StealthGas Inc (GASS) 2024 Q1 法說會逐字稿

Thank you. Good morning, everyone, and welcome to our first quarter 2024 earnings conference call and webcast. This is Michael Jolliffe, Chairman of the Board of Directors. Joining me on our call today, as usual, is Harry Vafias, our CEO, to discuss the market and company outlook, and Konstantinos Sistovaris, to discuss the financial aspects.

謝謝。大家早安，歡迎參加我們的 2024 年第一季財報電話會議和網路廣播。我是麥可‧喬利夫，董事會主席。像往常一樣，我們的執行長 Harry Vafias 和 Konstantinos Sistovaris 一起參加今天的電話會議，討論市場和公司前景，而 Konstantinos Sistovaris 則討論財務方面的問題。

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, that'd be great. We will further disclose StealthGas filing with the Security and Exchange Commission.

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，如果大家能花點時間閱讀本簡報投影片 2 上的免責聲明，那就太好了。我們將進一步向美國證券交易委員會揭露 StealthGas 備案。

Today, we released our results of the first quarter. Three months ago, I was here announcing to you our record full year profits. So it is with great delight that we have managed to follow up on that with a great start to 2024 by announcing record quarterly profits. So let's proceed to discuss these results and update you on the company's strategy and the market in general.

今天，我們發布了第一季的業績。三個月前，我在這裡向大家宣布了我們創紀錄的全年利潤。因此，我們非常高興地宣布創紀錄的季度利潤，在 2024 年取得了良好的開局。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。

Please turn to slide 3, where we summarize some highlights starting with our fleet and operations update. During the first quarter, we sold two smaller vessels and got delivery of two brand-new medium gas carriers. We have not bought or sold any vessels in the current quarter with the exception of one vessel that was owned through a joint venture as previously announced that we will discuss further on in the call. With the market remaining firm, we continued securing more period charters in both our fully owned fleet and for the joint venture vessels with contract coverage for 2024 of 73% of our fleet days for our fully owned fleet. We have thus contracted revenues of over $180 million for all subsequent periods excluding our joint venture vessels and continue to be focused on maintaining our minimal spot exposure.

請參閱投影片 3，我們在其中總結了從我們的機隊和營運更新開始的一些亮點。第一季度，我們出售了兩艘小型船舶，並交付了兩艘全新的中型天然氣運輸船。我們在本季沒有購買或出售任何船舶，除了先前宣布的透過合資企業擁有的船舶，我們將在電話會議中進一步討論。在市場保持堅挺的情況下，我們繼續在我們的全資船隊和合資船舶中獲得更多定期租船合同，到 2024 年合同覆蓋率占我們全資船隊船隊天數的 73%。因此，除我們的合資船舶外，我們所有後續期間的合約收入均超過 1.8 億美元，並繼續致力於維持最低的現貨敞口。

Moving to our financial highlights with on average five fewer vessels compared to last year and a 15% reduction in fleet days, net voyage revenues that is net of voyage costs, increased to $38.7 million or 14% year-over-year and increased by 26% compared to the previous quarter. Net income for the first quarter was $17.7 million compared to $16.8 million last year, a 5% increase, which is the highest quarterly profit ever recorded by the company. Even better were earnings per share at $0.49 and $0.53 on an adjusted basis given that we have decreased the share count year-on-year, having bought back 3.9 million shares last year. So far this year, we have scaled back the share repurchases and bought back about $0.4 million worth during the first quarter so there is about $5.5 million left authorized for share repurchases. We continue with our debt reduction strategy since the beginning of the year. And up until today, we drew down on a $70 million loan to finance the delivery of our medium gas carriers. And prepaid fee facilities that together with regular amortization reduced the debt level by $85 million.

轉向我們的財務亮點，與去年相比，平均減少了 5 艘船舶，船隊天數減少了 15%，扣除航程成本後的淨航程收入增加至 3870 萬美元，同比增加 14%，增加了 26% %與上一季相比。第一季淨利為1,770萬美元，比去年的1,680萬美元成長5%，這是該公司有史以來最高的季度利潤。更好的是，考慮到我們去年回購了 390 萬股，同比減少了股票數量，調整後的每股收益分別為 0.49 美元和 0.53 美元。今年到目前為止，我們已經縮減了股票回購規模，並在第一季回購了價值約 40 萬美元的股票，因此還有約 550 萬美元的股票回購授權。自年初以來，我們持續實施債務削減策略。直到今天，我們已經提取了 7000 萬美元的貸款來為我們的中型天然氣運輸船的交付提供資金。預付費用加上定期攤銷使債務水準減少了 8,500 萬美元。

In the next slide 4, let us reiterate for those new investors that may not be as familiar with our company that we have been in LPG shipping since 2004, and currently have an interest in 32 vessels. 27 of those, we fully own and five of those, we have invested in under joint venture structures. Traditionally, we have been focused on small gas carriers in the 3,000 to 8,000 cubic meter range. However, in the last few years, and especially since becoming a pure LPG company, there has been a strategic shift in complementing our small LPG carriers with larger-sized vessels. As such, we have been sellers of smaller, older vessels, replacing them with newer and larger vessels in an effort to firstly keep a young age profile for the fleet that is currently about 10 years old and secondly, to provide a more holistic service to our industrial customers. Out of the 32 vessels currently in the fleet, 24 are small pressurized gas carriers, four are Handysize semi-ref vessels and for a full-ref medium gas carriers in the 40,000 to 45,000 cubic meter capacity. A diversified LPG fleet with larger vessels also provides the company with more upside earnings potential as rates for larger vessels are more volatile and the downside, of course, if the market were to falter.

在下一張投影片 4 中，讓我們向那些可能不太熟悉我們公司的新投資者重申，我們自 2004 年以來一直從事液化石油氣運輸，目前對 32 艘船舶感興趣。其中 27 個是我們全資擁有的，其中 5 個是我們透過合資結構進行投資的。傳統上，我們一直專注於 3,000 至 8,000 立方公尺範圍內的小型氣體運輸船。然而，在過去幾年中，特別是自從成為純粹的液化石油氣公司以來，我們發生了戰略轉變，用大型船舶補充我們的小型液化石油氣運輸船。因此，我們一直是較小、較舊船舶的銷售商，並用更新、較大的船舶替換它們，首先是為了保持目前船齡約10 年的船隊的年輕化形象，其次是為了向客戶提供更全面的服務。在船隊目前的 32 艘船舶中，24 艘是小型加壓氣體運輸船，四艘是靈便型半參考船，以及一艘容量為 40,000 至 45,000 立方米的全參考中型氣體運輸船。擁有大型船舶的多元化液化石油氣船隊也為該公司提供了更大的上行獲利潛力，因為大型船舶的費率波動更大，當然，如果市場動搖，則帶來下行風險。

Let us move on to slide 5 for our fully owned fleet employment update as of May and to stress that this has always been our focus to provide period coverage of our vessels and depend less on the swap market. Just like in February's call, we once more were pleased to announce a number of new period charters. Out of these five new charters, three were extensions with current charters, one for a relatively long three years, and two for a one year duration, and the remaining two for six and three months, respectively. As a result, we have increased our contracted days for 2024 to 73% and for 2025 to 30%, securing over $180 million in revenues up to 2027. Like in the previous call, only two of our vessels currently operate in the spot market. Lastly, in terms of dry-docks during 2024, we still have seven small LPG vessels scheduled for dry-dock as none was dry-docked in the first quarter.

讓我們繼續看幻燈片 5，了解截至 5 月份我們的全資船隊就業情況更新，並強調這一直是我們的重點，為我們的船舶提供定期保障，並減少對掉期市場的依賴。就像二月的電話會議一樣，我們再次高興地宣布了一些新的時期章程。在這五份新特許狀中，三份是對現有特許狀的延期，一份期限相對較長，為三年，兩份期限為一年，其餘兩份分別為六個月和三個月。因此，我們將 2024 年的合約天數增加到 73%，2025 年的合約天數增加到 30%，確保到 2027 年收入超過 1.8 億美元。與先前的電話會議一樣，我們目前只有兩艘船在現貨市場運作。最後，就2024年的乾船塢而言，我們仍有七艘小型液化石油氣船計劃進入乾船塢，因為第一季沒有一艘船進入乾船塢。

In slide 6, I would like now to provide an update on our investments. That is the interest we hold in five vessels through two joint venture structures that we do not consolidate in our results, that use the equity method of accounting. The book value of our investments as of March 31 stood at $42.3 million. Out of these five vessels, four are small gas carriers and one is a medium gas carrier that was delivered last year. In terms of chartering, one vessel had its time charter extended for 12 months, and another vessel entered into a new six-month period charter. For the one vessel that we're scheduled to be dry-docked in the current year, it's dry-dock was completed in the first quarter. As announced during our previous call, we held an interest in another medium gas carrier, a sixth vessel bought in 2020 that was sold and delivered during the April of this year. As these investments are more short term in nature, we are happy to crystallize the profits from the rapid rise in asset prices. From the sale of the Eco Ethereal, StealthGas received a $24 million interim distribution of the cash proceeds during April. The company's share of the profit from that sale will be reflected in the income from investments during the second quarter and was estimated at $9.5 million, that would translate to over $0.25 to the bottom line from that sale alone.

在投影片 6 中，我現在想提供有關我們投資的最新資訊。這是我們透過兩個合資結構持有的五艘船舶的權益，我們沒有將這些權益合併到我們的業績中，這些權益採用權益會計法。截至 3 月 31 日，我們投資的帳面價值為 4,230 萬美元。這五艘船中，四艘是小型氣體運輸船，一艘是去年交付的中型氣體運輸船。在租船方面，一艘船舶的定期租船期租船期延長了12個月，另一艘船則簽訂了新的為期六個月的租船合約。對於我們今年計劃進乾船塢的一艘船來說，它的乾船塢已在第一季完成。正如我們在上次電話會議中宣布的那樣，我們對另一艘中型氣體運輸船持有興趣，這是 2020 年購買的第六艘船，已於今年 4 月出售和交付。由於這些投資本質上是短期的，我們很高興能從資產價格的快速上漲中獲得利潤。透過出售 Eco Ethereal，StealthGas 在 4 月獲得了 2,400 萬美元的中期現金收益分配。該公司從此次出售中獲得的利潤份額將反映在第二季度的投資收入中，預計為 950 萬美元，這意味著僅此次出售的利潤就超過 0.25 美元。

In terms of our fleet geography, presented in slide 7, our company mainly focuses on regional trade and local distribution of gas, while the larger vessels often engage in intercontinental wages. This graph is a snapshot of the positioning of the fleet, including the joint venture vessels as of mid-May. The majority of our fleet, 18 vessels or 55% 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 and the customers as well as the terminals is mostly to establish industrial players demand higher specific vessels and strict adherence to safety principles. Seven vessels are trading in the middle Far East, four vessels trading in the US and Caribbean and three in Africa. We do not expect a major redistribution in the trading of the fleet. The Red Sea safety situation is ongoing with more Houthis attacks being reported and it is not common for LPGs in our fleet to cross the Red Sea anyway.

就我們的船隊地理而言，如幻燈片 7 所示，我們公司主要專注於區域貿易和當地天然氣分銷，而較大的船舶通常從事洲際工資。該圖是船隊定位的快照，包括截至 5 月中旬的合資船舶。我們的大部分船隊（18 艘船，即 55%）目前在歐洲進行貿易，特別是在西北部和地中海。過去幾個季度，我們策略性地重點關注這一領域，因為蘇伊士以西的運價繼續高於蘇伊士以東的運價，而且客戶和碼頭主要是為了建立工業參與者，要求更高的專用船舶並嚴格遵守安全原則。七艘船在遠東地區進行貿易，四艘船隻在美國和加勒比海地區進行貿易，三艘在非洲進行貿易。我們預計船隊交易不會發生重大重新分配。紅海安全情勢持續惡化，胡塞武裝攻擊事件不斷發生，我們船隊中的液化石油氣穿越紅海的情況並不常見。

Middle East exports destined for Europe will more likely be diverted to Asia and replaced by US exports to Europe. Our Handy Size vessels, particularly due increased transatlantic trades between US and Europe. It's more rarely that our vessels across the Panama for now to do the US-China route. The delays in the Panama and our crossing that have affected, particularly VLGC vessels during the beginning of the year have now abated, although with reduced average number of crossings and the market for larger vessels is finding a new balance. That being said, we do have an MGC vessel currently loading in Houston that will go through the Panama Canal, that due to its smaller size, there were no delays in bookings slots. Finally, I would also note that we've been increasingly engaged in ammonia trade that our Handys and MGC vessels can carry and two of our vessels are currently transporting ammonia cargoes.

中東運往歐洲的出口更有可能轉向亞洲，並被美國對歐洲的出口所取代。我們的靈便型船舶，特別是由於美國和歐洲之間跨大西洋貿易的增加。目前，我們的船隻穿越巴拿馬執行中美航線的情況更為罕見。儘管平均過境數量減少且大型船舶市場正在尋找新的平衡，但巴拿馬和我們過境點的延誤，尤其是今年年初對超大型液化天然氣船舶的影響現已有所緩解。話雖這麼說，我們確實有一艘 MGC 船舶目前在休士頓裝載，將通過巴拿馬運河，由於其尺寸較小，預訂時段沒有延遲。最後，我還要指出的是，我們越來越多地參與我們的 Handys 和 MGC 船舶可以運輸的氨貿易，並且我們的兩艘船目前正在運輸氨貨物。

I will now turn over to Konstantinos Sistovaris, for our financial performance. Thank you so much.

現在我將向康斯坦丁諾斯·西斯托瓦里斯報告我們的財務表現。太感謝了。

Thank you, Michael, and good morning to everyone. I will discuss our financial results that were released today. Let's turn to slide number 8, where we see a snapshot of the income statement for the first quarter of 2024 against the same period of 2023. Even though fleet days were reduced by 15%, and we had five fewer vessels, net revenues after voyage expenses came in at $38.7 million for the quarter, an increase of 14% as a result of higher revenues due to better market conditions, the addition of two larger vessels in our fleet with higher earnings capacity and the reduced voyage costs due to lower spot exposure.

謝謝你，邁克爾，祝大家早安。我將討論我們今天發布的財務業績。讓我們轉向第 8 張投影片，我們在其中看到 2024 年第一季損益表與 2023 年同期的比較快照。儘管船隊天數減少了 15%，而且我們的船舶數量減少了 5 艘，但本季扣除航次費用後的淨收入仍達到 3,870 萬美元，增長了 14%，這是由於市場狀況改善導致收入增加。我們船隊中的兩艘大型船舶具有更高的盈利能力，並且由於現貨風險較低而降低了航行成本。

It is worth mentioning that 26 out of the 27 vessels in the fleet improved their profitability. Operating expenses were [$11.5 million] for the quarter, down 21%, a better result than expected, mostly due to the 15% decrease in the number of vessels in the fleet. We also note the decrease in the dry-docking costs of $1.1 million as no vessels were dry-docked during this period and the increase of $1.4 million in G&A costs as a result of an increase in stock-based compensation expense. As a result of the increase in revenues and decreases in costs, income from operations increased 80% to $17.5 million for the first quarter of 2024 from $9.7 million last year. Interest and finance costs also increased by $0.5 million year-on-year because in the last year results were included some profits from the selling of swap positions due to the debt repayments. The earnings from the investments in the joint venture amounted to $2.6 million versus $8.8 million last year, a significant $6.3 million drop. The reduction in these profits is due to some profits that were being booked in the first quarter of last year from the sale of one vessel, whereas no sales took place in the first quarter of this year.

值得一提的是，船隊27艘船舶中有26艘獲利能力有所提升。本季營運費用為 [1,150 萬美元]，下降 21%，優於預期，主要是由於船隊船舶數量減少 15%。我們還注意到，由於在此期間沒有船舶進行乾塢，幹塢成本減少了 110 萬美元，而由於股票補償費用增加，一般管理費用增加了 140 萬美元。由於收入增加和成本下降，2024 年第一季的營運收入從去年的 970 萬美元增長了 80%，達到 1750 萬美元。利息和財務成本也比去年同期增加了 50 萬美元，因為去年的業績包括因償還債務而出售掉期頭寸的部分利潤。該合資企業的投資收益為 260 萬美元，而去年為 880 萬美元，大幅下降了 630 萬美元。這些利潤減少的原因是去年第一季因出售一艘船舶而計入了一些利潤，而今年第一季沒有發生任何銷售。

As a result of the above, we ended the first quarter of 2024 with net income of $17.7 million compared to $16.8 million for the same quarter of last year, a 5% increase. While on an adjusted basis, net income was $19.1 million versus $17.3 million last year, a 10% increase. Basic and diluted earnings per share for the first quarter were $0.49 and adjusted earnings per share, $0.53. These were record quarterly profits on top of the record profits of last year's quarter.

綜上所述，我們截至 2024 年第一季的淨利潤為 1,770 萬美元，比去年同期的 1,680 萬美元增長了 5%。調整後淨利為 1,910 萬美元，較去年的 1,730 萬美元成長 10%。第一季基本和稀釋每股收益為 0.49 美元，調整後每股收益為 0.53 美元。這是繼去年季度創紀錄利潤之外的創紀錄季度利潤。

Looking at our balance sheet in the next slide. Our liquidity, including restricted cash was at the end of the quarter, $83.6 million, on par with the December 31st figures. Vessels held for sale that were $34.9 million as of December 31st were nil as of March 31 as these two vessels were sold in January. And the proceeds were used for the delivery of the two medium gas carriers and debt repayments. Also, deposits for vessels that were $23.4 million as of December 31st, were nil as of March 31st as the two medium gas carriers were delivered to the company. Vessels book value increased from $504.3 million to $617.6 million, a significant 23% increase as a result of the addition of the MGC vessels. The book value of our investments in our JVs was $42.3 million, close to the previous quarter for the six vessels. Total assets of the company increased over the three-month period by 8% to $752.9 million.

看看下一張投影片中我們的資產負債表。截至本季末，我們的流動性（包括受限現金）為 8,360 萬美元，與 12 月 31 日的數字持平。截至 12 月 31 日，待售船舶價值 3,490 萬美元，截至 3 月 31 日則為零，因為這兩艘船舶已於 1 月份出售。所得款項用於交付兩艘中型天然氣運輸船和償還債務。此外，截至 12 月 31 日，船舶押金為 2,340 萬美元，截至 3 月 31 日，由於兩艘中型天然氣運輸船已交付給該公司，船舶押金為零。由於 MGC 船舶的增加，船舶帳面價值從 5.043 億美元增至 6.176 億美元，增幅達 23%。我們對合資企業的投資帳面價值為 4,230 萬美元，接近上一季六艘船舶的帳面價值。公司總資產在三個月內成長了 8%，達到 7.529 億美元。

Moving on to the liability side. The total debt increased by $37.1 million compared to December 31 to $160.6 million as a result of the $70 million financed during January 2024, but we expect this to come down again in the second quarter as more debt prepayments took place. Shareholders' equity increased 3.5% or $19.1 million over the three-month period.

轉向責任方面。由於2024 年1 月期間融資了7,000 萬美元，債務總額比12 月31 日增加了3,710 萬美元，達到1.606 億美元，但我們預計，隨著更多債務提前償付，這一數字將在第二季度再次下降。三個月期間股東權益增加了 3.5%，即 1,910 萬美元。

Concluding our financial commentary with the next slide 10, where we'll briefly have a closer look at our debt structure. During 2023, the company very aggressively halved its outstanding debt with over $154 million of debt repayments. And then followed in the first quarter of 2024 with prepayments of $30 million and in the second quarter of 2024, another $50 million. Part of the debt being repaid was replaced with a cheaper facility with a longer tenure maturing in 2032, relating to the two medium gas carriers that joined the fleet in January. As currently, there are no further CapEx commitments, the company is still considering reducing its debt further, although there are now only four vessels financed, two of which were financed this January. The other two that have facilities with tenures expiring in December 2025 and January 2026. The debt amortization is now reduced to just $9 million per annum, that will allow significantly faster cash flow accumulation going forward. 23 vessels are unencumbered, a considerable advantage, if ever there is a need to raise funds. On the other hand, prepayments have reduced the debt that is hedged with interest rate swaps to 19% currently.

在下一張投影片 10 中結束我們的財務評論，我們將在其中簡要仔細地了解我們的債務結構。2023 年期間，該公司非常積極地將未償債務減半，償還債務超過 1.54 億美元。隨後在 2024 年第一季預付款 3,000 萬美元，在 2024 年第二季再預付款 5,000 萬美元。正在償還的部分債務被更便宜、期限更長的貸款所取代，該貸款將於 2032 年到期，涉及 1 月加入船隊的兩艘中型天然氣運輸船。截至目前，沒有進一步的資本支出承諾，該公司仍在考慮進一步減少債務，儘管現在只有四艘船獲得融資，其中兩艘是今年一月份獲得融資的。另外兩個設施的任期將於 2025 年 12 月和 2026 年 1 月到期。債務攤銷現已減少至每年 900 萬美元，將使未來的現金流累積速度顯著加快。 23 艘船沒有任何負擔，如果需要籌集資金，這是一個相當大的優勢。另一方面，提前還款已將透過利率掉期避險的債務減少至目前的19%。

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。

Moving on slide 11. LPG exports increased by a strong 4.3% in 2023, and we continue to see exports increasing at 5% in the first quarter of this year, although we have expected the US to slow its export growth after the cold snap in the beginning of the year, results for the first year showed that US exports continued unabated, making a 12% year-on-year growth. We expect the US will continue to ship incremental amounts of NGLs in the current year. As we have discussed before, there are logistical issues that have to be solved to meet the increasing volumes. But LPG exporters are already planning ahead to accommodate these incremental volumes from Texas and Canada. While the US accounts for over 40% of global exports, exports from the Middle East that had fallen last year seemed to have rebounded. And although that is hard to come by, particularly as run and exports destined to China seem to be on the rise. We would hope to see other Middle Eastern countries not using the dark fleet, ramp up their exports as well.

繼續幻燈片 11。2023年液化石油氣出口強勁成長4.3%，我們繼續預期今年第一季出口成長5%，儘管我們預計美國在年初寒流過後將放緩出口成長第一年的業績顯示，美國出口持續不減，年比增長12%。我們預計美國今年將持續增加液化天然氣的運輸量。正如我們之前討論的，為了滿足不斷增加的數量，必須解決一些後勤問題。但液化石油氣出口商已經提前計劃容納來自德州和加拿大的增量產量。儘管美國佔全球出口的40%以上，但去年下降的中東出口似乎反彈。儘管這一目標很難實現，特別是在運往中國的運輸量和出口量似乎都在增加的情況下。我們希望看到其他中東國家不使用黑暗艦隊，也增加出口。

The situation in Europe as well as one of the largest importance remain the same due to the mild winter with lackluster heating demand and petrochemical usage, volumes that were reduced last year seem to have been flat over year-over-year, although intraregional trade is active. The particularly good news for LPG come from the two most populous countries, China and India. First quarter numbers saw a very strong import demand from China with volumes rising a fantastic 27% year-on-year. India's growing economy of 1 billion-plus people where 45% of LPG demand is for household use has as recently as much decided to extend subsidies for LPG and government-facing general elections soon is supportive of further penetration of LPG as an alternative fuel. This bodes well the future demand from one of the fastest-growing economies. In China, the driving force for LPG demand is, of course, the expansion of PDH capacity for the production of propylene. Utilization rates for the first quarter for this plan seems to have remained subdued around 65% in March due to the low profit, although reduction in quoted LPG prices in the last couple of months are positive for higher margins and increasing demand.

歐洲以及最重要的地區之一的情況保持不變，由於暖冬，供暖需求和石化產品使用量低迷，去年減少的數量似乎與去年同期持平，儘管區域內貿易積極的。對於液化石油氣來說，特別好的消息來自兩個人口最多的國家：中國和印度。第一季來自中國的進口需求非常強勁，數量年增了 27%。印度經濟不斷增長，人口超過10 億，其中45% 的液化石油氣需求用於家庭使用，該國最近決定延長對液化石油氣的補貼，而且政府即將面臨的大選將支持液化石油氣作為替代燃料的進一步滲透。這預示著成長最快的經濟體之一的未來需求。在中國，液化石油氣需求的驅動力當然是用來生產丙烯的PDH產能的擴張。由於利潤較低，該計劃第一季的利用率在 3 月似乎仍保持在 65% 左右，儘管過去幾個月液化石油氣報價的下降對利潤率的提高和需求的增加是積極的。

LPG remained a competitive fuel to naphta during this period. During last year, nine PDH plants -- nine new PDH plants came on stream, adding 5.4 million tons of capacity. We reported that another 7 million tons is set to be added this year and 6 million tons in 2025. Even if these are too optimistic given the usual delays and on an estimated 8 million to 9 million tons added over the next two years, that's still a 50% capacity addition from today's level.

在此期間，液化石油氣仍然是石腦油的有競爭力的燃料。去年，9個PDH裝置－9個新的PDH裝置投產，新增產能540萬噸。我們報道稱，今年將再增加 700 萬噸，2025 年將增加 600 萬噸。即使考慮到通常的延誤以及預計未來兩年新增 800 萬噸至 900 萬噸的情況，這些數字過於樂觀，但這仍然比目前的水平增加了 50% 的產能。

On slide 12, we present some of the key fundamentals in our shipping markets commencing with time charter rates. Rates overall remained flat during the first quarter, albeit at historically high levels. With the exception of the larger size ships, the slower slight drop. Looking at the small LPG trade west of US, the spot market during Q1 was an average holding up on levels. We show limited vessel availability and little idle time owners. On the period side, we continue to see good activity in Q1 with charters keen to secure forward tonnage capacity and rates keeping firm. This relates for the larger pressure ships are now at around all-time highs. East of Suez, we saw a quiet spot market with little action, more or less on par with Q4 of last year. For the Handysize and MGC vessels following a very firm Q4, where the VLGCs pulled up the MGCs, and the MGCs pulled up the Handys, Q1 became a bit of a disappointment for the owners, the collapse of VLGC at the beginning of the quarter.

在投影片 12 中，我們從期租費率開始介紹了航運市場的一些關鍵基本面。儘管處於歷史高位，但第一季利率總體保持穩定。除較大尺寸的船舶外，下降速度較慢。從美國西部的小規模液化石油氣貿易來看，第一季現貨市場平均維持在水準上。我們顯示船舶可用性有限，船主閒置時間很少。就期間而言，我們繼續看到第一季的良好活動，租船公司渴望確保遠期噸位運力，並且費率保持堅挺。這與目前處於歷史最高水平的較大壓力船有關。在蘇伊士以東，我們看到現貨市場安靜，幾乎沒有任何行動，或多或少與去年第四季持平。對於靈便型和 MGC 船舶來說，第四季度非常堅挺，VLGC 拉動了 MGC，MGC 拉動了靈便型船舶，第一季讓船東們有些失望，VLGC 在本季初崩潰了。

LPG trading dropped significantly and petchem trading remained quiet. As a case of a softening export market, the period market also lost steam and charters started to pull back on their period interest. It's, however, a market controlled by a very limited number of owners and time charter ads have held up reasonably well despite the reduced number of inquiries. With a more long-term view, we continue to strengthen 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, and although scrapping continues to be limited due to the firm markets, we continue to see only a handful of vessels being ordered, not enough to tip the supply-demand balance.

液化石油氣交易大幅下降，石化產品交易保持平靜。由於出口市場疲軟，期期市場也失去了動力，租船合約開始減少期利息。然而，這是一個由數量非常有限的船東控制的市場，儘管詢問數量減少，但期租廣告仍保持相當不錯的勢頭。從更長遠的角度來看，我們繼續加強我們的小型加壓船舶核心船隊的基礎，儘管船隊老化，但由於近三分之一的船隊船齡超過20 年，因此看起來仍然充滿希望，儘管報廢仍然有限由於市場堅挺，我們仍然看到只有少數船舶被訂購，不足以打破供需平衡。

Similar picture in the Handysize fleet where there only five ships to be delivered over the next two years. On the other hand, in the MGC is indeed in a higher order book that grew further since our last call to over 30%, but that's especially for vessels that will now join the fleet in '26 and even '27, until then over the next two years, supply is limited and our vessels ordered two years ago are now in the water earning money. The driving force for the increase in ordering of medium gas carriers as well as VLGCs is also related to ammonia trading and the fact that ammonia seems to become a serious contender for the future fuel of choice that will power the next generation of really environmentally friendly shift to replace gas oil.

靈便型船隊的情況也類似，未來兩年只有五艘船交付。另一方面，在MGC 中，確實處於較高的訂單簿中，自我們上次呼籲以來，該訂單進一步增長超過30%，但這尤其適用於現在將在26 年甚至27 年加入船隊的船舶，直到那時未來兩年，供應有限，我們兩年前訂購的船隻現在已投入水中賺錢。中型氣體運輸船和超大型液化氣船訂單增加的驅動力也與氨貿易有關，事實上氨似乎成為未來首選燃料的有力競爭者，將為下一代真正環保的轉變提供動力來代替瓦斯油。

On slide 13, we are outlining some key variables that may affect our performance in the quarters ahead. In the short term, we're entering the seasonally weaker summer months, and we would expect activity to slow somewhat, although the market is still firm as we speak. We continue to remain optimistic on the longer term for the reasons analyzed before. Today, we announced a record breaking quarter, profits of $17.7 million for Q1 are an all-time high for our company in the 20 years since its inception. These exceptional results were mainly driven by higher revenues and reduced expenses and the two new MGC vessels that were added to the fleet immediately started producing results. The reduced share count as a result of the share buybacks, further enhance the bottom line on the earnings per share basis. In the current quarter, we have so far repaid over $53 million of debt and now have 23 unencumbered or debt-free vessels and a debt ratio below 15%.

在投影片 13 中，我們概述了一些可能影響我們未來幾季業績的關鍵變數。短期來看，我們正在進入季節性疲軟的夏季月份，我們預計經濟活動將有所放緩，儘管目前市場仍然堅挺。出於先前分析的原因，我們繼續對長期保持樂觀。今天，我們宣布了一個破紀錄的季度業績，第一季利潤達到 1,770 萬美元，創公司成立 20 年來的歷史新高。這些出色的業績主要是由於收入增加和費用減少而推動的，並且添加到船隊的兩艘新 MGC 船舶立即開始產生業績。股票回購導致股票數量減少，進一步提高了每股盈餘的底線。本季度，我們迄今已償還超過 5,300 萬美元的債務，目前擁有 23 艘無負擔或無債務的船舶，負債率低於 15%。

We continue to benefit from the positive market backdrop, and we look forward to continue rewarding our shareholders trust with more positive quarters. And even though our share price has climbed significantly over the last year as a result of the record profitability, we believe we continue to be a sound still undervalued investment, not just because we're optimistic on the market and have been producing results, but also because we're taking at the discount in terms of price to NAV and price to earnings.

我們繼續受益於積極的市場背景，我們期待繼續以更積極的季度回報股東的信任。儘管由於創紀錄的盈利能力，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在取得成果，而且還因為我們在價格與資產淨值和價格與收益方面存在折扣。

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

現在我們的演示已經結束了。我們要感謝您今天參加我們的電話會議，感謝您對我們公司的興趣和信任，我們期待您在 8 月的下一次電話會議上再次與我們會面，以了解我們的第二季業績。