StealthGas Inc (GASS) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to our fourth quarter 2023 earnings conference call and webcast. I'm Michael Jolliffe, Chairman of the Board of Directors and joining me on our call today, as usual is Harry Vafias to discuss the market and company outlook and Konstantinos Sistovaris to discuss the financial aspects.

大家早安，歡迎參加我們的 2023 年第四季財報電話會議和網路廣播。我是董事會主席邁克爾·喬利夫(Michael Jolliffe)，今天和我一起參加我們的電話會議，像往常一樣，哈里·瓦菲亞斯(Harry Vafias) 討論市場和公司前景，康斯坦丁諾斯·西斯托瓦里斯(Konstantinos Sistovaris) 討論財務方面。

Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance. So if you could all take a moment to read our disclaimer on slide 2 of this presentation, I should be grateful.

在我們開始演講之前，我想提醒您，我們將討論前瞻性陳述，這些陳述反映了當前對未來事件和財務表現的看法。因此，如果你們能花點時間閱讀本簡報投影片 2 上的免責聲明，我將不勝感激。

Risks are further disclosed in StealthGas's filing with the Securities and Exchange Commission. I would also like to point out that all amounts quoted unless otherwise clarified are implicitly stated in US dollars.

StealthGas 向美國證券交易委員會提交的文件中進一步揭露了風險。我還想指出，除非另有說明，所有引用的金額均隱含以美元表示。

Today, we released our results for the fourth quarter and for the full year 2023 announcing for the second year in a row record profits. So let's proceed to discuss these results and update you on the company's strategy and the market in general.

今天，我們發布了第四季和 2023 年全年業績，宣布連續第二年實現創紀錄的利潤。因此，讓我們繼續討論這些結果，並向您介紹公司策略和整體市場的最新情況。

Turning to slide 3, we summarize some highlights starting with fleet and operations update. We first concluded the previously announced sale of two vessels, the Eco Dream and Eco Green delivering those vessels in January. That same month we also took delivery of our long awaited MGC newbuilding vessels, the Eco Wizard and Eco Oracle that were deployed on their respective time charters.

轉向投影片 3，我們總結了從機隊和營運更新開始的一些亮點。我們首先完成了先前宣布的兩艘船舶的銷售，即 Eco Dream 和 Eco Green，並於 1 月交付了這些船舶。同月，我們也接收了期待已久的 MGC 新造船 Eco Wizard 和 Eco Oracle，並部署在各自的期租合約上。

As the market was firmed during the last couple of months, we continued securing more period charters, both in our fully owned fleet and for the joint venture's vessels with contract coverage for 2024 of 66% of our fleet days for our fully owned fleet. We have vast contracted revenues of over [$200 million] for all subsequent periods excluding our JV vessels.

隨著過去幾個月市場的堅挺，我們繼續獲得更多定期租船，無論是我們的全資船隊還是合資公司的船舶，合約覆蓋範圍為2024 年，占我們全資船隊船隊天數的66%。除我們的合資船舶外，我們後續所有時期的合約收入均超過 [2 億美元]。

Moving to our financial highlights, with an average seven fewer vessels compared to last year and a 20% reduction in fleet days. Net voyage revenues that is net of voyage costs were flat at $130.6 million and $130.3 million for 2022 and 2023, respectively, in spite of the smaller fleet. Our profitability remained strong in the fourth quarter and was $8.9 million compared to $7.7 million last year, a 15% increase.

轉向我們的財務亮點，與去年相比，船舶平均減少 7 艘，船隊天數減少 20%。儘管船隊規模較小，但 2022 年和 2023 年扣除航次成本後的淨航次收入分別持平於 1.306 億美元和 1.303 億美元。第四季我們的獲利能力依然強勁，為 890 萬美元，與去年的 770 萬美元相比，成長了 15%。

Well for the full year, net income was $51.9 million compared [to $34.3 million] last year, a 52% increase, which is the highest profit recorded by the company since it became public. Earnings per share for the 12 months were $1.38.

全年淨利潤為 5,190 萬美元（去年為 3,430 萬美元），成長 52%，這是該公司上市以來的最高利潤記錄。12 個月每股收益為 1.38 美元。

And also, worth pointing out is that during 2023, we have halved our debt by paying down facilities of $154 million and still maintains strong liquidity. In the first two months of 2024, we drew down on a $70 million loan to finance the delivery of our two newbuilding vessels and prepaid one of the older facilities, thus having made debt repayments of over $30 million so far this quarter.

此外，值得指出的是，2023 年期間，我們透過償還 1.54 億美元的融資將債務減半，並且仍然保持強勁的流動性。在2024 年的前兩個月，我們提取了7000 萬美元的貸款，為兩艘新造船的交付提供資金，並預付了其中一艘舊船的貸款，因此本季度迄今已償還了超過3000 萬美元的債務。

As far as the share buybacks during the last quarter of 2023, we bought back 1.2 million shares, bringing the total number of shares repurchased to [3.9 million] shares costing over $90 million. However, we have not made any share repurchases during 2024 so far and have about $6 million left authorized for such a purpose.

就2023年最後一季的股票回購而言，我們回購了120萬股，使回購股票總數達到[390萬]股，成本超過9,000萬美元。然而，到目前為止，我們尚未在 2024 年期間進行任何股票回購，並且還授權用於此目的的資金約為 600 萬美元。

Let us move on to slide 4 for our fully owned fleet employment update as of February. Just like in the previous call, we again announced a number of new period charters. One of the seven new charters, excluding our JV vessels for a one year duration were mostly extensions with existing charters, two were of was six months duration and one of three months duration.

讓我們繼續看投影片 4，了解截至 2 月我們的全資車隊就業情況更新。就像上次電話會議一樣，我們再次宣布了一些新的時期章程。七份新租船合約中，不包括為期一年的合資船舶，其中大部分是對現有租船合約的延期，其中兩份租期為六個月，另一份租期為三個月。

As a result, since the beginning of the year, we have significantly increased our contracted days for 2024 to 66%, securing almost $120 million in revenues, while for the six larger vessels in our fleet, the four handysize and two MGCs, the percentage coverage is slightly higher at 76%.

因此，自今年年初以來，我們將2024 年的合約天數大幅增加至66%，確保了近1.2 億美元的收入，而對於我們船隊中的六艘大型船舶（四艘靈便型船舶和兩艘MGC ）來說，百分比覆蓋率略高，為 76%。

We have also managed to secure contracted revenues for all periods up to 2027 of over $200 million. Only two of our vessels currently operate in the spot market. Lastly, in terms of drydocks, during 2024, we have seven small LPG vessels scheduled for drydock.

我們也成功確保了截至 2027 年所有期間的合約收入超過 2 億美元。目前我們只有兩艘船在現貨市場運作。最後，就乾船塢而言，2024 年期間，我們計劃有七艘小型液化石油氣船進入乾船塢。

In Slide 5, I would like now to provide an update of our two joint ventures comprising of six vessels. As far as the joint venture with the four small LPG vessels, there was a lot of activity on the chartering side, all four vessels entered into period charters between 5 and 12 months, whereas before two of these were operating spots. As far as one vessel that was scheduled to be drydocked in the current quarter, his drydock has just completed.

在投影片 5 中，我現在想提供我們兩家由六艘船組成的合資企業的最新情況。就與四艘小型液化石油氣船的合資企業而言，租船方面有很多活動，所有四艘船都簽訂了5至12個月的定期租船合同，而之前其中兩艘船都是運營點。就本季計劃進乾船塢的一艘船而言，他的乾船塢剛剛完工。

The second joint venture currently comprises of two medium gas carriers, both currently on period charters as previously announce. The Eco Ethereal charterer had a purchase option attached to the charter and notified us of its intention to exercise that option accompanied by our deposits. We expect the vessel to be delivered at the end of the charter in the second quarter.

第二家合資企業目前包括兩艘中型天然氣運輸船，正如先前宣布的那樣，這兩艘船目前都處於定期租船狀態。Eco Ethereal 承租人在租船合約中附有購買選擇權，並通知我們其打算行使該選擇權並附上我們的押金。我們預計該船將於第二季租約結束時交付。

From the sale, the joint venture expects a profit, and the self-cash share will be reflected in the investments part of the income statement after its conclusion. Also, the vessel is debt-free and subject to agreement with our partners. We expect that all of the sale proceeds and accumulated profits will be distributed to the partners thereafter.

合資公司預計將從出售中獲得利潤，自有現金份額將在交易結束後反映在損益表的投資部分中。此外，該船沒有債務，並須與我們的合作夥伴達成協議。我們預計此後所有銷售收入和累積利潤將分配給合作夥伴。

In terms of our fleet geography presented in slide 6, our company mainly focuses on regional trade and local distribution of gas. While the larger vessels often engage in intercontinental voyages. This graph is a snapshot of the positioning of the fleet, including the JV vessels as of mid-February.

就幻燈片 6 中介紹的我們的船隊地理位置而言，我們公司主要專注於區域貿易和天然氣的本地分銷。而較大的船隻則經常從事洲際航行。該圖是船隊定位的快照，包括截至 2 月中旬的合資船舶。

The majority of our fleet, 18 vessels currently trade in Europe, particularly in the Northwest and in the Mediterranean. We have strategically focused over the past several quarters on this area as the freight rates West of Suez continue to command a premium over east of Suez. Seven vessels are trading in the mid-Far East, four vessels trading in the US and Caribbean and four in Africa, while more than the previous quarter, although this is a trans Indian Ocean trade.

我們船隊的大部分（18 艘船）目前在歐洲進行貿易，特別是在西北地區和地中海。由於蘇伊士以西的運費繼續高於蘇伊士以東的運費，我們在過去幾季策略性地關注這一領域。有七艘船在遠東中部進行貿易，四艘船在美國和加勒比地區進行貿易，四艘在非洲進行貿易，雖然這是跨印度洋的貿易，但比上一季增加。

We do not expect a major redistribution in the trading of the fleet. Although that being said, we do have one vessel relocating from Asia to Europe. However, this is one of the recently delivered MGC vessels that is expected to engage in ammonia trading in Europe.

我們預計船隊交易不會發生重大重新分配。儘管如此，我們確實有一艘船從亞洲轉移到歐洲。然而，這是最近交付的 MGC 船舶之一，預計將在歐洲從事氨貿易。

Let me take the opportunity to also address the matter of the Red Sea situation. Since it is not very often that our message was moved from east to west and vice versa by saying that this particular vessel, which is on time charter [would] intends to unload its cargo in the Mediterranean will follow the long route via the Cape and then to the Mediterranean from Gibraltar rather than from the Suez Canal. So instead of taking 20 days, the trip will take about 38 days, almost double the time.

我也藉此機會談談紅海局勢問題。由於我們的資訊很少從東轉移到西，反之亦然，因為這艘定期租船的特定船隻[將]打算在地中海卸貨，將沿著經過好望角的漫長路線行駛，然後從直布羅陀而不是從蘇伊士運河到達地中海。因此，這次旅行將花費大約 38 天，而不是 20 天，幾乎是兩倍的時間。

I will now turn the call over to Konstantinos Sistovaris for our financial performance. Thank you.

現在我將把電話轉給康斯坦丁諾斯·西斯托瓦里斯，詢問我們的財務表現。謝謝。

Thank you, Michael, and good morning to everyone. I will discuss the financial results that were released today. Let us turn to slide 7, where we see a snapshot of the income statement for the fourth quarter and 12 months of 2023 against the same period of 2022.

謝謝你，邁克爾，祝大家早安。我將討論今天發布的財務業績。讓我們轉向投影片 7，我們可以看到 2023 年第四季和 12 個月的損益表與 2022 年同期相比的快照。

Even though fleet days were reduced by 21% and we had seven fewer vessels, net revenues that is after voyage expenses came in at $30.8 million for the quarter and $130.3 million for the 12 months, a decrease of 15% for the quarter and 0.2% for the 12 months compared to last year. So our fewer vessels generated more voyage revenues comparatively and had reduced voyage expenses.

儘管船隊天數減少了21%，而且我們的船舶數量減少了7 艘，但扣除航次費用後的淨收入本季為3,080 萬美元，過去12 個月為1.303 億美元，本季下降了15%，下降了0.2%與去年相比，這 12 個月。因此，我們較少的船隻相對而言產生了更多的航次收入，並減少了航次費用。

Operating expenses were at $12.9 million for the quarter, down 12%, while for the full year were $53.1 million a yearly reduction of 3.3%. We would have expected a larger reduction in OpEx year on year, but we did face inflationary pressures and had cost overruns particular during the first quarter of last year.

本季營運費用為 1,290 萬美元，下降 12%，全年營運費用為 5,310 萬美元，年減 3.3%。我們原本預期營運支出會較去年同期大幅下降，但我們確實面臨通膨壓力，尤其是去年第一季出現成本超支。

During the fourth quarter, we also faced some extraordinary costs related to the maintenance of one of our vessels. We also note depreciation costs being reduced significantly as a result of the fleet reduction to $5.6 million and $23.7 million, respectively, for the quarter and 12 months.

在第四季度，我們也面臨著與一艘船舶的維護相關的一些異常成本。我們也注意到，由於本季和 12 個月機隊規模分別減少至 560 萬美元和 2,370 萬美元，因此折舊成本大幅降低。

During the fourth quarter of this year, the company did not recognize any gains or losses on the values of its fleets. But for the full year, the company recognized a $2.8 million impairment loss and a $7.6 million gain coming from the sale of vessels during that period. As a result, income from operations increased 3% to $9.6 million for the quarter and increased by 40% to $45.8 million for the 12 months compared to last year.

今年第四季度，該公司並未確認其機隊價值的任何損益。但就全年而言，該公司確認了 280 萬美元的減損損失以及該期間出售船舶帶來的 760 萬美元的收益。因此，與去年相比，該季度的營運收入成長了 3%，達到 960 萬美元，前 12 個月的營運收入成長了 40%，達到 4,580 萬美元。

Interest and finance costs were significantly reduced by 30% over the quarterly period and 18% over the 12 months period, even though rates have more than tripled in the comparative periods. And that translates into significant savings as there is -- which is the result of the company's debt repayments.

儘管利率在比較期間增加了兩倍多，但利息和財務成本在本季度顯著降低了 30%，在 12 個月期間顯著降低了 18%。這轉化為大量的節省——這是公司償還債務的結果。

In addition, for the 12 months period, our joint ventures, particularly the one with larger vessels, produced good results, adding to the bottom line, $10.8 million in 2022 and $12.3 million in 2023, both from operations and particularly from sale and purchase activities.

此外，在過去12 個月期間，我們的合資企業，尤其是擁有較大船舶的合資企業，取得了良好的業績，增加了利潤，2022 年和2023 年分別增加了1,080 萬美元和1,230 萬美元，無論是來自運營，特別是來自銷售和採購活動。

As a result of all of the above, we ended the fourth quarter of 2023 with net income of $8.9 million compared to $7.7 million for the same quarter last year, a 25% increase. With earnings per share for the fourth quarter of $0.25 and adjusted earnings per share of $0.29.

綜合上述因素，我們在 2023 年第四季結束時的淨利潤為 890 萬美元，與去年同期的 770 萬美元相比，成長了 25%。第四季每股收益為 0.25 美元，調整後每股收益為 0.29 美元。

While for the 12 months period, net income was $51.9 million compared to $34.2 million last year, a 51% increase. Earnings per share for 2023 were $1.38 and adjusted earnings per share were $1.34. These were record profits for the company for a second year in a row.

在過去 12 個月期間，淨利潤為 5,190 萬美元，與去年的 3,420 萬美元相比，成長了 51%。2023 年每股收益為 1.38 美元，調整後每股收益為 1.34 美元。該公司連續第二年獲得創紀錄的利潤。

Looking at the balance sheet in slide 8, our liquidity including restricted cash and short-term investments was at the end of the quarter, $83.7 million reduced from $95.7 million at the end of last year, mostly due to the debt repayments.

看看幻燈片 8 中的資產負債表，我們的流動性（包括受限制的現金和短期投資）在本季末從去年年底的 9,570 萬美元減少了 8,370 萬美元，主要是由於債務償還。

Vessels held for sale were $34.9 million as of December 31. Both of these vessels that were debt free at the time were sold in January and the proceeds enhance the liquidity. Vessels net book value decreased from $628.5 million to $504.3 million, mostly due to the sale of vessels during 2023.

截至 12 月 31 日，待售船舶價值 3,490 萬美元。這兩艘當時沒有債務的船隻均於一月出售，所得收益增強了流動性。船舶帳面淨值從 6.285 億美元下降至 5.043 億美元，主要原因是 2023 年出售船舶。

The book value of our investments in our [50-50] joint ventures was $39.7 million, close to the previous quarter, but now covering six instead of five versus previously whose market value is approximately $150 million.

我們對 [50-50] 合資企業的投資帳面價值為 3,970 萬美元，接近上一季度，但現在涵蓋了 6 個合資企業，而不是 5 個，而之前的市值約為 1.5 億美元。

Moving on to the liability side, the total debt has been reduced by $154 million to $124 million at the end of the last quarter. With the addition of [$17 million] finance proceeds during the first quarter of 2024, we expect an increase in the debt for the coming quarter, although we continue to prepay and have so far repaid $30 million in the current quarter.

轉向負債方面，上季末總債務減少了 1.54 億美元，達到 1.24 億美元。隨著 2024 年第一季 [1700 萬美元] 融資收益的增加，我們預計下一季的債務將會增加，儘管我們繼續預付款並迄今為止已在本季度償還了 3000 萬美元。

The $19 million spent on buying back shares during 2023 was accounted as a reduction in equity. However, as a result of the solid results being reported during the year, overall, we managed to increase shareholders' equity by $32 million to $550 million.

2023 年回購股票所花費的 1,900 萬美元被計算為股本減少。然而，由於今年報告的穩健業績，總體而言，我們成功地將股東權益增加了 3,200 萬美元，達到 5.5 億美元。

Concluding our financial commentary with slide 9, we will briefly have a look at the debt profile. Over a 12 month period, the company more than halved its outstanding debt with over $154 million of debt repayments down to $124 million as of December 31, and continues to maintain a very low leverage.

在投影片 9 中結束我們的財務評論時，我們將簡要了解債務狀況。在 12 個月的時間裡，該公司的未償債務減少了一半以上，截至 12 月 31 日，償還債務超過 1.54 億美元，降至 1.24 億美元，並繼續保持極低的槓桿率。

During the fourth quarter, no prepayments were made just regular debt amortization. During January, the company drew down another $70 million in finance proceeds from its recently concluded eight-year facility related to the two newbuilding vessels.

第四季度，沒有預付款項，只是定期債務攤銷。1 月份，該公司從最近完成的與兩艘新船相關的八年貸款中提取了 7,000 萬美元的融資收益。

As currently, there are no further CapEx commitments. The company used part of the proceeds to prepay $29 million outstanding from another facility. As a result, the company has 18 vessels out of the 27 vessels in its current fleet mortgage free. A considerable advantage, if ever there is a need to raise funds.

目前，沒有進一步的資本支出承諾。該公司使用部分收益來預付另一家機構未償還的 2,900 萬美元。因此，該公司現有船隊 27 艘船舶中，有 18 艘是免抵押的。如果需要籌集資金，這是一個相當大的優勢。

On the other hand, prepayments have reduced the debt that is hedged with interest rate swaps to 13%. The refinancing risk is very low as there are no balloon payments till the end of 2025 and beginning of 2026.

另一方面，提前還款將透過利率掉期對沖的債務減少至13%。再融資風險非常低，因為在 2025 年底和 2026 年初之前不會進行大額付款。

I will now hand you over to our CEO, Harry Vafias, who will discuss the market and the company outlook.

現在我將把您交給我們的執行長 Harry Vafias，他將討論市場和公司前景。

On slide 10, we have a brief insight on the LPG market. 2023 was a bumper year for LPG exports that increased 4.3% year-on-year. The US further increased the rate of its exports growth, mark an impressive 15% year-on-year growth. We expect the US will continue to ship incremental amounts of NGLs in the current year, albeit not as such breakneck speeds.

在幻燈片 10 中，我們對液化石油氣市場進行了簡要的了解。 2023年是液化石油氣出口的豐收年，較去年同期成長4.3%。美國出口成長進一步加快，年增15%，令人印象深刻。我們預計美國今年將繼續增加液化天然氣的運輸量，儘管速度不會那麼快。

This, coupled with the Middle East volumes continued to decrease during '23, mainly as a result of OPEC cuts solidifying the US position as number one exporter in the world that now accounts for over 40% of global exports.

再加上中東出口量在 23 年持續下降，主要是由於 OPEC 減產鞏固了美國作為世界第一出口國的地位，目前美國出口量佔全球出口量的 40% 以上。

The situation in Europe did not change much. The winter has so far been relatively mild, reducing heating demand and petrochemical usage has also been anemic. As a result, inventories remain high and imports do not see the boost that was expected marking declines year on year.

歐洲的情況沒有太大變化。到目前為止，冬季相對溫和，暖氣需求減少，石化產品的使用也很乏力。因此，庫存仍然很高，進口也沒有出現預期的同比下降的增長。

That being said, and since the majority of our fleet trades in Europe, interregional trade has been quite active, and rates did strengthen. This could also be a consequence of the supply of pressurized vessels in Europe being limited by the very strict operational and safety limitations set in European ports but excludes a significant part of the global fleet.

話雖如此，由於我們大部分的船隊在歐洲進行貿易，區域間貿易一直相當活躍，費率確實有所上升。這也可能是由於歐洲壓力容器的供應受到歐洲港口設定的非常嚴格的操作和安全限制的限制，但排除了全球船隊的很大一部分。

As far as the other two major importer, India and China, forecasts are that India surpassed a record 18 million tons of imports in '23, growing imports by 3% last year. But more importantly, projections are for further increases. India is a growing economy of 1 billion-plus people, where 45% of LPG demand is for household use. And with general elections coming, the government has been supportive of subsidies for LPG and eliminating import duties in order to make LPG more accessible to the people.

至於另外兩個主要進口國印度和中國，預計印度2013年進口量將超過創紀錄的1,800萬噸，去年進口量增加3%。但更重要的是，預測將進一步增加。印度是一個擁有超過 10 億人口的不斷增長的經濟體，其 45% 的液化石油氣需求用於家庭使用。隨著大選的臨近，政府一直支持對液化石油氣進行補貼並取消進口關稅，以使人民更容易獲得液化石油氣。

China imports, a record 31 million tons registered a 24% growth in '23, assisted by the reopening of the economy. Although demand was more subdued in the last quarter, as high prices led to lower petrochemical plant utilization ratios.

在經濟重新開放的推動下，2023 年中國進口量達到創紀錄的 3,100 萬噸，成長 24%。儘管上一季的需求更加疲軟，但由於高價格導致石化工廠利用率下降。

During '23, nine new PDH plants came on stream, adding 5.4 million tons of capacity. Reports say that another 7 million tons to be added in '24 and 6 million tons and '25. And even if these are too optimistic, given the usual delays and only an estimated 8 to 9 million tons are added over the next two years. That's still a 50% capacity addition from today's level.

2023 年，9 個新的 PDH 裝置投產，新增產能 5​​40 萬噸。報導稱，'24 年將再增加 700 萬噸，'25 年將增加 600 萬噸。即使這些過於樂觀，考慮到通常的延誤，並且預計未來兩年將僅增加 800 至 900 萬噸。與今天的水平相比，這仍然增加了 50% 的產能。

The other two issues are the Panama Canal and the Red Sea situation. As far as the Panama Canal, it seems although delays still remain, the situation is slowly improving. So on the one hand, ton-miles will decrease. But on the other hand it to support the arbitrage trade with exports to China, while equally sea routes in your situation the Red Sea attacks on vessels by the Houthis.

另外兩個問題是巴拿馬運河和紅海局勢。就巴拿馬運河而言，儘管延誤仍然存在，但情況正在慢慢改善。因此，一方面，噸英里數將會減少。但另一方面，它是為了支持向中國出口的套利貿易，同時在紅海航線上也同樣受到胡塞武裝襲擊船隻的影響。

And especially from a safety point of view is now not often that we see our vessels cross Red Sea. But Michael just gave you an example of how this situation may affect us.

特別是從安全角度來看，我們現在很少看到我們的船隻穿越紅海。但麥可剛剛給你舉了一個例子，說明這種情況可能如何影響我們。

On slide 11, we present some of the key fundamentals in the shipping market commencing with time charter rates for our markets. We continue to see quarter-on-quarter significant increases in rates up to 21%, particularly in the larger sizes like MGC and Handysize ships and a moderate increase down to the [3.5k] shift with the exception of the Asia trade.

在投影片 11 中，我們介紹了航運市場的一些關鍵基本面，從我們市場的期租費率開始。我們繼續看到運價環比顯著增長，高達 21%，特別是在 MGC 和靈便型船舶等較大型船舶上，並且除亞洲貿易外，運價溫和增長至 [3.5k] 班次。

Looking at the small LPG trade West of Suez on the period side, the market was quite active, leading up to year end. At the time of riding the markets went through a difficult period of winter strength and owners are enjoying firm freight rates. East of Suez on the period side, we saw more activity in Q4 than Q3.

從期內蘇伊士以西的小規模液化石油氣貿易來看，截至年底，市場相當活躍。當時，市場正經歷冬季強勁的困難時期，船東們享受著堅挺的運價。在蘇伊士運河以東，我們看到第四季的活動多於第三季。

However, the market performance is lagging behind that of the Atlantic. This is the reason why we have seen a few vessels leave Asia in favor for the West. For the Handysize and MGC vessels on the back of an ever-strengthening MGC market, which again took much of the strength from the VLGC market available handysize positions became very tight and spot rates increased substantially.

然而，市場表現落後於大西洋。這就是為什麼我們看到一些船隻離開亞洲而前往西方的原因。對於靈便型和 MGC 船來說，在 MGC 市場不斷走強的背景下，MGC 市場再次佔據了 VLGC 市場的大部分力量，可用的靈便型船舶頭寸變得非常緊張，現貨價格大幅上漲。

We've shown that this increased significantly through the quarter and charters in need of tonnage found themselves paying significantly more than what they have been used to for many years. Since the start of the year that this market has been quite another significant gap remains between owner charters ideas.

我們已經證明，這一數字在整個季度顯著增加，並且需要噸位的租船公司發現自己支付的費用遠高於多年來所習慣的費用。自今年年初以來，這個市場在船東租船想法之間仍然存在著相當大的差距。

As with the spot market as soon as the VLGCs fell from their peak in mid-January, the period take us on the MGC side took a step back to assess the situation. And since then, things have remained pretty quiet. The good thing is that the number of these candidates is very limited and there won't be much competition between owners on any period and quarters coming up.

與 VLGC 從 1 月中旬的高峰迴落後的現貨市場一樣，MGC 方面也後退了一步來評估情況。從那時起，事情就一直很平靜。好消息是，這些候選人的數量非常有限，並且在接下來的任何時期和季度中，所有者之間不會有太多競爭。

The question is how many periods and quarters we will see. With a more long-term view, I would like to reiterate that the fundamentals for our core fleet of small, pressurized ships continue to look promising with an aging fleet as almost a third of the fleet is over 20 years old.

問題是我們會看到多少週期和季度。從更長遠的角度來看，我想重申，我們的小型加壓船舶核心船隊的基本面仍然充滿希望，但船隊老化，因為近三分之一的船隊船齡超過 20 年。

And although scrapping activity is limited due to the firm market, we continue to see only a handful of vessels being ordered, not enough to keep the supply-demand balance. Similar picture in handysize fleet where there are only five vessels to be delivered over the next two years.

儘管由於市場堅挺，拆船活動有限，但我們仍然看到只有少數船舶被訂購，不足以保持供需平衡。靈便型船隊的情況也類似，未來兩年僅交付五艘船。

On the MCC side, there is indeed a high order book of about 20%, but demand for these vessels has so far proven resilient. The bulk of the orders is for 2026, and we have prudently fixed our newbuilding vessels for the years at very healthy numbers.

中冶集團方面，訂單量確實高達 20% 左右，但迄今為止，對這些船舶的需求已證明具有彈性。大部分的訂單是 2026 年，多年來我們一直謹慎地將新造船固定在非常健康的數量上。

On Slide 12, we show the evolution of our LPG fleet. In this slide for comparison purposes, we have excluded the tanker vessels that we held up to 2021 and focus the pure LPG fleet in terms of cubic capacity, including our JV vessels. From a strategic point of view, we have been sellers of vessels in a rising market.

在幻燈片 12 上，我們展示了液化石油氣船隊的演變。在這張幻燈片中，出於比較目的，我們排除了截至 2021 年持有的油輪，並重點關注立方容量方面的純液化石油氣船隊，包括我們的合資船。從策略角度來看，我們一直是上升市場中的船舶賣家。

Since the beginning of '23, 10 vessels have left the fleet of about 77,000 cubic meter capacity in total. However, since October '23, we have added three brand-new vessels of 122,000 cubic meters. This is the expansions we are making in the larger sizes replacing older smaller ships for more than medium gas carriers.

自23年初以來，共有10艘船舶離開了總運力約77,000立方公尺的船隊。然而，自23年10月以來，我們又增加了三艘全新船舶，容量為122,000立方公尺。這是我們正在對較大尺寸的船舶進行擴建，以取代舊的小型船舶以取代中型以上的天然氣運輸船。

Our core fleet continues to consist of smaller units, but with four medium gas carriers and four Handysize gas carriers, the composition of the fleet has changed. I think diversity in terms of our revenue stream and flexibility in terms of our operations and customer base, albeit with more volatility in rates. Our intention is to keep a diversified fleet and seek opportunities to replace smaller ships with larger ones.

我們的核心船隊仍然由較小的船隻組成，但擁有四艘中型天然氣運輸船和四艘靈便型天然氣運輸船，船隊的組成發生了變化。我認為我們的收入來源具有多樣性，營運和客戶群具有靈活性，儘管費率波動較大。我們的目的是保持多元化的船隊，並尋求機會以大型船舶取代小型船舶。

Now I will pass you on to Mr. Jolliffe for the remaining results.

現在我將把剩下的結果轉交給 Jolliffe 先生。

Thank you, Harry. In our last slide, number 13, we are outlining some of the key variables that may affect our performance in the quarters ahead. We continue to remain optimistic on the longer term for the reasons that we analyzed earlier.

謝謝你，哈利。在最後一張投影片（第 13 號）中，我們概述了可能影響我們未來幾季業績的一些關鍵變數。出於我們之前分析的原因，我們繼續對長期保持樂觀。

Summing up, sales gas reported for the fourth quarter 2023 and net income of $8.9 million. It was yet another quarter of strong profitability. For the full year 2023, net income amounted to $51.9 million, far surpassing last year's record yearly profit of [34.3%] corresponding to a 51% increase. So it gives me great pleasure that not only has the company managed to sustain its record profitability but drastically improve it successfully.

總而言之，2023 年第四季的天然氣銷售量和淨利為 890 萬美元。這是又一個獲利能力強勁的季度。2023年全年淨利達5,190萬美元，遠超過去年創紀錄的年利潤[34.3%]，較去年同期成長51%。因此，我非常高興該公司不僅成功維持了創紀錄的獲利能力，而且還成功地大幅提高了獲利能力。

Obviously, the main driver of such results is the lasting recovery of the LPG markets that hopefully will continue. But markets are volatile and some policies as well as opportunistic plays need to also guide decisions.

顯然，這種結果的主要驅動力是液化石油氣市場的持久復甦，並且有望持續下去。但市場波動很大，一些政策和機會主義行為也需要引導決策。

As such, the company did not focus on growth for 2023, it rather focused on taking advantage of the market and securing more period charters currently having over $200 million in contracted revenues, selling vessels as asset prices were rising, paying down debt as interest rates were rising, over $150 million was repaid in 2023 and over $30 million in the current quarter and returning value to our shareholders by buying back our own stock, having bought over 10% of the issued shares during last year and spending $19.1 million.

因此，該公司並不專注於 2023 年的成長，而是專注於利用市場優勢並獲得更多目前合約收入超過 2 億美元的定期租船，在資產價格上漲時出售船舶，以利率償還債務正在上升，2023 年償還了超過1.5 億美元，本季度償還了超過3000 萬美元，並通過回購我們自己的股票來為股東回報價值，我們在去年購買了超過10% 的已發行股票，並花費了1910萬美元。

That being said, it was also important not to elect to renew the fleet. And in January of this year, self-cash took delivery of the two 40,000 cubic meter MGC vessels, Eco Oracle and Eco Wizard, whose period charters should support profitability this year.

話雖如此，不選擇更新機隊也很重要。今年 1 月，自現金接收了兩艘 40,000 立方米 MGC 船舶 Eco Oracle 和 Eco Wizard，其定期租船應該會支持今年的盈利能力。

So far, the beginning of 2024 looks promising as the market for our vessels remains firm and barring any extraordinary events, we should expect solid revenues in the current quarter.

到目前為止，2024 年初看起來充滿希望，因為我們的船舶市場保持堅挺，除非發生任何特殊事件，我們預計本季的營收將穩定。

Even though our share price has climbed significantly over the last year, we believe we continue to be a sound still undervalued investment, not just because we are optimistic on the market and have been producing good results, but also because we are trading at a discount in terms of price to NAV and price-to-earnings ratios.

儘管我們的股價在去年大幅攀升，但我們相信我們仍然是一項穩健但仍被低估的投資，不僅因為我們對市場持樂觀態度並一直取得良好的業績，還因為我們的交易價格較折扣就市盈率和市盈率而言。

We have now reached the end of our presentation, and we would like to thank you for joining us at our conference call today and for your interest and trust in our company. We look forward to having you with us again at our next conference call for our first quarter results in May.

我們的演示現已結束，我們要感謝您今天參加我們的電話會議以及您對我們公司的興趣和信任。我們期待您再次參加我們五月第一季業績的電話會議。