FLEX LNG Ltd (FLNG) 2025 Q1 法說會逐字稿

Hi, everybody, and welcome to First Quarter 2025 Result Presentation. My name is Marius Foss. I am the Interim CEO of Flex LNG. And as usual, I'm joined by our CFO, Knut Traaholt, who will guide you through the financials in a bit. We will cover the financials, market updates, and conclude the earnings presentation with a Q&A session. If you have any questions you can use the chat function or send questions to our ir@flexlng.com.

大家好，歡迎參加2025年第一季業績發表會。我的名字是 Marius Foss。我是 Flex LNG 的臨時執行長。和往常一樣，我們的財務長 Knut Traaholt 將與我一起，稍後向大家介紹財務狀況。我們將介紹財務狀況、市場更新，並透過問答環節結束收益報告。如果您有任何疑問，可以使用聊天功能或將問題發送至我們的ir@flexlng.com。

And, before we begin, as a quick reminder, today's presentations will include forward-looking statements. We will also be using non-GAAP measures, and there is (technical difficulty)

並且，在我們開始之前，快速提醒一下，今天的演示將包括前瞻性陳述。我們也將使用非公認會計準則衡量指標，（技術難度）

Adjusting for non-cash items, we booked $29.4 million in adjusted net income, implying a $0.54 in adjusted earnings per share. Last quarter, we added up to 37 years of new contracts backlog for Flex Constellation, Flex Courageous and Flex Resolute. This opened up for a very attractive refinancing -- we had, therefore, initiated the balance sheet optimization program 3.0, and Knut will guide on this later in the presentation.

調整非現金項目後，我們的調整後淨收入為 2,940 萬美元，這意味著調整後每股收益為 0.54 美元。上個季度，我們為 Flex Constellation、Flex Courageous 和 Flex Resolute 增加了長達 37 年的新合約積壓。這為非常有吸引力的再融資開闢了道路——因此，我們啟動了資產負債表優化計劃 3.0，Knut 將在稍後的演示中對此進行指導。

On the fleet, Flex Constellation was redelivered from time charter in late February and has been traded in the spot market since. Lastly, Flex Artemis, who is currently trading on a variable index, will be redelivered from a five-year time charter, and we expect to get her back sometime in Q3 2025.

在船隊中，Flex Constellation 於 2 月底根據定期租船合約重新交付，並從此在現貨市場上交易。最後，目前以浮動指數進行交易的 Flex Artemis 將根據一份為期五年的定期租船合約重新交付，我們預計將於 2025 年第三季的某個時候將其收回。

We reconfirm the full year 2025 revenues and earnings guidance provided last quarter. We expect full year revenues to come in at the range of $340 million to $360 million, and we expect the TCE to be between $72,000 and $77,000 per day. Similarly, we expect EBITDA to approx $250 million to $270 million.

我們再次確認上個季度提供的 2025 年全年營收和獲利預測。我們預計全年收入將在 3.4 億美元至 3.6 億美元之間，我們預計 TCE 將在每天 72,000 美元至 77,000 美元之間。同樣，我們預計 EBITDA 約為 2.5 億至 2.7 億美元。

The Board has declared $0.75 per share dividend, implying the last 12 months dividends of $3 per share or a dividend yield of 12%. This distribution to shareholders is reported by our fortress balance sheet with $410 million in cash and a solid contract backlog.

董事會宣布每股派息 0.75 美元，這意味著過去 12 個月的每股股息為 3 美元，股息殖利率為 12%。我們的資產負債表報告了向股東分配的這筆資金，其中包括 4.1 億美元現金和大量積壓合約。

Looking at our contract coverage, we are well covered over the next years with 59 years of minimum firm backlog, which may grow to 88 years if the charters declare all the options.

從我們的合約覆蓋範圍來看，未來幾年我們的合約覆蓋範圍很廣，最低固定積壓合約期限為 59 年，如果憲章宣布所有選擇，則可能會增加到 88 年。

Flex Artemis is currently on a variable market hire and the financial impacts for having her redeliver in 2025 is limited. The vessel has the full reliq on board and making her very attractive to charters, in particular for long-haul transportation of LNG.

Flex Artemis 目前的市場租賃價格浮動較大，2025 年重新交付對財務的影響有限。該船裝載了全部的燃料，對租船者來說非常有吸引力，特別是對於液化天然氣的長途運輸。

Flex Constellation was redelivered from her 312-day charter at the end of February and has since then been trading in the spot market. The vessel will commence her 15-year time charter during the first half of 2026.

Flex Constellation 於 2 月底結束了為期 312 天的租船合約並重新交付，此後一直在現貨市場上交易。該船將於 2026 年上半年開始為期 15 年的定期租船合約。

Overall, we have a solid backlog, and we're well positioned to benefit from the increasing LNG export volumes coming 2028 to 2030.

總體而言，我們擁有大量積壓訂單，我們有能力從 2028 年至 2030 年液化天然氣出口量的增加中獲益。

Despite lower freight rates and two of our vessels open by Q3 2025, our strong backlog means that we expect 2025 revenues to be similar to the 2024 levels. TCE is expected to be in the mid-$70,000s per day, translating to revenues between $340 million and $360 million.

儘管運費較低，且我們的兩艘船舶將於 2025 年第三季投入運營，但我們強勁的積壓訂單意味著我們預計 2025 年的收入將與 2024 年的水平相似。預計 TCE 每天將達到 7 萬美元左右，相當於營收 3.4 億至 3.6 億美元之間。

We have four ships undergoing a special five-year survey in 2025 compared to just two last year, which we have factored into our guidance. Flex Aurora and Flex Resolute will enter dry dock later in the quarter, whereas Flex Artemis and Flex Amber will enter into the third quarter.

2025 年，我們將有四艘船接受五年特別檢驗，而去年只有兩艘，我們已將此納入我們的指導範圍。Flex Aurora 和 Flex Resolute 將在本季稍後進入乾船塢，而 Flex Artemis 和 Flex Amber 將進入第三季。

We aim to provide a clear and transparent framework for dividends payouts guided by a defined set of decision factors. These factors include earnings and cash flow, contract backlog, balance sheet strength, CapEx, and debt maturity profile.

我們的目標是提供一個清晰透明的股利支付框架，並以一組明確的決策因素為指導。這些因素包括收益和現金流量、合約積壓、資產負債表實力、資本支出和債務到期情況。

Over the last three to four quarters, we have maintained a cautious outlook for the near-term LNG market, and this view remains unchanged. Worth noticing the traffic lights, and we are bullish on the long-term story. However, as shown on the previous slides, Flex benefits from a strong charter backlog, and as Knut will guide shortly, maintains a fortress balance sheet.

過去三到四個季度，我們對近期液化天然氣市場一直保持謹慎的展望，這一觀點至今沒有改變。值得注意的交通號誌燈，我們對長期前景持樂觀態度。然而，正如前面的幻燈片所示，Flex 受益於強大的租賃積壓訂單，並且正如 Knut 很快將指導的那樣，保持著穩健的資產負債表。

Considering these factors, the Board has declared an ordinary quarterly dividend of $0.75 per share. This brings our trailing 12-month dividend to $3 per share, representing a yield of 12%.

考慮到這些因素，董事會宣布派發每股 0.75 美元的普通季度股息。這使得我們過去 12 個月的股息達到每股 3 美元，收益率為 12%。

With that, I will hand it over to you, Knut.

說完這些，我就把它交給你了，克努特。

Thank you, Marius. So, let's look at the financial highlights for the first quarter.

謝謝你，馬呂斯。那麼，讓我們來看看第一季的財務亮點。

Headline revenues came in at $88.4 million, or when we exclude EUAs, related to the EU's emission trading systems, the revenues were $86.8 million. That's equivalent to a time charter per day of $73,900. The reduction in revenues compared to the fourth quarter is primarily due to a seasonal lower spot market impacting the variable hire contract for Flex Artemis. And also then, Flex Constellations traded in the spot market in March after she was redelivered from her TC contract.

總收入為 8,840 萬美元，或當我們排除與歐盟排放交易體系相關的 EUA 時，收入為 8,680 萬美元。這相當於每天 73,900 美元的定期租船費。與第四季度相比，收入減少主要是由於季節性現貨市場低迷影響了 Flex Artemis 的可變租約。此外，Flex Constellations 在從 TC 合約重新交付後，於 3 月在現貨市場上交易。

Operating expenses came in at $18.1 million or around $15,500 per day. And this is in line with our full year guidance and slightly higher than the fourth quarter. But vessel OpEx, they can be a bit bumpy depending on timing effects. So, for the full quarter -- or for the full year, we maintain our OpEx guidance of $15,500.

營運費用為 1,810 萬美元，即每天約 15,500 美元。這與我們的全年預期一致，略高於第四季。但船舶營運成本可能會有點顛簸，取決於時間效應。因此，對於整個季度或全年，我們維持 15,500 美元的營運支出指引。

Interest expense came in at $22.2 million, a reduction of $3.3 million compared to the fourth quarter. This is explained by lower base rates, but also the effect of amending one of the term loans to an RCF, and therefore, reducing our drawn debt during the quarter.

利息支出為 2,220 萬美元，與第四季相比減少了 330 萬美元。這是因為基準利率較低，但也是由於將其中一筆定期貸款修改為 RCF，從而減少了本季的債務。

On the derivative portfolio, we have a net loss of $7.3 million, and this includes a net unrealized loss of $11 million and realized gains of $3.7 million. And the $3.7 million is then the positive carry, reducing our interest expense.

在衍生性商品投資組合方面，我們的淨虧損為 730 萬美元，其中包括 1,100 萬美元的淨未實現損失和 370 萬美元的已實現收益。那麼 370 萬美元就是正利差，從而減少了我們的利息支出。

Net income came in at $18.7 million. However, adjusting for non-cash items like the unrealized losses on the derivative portfolio, the adjusted net income came in at $29.4 million or $0.54 per share in adjusted earnings.

淨收入達 1870 萬美元。然而，在調整衍生性商品投資組合未實現損失等非現金項目後，調整後的淨收入為 2,940 萬美元，即每股收益 0.54 美元。

As a reminder, we adjust our numbers for non-cash items to have comparable numbers quarter-over-quarter. If we look at the differences in net income of $26.5 million compared with the fourth quarter, all of this is related to unrealized gains and losses on our interest rate derivative portfolio. In the fourth quarter, we had $15 million of unrealized gains, while in this quarter, we have $11 million of unrealized losses. In total, $26 million.

提醒一下，我們調整了非現金項目的數字，以便與上一季的數字相比較。如果我們看一下與第四季相比 2,650 萬美元的淨收入差異，所有這些都與我們的利率衍生性投資組合的未實現損益有關。第四季度，我們有 1500 萬美元的未實現收益，而本季度，我們有 1100 萬美元的未實現損失。總計2600萬美元。

Looking at the cash flow for the quarter, we generated $49 million in cash flow from operations, which was offset by negative working capital movements of $5.7 million. We have also paid $2.6 million in prepayment of dry dock expenditures for the four upcoming dockings this year.

從本季的現金流來看，我們從營運活動中產生了 4,900 萬美元的現金流，但卻被 570 萬美元的負營運資本變動所抵銷。我們也為今年即將進行的四次乾船塢入塢預付了 260 萬美元的費用。

In addition, we have $27 million in scheduled debt installments, and we distributed $41 million to our shareholders for the dividend, ending the quarter with a solid cash balance of $410 million.

此外，我們還有 2,700 萬美元的定期債務分期付款，並向股東派發了 4,100 萬美元的股息，本季末的現金餘額為 4.1 億美元。

Looking at the balance sheet, we have an overall clean and transparent balance sheet with mainly cash and ships on the asset side. And as a reminder, these 13 modern vessels with an average age of 5.5 years were ordered and delivered in a low point in the cycle. Therefore, these are recorded on the balance sheet at $165 million per vessel.

從資產負債表來看，我們整體上有一個乾淨、透明的資產負債表，資產方面主要包括現金和船舶。需要提醒的是，這 13 艘現代化船舶的平均船齡為 5.5 年，是在週期低谷時訂購和交付的。因此，資產負債表上記錄的價格為每艘船1.65億美元。

Looking at our capitalization, we have a decent book equity ratio. And with a net debt position of $1.4 billion, this equates to a net debt per vessel of approximately $106 million per ship.

從我們的資本化來看，我們擁有不錯的帳面權益比率。淨債務為 14 億美元，相當於每艘船的淨債務約 1.06 億美元。

Once again, interest rate markets has experienced significant volatility, and this is also in the first quarter. In response, we have remained active in adding exposure when we deem it attractive. In the first quarter, $35 million of our existing interest rate swaps matured. And on the final day of the quarter, we entered into $100 million in new interest rate swaps, bringing our total notional swap exposure to $700 million at the end of the quarter. This swap portfolio has a weighted average duration of 3.5 years and a weighted average fixed rate of 2.1%.

利率市場再次經歷了大幅波動，而且這還是在第一季。作為回應，當我們認為有吸引力時，我們會積極地增加曝光。第一季度，我們現有的 3,500 萬美元利率互換到期。在本季的最後一天，我們簽訂了 1 億美元的新利率掉期合約，使我們在本季末的名目掉期敞口總額達到 7 億美元。此掉期組合的加權平均久期為3.5年，加權平均固定利率為2.1%。

Following the liberation day, there was further volatility, and we added additional $150 million for two-year swaps and increased our swap portfolio to $850 million. These additional swaps were entered into at weighted average rate of approximately 3.5% and a duration of two years. And these swaps provide us with a 75 basis points to 80 basis point positive carry until the Fed begins to cut rates.

解放日之後，市場波動進一步加劇，我們又增加了 1.5 億美元的兩年期掉期合約，將掉期投資組合規模增至 8.5 億美元。這些額外的掉期交易以加權平均利率約 3.5% 簽訂，期限為兩年。這些掉期為我們提供了 75 個基點至 80 個基點的正向利差，直到聯準會開始降息。

If we look at our exposure, we have a hedge ratio of about 70% over the next 24 months, and we will continue to monitor the market to add even more exposure if both short-term and long-term rates drop.

如果我們看一下我們的風險敞口，我們會發現未來 24 個月的對沖比率約為 70%，並且如果短期和長期利率都下降，我們將繼續監控市場以增加更多的風險敞口。

As announced earlier, we have initiated the balance sheet optimization program 3.0 with the aim of free up an additional $120 million in free cash.

如同先前所宣布的，我們已經啟動資產負債表優化計畫 3.0，目標是釋放額外的 1.2 億美元自由現金。

Today, we also announced that we have secured an attractive JOLCO financing. It's a lease for the Flex Courageous on the back of the new contract announced last quarter. This financing is expected to be closed in the second quarter and will release about $40 million in cash proceeds. It will reduce our cost of debt by 1.5% per annum and then further extend our debt maturities.

今天，我們也宣布我們已經獲得了一筆頗具吸引力的 JOLCO 融資。這是根據上個季度宣布的新合約簽訂的 Flex Courageous 的租賃合約。預計此次融資將於第二季完成，並將釋放約4,000萬美元的現金收益。它將使我們的債務成本每年降低 1.5%，然後進一步延長我們的債務期限。

The two other ships we are targeting are the Flex Resolute and the Flex Constellation. If we look here, we are addressing the debt maturity in 2028 for Flex Resolute. And aim here is to secure a similar JOLCO financing as the Flex Courageous. The Flex Constellation has a very attractive 15-year contract to a solid counterparty. So, we are targeting here a back-to-back financing for that ship. We are in discussions for both Flex Resolute and Flex Constellation, and we target to secure commitments and signing, and drawdown of these in the second half of 2025.

我們瞄準的另外兩艘船是 Flex Resolute 和 Flex Constellation。如果我們從這裡來看，我們正在解決 Flex Resolute 2028 年的債務到期問題。這裡的目標是獲得與 Flex Courageous 類似的 JOLCO 融資。Flex Constellation 與一家強大的交易對手簽訂了一份非常有吸引力的 15 年合約。因此，我們的目標是為該船提供背對背融資。我們正在就 Flex Resolute 和 Flex Constellation 進行討論，目標是在 2025 年下半年獲得承諾和簽署，並提取這些資金。

Both, today's balance sheet, but also after this balance sheet optimization 3.0, we maintain our fortress balance sheet, we have stable cash flows from our contract portfolio, and we have a very solid cash position at the quarter-end of $410 million, which is then set to grow following the planned refinancings.

不僅如此，今天的資產負債表，以及在資產負債表優化 3.0 之後，我們維持了堡壘資產負債表，我們的合約組合產生了穩定的現金流，並且我們在季度末擁有非常穩固的現金狀況，為 4.1 億美元，並且隨著計劃的再融資，這一數字還將增長。

And as a reminder, we maintain a RCF capacity of $414 million, which is used for cash management and reduced interest rate cost. We have limited CapEx liabilities. Our first debt maturity is for Flex Resolute in 2028. But as just mentioned, this is being addressed, and then our next maturity would be in 2029. So, the fortress balance sheet supports the Flex journey and giving commercial and financial flexibility.

提醒一下，我們維持 4.14 億美元的 RCF 容量，用於現金管理和降低利率成本。我們的資本支出負債有限。我們的第一筆債務將於 2028 年到期，是針對 Flex Resolute 的。但正如剛才所提到的，這個問題正在解決，我們的下一個成熟期將在 2029 年。因此，堡壘資產負債表支持 Flex 之旅並提供商業和財務靈活性。

Today, we have also released our seventh ESG report. It's the ESG report for 2024. And we recommend that you have a reading of it. It explains how we deal with ESG matters and, in particular, also the emissions and safety and governance in our operations.

今天，我們也發布了第七份ESG報告。這是2024年的ESG報告。我們建議您閱讀一下。它解釋了我們如何處理 ESG 問題，特別是我們營運中的排放、安全和治理。

We are proud to show that we have very efficient and safe operations with zero lost time injury frequency for 2024. And that's a true testament to the health and security of our seafarers. And in Flex, everyone deserves to be safe at the workplace and get home safely to their loved ones after work.

我們很自豪地向大家展示，我們的營運非常有效率、安全，2024 年的工傷損失頻率為零。這真實地證明了我們海員的健康和安全。在 Flex，每個人都應該在工作場所安全，下班後安全地回到家中與家人團聚。

As reported earlier, we have also this CDP rating, where we achieved a B score for 2024. So, thank you to the Flex LNG team for great achievements and also for helping out producing this report.

如前所述，我們也獲得了 CDP 評級，即 2024 年的得分為 B。因此，感謝 Flex LNG 團隊的巨大成就以及幫助製作這份報告。

Today, we have also submitted the application for delisting to the Oslo Stock Exchange. The proposal to delist was approved by our AGM on the 8th of May, and we have now commenced the full process for a formal delisting on the stock exchange. We expect that the Oslo Stock Exchange will conclude on the application to delist within the second quarter and that the last day of trading will be sometime in the second half of 2025.

今天，我們也向奧斯陸證券交易所提交了退市申請。退市提案已於 5 月 8 日獲得我們年度股東大會批准，目前我們已經開始全面辦理在證券交易所正式退市的手續。我們預計奧斯陸證券交易所將在第二季度內完成退市申請的處理，最後一個交易日將在 2025 年下半年的某個時候。

The last day of trading is decided by the Oslo Stock Exchange, and they will separately announce this by a stock exchange disclosure.

最後交易日由奧斯陸證券交易所決定，並將透過證券交易所揭露另行公佈。

If you have shares trading on the Oslo Stock Exchange and you would like to continue on the Flex journey, we encourage you to reach out to your bank or your broker to initiate the process of transferring from Euronext Oslo Securities to our New York Stock Exchange-traded shares.

如果您在奧斯陸證券交易所交易股票，並且希望繼續使用 Flex 系統，我們鼓勵您聯絡您的銀行或經紀人，啟動從泛歐交易所奧斯陸證券交易所轉移到我們在紐約證券交易所交易的股票的流程。

We have prepared a Q&A section on our website under Investors and OSE delisting, where you may find more information about the next steps and the process.

我們在網站的「投資者和 OSE 下市」下準備了一個問答部分，您可以在其中找到有關後續步驟和流程的更多資訊。

That concludes the financial sections. And over to you, Marius, for an update on the LNG market.

財務部分到此結束。接下來請 Marius 為您介紹液化天然氣市場的最新情況。

Thank you, Knut. I'm sure you will have more questions about Oslo delisting. The LNG trade from January to April 2025 grew approximately 1% to 143 million tonnes compared to the same period last year. The top three main exporters, the USA, Qatar, and Australia, represent more than 60% of the total LNG trade.

謝謝你，克努特。我相信大家對奧斯陸退市還有更多疑問。2025年1月至4月，液化天然氣貿易量與去年同期相比成長約1%，達1.43億噸。前三大主要出口國是美國、卡達和澳大利亞，佔液化天然氣貿易總量的 60% 以上。

US LNG exports increased by more than 20% year-over-year, and this is explained by new volumes arriving from Venture Global Plaquemines and the expansion at Cheniere's Corpus Christi.

美國液化天然氣出口年增超過 20%，這得益於 Venture Global Plaquemines 新增產量以及 Cheniere 的 Corpus Christi 擴建。

Australia exports declined with circa 7% in the period, and this is largely explained by Woodside shutting down a train at the North West Shelf LNG terminal due to declining feedstock and slow upstream developments.

澳洲出口在此期間下降了約 7%，這主要是因為伍德賽德因原料減少和上游發展緩慢而關閉了西北大陸架液化天然氣終端的一列火車。

Europe has really increased its LNG appetite over the last few months, and it comes as Russia halted its pipeline gas export to Ukraine last December. And the European gas inventory levels are at low levels, currently, at only 45% full.

過去幾個月，歐洲對液化天然氣的需求確實有所增加，而與此同時，俄羅斯於去年12月停止了向烏克蘭的管道天然氣出口。歐洲天然氣庫存水準處於較低水平，目前僅45％。

It should also be noted that we are seeing recovery in overall European gas consumption, as the last four months have seen decline in renewables consumption. While Europe LNG imports have soared as the continent tries to maintain a fragile gas balance, this has driven up the LNG prices globally, and overall Asian LNG ports have retreated.

另外值得注意的是，我們看到歐洲整體天然氣消費量正在復甦，因為過去四個月再生能源消費量有所下降。由於歐洲大陸試圖維持脆弱的天然氣平衡，歐洲液化天然氣進口量大幅成長，這推高了全球液化天然氣價格，而亞洲液化天然氣港口整體數量下滑。

This is especially evident by a drop in LNG imports to China, which is down by 24%. China has completely halted imports from US LNG since February and is rather reselling its contracted volume in the markets.

尤其明顯的是，中國液化天然氣進口量下降了24%。中國自2月起已完全停止從美國進口液化天然氣，而是在市場上轉售其合約量。

India has also set a flattish growth year-over-year, and this compares by double-digit LNG imports growth last year. Relatively high LNG prices and other sources of more affordable energy helped to explain this trend, as many of the developing Asian countries are price-sensitive when it comes to LNG imports.

印度的年成長也較為平穩，而去年液化天然氣進口量則實現了兩位數的成長。相對較高的液化天然氣價格和其他較便宜的能源有助於解釋這一趨勢，因為許多亞洲發展中國家對液化天然氣進口價格敏感。

The more mature JKT economies, Japan, South Korea, and Taiwan, have seen their LNG imports drop by only 3%.

日本、韓國和台灣等較成熟的JKT經濟體的液化天然氣進口量僅下降了3%。

The newbuilding prices for modern LNG carriers built in South Korea have stabilized, and ship brokers continue to quote prices of $250 million to $255 million per vessel. It should be noted that shipyards are quite busy, and slots offered on these levels are deliveries in 2028 and onwards.

韓國建造的現代液化天然氣運輸船新船價格已經穩定下來，船舶經紀人繼續為每艘船提供2.5億至2.55億美元的報價。值得注意的是，造船廠非常繁忙，這些等級提供的船位是 2028 年及以後交付的。

This means that the cost of carrying from financing in the period and building supervision would probably push up the all-in-all delivery price for newbuildings substantially. We expect newbuilding prices to stay at these levels going forward.

這意味著，該期間的融資成本和建築監理成本可能會大幅推高新船的總交貨價格。我們預計新船價格未來將保持在這些水準。

Term rates for five year and 10-year TCPs are currently quoted between $75,000 and $85,000 per day. However, there are very few recent deals concluded.

目前，五年期和十年期 TCP 的定期利率為每天 75,000 美元至 85,000 美元之間。然而，最近達成的交易卻很少。

Approximately 300 LNG vessels are scheduled for delivery over the next five to six years, with over 90% of these secured on long-term charters. A significant portion of this order book relates to the Qatar fleet renewal program.

未來五到六年內將有約 300 艘液化天然氣船交付，其中 90% 以上是透過長期租船獲得的。該訂單的很大一部分與卡達船隊更新計劃有關。

In the complying chart, the dark blue bars represent vessels either ordered by Qatar Energy or tied up to Qatar-related TCPs, while the light blue bars reflect non-Qatar-related newbuildings. Notably, while more than 70 vessels were originally planned for delivery in 2024, only around 60 were actually delivered from the shipyards. Approximately 10 vessels have been pushed into the '25 delivery window. And we will not rule out the possibility of similar slippage occurring now in 2025 into 2026.

在符合的圖表中，深藍色條代表卡達能源公司訂購的船舶或與卡達相關的TCP綁定的船舶，而淺藍色條代表與卡達無關的新造船。值得注意的是，雖然最初計劃在 2024 年交付 70 多艘船舶，但實際上只有約 60 艘從船廠交付。大約有 10 艘船被推入 25 個交付窗口。我們也不會排除 2025 年至 2026 年出現類似下滑的可能性。

Now, when we talk about the newbuilding delivery profile, it's crucial to look at the full picture, not just what's coming in, but also what is quietly slipping out of the active fleet. Take a look at this chart. On the left, you will see a number of idle vessels split between steamers in gray and tri-fuel blue ships in blue.

現在，當我們談論新船交付情況時，必須縱觀全局，不僅要了解新船的交付情況，還要了解哪些船隻正在悄悄地從現役船隊中退出。看一下這張圖表。在左側，您會看到許多閒置船隻，分為灰色的船和藍色的三燃料藍色船隻。

What we are witnessing is a growing group of older vessels, those will -- those with efficient cargo economics and outdated propulsion system essentially being parked. By the end of March 2025, close to 60 vessels were idling. That's not a small number, and it matters because fewer available vessels means less supply, which helps bring balance to the overall markets.

我們看到的是老舊船隻數量不斷增加，那些擁有高效貨運經濟性和過時推進系統的船隻基本上被停泊了。截至2025年3月底，近60艘船舶處於閒置狀態。這個數字並不小，而且很重要，因為可用船隻減少意味著供應減少，這有助於平衡整個市場。

But it doesn't stop there. More and more of these vessels are being put in layup, either warm or cold. And it's not just steamers anymore, we see tri-fuels also starting to join that list. Bringing a cold layup vessel back into service is not cheap. It's very costly and it's very time-consuming.

但它並沒有就此止步。越來越多的這類船隻被擱置，無論是熱停駛或冷停。而且不再只是蒸氣機，我們看到三燃料也開始加入這個名單。讓一艘閒置船隻重新投入使用並不便宜。它的成本非常高，而且非常耗時。

So, what happens next? Well, the natural conclusion is scrapping. So far in 2025, only three steamers have already gone for recycling, but the number might be even higher. Several others are quietly being offered for sale. And frankly, the chance for them to finding a new buyer is slim. Scrapping is therefore becoming a more realistic option.

那麼，接下來會發生什麼事？那麼，自然的結論就是廢棄。到 2025 年為止，只有三艘輪船被回收利用，但實際數量可能更高。另有幾家公司正在悄悄出售。坦白說，他們找到新買家的機會很小。因此，報廢正成為一個更現實的選擇。

Bottom line, while the order book is substantial, the market is shedding the last efficient vessels, and that plays a big role in shaping a big future for the balance between supply and demand.

底線是，雖然訂單量很大，但市場正在淘汰最後一批高效能船舶，這對於塑造未來的供需平衡起著重要作用。

Let's wrap up the market section with a slide that might look familiar, but one that's very important to revisiting. The outlook for new LNG supply remains strong, and the wave is building. Over the next few years, we will see a steady stream of new volumes entering into the market, driven in particular by Qatar and the United States. And in just few past weeks, we have seen two major developments from the US that underscore this momentum.

讓我們用一張可能看起來很熟悉但非常值得重新回顧的幻燈片來結束市場部分。新的液化天然氣供應前景依然強勁，而且浪潮正在形成。未來幾年，我們將看到源源不絕的新產品進入市場，尤其是卡達和美國的推動。光是過去幾週，我們就看到美國發生了兩項重大事態發展，進一步凸顯了這一勢頭。

Woodside has taken FID on the Louisiana LNG project. This is a significant greenfield development, three trains, each of 5.5 million tonnes per annum, for a total of 16.5 million yearly tonnes. The project has been in expansion capacity and permits for two additional trains, which would bring the total capacity up to 27.6 million yearly tonnes. First LNG is expected in 2029.

伍德賽德已對路易斯安那州液化天然氣計畫做出最終決定。這是一項重大的綠地開發項目，共有三列火車，每列每年運輸 550 萬噸，總計每年運輸 1,650 萬噸。該項目已開始擴建，並允許增加兩列火車，這將使總產能達到每年 2,760 萬噸。預計第一批液化天然氣將於 2029 年產出。

Energy Transfer made its headlines during its first quarter call, announcing its ambition to take FID on the Lake Charles LNG project, also 16.5 million tonnes per year by the end of the year, another major step forward.

Energy Transfer 在第一季電話會議上成為頭條新聞，宣布其計劃對 Lake Charles LNG 項目進行最終投資決定，到今年年底，該項目的年產量也將達到 1650 萬噸，這是另一個重大進步。

So, what does that mean for Flex LNG? It means momentum. It means confidence in the long-term demand for LNG. And most importantly, it means more ships will be needed. With these projects on the horizon, we see a bright future for LNG shipping, and we are well-positioned to ride the next wave.

那麼，這對 Flex LNG 意味著什麼？意思是動力。這意味著對液化天然氣長期需求的信心。最重要的是，這意味著需要更多的船隻。隨著這些項目的實施，我們看到了液化天然氣運輸的光明前景，並且我們已準備好迎接下一波浪潮。

We delivered strong quarterly results with solid profit and robust cash generation. Our balance sheet optimization program is underway, and our guidance for 2025 remain firmly intact. With continued earnings strength and a healthy charter outlook as well as a reported dividend yield of 12%, we are well-positioned to deliver long-term value to our shareholders.

我們取得了強勁的季度業績，利潤穩健，現金產生能力強勁。我們的資產負債表優化計劃正在進行中，我們對 2025 年的指導保持不變。憑藉持續的獲利實力、健康的租船前景以及 12% 的報告股息收益率，我們完全有能力為股東創造長期價值。

With that, let's open the floor for questions.

現在，讓我們開始提問。

Then, we are ready for the Q&A session, and we have received a number of questions. So, thank you to everyone who has submitted.

然後，我們準備好進入問答環節，我們收到了許多問題。因此，感謝所有提交的人。

A number of these questions relate to the market and the soft spot market rates, and Artemis being delivered, and the Constellation trading in the spot market until she commences a long-term contract. How do you view the summer market and the winter market, and the prospects for these two ships?

這些問題涉及市場和疲軟的現貨市場價格、Artemis 的交付以及 Constellation 在開始長期合約之前在現貨市場的交易。您如何看待夏季市場和冬季市場，以及這兩艘船的前景？

Thank you, Knut. Artemis has not been delivered yet. She will be redelivered later in the year. But if you look at 2025 so far, we have amazingly seen the highest amounts of fixtures being concluded in the spot market for two strokes. And at the same time, we have seen the rates are hovering on a very low side from single digits up to double digits, maxing at, say, $35,000 to $40,000 per day.

謝謝你，克努特。Artemis 尚未交付。她將於今年晚些時候再次被送回。但如果你看一下 2025 年至今的情況，我們驚訝地發現現貨市場上兩桿球拍的簽約數量達到了最高水平。同時，我們看到利率徘徊在非常低的水平，從個位數到兩位數，最高達到每天 35,000 至 40,000 美元。

So, Flex Constellation is currently trading in the spot market, and she will -- we plan to do so until delivery in the first quarter of 2026. While as you mentioned, Flex Artemis is coming back to us in August, and she will do a dry dock. So, we are marketing the vessel open thereafter. She has since delivery been trading on the market index with our customer.

因此，Flex Constellation 目前正在現貨市場交易，我們計劃一直這樣做，直到 2026 年第一季交付。正如您所提到的，Flex Artemis 將於 8 月返回我們身邊，並將進入乾船塢。因此，我們隨後將開始行銷該船。自交付以來，她一直與我們的客戶進行市場指數交易。

And I'm sure when we put her back on the market, we will at least be able to play her in the market. She has been one of our best contributors since delivery. And of course, we are seeking term employment for her this autumn.

而且我相信，當我們讓她重返市場時，我們至少能夠讓她在市場上發揮作用。自從分娩以來，她一直是我們最優秀的貢獻者之一。當然，我們正在為她尋找今年秋天的長期就業機會。

You mentioned that there has been very high activity in the spot market. Some of the questions relate to activity in more of the longer-term contracts. What can you say about the number of fixtures or activity tenders in -- for long-term contracts?

您提到現貨市場活躍度非常高。一些問題與更多長期合約的活動有關。您能透露一下長期合約中的固定裝置或活動招標的數量嗎？

The charters are in no rush to secure long-term contracts, while the spot market is what it is right now. So, while we have high activity on the spot, the levels are hovering low. So, we are currently in the doldrums, waiting for things to pick up.

租船公司並不急於簽訂長期合同，而現貨市場目前的情況就是如此。因此，儘管我們現場活動很頻繁，但水平卻徘徊在較低水平。因此，我們目前處於低迷狀態，等待事態好轉。

And then, I'm sure there are a lot of people who will enter and secure tonnage, but it is a bit early as of now, but we are seeing signs of contracts and interest, particularly for the Artemis this autumn and also into the Q1 '26. So, we are hopeful that she will be employed.

然後，我確信有很多人會進入並獲得噸位，但現在還為時過早，但我們看到合約和興趣的跡象，特別是今年秋天以及 2026 年第一季的 Artemis 號。因此，我們希望她能夠被錄用。

Then, we have a number of questions for our delisting on the Oslo Stock Exchange. Some of them are detailed. So, we recommend to go to our website. We have a special or a separate Q&A session for our delisting. And if there are further questions, please reach out to us on our investor e-mail, ir@flexlng.com. As a reminder, first, Oslo Stock Exchange will need to conclude on the application, and they will have a separate announcement of that, also then announcing the last day of trading.

然後，我們對我們在奧斯陸證券交易所退市有很多疑問。其中一些很詳細。因此，我們建議您造訪我們的網站。針對退市事宜，我們有一個特別的或單獨的問答會議。如果您還有其他問題，請透過我們的投資者信箱 ir@flexlng.com 與我們聯絡。提醒一下，首先，奧斯陸證券交易所需要完成申請審批，之後會另行發佈公告，並公佈最後交易日。

With that, I would like to thank everybody to listening into our broadcast, and we wish you or want to welcome you back to our Q2 presentation in August. Thank you.

最後，我要感謝大家收聽我們的廣播，我們希望或歡迎您再次參加我們 8 月的第二季演講。謝謝。