FLEX LNG Ltd. (FLNG) 2026 Q2 法說會逐字稿

Welcome back to Flex LNG's second-quarter 2026 results presentation. Hope you all have a great summer.

歡迎回到 Flex LNG 2026 年第二季業績簡報。希望大家都有個美好的夏天。

My name is Marius Foss. I'm the CEO of Flex LNG. And today, I'm joined by our CFO, Knut Traaholt, who will walk you through the financials later in the presentation.

我叫 Marius Foss。我是 Flex LNG 的執行長。今天也由我們的財務長 Knut Traaholt 與我一同出席，他稍後將在簡報中帶各位回顧財務表現。

Today, we will summarize the second-quarter results and provide an update on the LNG shipping market. As always, we will conclude this webcast with a Q&A session.

今天我們將摘要第二季業績，並提供 LNG 航運市場的最新動態。如同以往，我們將以問答環節結束本次網路直播。

(Event Instructions)

(活動說明)

Before we start, we would like to highlight the following:

在開始之前，我們想強調以下事項：

We are using certain non-GAAP measures such as TCE, adjusted EBITDA, and adjusted net income. These are supplements to the earnings reported in accordance with US GAAP.

我們使用若干非 GAAP 指標，例如 TCE、調整後 EBITDA 與調整後淨利。這些指標是對依照美國 GAAP 所揭露盈餘的補充。

The reconciliations of these non-GAAP measures are available in the earnings report released today.

這些非 GAAP 指標的調節表已收錄於今日發布的財報新聞稿中。

There are also limitations to the completeness of our presentation. Therefore, we encourage you to read the quarterly report, together with today's presentation.

我們的簡報內容在完整性方面亦存在限制。因此，我們建議您將今日簡報與季度報告一併閱讀。

And with that, back to you, Marius.

接下來交回給你，Marius。

Thank you, Knut. Let's begin with the highlights of the quarter.

謝謝你，Knut。我們先從本季重點開始。

We are happy to present very strong results for the second quarter. We sailed in revenues of close to $107 million or close to $103 million, excluding the [EUAs]. This is our second best quarter since the fourth quarter of 2021.

我們很高興呈現第二季非常強勁的業績。我們的營收接近 1.07 億美元，或在排除[EUAs] 後接近 1.03 億美元。這是自 2021 年第四季以來我們表現第二好的季度。

The fleet-average TCE during the quarter ended up at $86,100 per day.

本季船隊平均 TCE 最終為每日 86,100 美元。

Net income for the second quarter came in at $44.9 million, implying an earnings per share of $0.83.

第二季淨利為 4,490 萬美元，換算每股盈餘為 0.83 美元。

When adjusting for unrealized gains and interest-rates swaps and FX, we ended up with adjusted net income of $42.5 million or adjusted earnings per share at $0.79.

若調整利率交換與外匯的未實現收益後，我們的調整後淨利為 4,250 萬美元，或調整後每股盈餘為 0.79 美元。

Flex Artemis and Flex Volunteer have traded in a strong spot market in the second quarter and contributed to our solid quarterly results.

Flex Artemis 與 Flex Volunteer 在第二季於強勁的現貨市場營運，並為我們穩健的季度業績做出貢獻。

We continue to see elevated geopolitical uncertainty in the LNG space, as the conflict in Iran causes disruption to the LNG flow from the region.

我們持續看到 LNG 領域的地緣政治不確定性升高，因伊朗衝突導致該地區 LNG 流向受到干擾。

Lastly, with the dry docking of Flex Vigilant in June, we have completed all scheduled five-year special surveys for our fleet.

最後，隨著 Flex Vigilant 於 6 月進行乾塢維修，我們已完成船隊所有排程的五年期特別檢驗。

We maintain our full-year guidance from last quarter and expect revenues to come in between $345 million and $370 million.

我們維持上季所提供的全年指引，預期營收將介於 3.45 億至 3.70 億美元。

Similarly, we expect the TCE to come in somewhere between $73,000 and $78,000 per day.

同樣地，我們預期 TCE 將介於每日 73,000 至 78,000 美元。

We expect adjusted EBITDA to come in between $255 million and $280 million.

我們預期調整後 EBITDA 將介於 2.55 億至 2.80 億美元。

With our strong quarter, contract coverage, and solid balance sheet, the Board has declared another dividend of $0.75 per share. This is the 20th consecutive dividend of $0.75 per share.

憑藉本季強勁表現、合約覆蓋率以及穩健的資產負債表，董事會宣布再次配發每股 0.75 美元股利。這是連續第 20 次每股 0.75 美元的股利。

And we have now distributed around $850 million since 2021, including special dividends. Our last 12 months dividend is $3 per share, implying a dividend yield of around 9.7%.

自 2021 年以來（含特別股利）我們已累計配發約 8.50 億美元。過去 12 個月的股利為每股 3 美元，意味著股息殖利率約 9.7%。

Flex Vigilant completed her dry dock in Denmark in June. And this was the third and final dry docking for 2026.

Flex Vigilant 於 6 月在丹麥完成乾塢維修。這也是 2026 年第三次且最後一次乾塢維修。

The average cost per dry docking came in around $6 million per vessel, as guided. And we spent averagely 17 days in dry dock per vessel.

如指引所示，每次乾塢維修的平均成本約為每艘 600 萬美元。每艘船平均在乾塢停留 17 天。

Flex Vigilant marks the final five-year special survey in our fleet of 13 vessels. Looking ahead, we have no dry dockings coming up in 2027. And we will commence our first 10-year docking in 2028.

Flex Vigilant 代表我們 13 艘船隊中最後一艘完成五年期特別檢驗。展望未來，2027 年我們沒有任何乾塢維修安排。我們將於 2028 年開始首次 10 年期進塢檢修。

Let's have a look at our contract backlog. Looking at our total contract coverage, we have 51 years of minimum-firm backlog, which may grow to 78 years, if all options are declared.

我們來看看合約積壓（contract backlog）。就整體合約覆蓋而言，我們擁有 51 年的最低確定積壓年期；若所有選擇權皆被行使，可能增加至 78 年。

In the near term, we have close to 89% coverage for the remaining available days in 2026.

就短期而言，2026 年剩餘可用天數的合約覆蓋率接近 89%。

Flex Artemis and Flex Volunteer have both been trading in the spot market in the second quarter and will come open at the end of the third quarter. We are now marketing the vessels, both for spot and new term contracts.

Flex Artemis 與 Flex Volunteer 在第二季皆於現貨市場營運，並將於第三季末轉為可用。我們目前正為這兩艘船進行市場推廣，涵蓋現貨與新的期租合約。

With our good contract coverage for the remainder of the year, we maintain our guiding, which we upgraded last quarter. This means that we expect full -year revenues to come in between $345 million to $370 million.

由於今年剩餘期間的合約覆蓋率良好，我們維持上季上調後的指引。也就是說，我們預期全年營收將介於 3.45 億至 3.70 億美元。

Similarly, we expect TCE to come in somewhere between $73,000 and $78,000 per day.

同樣地，我們預期 TCE 將介於每日 73,000 至 78,000 美元。

Lastly, we expect the adjusted EBITDA to come in between $255 million and $280 million.

最後，我們預期調整後 EBITDA 將介於 2.55 億至 2.80 億美元。

We are pleased to announce that the Board has declared a dividend of $0.75 per share.

我們很高興宣布，董事會已宣告每股 0.75 美元的股利。

Let us briefly revisit decision factors for the dividends. We maintain the orange level for market outlook. This reflects a softer spot market and heavy schedule of newbuilding deliveries.

我們簡要回顧股利決策的考量因素。我們對市場展望維持橘色等級。這反映現貨市場轉弱，以及新造船交付時程密集。

Looking ahead, we note that low European storage levels going into the cold winter season. Confidence in the long-term structural demand story remains intact, supported by the third wave of US LNG export capacity currently under construction.

展望未來，我們注意到歐洲在進入寒冷冬季前的庫存水位偏低。在長期結構性需求的論述上，信心仍然穩固，並受到目前正在建設中的美國 LNG 出口產能第三波擴張所支撐。

We keep other considerations in orange, given the continued elevated geopolitical risk. There is still uncertainty around the duration of the Iran conflict and the timing of normalization of the Qatar supply.

鑑於地緣政治風險仍處於高檔，我們將其他考量維持在橘色。伊朗衝突的持續時間，以及卡達供應恢復正常的時點，仍存在不確定性。

Taking all factors into account, the Board has declared another quarterly dividend of $0.75 per share. This brings dividends paid over the last 12 months to $3 per share.

綜合所有因素，董事會宣布再次配發每股 0.75 美元的季度股利。這使得過去 12 個月已支付的股利達到每股 3 美元。

The dividend will be paid on or about September 17 to shareholders of record, as of September 3.

股利將於約 9 月 17 日支付給截至 9 月 3 日為止的登記股東。

And with that, I hand it over to you, Knut, for final financial updates.

接下來我把時間交給你，Knut，進行最後的財務更新。

Thank you, Marius.

謝謝你，Marius。

And the second quarter was significantly improved quarter over quarter, mainly driven by higher revenues. And revenues were $106.8 million or $102.7 million, excluding EUAs.

第二季較上一季顯著改善，主要由更高的營收所帶動。營收為 1.068 億美元，或在排除 EUAs 後為 1.027 億美元。

The higher revenues were driven by high spot earnings for Flex Volunteer and Flex Artemis, while both Flex Constellation and Flex Aurora contributed by having a full quarter of earnings under the new contracts that commenced in March.

營收增加主要來自 Flex Volunteer 與 Flex Artemis 的高現貨收益；同時，Flex Constellation 與 Flex Aurora 也因 3 月開始的新合約帶來整季收益而有所貢獻。

On the cost side, vessel OpEx was higher quarter over quarter, as the second quarter was impacted by higher crew travel costs related to the disruptions in the Middle East.

在成本方面，船舶營運費用（OpEx）較上一季上升，因第二季受到中東地區擾動所致的船員差旅成本增加影響。

The average OpEx per day in the second quarter was $16,260, while the average OpEx for the first six months of the year was around $16,100 per day. We maintain our OpEx guidance of $16,000 per day for the full year.

第二季每日平均 OpEx 為 16,260 美元，而今年前六個月的平均 OpEx 約為每日 16,100 美元。我們維持全年每日 16,000 美元的 OpEx 指引。

Interest expense continued to improve, reflecting lower loan margins and active management of our [RCF] facilities.

利息費用持續改善，反映貸款利差下降，以及我們對 [RCF] 額度的積極管理。

We booked $4.7 million in gains on our interest-rate derivatives; of which, $2.3 million was realized gains and $2.4 million was unrealized gains.

我們在利率衍生性商品上認列 470 萬美元收益；其中 230 萬美元為已實現收益，240 萬美元為未實現收益。

Net income came in at $44.9 million or $0.83 per share. And adjusting for non-cash items like unrealized gains from the interest derivative portfolio, the adjusted net income was $42.5 million or equivalent to adjusted earnings per share of $0.79. This is more than double than of the first quarter.

淨利為4,490萬美元，或每股0.83美元。若調整非現金項目（例如利率衍生品投資組合的未實現收益），調整後淨利為4,250萬美元，或相當於調整後每股盈餘0.79美元。這比第一季高出一倍以上。

So, overall, this was a very strong quarter, impacted by improved revenues from the spot market, new contracts, completion of dry docking, and continued cost control and improved financial efficiency.

總體而言，本季表現非常強勁，受惠於現貨市場收入改善、新合約、乾塢作業完成，以及持續的成本控管與財務效率提升。

On the cash flow, during the quarter, we generated strong cash flow from operations of $63 million, up from $37 million in the first quarter. The increase was mainly driven by higher revenues, as explained on the previous slide.

在現金流方面，本季我們營運活動產生的現金流強勁，達6,300萬美元，高於第一季的3,700萬美元。增幅主要由較高的營收所帶動，如前一張投影片所說明。

This excludes $19 million in positive change in working capital and $5 million of CapEx related to the dry dockings this year. And the reduction in receivables during the quarter was related to timing of advanced charter-hire receipts.

此數字不包含營運資金正向變動1,900萬美元，以及今年與乾塢相關的資本支出（CapEx）500萬美元。本季應收款項的減少與預收租船費（advanced charter-hire）入帳時點有關。

We repaid $28 million in scheduled debt installments and distributed $41 million to our shareholders. And then, in sum, our net cash flow was $8 million in the quarter. And that resulted in a cash position of $397 million at the end of the quarter.

我們償還了2,800萬美元的到期分期債務，並向股東分配4,100萬美元。總結而言，本季淨現金流為800萬美元。因此，季末現金部位為3.97億美元。

So looking at our balance sheet, we maintain a clean balance sheet with mainly ships and close to $400 million in cash.

從資產負債表來看，我們維持乾淨的資產負債表，資產主要為船舶，並持有接近4億美元的現金。

And our debt financing -- comprised of a combination of bank loans, which gives us flexibility and attractive long-term leases. Our first debt maturity is in the first quarter of 2029.

我們的債務融資——由銀行貸款的組合構成，使我們具備彈性，並搭配具吸引力的長期租賃。我們第一筆債務到期日在2029年第一季。

And if we look at the book-equity ratio, it's robust at 27.4%. And as noted before, our book values reflect the historical cost adjusted with regular depreciation.

若看帳面股權比率（book-equity ratio），其水準穩健，為27.4%。如先前所述，我們的帳面價值反映歷史成本並定期提列折舊後的結果。

Our interest-rate swap portfolio is unchanged and was valued at $22 million at the end of the second quarter. The notional value of the portfolio is $775 million, with an average fixed rate of 2.46%.

我們的利率交換投資組合維持不變，於第二季末估值為2,200萬美元。該投資組合名目本金為7.75億美元，平均固定利率為2.46%。

We expect to maintain a hedge ratio of around 70% into mid-next year.

我們預期將把避險比率維持在約70%，直到明年年中。

And with that, I hand it back to you, Marius, for the market outlook.

接下來我把時間交還給你，Marius，請你談市場展望。

Thank you, Knut. Let's have a look at the LNG trade.

謝謝你，Knut。我們來看看LNG貿易。

Global LNG trade volumes are broadly flat year to date, down less than 1% compared with the same period last year.

今年迄今全球LNG貿易量大致持平，較去年同期下降不到1%。

On the supply side, the key development has been significant reduction in the Qatari exports, down around 29 million tons.

供給端方面，關鍵發展是卡達出口大幅減少，約減少2,900萬噸。

This shortfall has, to a large extent, been offset by strong growth from the US, where exports are up 23% or close to 14 million tons. We have also seen continued growth from Australia and Russia.

這項缺口在很大程度上被美國的強勁成長所抵消，美國出口增加23%，或接近1,400萬噸。我們也看到澳洲與俄羅斯持續成長。

Other exporters have contributed strongly and are up 6 million tons from last year. These include LNG Canada, but also West Africa exporters, including Nigeria and Senegal.

其他出口國也有顯著貢獻，較去年增加600萬噸。其中包括LNG Canada，也包括西非出口國，如奈及利亞與塞內加爾。

Industry sources report that global export capacity ran at 96% utilization in July, excluding Qatar. This is above 90% utilization seen last year and a five-year average of 86%.

產業消息來源指出，7月全球出口產能（不含卡達）以96%的利用率運行。這高於去年所見的90%以上利用率，以及五年平均的86%。

On the demand side, imports into [JKT] remained resilient, while Europe and China are down compared to last year. At the same time, India and other importing markets have continued to grow.

需求端方面，[JKT]的進口仍具韌性，而歐洲與中國較去年下滑。同時，印度及其他進口市場持續成長。

The key take-away is that, despite a significant disruption from one of the world's largest LNG exporters, Qatar, global trade volumes have remained resilient.

關鍵結論是：儘管全球最大LNG出口國之一卡達出現重大干擾，全球貿易量仍維持韌性。

And, more importantly, for shipping, the growing share of US supply means more LNG coming into the Atlantic Basin. This will likely have a positive ton-mile effect, when those volumes move into Asia.

而且更重要的是，對航運而言，美國供給占比提高意味著更多LNG進入大西洋盆地。當這些貨量運往亞洲時，可能對噸海里需求（ton-mile）產生正面效果。

Let's have a look a bit closer to the supply side. The reduction in Middle East LNG volumes has been significant.

我們再更仔細看看供給端。中東LNG貨量的減少相當顯著。

Combined exports from Qatar and UAE are currently down around 63% compared to normal levels. As you can see from the left-hand side, exports dropped very sharply earlier in the year. And while volumes have started to recover, they remain below historical levels.

卡達與阿聯酋的合計出口目前較正常水準下降約63%。如左側所示，出口在今年稍早大幅下滑。雖然貨量已開始回升，但仍低於歷史水準。

At the same time, the US has continued to ramp up LNG exports. US liquefaction capacity is up around 14 million tons year on year, supported by the ramp-up of new capacity, particularly in the Plaquemines.

同時，美國持續提高LNG出口。在新產能逐步爬坡的支撐下，特別是Plaquemines的增量，美國液化產能年增約1,400萬噸。

It is also worth to mention that the long-anticipated Golden Pass is slowly but steadily increasing its production. We expect to see increased loading from Golden Pass, going forward; and from [Port Arthur], as it comes on stream next year.

另外也值得一提的是，市場期待已久的Golden Pass正緩慢但穩定地提升產量。我們預期未來Golden Pass的裝船量將增加；以及[Port Arthur]在明年投產後也將帶來增量。

So despite substantial loss from Middle East supply, this has mitigated by strong US growth. And that shift is positive for the shipping demand.

因此，儘管中東供給大幅流失，但已被美國的強勁成長所緩解。而這樣的轉移對航運需求是正面的。

Let us have a look at the demand side on the competition between Europe and Asia for the LNG.

我們來看看需求端：歐洲與亞洲之間對LNG的競爭。

Europe entered the year with relatively low gas inventories. Inventories are today 61% full, the lowest level in over 15 years and below the 73% seen last year. This means Europe still has a substantial requirement to rebuild inventories ahead of the winter season.

歐洲在年初時天然氣庫存相對偏低。目前庫存為61%滿，是15年來最低水準，且低於去年的73%。這表示歐洲在冬季來臨前仍有相當大的補庫需求。

At the same time, US LNG is highly flexible and can move between Europe and Asia, depending on the relative pricing.

同時，美國LNG具高度彈性，可依相對價格在歐洲與亞洲之間流動。

Looking at the chart on the left-hand side, there have historically been significant swings in the US LNG flows between the two regions.

從左側圖表可見，歷史上美國LNG流向兩個地區之間曾出現顯著擺動。

So far this year, both Europe and Asia have attracted additional US LNG volumes, although the balance has shifted through the year.

截至今年目前，歐洲與亞洲都吸引了額外的美國LNG貨量，儘管兩者之間的平衡在一年中有所變化。

Looking forward, this sets up a continued tug-of-war of US LNG exports. If European storage remain low, Europe will need to keep bidding on Atlantic cargoes, while lack of Qatari volumes could pull more of those volumes into Asia.

展望未來，這將形成美國LNG出口持續的拉鋸戰。若歐洲庫存仍偏低，歐洲將需要持續競標大西洋貨；而卡達貨量不足則可能把更多貨量拉向亞洲。

If you are looking at the newbuildings, we stand out on this slide, ordering activity remains very strong, even with newbuilding prices holding around $250 million and the term rates remain more moderate levels.

若看新造船，我們在這張投影片上很突出：即使新造船價格維持在約2.5億美元、期租運價仍處於較溫和水準，訂船活動依然非常強勁。

We have already seen around 60 newbuildings ordered, so far, this year. A number of these are made without any employment contracts.

今年迄今我們已看到約60艘新造船訂單。其中有不少是在沒有任何就業合約（employment contracts）的情況下下單。

This year, orders are well above last year's figures of 35 vessels. That tells us there's still significant confidence in the long-term LNG shipping markets.

今年的訂單量遠高於去年的35艘。這告訴我們，市場對LNG航運的長期前景仍具相當信心。

At the same time, elevated newbuilding prices continue to provide support for the value of modern existing tonnage, including our fleet.

同時，新造船價格維持高檔，持續支撐現代化既有船舶（包括我們船隊）的價值。

The order book remains substantial, with around 285 vessels to be delivered, going forward, equivalent to roughly 38% of the existing fleet.

訂單簿仍相當可觀，未來約有285艘船將交付，約相當於現有船隊的38%。

However, the majority of these vessels are already tied up with Qatar or other long-term employment. And the number of open vessels remains fairly limited.

然而，其中多數船舶已與卡達或其他長期就業安排綁定。可供市場的開放船舶數量仍相當有限。

Contracting activity remains at very high levels. LNG [SPAs] volumes signed in the first half of 2026 are already above 30 million tons per year.

簽約活動仍維持在非常高的水準。2026年上半年簽署的LNG [SPAs]合約量已超過每年3,000萬噸。

This continued appetite for long-term LNG supply is important because it provides the commercial basis required for new projects to reach [FID].

對長期 LNG 供應的持續需求很重要，因為它為新專案達成[FID] 所需提供了商業基礎。

We have already seen around 28 million tons of projects that reached FID, so far, this year, including Venture Global's expansion of the CP2, Commonwealth, and Delfin.

截至目前，我們今年已看到約 2,800 萬噸的專案達成 FID，其中包括 Venture Global 的 CP2 擴建案、Commonwealth 以及 Delfin。

And there are additional projects that could reach FID later this year, up to 39 million tons.

此外，今年稍晚還有其他專案可能達成 FID，合計最多可達 3,900 萬噸。

These potential projects include LNG Canada Phase 2, Ksi Lisims in Canada, and Delfin Phase 2, and the Brownsville in the US. This would take the potential FIDs in 2026 up to around 67 million tons.

這些潛在專案包括 LNG Canada 第二期、加拿大的 Ksi Lisims、Delfin 第二期，以及美國的 Brownsville。這將使 2026 年潛在的 FID 規模提升至約 6,700 萬噸。

The key take-away is that the next wave of LNG supply continues to gain momentum, supported by strong customer contracting and a healthy pipeline of projects moving forward to FID.

重點結論是：在強勁的客戶簽約支持下，以及一系列專案穩健推進至 FID 的帶動下，下一波 LNG 供應持續累積動能。

Let's have a look at the spot market for the modern two strokes.

我們來看看現代兩衝程船舶的即期市場。

We have seen increasing vessel availability in both West and East of Suez. And that continues to put a weight on the spot rates.

我們看到蘇伊士運河以西與以東的船舶可用量都在增加。這也持續對即期運價形成壓力。

It is worth mentioning that the number of vessels available today is in line with the five-year historical averages.

值得一提的是，目前可用船舶數量與五年歷史平均值一致。

This comes at a time when the LNG fleet is growing. This shows that the newbuildings are being absorbed by going straight into the program, after being delivered from the shipyards.

這發生在 LNG 船隊規模持續成長之際。這顯示新造船在船廠交付後，直接被吸收並投入營運計畫。

We did see a sharp spike in the rates earlier this year. But since then, rates have normalized. And we have seen some pressure on the spot rates over the last few weeks.

我們確實在今年稍早看到運價大幅飆升。但此後運價已回歸常態。而在過去幾週，我們也看到即期運價承受一些壓力。

As we move into the second half of the year, we would normally expect some historical seasonal tightening.

隨著進入下半年，通常我們會預期出現一些歷史性的季節性收緊。

We have two vessels coming open at the end of the third quarter, well positioned for a potential strong winter market.

我們有兩艘船將在第三季末空出，位置良好，可望把握潛在強勁的冬季市場。

With that, let's turn to a Q&A session.

接下來，我們進入問答環節。

Thank you, Marius. And thank you to everyone who has submitted questions on our webcast and, also, to our Investor Relations e-mail.

謝謝你，Marius。也感謝所有透過我們的網路直播以及投資人關係電子郵件提交問題的各位。

It's been an active or a lot of things happening during the quarter, particularly in the Middle East and with the Strait of Hormuz.

本季發生了很多事情，特別是在中東以及荷姆茲海峽相關情勢。

So we have a number of questions coming in around that and, also, how that has impacted our operations.

因此，我們收到不少與此相關的問題，也包括這些事件如何影響我們的營運。

So, in specific, the question is: Do we have any trade in that area or to the Strait of Hormuz? And have we had any ships being stuck inside the Strait of Hormuz?

具體來說，問題是：我們是否有在該區域或往返荷姆茲海峽的貿易航線？以及我們是否有任何船舶被困在荷姆茲海峽內？

Yeah. Thank you.

是的。謝謝。

Now, I'm pleased to confirm that all vessels in the Flex fleet of 13 vessels, none of them have been trading inside since the end of February. So our charterers' clients are trading elsewhere for time being.

我很高興確認，Flex 船隊共 13 艘船，自二月底以來沒有任何一艘在該區域內營運。因此，我們的承租人客戶目前暫時在其他地區營運。

And there's also, then, a follow-up question around this, as there are a number of additional insurances that are needed to be trading to the Strait of Hormuz.

另外還有一個追問：由於在荷姆茲海峽營運需要投保多項額外保險。

And the question is, specifically, who pays for this insurance? And what insurance is needed to be trading here?

問題具體是：這些保險由誰支付？以及在此營運需要哪些保險？

Yeah. It's required to have insurance, when you sail into high-risk areas. So if and when our ships are ordered to other high-risk areas, this extra coverage will be paid for by the charterers who are instructing the vessel to such areas.

是的。當你航行進入高風險區域時，必須投保相關保險。因此，若且當我們的船舶被指示前往其他高風險區域時，這些額外保險將由指示船舶前往該等區域的承租人支付。

And sticking to the Strait of Hormuz, it's more on the market view and the outlook there for, first of all, the resumption of LNG export out of Qatar and UAE, but also more on the normalization of the transit through the Strait of Hormuz.

回到荷姆茲海峽，這更偏向市場觀點與前景：首先是卡達與阿聯酋 LNG 出口的恢復，其次是荷姆茲海峽通行的正常化。

What's your view on that?

你對此有何看法？

Well, we believe that Strait of Hormuz will remain closed throughout 2026. So we could potentially look at the interesting market, going forward, for LNG and other shipping segments.

我們認為荷姆茲海峽將在整個 2026 年期間維持關閉。因此，展望未來，我們可能會看到 LNG 以及其他航運細分市場出現有趣的市場情勢。

Moving on, you mentioned in the presentation that we have seen a slightly softer spot market now. So there's questions on what your expectations are for the LNG shipping market for the third quarter and then, the fourth quarter.

接著，你在簡報中提到目前即期市場略為走弱。因此有人詢問你對第三季以及第四季 LNG 航運市場的預期。

Yeah. The Q3 is normally a shoulder month before we head into the winter season. So Q3 has softened up from the spot market -- has been maybe on $120,000 for round trip during the last Q3 and has now come down to $30,000.

是的。第三季通常是在進入冬季前的淡季。因此第三季的即期市場已轉弱——去年第三季往返航程可能約為 12 萬美元，現在已降至 3 萬美元。

Our next ship, coming open in the end of Q3, so we are preparing for the Q4 market, which, historical, has been profitable.

我們下一艘船將在第三季末空出，因此我們正在為第四季市場做準備，而從歷史來看，第四季一直是有利可圖的。

So we are hopeful and hoping that we can contribute a little bit more there on our Q3 and Q4 results later. But, yeah, if Hormuz remains closed, I think this will automatically find its way back to where the LNG market should be.

所以我們抱持期待，也希望之後在第三季與第四季的業績上能多做一些貢獻。不過，是的，如果荷姆茲海峽持續關閉，我認為這將自動使市場回到 LNG 市場應有的水準。

Good. Then, we have some questions on the financing.

很好。接下來，我們有一些關於融資的問題。

First of all, on our interest-rate derivative portfolio, as we say, we have 70% coverage until mid-next year. And the question relates to when we expect to add more interest-rate hedging to our books.

首先，關於我們的利率衍生性商品投資組合，如我們所說，我們已對沖至明年年中，覆蓋率為 70%。問題是我們預期何時會再增加更多利率避險。

In general, we are trading when the markets are favorable. We are very pleased with the coverage we have today.

一般而言，我們會在市場條件有利時進行交易。我們對目前的覆蓋水準非常滿意。

But, obviously, when there are opportunities, either for adding more on the short-term or longer-term interest-rate hedging, that is our aim to do.

但顯然，當出現機會時，無論是增加短期或長期的利率避險，這都是我們希望去做的。

And there is also a follow-up questions on our debt maturities in Q1 2029, when we will address that.

另外還有一個追問，關於我們在 2029 年第一季到期的債務，我們何時會處理。

It's a bit early to address that refinancing now, unless that we see an attractive opportunity to add more or better terms to our financings.

現在就處理該再融資還稍早，除非我們看到有吸引力的機會，能為我們的融資增加額度或取得更好的條件。

That is something we are continuously evaluating. And if there are attractive opportunities, we will act on them.

這是我們持續在評估的事項。若有具吸引力的機會，我們會採取行動。

And final question, it's a recurring question. It's about dividend sustainability and the outlook for future dividends.

最後一個問題，是一個經常被問到的問題。關於股利的可持續性以及未來股利的展望。

As we have repeatedly said, each dividend are declared by the Board each quarter. We are fairly transparent on the decision factors, which we have also presented today.

如我們一再強調，股利由董事會每季宣告。我們對決策因素相當透明，今天也已呈現。

That is a repeat of the decision factors that we had last year -- sorry -- last quarter, which was basically a downgrade of certain factors.

這些決策因素與去年——抱歉——上一季相同，基本上是對某些因素進行下調。

However, with the strong balance sheet and cash position and, also, the contract backlog, the Board was pleased to confirm a dividend for this quarter of $0.75.

然而，憑藉強勁的資產負債表與現金部位，以及合約積壓量，董事會很高興確認本季股利為每股 0.75 美元。

Future dividends will be decided by the Board and reassess all these factors, including, then, our backlog for the open vessels.

未來股利將由董事會決定，並重新評估所有這些因素，包括我們對於可用船舶的積壓訂單（backlog）。

And with that, that concludes the Q&A session.

以上即為問答環節的結束。

Thank you. Thank you for participating in our Q2 presentation.

謝謝。感謝各位參與我們的第二季簡報。

We would like to welcome you back in November for our Q3 presentation. Thank you.

我們期待在 11 月的第三季簡報再次歡迎各位。謝謝。