做出承諾。

Particular timeline for those dry docks right now.

目前這些乾船塢的具體時間表如下。

Totally makes sense.

完全說得通。

Thank you, and I'll turn it over.

謝謝，我會把它翻過來。

Thank you. At this time, we currently have no further questions, so I'll hand it back to CEO Stephen Cobos for any further remarks.

謝謝。目前我們沒有其他問題，我將把這個問題交還給執行長史蒂芬·科博斯，請他再作進一步評論。

Thank you all for joining us today. Really Enjoyed our call. There are obviously a lot of things going on in Jamaica.

感謝各位今天蒞臨。通話非常愉快。顯然，牙買加發生了很多事情。

And I just want to repeat that our thoughts and prayers and well-wishes are with the people of Jamaica. But thank you all for joining us. Exciting times for accelerate. We look forward to continuing these discussions.

我只想再次重申，我們與牙買加人民同在，為他們祈禱，並致以最美好的祝愿。感謝各位的參與。加速時代來臨，令人振奮。我們期待繼續進行這些討論。

In the future.

將來。

Thank you all for joining today's call. You may now disconnect your lines.

感謝各位參加今天的電話會議。現在您可以斷開線路了。