FLEX LNG Ltd (FLNG) 2025 Q2 法說會逐字稿

Hi everybody. Hope you all had a great summer. Welcome to Flex LNG second-quarter 2025 result presentation. My name is Marius Foss I'm the Interim CEO of Flex LNG, and I'm joined today by our CFO, Knut Traaholt. We will cover the financials, market update, and conclude the earnings presentation with a Q&A session.

大家好。希望你們都度過了一個愉快的夏天。歡迎參加 Flex LNG 2025 年第二季業績報告。我叫 Marius Foss，擔任 Flex LNG 的臨時首席執行官，今天與我一同出席的是我們的財務長 Knut Traaholt。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。

And before we begin, a quick note, we will be using some non-GAAP measures such as TCE, adjusted EBITDA and adjusted net income. These are supplements to the results reported in accordance with US GAAP, and a reconciliation of these are available in the earnings report.

在我們開始之前，需要簡單說明一下，我們將使用一些非 GAAP 指標，例如 TCE、調整後的 EBITDA 和調整後的淨收入。這些是根據美國公認會計準則報告的結果的補充，其對帳可在收益報告中查閱。

As the limitation to the completeness of the presentation, we encourage you to read the SEC filings and the quarterly report together with the presentation. If you have any questions, please use the chat functions on the webcast or send an e-mail to ir@flexlng.com, and we will cover that in the Q&A session.

由於簡報完整性的限制，我們鼓勵您在閱讀簡報的同時閱讀 SEC 文件和季度報告。如果您有任何疑問，請使用網路廣播中的聊天功能或發送電子郵件至ir@flexlng.com，我們將在問答環節中解答。

And with that, let's begin and over to you, Marius.

好了，我們開始吧，現在輪到你了，馬呂斯。

Thank you, Knut. We sailed in $86 million or $84 million, excluding EUAs. The TCE during the quarter ended up at $72,000 per day. Net income for the quarter came in at $17.7 million, implying an EPS of $0.33 per share. Adjusting for the unrealized losses on the derivatives and exit costs for Courageous refinancing, we end up with an adjusted net income of $24.8 million or adjusted earnings per share at $0.46. The Balance Sheet Optimization Program 3.0 is progressing according to plan.

謝謝你，克努特。我們的航行收入為 8,600 萬美元或 8,400 萬美元（不包括 EUA）。本季的 TCE 最終達到每天 72,000 美元。本季淨收入為 1,770 萬美元，每股收益為 0.33 美元。扣除衍生性商品未實現損失和 Courageous 再融資退出成本後，我們最終調整後的淨利潤為 2,480 萬美元，即調整後每股收益為 0.46 美元。資產負債表優化計劃 3.0 正在按計劃推進。

In May, we completed the $175 million refinancing of Flex Courageous, generating net proceeds of approximately $43 million. Today, we are announcing that we will -- that we have signed the documentation of the refinancing of Flex Constellation and the Flex Resolute. We are targeting closing of same in the third quarter, subject to customary closing conditions. Knut will speak more about that later in the presentation.

5 月份，我們完成了 Flex Courageous 的 1.75 億美元再融資，產生了約 4,300 萬美元的淨收益。今天，我們宣布，我們已經簽署了 Flex Constellation 和 Flex Resolute 再融資文件。我們的目標是在第三季完成交易，但需滿足慣例成交條件。克努特將在稍後的演講中詳細談論這一點。

We announced this morning the launch of a share buyback program for $15 million. Any purchase under the buyback program is made independent of the next dividend considerations for Q3. Lastly, as a reminder, Flex LNG is delisting from Oslo Stock Exchange and last day of listing is 15th of September. We reconfirm our full year 2025 guidance of revenues of $350 million to $370 million and TCE per day around $72,000 to $77,000 per day. Similarly, we reconfirm our guidance for expected adjusted EBITDA of approximately $250 million to $270 million for the full year.

我們今天上午宣布啟動一項價值 1500 萬美元的股票回購計畫。回購計劃下的任何購買都與第三季的下一次股息考慮無關。最後，提醒一下，Flex LNG 將從奧斯陸證券交易所下市，上市最後一天是 9 月 15 日。我們再次確認 2025 年全年營收預期為 3.5 億美元至 3.7 億美元，每日 TCE 約為 72,000 美元至 77,000 美元。同樣，我們再次確認全年預期調整後 EBITDA 約為 2.5 億美元至 2.7 億美元的預期。

The Board has declared a 75% share dividend, resulting in last 12 months dividend of $3 per share. This implies dividend yield of 12% on a share price of $25. The dividend is supported by our fortress balance sheet of -- with $413 million in cash and a solid contract backlog. We have completed two of our four drydockings so far this year. The drydocking of the Flex Aurora and Flex Resolute was completed in June and early July, respectively, and went straight back to service for the charterer's X-yacht, minimizing off-hire days.

董事會宣布派發 75% 的股票股息，導致過去 12 個月的股息為每股 3 美元。這意味著每股 25 美元的股息殖利率為 12%。股息由我們的穩健資產負債表支持——擁有 4.13 億美元現金和大量積壓合約。今年到目前為止，我們已經完成了四次乾船塢建造中的兩次。Flex Aurora 和 Flex Resolute 的乾船塢工作分別於 6 月和 7 月初完成，並直接恢復為承租人的 X 遊艇服務，從而最大限度地減少了停租天數。

We are pleased that both dockings were completed below our guided max 20 days of off-hire. We have two more drydockings in 2025. Flex Amber is currently undertaking a five-year drydocking in Singapore, where Flex Artemis will enter drydock late in August, also in Singapore.

我們很高興兩次停靠在我們指導的最多 20 天的停租時間內完成。2025 年我們將再進行兩次乾船塢維修。Flex Amber 目前正在新加坡進行為期五年的乾船塢維修，而 Flex Artemis 也將於 8 月底在新加坡進入乾船塢。

Three of the four drydockings are carried out in Singapore, whilst Flex Aurora completed in Europe. On average, the docking cost is estimated around $5.7 million per vessel, slightly above our previous estimates. The increase is due to higher costs in Europe compared to Singapore. Thank you to our technical team and our crew on board for results and safe execution of the drydockings.

四次乾船塢建造中有三次在新加坡進行，而 Flex Aurora 號則在歐洲完成。平均而言，每艘船的停靠成本估計約為 570 萬美元，略高於我們先前的估計。成長的原因是歐洲的成本高於新加坡。感謝我們的技術團隊和船上船員，他們出色地完成了乾船塢作業並保證了安全。

A strong backlog results in earning visibility even with two vessels open for the rest of the year. We are reaffirming our guidance range of full year 2025 revenues of $340 million to $360 million, and we maintain our TCE range of $72,000 to $77,000 per day. As such, we are reaffirming our full year 2025 adjusted EBITDA range from $250 million to $270 million.

即使今年剩餘時間內只有兩艘船開放，大量的積壓訂單也能帶來獲利可見度。我們重申 2025 年全年收入指引範圍為 3.4 億美元至 3.6 億美元，並將 TCE 範圍維持在每天 72,000 美元至 77,000 美元。因此，我們重申 2025 年全年調整後 EBITDA 範圍為 2.5 億至 2.7 億美元。

Looking at our contract coverage, we are very well covered for the next years with 56 years of minimum backlog, which might grow up to 85 years if the charterers do declare all the options. As you can see from this slide, we have two vessels in the spot market. Flex Artemis is concluding her last voyage on a current time charter and will be redelivered to us late in August and then go straight into drydock in Singapore.

從我們的合約覆蓋範圍來看，未來幾年我們的保障非常充分，最低積壓合約期限為 56 年，如果承租人確實宣布所有選擇，則積壓合約期限可能會增加到 85 年。從這張投影片中您可以看到，現貨市場上有兩艘船。Flex Artemis 號即將完成目前定期租船合約下的最後一次航行，並將於 8 月底重新交付給我們，然後直接進入新加坡的乾船塢。

We are now marking the vessel open ex-drydock. Flex Constellation has enjoyed some short-term employment since she was delivered to us in late February. She will trade in the spot market until commencement of her 15-year time charter during first half of 2026.

我們現在將該船標記為已從乾船塢開放。Flex Constellation 自二月底交付給我們以來，一直享受著一些短期就業。該船將在現貨市場上交易，直至 2026 年上半年 15 年定期租船合約開始生效。

In sum, we have a solid contract backlog which insulates us from soft short-term market, and we are well positioned to benefit from increasing LNG volumes coming on stream in the future. We at Flex LNG are committed to maintain a shareholder-friendly dividend policy and delivering shareholder returns.

總而言之，我們擁有大量的合約積壓，這使我們能夠免受短期市場疲軟的影響，並且我們有能力從未來增加的液化天然氣投產量中獲益。Flex LNG 致力於維持有利於股東的股利政策並為股東帶來回報。

We aim to provide a transparent framework for dividend payouts guided by a defined set of decision factors. This includes earning visibility, contract backlog, balance sheet strength and debt maturity profile. While we maintain our cautious short-term outlook on the LNG market, we remain bullish on the long-term LNG story. We have a very strong charter backlog and maintain a fortress balance sheet. On the back of this, the Board has declared an ordinary quarterly dividend of $0.75 per share.

我們的目標是提供一個透明的股利支付框架，以一組明確的決策因素為指導。這包括盈利可見性、合約積壓、資產負債表實力和債務到期情況。雖然我們對液化天然氣市場的短期前景保持謹慎，但我們仍然看好液化天然氣的長期前景。我們擁有非常強大的租船訂單積壓，並保持穩健的資產負債表。在此背景下，董事會宣布派發每股 0.75 美元的普通季度股息。

The dividend will be paid out to shareholders on record September 5. The payment date September 18 for shareholders in New York Stock Exchange and September 23 for shareholders on Oslo Stock Exchange.

股利將於 9 月 5 日支付給登記在冊的股東。紐約證券交易所股東的付款日期為9月18日，奧斯陸證券交易所股東的付款日期為9月23日。

With that, I will hand this over to Knut.

說完這些，我就把這個交給克努特。

Thank you, Marius, and let's walk through the key financial highlights of the quarter. Revenues for the first quarter came in at $86 million or $84 million net of EUAs. This translates into a time charter equivalent of $72,000 per day.

謝謝你，馬呂斯，讓我們來看看本季的主要財務亮點。第一季的營收為 8,600 萬美元，扣除 EUA 後為 8,400 萬美元。這意味著定期租船費相當於每天 72,000 美元。

This represents a slight drop compared to the first quarter, which is primarily due to the seasonal softer spot market, impacting earnings for the Flex Constellation who operated in the spot market and Flex Artemis, which is on a variable hire contract. We also had two vessels in drydock in the second quarter, reducing the number of operational days impacting the revenues.

與第一季相比略有下降，主要是由於季節性現貨市場疲軟，影響了在現貨市場運營的 Flex Constellation 和簽訂可變租賃合約的 Flex Artemis 的收益。我們在第二季還有兩艘船進入乾船塢，減少了影響收入的營運天數。

Revenues for the first half of the year was approximately $171 million, net of EUAs. On the operating expenses, it came in at $18.2 million or around $15,400 per day, and this is in line with our full year 2025 guidance and slightly lower than the first quarter. Vessel OpEx can vary somewhat from quarter-to-quarter due to timing effects.

扣除 EUA 後，上半年收入約 1.71 億美元。營運費用為 1,820 萬美元，即每天約 15,400 美元，符合我們 2025 年全年的指導，略低於第一季。由於時間效應，船舶營運支出每季可能會有所不同。

However, we maintain our full year OpEx guidance of around $15,500. As you will note in the report, we booked $1.6 million in extinguishment costs for the refinancing of Flex Courageous and a net loss on the interest rate derivatives of $1.3 million.

不過，我們維持全年營運支出指導價約 15,500 美元。正如您在報告中看到的，我們為 Flex Courageous 的再融資計入了 160 萬美元的清償成本，並在利率衍生品上造成了 130 萬美元的淨損失。

This includes realized gains of $4.3 million and unrealized losses of $5.7 million. This results in a net income of $17.7 million for the quarter or $0.33 per share. Adjusting for the unrealized losses of the derivatives and extinguishment costs for the financing, we end up with an adjusted net income of $24.8 million or adjusted earnings per share of $0.46.

其中包括 430 萬美元的已實現收益和 570 萬美元的未實現損失。這使得本季淨收入達到 1,770 萬美元，即每股 0.33 美元。在調整衍生性商品的未實現損失和融資的清償成本後，我們最終的調整後淨收入為 2,480 萬美元，或調整後每股收益為 0.46 美元。

Looking at the cash flow for the quarter, we started the quarter with $410 million in cash. We generated $44 million from operations, which was offset by negative working capital movements of $7 million as well as $11 million in drydocking expenditures.

從本季的現金流來看，本季初我們的現金為 4.1 億美元。我們從營運中獲得了 4,400 萬美元的收入，但被 700 萬美元的負營運資本變動以及 1,100 萬美元的乾船塢支出所抵銷。

These expenditures include both costs for the two drydockings completed in the quarter as well as prepayment for the cost for the next two drydockings scheduled in the third quarter. We paid $27 million in scheduled debt installments. And as you can see, we realized $43 million in net proceeds from the refinancing of the Flex Courageous.

這些支出包括本季完成的兩次乾船塢維修的費用以及計劃於第三季進行的另外兩次乾船塢維修的預付款。我們按計劃分期償還了 2700 萬美元的債務。如您所見，我們從 Flex Courageous 的再融資中獲得了 4,300 萬美元的淨收益。

Net of $41 million in dividends, the cash balance at the end of the quarter came in at $413 million. With the closing of the financings announced today, we will add additional $90 million to our cash balance in the third quarter. Today, we are pleased to announce additional two new financings for the Flex Resolute and Flex Constellation. With the closing of these transactions, we are concluding the Balance Sheet Optimization Program 3.0 and freeing up $132 million in liquidity pushing out the maturity profile and reducing the cost of debt.

扣除 4,100 萬美元的股息後，本季末的現金餘額為 4.13 億美元。隨著今天宣布的融資結束，我們將在第三季增加 9,000 萬美元的現金餘額。今天，我們很高興地宣佈為 Flex Resolute 和 Flex Constellation 再提供兩項新的融資。隨著這些交易的結束，我們將結束資產負債表優化計畫 3.0，並釋放 1.32 億美元的流動性，延長到期期限並降低債務成本。

The new financing of Flex Resolute is a Japanese JOLCO on the same terms as for the Flex Courageous concluded in May. This addresses our first debt maturity in 2028 and push out the maturity date to 2035. The new lease comes with an attractive blended cost of debt of SOFR plus 1%.

Flex Resolute 的新融資來自日本的 JOLCO，其條款與 5 月達成的 Flex Courageous 相同。這解決了我們的第一筆債務將於 2028 年到期的問題，並將到期日推遲到 2035 年。新租約的混合債務成本頗具吸引力，為 SOFR 加 1%。

And as you can see, the repayment profile is slightly lower, and that is due to the fact that Resolute is one year younger than the Courageous and the financings are on exactly the same terms. We are also announcing a new 15.5 years, $180 million bank facility with a margin of 165 basis points for the Flex Constellation.

如您所見，還款情況略低，這是因為 Resolute 比 Courageous 年輕一年，而且融資條件完全相同。我們也宣佈為 Flex Constellation 提供一項新的 15.5 年期、1.8 億美元銀行貸款，保證金為 165 個基點。

This financing is back-to-back with the 15 years charter contract for Flex Constellation. However, it allows us to make full drawdown now prior to commencement of the contract. For the first 7.5 years, the facility is repaid on an age-adjusted repayment profile of 25 years, while the last 8 years is on a 22 years profile to 0. We are grateful for the trust and support from our financing partners, both the new coming in for this financing and the ones who have provided the previous financing of these three ships. Thank you.

此次融資與 Flex Constellation 的 15 年租船合約緊密相關。然而，它允許我們在合約開始之前全額提款。在前 7.5 年，該貸款按照 25 年的年齡調整還款方式償還，而最後 8 年則按照 22 年還款方式償還。我們感謝融資夥伴的信任和支持，包括本次融資的新夥伴以及先前為這三艘船提供融資的夥伴。謝謝。

On the interest rate portfolio, we have made no additions to the portfolio since the $150 million added in April. The overview now includes the fixed rate element for the new JOLCO lease for Flex Resolute, resulting in about 70% hedge ratio in the next quarters. Our swap portfolio is today $850 million with an average duration of three years and fixed at an average interest rate of 2.3%. Since January in 2021, this portfolio has generated unrealized and realized gains of $131 million.

就利率投資組合而言，自 4 月增加 1.5 億美元以來，我們沒有再增加任何資金。概覽現在包括 Flex Resolute 的新 JOLCO 租賃的固定利率要素，導致未來幾季的對沖比率約為 70%。我們的掉期投資組合目前為 8.5 億美元，平均期限為三年，平均固定利率為 2.3%。自 2021 年 1 月以來，該投資組合已產生 1.31 億美元的未實現和已實現收益。

So with the new financings, freeing up additional liquidity, we are fortifying our balance sheet even further. Together with a sound contract portfolio, limited CapEx liabilities and no debt maturity before 2029, this gives us a solid commercial platform and provide us financial flexibility. On this slide, we are again reminding our shareholders on Oslo Stock Exchange about the delisting with the last day of trading on the September 15.

因此，透過新的融資，釋放額外的流動性，我們將進一步加強我們的資產負債表。加上完善的合約組合、有限的資本支出負債以及 2029 年之前無債務到期，這為我們提供了堅實的商業平台並為我們提供了財務靈活性。在這張投影片上，我們再次提醒奧斯陸證券交易所的股東，該公司將於 9 月 15 日進行退市交易。

We encourage shareholders to contact their broker investment adviser to transfer the Oslo listed shares to the New York listed share if you would like to continue the journey with Flex. Following the last day of trading, the shares registered with Euronext Securities Oslo or commonly known as VPS will, for practical purposes, be illiquid due to the administrative burden on transferring the shares after the delisting. So we remind the shareholders to be mindful and take action before the last day of trading.

如果您想繼續與 Flex 合作，我們鼓勵股東聯繫他們的經紀投資顧問，將奧斯陸上市股票轉移到紐約上市股票。在最後交易日之後，在泛歐交易所奧斯陸證券公司註冊的股票（通常稱為 VPS）實際上將缺乏流動性，因為退市後轉讓股票的行政負擔較大。因此，我們提醒股東在交易最後一天之前保持警惕並採取行動。

For the dividend, the payment date of the Q2 dividend comes after the delisting date from Oslo. So please be aware that shareholders on record on September 5 will receive the dividend to the VPS account [irrespecting] of the delisting. As already mentioned, we have today announced a $15 million buyback program, and the program will last until the Q3 reporting in November.

對於股息，第二季股息的支付日期是在奧斯陸退市日期之後。因此請注意，9 月 5 日登記在冊的股東將收到 VPS 帳戶中的股利（無論是否已下市）。正如前面提到的，我們今天宣布了一項 1500 萬美元的回購計劃，該計劃將持續到 11 月的第三季報告。

This will enable us to buy back shares in both New York and in Oslo. If we will utilize the program and buy back shares, such will be announced in accordance with the rules of the respective stock exchanges. And more details on the program are found in the separate stock exchange disclosure made today.

這將使我們能夠回購紐約和奧斯陸的股票。如果我們利用該計劃併回購股票，我們將根據各自證券交易所的規則進行公告。有關該計劃的更多詳細信息，請參閱今天單獨發布的證券交易所披露文件。

As the program is limited in size and time, our considerations for a dividend for the third quarter will be made independently of any purchases under the program. We find it natural to have a buyback program as part of our financial toolkit, and we will reassess the scope of the program before the third quarter presentation.

由於該計劃的規模和時間有限，我們對第三季度股息的考慮將獨立於該計劃下的任何購買。我們認為將回購計劃作為我們財務工具包的一部分是很自然的，我們將在第三季報告之前重新評估該計劃的範圍。

And with that, I hand it back to you, Marius.

說完這些，我就把它交還給你了，馬呂斯。

Thank you, Knut. I'm very impressed with your new financing. So thank you to you and your team. Flex LNG is in better shape than ever. The LNG trade from January to July 2025 grew approximately 2% to 245 million tonnes compared to the same period last year.

謝謝你，克努特。我對您的新融資印象深刻。所以感謝您和您的團隊。彈性液化天然氣 (Flex LNG) 的狀況比以往更好。2025年1月至7月液化天然氣貿易量與去年同期相比成長約2%，達2.45億噸。

Looking at the export side, the top 3 exports were again US, Qatar and Australia, representing more than 62% of the total LNG trades. US LNG exports amounted to 60 million tonnes and increased with more than 20% over year-to-year. There is a lot of new volumes coming to the market from the ramp-up of Venture Global's Plaquemines and the expansion of Cheniere's Corpus Christi.

從出口方面來看，出口額前三名的國家仍是美國、卡達和澳大利亞，佔液化天然氣貿易總額的62%以上。美國液化天然氣出口量達6,000萬噸，較去年同期成長20%以上。隨著 Venture Global 普拉克明 (Plaquemines) 業務的擴張以及 Cheniere 科珀斯克里斯蒂 (Corpus Christi) 業務的擴張，大量新石油進入市場。

We'd also like to note that Freeport LNG had some downtime during 2024 due to hurricane season, also contributing to a high growth year-to-year in 2025. There is a lot of talk about Russian gas and sanctions. Earlier this year, the EU sanctioned the Baltic LNG Russian terminals, explaining the 5% drop year-to-year.

我們還想指出，由於颶風季節的影響，自由港液化天然氣 (Freeport LNG) 在 2024 年出現了一些停工期，這也導致了 2025 年同比增長率的上升。關於俄羅斯天然氣和製裁的討論很多。今年早些時候，歐盟對俄羅斯波羅的海液化天然氣終端實施了製裁，導致其產量年減 5%。

As a side note, we would like to mention that Canada joined the ranks of exporters with LNG Canada shipping the first commercial cargo in July. This has absorbed tonnage away from the spot market, and we expect similar dynamics when the new project comes on stream. Total European LNG import amounted to 74 million tonnes in the January to July period, up 24% from same period last year.

順便提一下，我們想提一下，加拿大加入了出口國的行列，加拿大液化天然氣公司於 7 月運送了第一批商業貨物。這吸收了現貨市場的噸位，我們預期新專案投產時也會出現類似的動態。今年1至7月，歐洲液化天然氣進口總量達7,400萬噸，年增24%。

Turning our focus to Asia. We see that the more mature region, Japan, South Korea and Taiwan, represent in sum the largest LNG importer with 79 million tonnes, down just 1% compared to the last year. Japan is on track to becoming the single largest LNG importer in 2025 as China, India have reduced their imports in 2025. Chinese imports are down around 19%, whereas India is down 11% year-to-year. There are several factors explaining the drop in imports to China and India.

將焦點轉向亞洲。我們看到，日本、韓國和台灣等較成熟的地區合計為最大的液化天然氣進口地區，進口量達7,900萬噸，較去年僅下降1%。由於中國和印度在2025年減少進口量，日本預計在2025年成為最大的液化天然氣進口國。中國進口量較去年同期下降約19%，而印度進口量較去年同期下降11%。有幾個因素導致中國和印度的進口量下降。

One factor is, of course, the strong demand pull to Europe, as European LNG importers are deemed less price sensitive than many of the growing Asian economics. China and India have turned their attention to coal and LPG. Chinese economics slowdown and US-China trade tension during the first half of the year have also resulted in lower LNG imports.

當然，其中一個因素是歐洲的強勁需求拉動，因為歐洲液化天然氣進口國對價格的敏感度低於許多亞洲新興經濟體。中國和印度已將注意力轉向煤炭和液化石油氣。今年上半年中國經濟放緩和中美貿易緊張局勢也導致液化天然氣進口量下降。

On this slide, we are looking at two key dynamics for the LNG demand in Europe. On the left-hand side, you will see US LNG export flows by destination year-on-year. The yellow bars represent Europe and the dark blue in Asia. Europe have absorbed a very large share of US LNG, replacing Russian gas.

在這張投影片上，我們將關注歐洲液化天然氣需求的兩個關鍵動態。在左側，您將看到美國液化天然氣出口流量按目的地逐年變化的情況。黃色條代表歐洲，深藍色代表亞洲。歐洲已經吸收了美國很大一部分液化天然氣，取代了俄羅斯天然氣。

This has reduced ton miles, which is partly explained in the soft spot market. Now turning to the right-hand side. This chart shows European gas storage levels. Inventories started off at relatively healthy levels, but have since drawn down sharply and bottomed out at around 30% early this year.

這導致噸英里數減少，現貨市場疲軟是部分原因。現在轉向右側。此圖表顯示了歐洲的天然氣儲存水準。庫存一開始處於相對健康的水平，但此後急劇下降，並在今年年初跌至 30% 左右的最低點。

The last few months, supply of both pipeline gas and LNG have lifted the current levels to around 70% today. We expect inventories to meet the new EU targets later this year, though European remains exposed for a cold winter. On this slide, we illustrate accelerating contracting momentum and new project FIDs. On the left-hand side, you will see signed SPAs volumes. We continue to see a strong appetite for long-term LNG volumes and the signed SPA remain around 50 million tonnes in the first half of 2025.

過去幾個月，管道天然氣和液化天然氣的供應量已升至目前的 70% 左右。儘管歐洲仍面臨寒冷冬季的風險，但我們預計庫存將在今年稍後達到歐盟的新目標。在這張投影片中，我們展示了加速簽約動能和新專案最終投資決定 (FID)。在左側，您將看到已簽署的 SPA 磁碟區。我們繼續看到對長期液化天然氣的強勁需求，2025 年上半年簽署的 SPA 數量仍將保持在 5,000 萬噸左右。

We see strong activity from Asian buyers. On the right-hand side, we look at the FIDs. While in 2022 and 2023 already delivered a large project, including Plaquemines and Port Arthur. Then in 2027, activity slowed somewhat and as the Biden administration-imposed export moratorium for new projects.

我們看到亞洲買家的活躍度很高。在右側，我們查看 FID。而在2022年和2023年已經交付了大型項目，包括普拉克明和亞瑟港。然後在 2027 年，活動有所放緩，因為拜登政府對新項目實施了出口禁令。

The moratorium was lifted by Trump administration, and we have seen fresh wave of FIDs, including Cheniere Corpus Christi Train 8 and 9, Venture Global CP2 and Woodside's Louisiana LNG projects. These new projects will absorb a lot of tonnage.

川普政府解除了禁令，我們看到了新一波最終投資決定，包括 Cheniere Corpus Christi 8 號和 9 號生產線、Venture Global CP2 和 Woodside 的路易斯安那液化天然氣計畫。這些新項目將吸收大量噸位。

Approximately 300 LNG vessels are scheduled for delivery over the next years. You can see that the bulk of fleet growth concentrates to this year, 2026 and 2027. Less than 30 of these vessels are uncommitted and most of new vessels are already tied up to Qatar or other long-term projects.

未來幾年預計交付約 300 艘液化天然氣船。您可以看到，船隊成長主要集中在今年、2026 年和 2027 年。其中，尚未簽約的船隻不到 30 艘，大部分新船已經簽約卡達或其他長期項目。

From 2028 onwards, however, deliveries fall sharply with fewer than 10 vessels a year expected beyond 2029. This profile means that while there will be a lot of new tonnage entering the market in the midterm, however, our backlog gives a strong insulation from the fleet growth. The newbuilding prices for modern LNG carriers built in South Korea has stabilized and ship brokers called prices around $250 million per vessel.

然而，從 2028 年起，交付量將急劇下降，預計 2029 年後每年交付量將不到 10 艘。這意味著，雖然中期將有大量新噸位進入市場，但我們的積壓訂單可以有效抵禦船隊成長的影響。韓國建造的現代液化天然氣運輸船新船價格已經穩定，船舶經紀人稱每艘船的價格約為 2.5 億美元。

The shipyards are quite busy, and the slots offered are to be delivered in 2028 onwards. This means that the cost of carry on from financing in the period and supervision will push up the all-in delivered price. We expect newbuild prices to stay at these levels going forward. Term rates for 5 years and 10 years' time charter are currently quoted around $80,000 for delivery within the next 12 months. However, there are very few recent deals concluded.

船廠非常繁忙，提供的船位將於 2028 年及以後交付。這意味著期間融資和監管的持續成本將推高全部交付價格。我們預計未來新建船舶價格將維持在這些水準。目前，5 年期和 10 年期租船的報價約為 80,000 美元，並將在未來 12 個月內交付。然而，最近達成的交易卻很少。

We continue to see a significant number of vessels idling, both steam vessels and tri-fuels. As many as 64 ships or 9% of the active fleet is effectively out of play today. A continued reduction in supply will have tightened effect on the market. For vessels moving into coal layup or the barrier for [reactivating] is costly and slow, in many cases, equivalent to a quiet exit from the fleet. From there, scrapping becomes a natural next step.

我們繼續看到大量船舶處於閒置狀態，包括蒸汽船和三燃料船。目前，多達 64 艘艦艇（佔現役艦隊的 9%）實際上已無法使用。供應持續減少將對市場產生緊縮效應。對於進入煤炭停運狀態或[恢復運作]的船舶來說，成本高昂且緩慢，在許多情況下，相當於悄悄退出船隊。從那時起，報廢就成為自然而然的下一步。

Shipowners have increasingly offered steam vessel for sale as they roll off the long-term contracts and struggle to compete in today's market. So far in 2025, eight vessels have been scrapped, matching the total of 2024. With more ships, with more steam vessels now up for sale, this figure is likely to raise.

隨著長期合約的到期以及在當今市場上競爭的加劇，船東越來越多地提供蒸汽船出售。截至目前，2025年已有8艘船舶報廢，總數達2,024艘。隨著越來越多的船隻和蒸汽船出售，這一數字可能會上升。

We are seeing a falling age profile of scrapper ships, once averaging around 40 years, it has now dropped to about 25 years. Steam vessels coming off contracts have limited commercial opportunities going forward. Even though the spot market for modern two-strokes have recovered from low in Q1 2025 and is now around $35,000 to $40,000 per day, this is below historical norms.

我們看到拆船船齡正在下降，曾經平均約40年，現在已經下降到約25年。合約到期的蒸汽船未來的商業機會有限。儘管現代二衝程引擎的現貨市場已從 2025 年第一季的低點回升，目前約為每天 35,000 至 40,000 美元，但這仍低於歷史正常水平。

We observed from brokers position list that available tonnage is tightening, especially in the Atlantic going forward. This spot market historically firms up going into September. On the right side of this slide, you will see the average and maximum spot rates for September throughout December from 2018 to 2024.

我們從經紀人的持倉清單中觀察到，可用噸位正在收緊，尤其是在大西洋地區。從歷史上看，現貨市場在進入九月後會趨於堅挺。在此投影片的右側，您將看到 2018 年至 2024 年 9 月至 12 月的平均和最高現貨匯率。

Even before the European energy crisis, this period consistently delivered some of the strongest returns of our market. However, last year in mind, we have to be mindful of the number of ships being delivered for the rest of the year.

即使在歐洲能源危機之前，這段期間我們的市場也一直保持著最強勁的回報。然而，考慮到去年的情況，我們必須關註今年剩餘時間交付的船舶數量。

That summarizes today's presentation, and we will now move on to Q&A session.

這是今天的演講的總結，現在我們將進入問答環節。

Thank you, Marius. And that leads us over to the Q&A session. And thanks, everyone, who has submitted the questions to us today. Marius, we have a number of questions regarding the upcoming options for the Flex Aurora and Flex Volunteer, both in terms of likelihood of being declared and timing of these options?

謝謝你，馬呂斯。接下來我們進入問答環節。感謝今天向我們提交問題的所有人。馬呂斯，我們對 Flex Aurora 和 Flex Volunteer 即將推出的選項有很多疑問，包括宣布這些選項的可能性和時間表？

Thank you. That's a very good question. We're also waiting for those dates to come. And the only thing I can say today is that the first option is due now in Q4 2025 and the other option is in Q1 '26. So we shall revert once we can say more about that.

謝謝。這是一個非常好的問題。我們也在等待這些日期的到來。今天我唯一能說的是，第一個選項將於 2025 年第四季到期，另一個選項將於 2026 年第一季到期。因此，一旦我們能夠對此進行更多說明，我們就會恢復。

And today, we are also announcing refinancing, building up our cash balance. There are questions on how to spend it, but in particular, question for you is on fleet growth and potential new buildings. How do you look at reinvestments in newbuildings today?

今天，我們也宣布再融資，增加現金餘額。關於如何使用這筆錢存在一些問題，但具體來說，您的問題是關於船隊成長和潛在的新建築。您如何看待現今對新造船的再投資？

I would love to add on new buildings to the Flex LNG fleets. At the time, we did 13 speculatively ordered and have been able to fix them out on term business. Right now, we are exploring with the new and existing partners if somebody would like to join us to order with a contract attached, which I find is important to go forward if you're going to order more. But ordering a new building on the prices that we have talked speculatively is very difficult as long as the term market not justify a new building investment today.

我很樂意為 Flex LNG 船隊增添新建築。當時，我們已投機性地訂購了 13 艘船，並已能夠定期修復它們。目前，我們正在與新舊合作夥伴探討是否有人願意加入我們，簽訂合約進行訂購，如果您要訂購更多產品，我認為這很重要。但是，只要市場目前還不能證明新建築投資的合理性，那麼以我們推測的價格訂購新建築是非常困難的。

So then there's also follow-up questions of what we are doing with all the cash that we have on our balance sheet? As a reminder, we have $413 million of RCF capacity, which we are not utilizing in between quarters, which is an effective cash management way to have that capacity ready when we need it.

那麼還有後續問題：我們如何處理資產負債表上的所有現金？提醒一下，我們擁有 4.13 億美元的 RCF 容量，但我們在季度之間並未使用這些容量，這是一種有效的現金管理方式，可以在需要時準備好這些容量。

And I think as Marius also alluded to, we have sort of a strict capital discipline. But one of the ways is reflected in the share buyback program that we announced today, which is made independent of dividend considerations, where we have that capacity to do that without disturbing the dividend.

我認為，正如馬呂斯所提到的，我們有一種嚴格的資本紀律。但其中一種方法體現在我們今天宣布的股票回購計劃中，該計劃獨立於股息考慮，我們有能力在不影響股息的情況下做到這一點。

We also have a number of questions regarding the delisting. Many of them are detailed. We've covered a lot in our presentation, but we also recommend you to have a look on our website. There's a dedicated page for the delisting covering all the items that you will need to know, but we also encourage people to contact their broker or investment advisers for the shareholders on Oslo Stock Exchange to look at how to transfer the share to the New York Stock Exchange share before the last day of trading.

我們也對退市事宜有一些疑問。其中很多都很詳細。我們在演示中已經涵蓋了很多內容，但我們也建議您訪問我們的網站。有一個專門的退市頁面，涵蓋了您需要了解的所有內容，但我們也鼓勵人們聯繫奧斯陸證券交易所股東的經紀人或投資顧問，以了解如何在交易最後一天之前將股票轉移到紐約證券交易所股票。

It's important as following the delisting, the shares registered with VPS will be very difficult to transfer and to sell when we are no longer listed on Oslo Stock Exchange. So please have a look on our website.

這很重要，因為退市後，當我們不再在奧斯陸證券交易所上市時，在 VPS 註冊的股票將很難轉讓和出售。因此，請訪問我們的網站。

Okay. Thank you, Knut. That should be all for today. Thank you for everybody participating on this presentation. We are looking forward to see you back in November for our Q3 presentation.

好的。謝謝你，克努特。今天就講到這裡。感謝參加本次演講的各位。我們期待在 11 月的第三季演示中再次見到您。

Thank you.

謝謝。

Thank you.

謝謝。