StealthGas Inc (GASS) 2024 Q4 法說會逐字稿

Good morning, everyone, and welcome to our fourth-quarter 2024 earnings conference call and webcast. I'm Michael Jolliffe, Chairman of the Board of Directors. And joining me on our call today, as usual, our Chief Executive Officer, 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 2024 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。和往常一樣，今天我們的執行長 Harry Vafias 也參加了電話會議，討論市場和公司前景，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. Risks are further disclosed in StealthGas' filings with the Securities and Exchange Commission.

在我們開始簡報之前，我想提醒您，我們將討論前瞻性陳述，它反映了對未來事件和財務表現的當前看法。因此，請大家花一點時間閱讀本簡報第 2 張投影片上的免責聲明。StealthGas 在提交給美國證券交易委員會的文件中進一步揭露了風險。

So let's proceed with the presentation of our 2024 results and update you on the company's strategy and the market in general, starting with slide 3 for some highlights. Today, we released our results for the fourth quarter and full year of 2024. It was another very successful quarter in what can be described as a relatively stable market.

因此，讓我們繼續介紹我們的 2024 年業績，並向您介紹公司的策略和整個市場狀況，從投影片 3 開始介紹一些亮點。今天，我們發布了 2024 年第四季和全年業績。這是一個非常成功的季度，可以說是一個相對穩定的市場。

Revenues came in at a solid $43.5 million, 27% higher than a year earlier. For the full 12 months of 2024, revenues came in at $167.3 million, the highest revenue figure in the company's history. To give you some historical perspective, the closest revenues we had to this year's figure was back in 2018 when revenues were close to $164 million, but we were such a different company that this revenue figure back then had led us to barely make a profit on an adjusted basis.

收入達到了 4,350 萬美元，比去年同期高出 27%。2024 年全年營收達到 1.673 億美元，創下公司歷史上的最高收入水準。從歷史角度來看，我們最接近今年收入的數字是在 2018 年，當時的收入接近 1.64 億美元，但我們是一家截然不同的公司，當時的收入數字導致我們在調整後的基礎上幾乎沒有實現盈利。

Whereas today, with a much leaner structure and following sound strategic policies, our revenues led to a record yearly profit of $77 million on an adjusted basis. I should also stress that this is not a one-time profit record. It is the third year in a row that we've been recording record profits, a testament to the consistency in our improving results.

而今天，透過更精簡的結構和遵循合理的戰略政策，我們的收入在調整後實現了創紀錄的 7,700 萬美元的年利潤。我還要強調的是，這不是一次性的獲利紀錄。這是我們連續第三年創下獲利紀錄，證明了我們的業績持續改善。

In terms of earning per share on an adjusted basis, these were $0.44 for the quarter and $2.11 for the full year, and compare that to our stock price, which is still trading around $6.

就調整後的每股盈餘而言，本季為 0.44 美元，全年為 2.11 美元，而我們的股價仍在 6 美元左右。

Our strategic priority for the time being remains focused on deleveraging and optimizing cash flow generation. The company proceeded to pay $108 million in 2024, bringing the debt below $100 million for the first time during the third quarter. And with another $33 million being repaid during the first quarter of this year, the debt level is currently close to just $50 million.

我們目前的策略重點仍然是去槓桿和優化現金流創造。該公司將在 2024 年償還 1.08 億美元，使債務在第三季首次低於 1 億美元。今年第一季還需償還 3,300 萬美元，目前債務水準接近 5,000 萬美元。

All the vessels in our fully owned fleet are debt free, except for just two vessels that currently have a mortgage. So essentially, we are net debt free.

我們全資擁有的船隊中的所有船隻均無債務，除兩艘目前有抵押的船隻外。因此本質上，我們沒有淨債務。

With regards to our share repurchase program, over the last two years, the company has spent close to $20 million buying back almost 4 million shares. We had toned down the repurchases in the last couple of quarters, so today the Board of Directors decided to reserve additional funds and authorize management to invest up to $10.5 million for share repurchases.

關於我們的股票回購計劃，在過去兩年裡，公司已經花費了近 2,000 萬美元回購了近 400 萬股。我們在過去幾季中已經減少了回購規模，因此今天董事會決定預留額外資金並授權管理層投資高達 1,050 萬美元用於股票回購。

We are further delivering on our strategic priorities by keeping a visible revenue stream. Period coverage for 2025 is now up to 70% of our fleet days, and we have secured over $200 million in future revenues.

我們透過保持可見的收入流來進一步實現我們的策略重點。2025 年的期限覆蓋率現已達到我們機隊使用天數的 70%，並且我們已確保未來收入超過 2 億美元。

In terms of our fleet, the strategy is to conservatively diversify and renew. We have no new announcements in this conference call on this front. The deals that affected our 2024 results, we have previously discussed, and these were the sale of two smaller LPGs and the delivery of two new building medium gas carriers. Those significantly boosted our 2024 results.

就我們的機隊而言，我們的策略是保守地進行多元化和更新。我們在本次電話會議中沒有關於這方面的新公告。我們之前討論過影響我們 2024 年業績的交易，包括出售兩艘較小的 LPG 和交付兩艘新建中型氣體運輸船。這些大大提升了我們 2024 年的業績。

In the last quarter of 2024, we also incorporated in our fully owned fleet one smaller gas carrier that we had previously was part of our joint ventures. Two more vessels were sold by the joint ventures during 2024. One delivered this January. We are still looking for opportunities in the sale and purchase market.

2024 年最後一個季度，我們也將先前作為合資企業一部分的一艘小型氣體運輸船納入了我們的全資自有船隊。2024年，合資企業又出售了兩艘船。其中一個是今年一月交付的。我們仍在銷售和購買市場中尋找機會。

Let us move on to slide 4 for some details on our fully owned fleet employment as of February. It has been a fairly quiet period since our last call in November.

讓我們轉到幻燈片 4，查看截至 2 月我們全資車隊就業情況的一些詳細資訊。自從我們去年 11 月上次通話以來，這段時間相當平靜。

Charters, particularly in Europe, seem to have covered their needs by taking more period charters in previous months. As a result, we only concluded three new charters, two for one-year duration and one for three months. That currently leaves us with three vessels operating in the spot market, two of which are handy sizes. The company's chartering strategy is to fix on-period charters when possible and when profitable. So we are looking to extend the duration of our charters.

租船業，尤其是歐洲的租船業，似乎透過在前幾個月簽訂更多的定期租船合約滿足了他們的需求。結果，我們只簽訂了三份新租船合同，其中兩份為期一年，一份為期三個月。目前，我們在現貨市場上營運三艘船舶，其中兩艘是輕型運輸船。該公司的租船策略是在可能且有利可圖的情況下簽訂定期租船合約。因此，我們正在考慮延長租船期限。

Overall, we have increased the visibility of our earnings to 70% of available days for 2025 and have secured about $107 million in revenues for the remainder of the year. Total revenues secured up to 2027 were slightly reduced at $200 million.

總體而言，我們已將 2025 年獲利可見度提高至可用天數的 70%，並確保了今年剩餘時間約 1.07 億美元的收入。到 2027 年確保的總收入略有減少，為 2 億美元。

During the fourth quarter, we had a fair amount of dry dockings, with three vessels completed their scheduled dry dockings. That brought the total number of vessels for 2024 to seven vessels, a quarter of the fleet. This year, it is a fairly light year as we only have four vessels that are scheduled to go into dry dock.

在第四季度，我們進行了相當數量的乾船塢作業，其中三艘船完成了預定的乾船塢作業。這樣，2024 年的船隻總數將達到 7 艘，佔船隊總數的四分之一。今年是相當輕鬆的一年，因為我們只有四艘船計劃進入乾船塢。

In terms of our fleet geography presented in slide 5, for those unfamiliar, our company mainly focuses on regional trade and local redistribution of gas, so most of our vessels are not likely to travel large distances and often do voyages that may last as short as a couple of days from load port to destination. While the fewer larger vessels often engage in intercontinental voyages, for example, US Gulf to the continent.

就幻燈片 5 中介紹的我們的船隊地理位置而言，對於那些不熟悉的人來說，我們公司主要專注於區域貿易和當地的天然氣再分配，因此我們的大多數船隻不太可能行駛很長的距離，而且通常從裝貨港到目的地的航程可能只有短短幾天。而少數較大的船隻通常從事洲際航行，例如從美國墨西哥灣到大陸的航行。

We continue to focus the majority of our fleet, over 60% West of Suez, in Europe, particularly in the Northwest and the Mediterranean, where freights continue to command a premium over Eastern Suez. The remainder of our fleet is evenly scattered across the globe. We believe that in the short term, we will continue to enjoy higher rates West of Suez as there continues to be a shortage of suitably well-maintained vessels in Europe.

我們繼續將大部分船隊集中在蘇伊士運河以西的歐洲，特別是西北部和地中海地區，這些地區的貨運量仍然高於蘇伊士運河東部。我們其餘的機隊均勻分佈在全球各地。我們相信，短期內我們將繼續享受蘇伊士以西地區更高的運費，因為歐洲仍然缺少維護良好的船隻。

Since our last call, the Suez Canal situation seems to have improved with the Houthis temporarily refraining from attacking vessels. However, the overall political situation in the Middle East remains very volatile, and ship owners are still reluctant to commit as any sudden escalation could lead to renewed danger to the safe navigation of vessels. If things go back to normal, we could see a few more vessels moving from east to west to close this arbitrage.

自從我們上次通話以來，蘇伊士運河局勢似乎有所改善，胡塞武裝暫時不再襲擊船隻。然而，中東地區的整體政治局勢仍然非常不穩定，船東仍然不願意做出承諾，因為任何突然升級的局勢都可能導致船舶安全航行再次面臨危險。如果情況恢復正常，我們可能會看到更多的船隻從東向西移動以完成這種套利。

Overall though, trading in European ports is much more demanding due to strictly enforced regulations related to the condition and safety of the vessels. As a result, older vessels that are actually a high percentage of the overall pressurized LPG fleet are not always suitable for European trades.

總體而言，由於對船舶狀況和安全的規定嚴格執行，歐洲港口的貿易要求更高。因此，實際上佔整體加壓液化石油氣船隊很大比例的老舊船隻並不總是適合歐洲貿易。

Furthermore, the European Union imposed last year's regulations related to carbon emissions called EU-ETS that penalize less efficient vessels. starting January of this year, is putting in place additional rules called FuelEU relating to fuel consumption.

此外，歐盟去年實施了與碳排放相關的法規，即“EU-ETS”，對效率較低的船舶進行懲罰。從今年一月開始，將實施有關燃料消耗的附加規則，稱為 FuelEU。

Finally, I would also like to note that over the past year, we have been increasingly engaged in ammonia trades that our handies and MGC vessels can carry. We believe there is great potential in ammonia trading, and judging from the increased vessel order book, so do many of our competitors.

最後，我還想指出的是，在過去的一年裡，我們越來越多地參與我們的靈便型船和 MGC 船可以運載的氨貿易。我們相信氨貿易具有巨大的潛力，而且從增加的船舶訂單量來看，我們的許多競爭對手也同樣這麼認為。

In slide 6, I will update you on our joint venture investments. This is the interest we had as of December 31 in four vessels, three pressurized LPG carriers, and one medium gas carrier through two joint venture structures. These are presented separately as their results are not consolidated but are shown as an investment. The book value of our investments was $27.7 million, slightly reduced from the previous quarter as the Gas Defiance exited the JV and entered our fully-owned fleet.

在第 6 張投影片中，我將向您介紹我們的合資投資情況。這是我們截至 12 月 31 日透過兩家合資企業持有的四艘船舶、三艘加壓液化石油氣運輸船和一艘中型氣體運輸船的權益。由於它們的結果未合併，因此它們被單獨呈現，而是顯示為一項投資。我們的投資帳面價值為 2770 萬美元，較上一季略有下降，因為 Gas Defiance 退出合資企業並加入我們的全資船隊。

Since the beginning of last year, three vessels were sold: one MGC, the Ethereal, in the second quarter for which we received a $24 million dividend; the Gas Defiance in the fourth quarter that was brought back from StealthGas debt free; and more recently, the Gas Shuriken that was delivered to its new owners in January of this year and was also debt free.

自去年年初以來，我們已出售了三艘船：一艘是 MGC 號，即 Ethereal 號，於第二季度出售，我們因此獲得了 2400 萬美元的股息；第四季度，Gas Defiance 從 StealthGas 手中無債務地回歸；最近，Gas Shuriken 於今年 1 月交付給新主人，並且沒有債務。

There are now just three vessels left owned through joint ventures: one medium gas carrier built in 2023, and two smaller pressurized vessels. After having sold the Gas Shuriken last month, our partners and we decided to use the proceeds from that sale, the vessel was debt free, to prepay the debt on the two remaining pressurized vessels, the Gas Haralambos and the Eco Lucidity.

目前，合資企業擁有的船舶僅剩下三艘：一艘於 2023 年建造的中型氣體運輸船和兩艘較小的壓力船。上個月出售了 Gas Shuriken 號之後，我們和合作夥伴決定使用出售所得（該船已無債務）來預付兩艘剩餘壓力船 Gas Haralambos 號和 Eco Lucidity 號的債務。

The debt prepayment is scheduled to take place within March. As far as chartering of these vessels go, the Gas Haralambos recently entered a one-year charter at an exceptionally strong rate. The two other vessels are on short-term time charters.

債務預付預計將於三月進行。就這些船舶的租賃而言，Gas Haralambos 公司最近以極高的價格簽訂了為期一年的租船合約。另外兩艘船屬於短期期租船。

Lastly during 2024, two of the vessels underwent their scheduled dry docking, one of these in the fourth quarter, as discussed in the previous call. There are no forthcoming dry docks during 2025 for any of these vessels.

最後，在 2024 年，兩艘船將按計劃進行乾船塢，其中一艘將在第四季度進行，正如上次電話會議中所討論的那樣。2025年，這些船艦都不會進入乾船塢。

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 (Konstantinos Sistovaris)，報告我們的財務表現。謝謝。

Thank you, Michael. Good morning, everyone. I will discuss the financial results that were released today. So let's turn to the next slide, slide 7, where we have a snapshot of the income statement for the fourth quarter and full year of 2024 against the same period of 2023.

謝謝你，麥可。大家早安。我將討論今天發布的財務結果。讓我們轉到下一張投影片，即第 7 張投影片，其中我們可以看到 2024 年第四季和全年與 2023 年同期的損益表快照。

Due to sale and purchase transactions that took place over the period, there was a very small increase in fleet days of 2% for the quarter and a larger reduction in fleet days of 7% when comparing the yearly period.

由於期間發生的銷售和購買交易，本季的車隊天數僅增加了 2%，與去年同期相比，車隊天數則減少了 7%。

Net revenues, that is the revenues after the voyage expenses, came in at $40.3 million for the quarter, an increase of 31%, and at $155.6 million for the 12 months, an increase of 19%, mainly the result of rechartering vessels at high rates throughout the past year, and also the addition of the two larger vessels in the fleet with a higher earnings capacity.

淨收入（即扣除航次費用後的收入）本季為 4,030 萬美元，成長 31%；12 個月期間為 1.556 億美元，成長 19%，主要原因是過去一年中以高費率重新租用船舶，船隊中增加了兩艘較大、盈利能力更強的船舶。

In the fourth quarter, revenues were slightly impacted by the down time due to the dry docking of three vessels. Operating expenses were $13.6 million for the quarter, a 6% increase, mainly due to higher crew costs and maintenance fees. And $49.8 million for the 12 months, reduced by 6% that corresponds to the reduction in the fleet over the 12 months.

第四季度，由於三艘船舶進入乾船塢，停工時間對收入產生了輕微影響。本季營運費用為 1,360 萬美元，成長 6%，主要原因是機組人員成本和維護費用增加。12 個月內為 4,980 萬美元，減少了 6%，與 12 個月內船隊規模的減少相對應。

Overall, a good performance in containing expenses in 2024. And we have seen rises as a result of cost pressures throughout the economy, but not above the general inflation levels. Again, this quarter's results were negatively impacted by the dry-docking expenses of the three vessels. They had to undergo their statutory five-year special survey and dry dock.

整體而言，2024 年在控制開支方面表現良好。我們看到，由於整個經濟的成本壓力，成本有所上漲，但並未超過整體通膨水準。再次，本季的業績受到三艘船的乾船塢費用的負面影響。它們必須接受法定的五年特別檢驗和乾船塢檢驗。

The cost of the dry dockings, that involve also lost time and revenues as they can take up to 30 days, are expensed as incurred and not amortized. So there was a hit in the fourth quarter, especially when compared to last year when there were no vessels to be dry docked at the time.

乾船塢成本也涉及時間和收入的損失，因為乾船塢可能需要長達 30 天，因此在發生時計入費用，而不是攤提。因此，第四季度受到了衝擊，特別是與去年相比，當時沒有船隻可以進行乾船塢運輸。

During the year, seven vessels, a quarter of the fleet, underwent dry dock compared to just three vessels in 2023. And since most of the vessels trade in Europe, these are mostly performed in more expensive European yards.

今年，有七艘船舶（佔船隊的四分之一）進入乾船塢，而 2023 年只有三艘船舶進入乾船塢。由於大多數船舶在歐洲進行貿易，因此這些建造大多在價格較昂貴的歐洲船廠進行。

In the third quarter, there was also an increase of $1.4 million in G&A costs as a result of the increase in stock-based compensation expense that reflects the amortization of these awards over their vetting period. No awards were given in the fourth quarter.

第三季度，由於股票薪資費用的增加（反映了這些獎勵在審查期間的攤銷），一般行政費用也增加了 140 萬美元。第四節沒有頒發任何獎項。

There were no impairments nor any gain or losses from sale of vessels during the fourth quarter of this year, while interest costs decreased by almost $1 million as a result of the debt reduction.

今年第四季度，船舶出售沒有發生減值，也沒有收益或損失，而由於債務減少，利息成本減少了近 100 萬美元。

Net income for the quarter was $14.2 million compared to $8.9 million for the same quarter of last year, a 60% increase. On an adjusted basis, net income also marked a 60% increase from $10.3 million to $16.4 million. For the full year, net income was $69.9 million compared to $51.9 million for last year, a 35% increase. On an adjusted basis, net income was $77.3 million, a 53% increase compared to last year.

本季淨收入為 1,420 萬美元，而去年同期為 890 萬美元，成長 60%。經調整後，淨收入也從 1,030 萬美元成長 60% 至 1,640 萬美元。全年淨收入為 6,990 萬美元，而去年同期為 5,190 萬美元，成長 35%。經調整後，淨收入為 7,730 萬美元，較去年同期成長 53%。

In terms of EBITDA on an adjusted basis, it was $23.4 million for the quarter, and $108.8 million for the full year, the highest EBITDA number ever. Likewise, adjusted earnings per share for the fourth quarter were $0.44 compared to $0.29 last year, and $0.38 in the third quarter. For the year, adjusted earnings per share were $2.11 compared to $1.34 last year. This was, as we said before, the best profit in in the company's history.

調整後的EBITDA為：本季2,340萬美元，全年1.088億美元，為史上最高。同樣，第四季度調整後每股收益為 0.44 美元，而去年同期為 0.29 美元，第三季為 0.38 美元。今年調整後每股收益為 2.11 美元，去年同期為 1.34 美元。正如我們之前所說，這是公司歷史上最好的利潤。

Looking at the balance sheet in the next slide, slide 8, the company continues to maintain strong liquidity after having massively brought down its debt over the course of last year. Cash, including restricted cash, was, at the end of the quarter, $84.5 million.

請看下一張投影片（第 8 張）中的資產負債表，該公司在去年大幅減少債務後繼續保持強勁的流動性。截至本季末，現金（包括受限現金）為 8,450 萬美元。

The debt reduction allows the company, going forward, to accumulate cash at a much faster rate than before due to the reduced debt amortization. There were no vessels held for sale as of December 31 as there were no contracts for any sales. And also there were no deposits for vessels as of December 31, as we have not contracted to buy any vessels.

由於債務攤銷減少，債務減少使公司未來能夠以比以前快得多的速度累積現金。截至 12 月 31 日，沒有待售船舶，因為沒有任何銷售合約。而且截至 12 月 31 日，我們也沒有船舶定金，因為我們沒有簽訂購買任何船舶的合約。

Vessel's book value increased from $504.3 million to $608 million, a significant 21% increase, mainly as a result of the addition of the two medium gas carriers in January -- last January, and the pressurized gas carrier the company acquired from its JV partner in the fourth quarter.

船舶的帳面價值從 5.043 億美元增至 6.08 億美元，大幅增加 21%，這主要由於該公司於去年 1 月增加了兩艘中型氣體運輸船，以及在第四季度從合資夥伴手中收購了一艘加壓氣體運輸船。

The book value of the investments in the two joint ventures was $27.7 million, a 12% -- $12 million reduction due to the sale of one medium gas carrier and the pressurized gas carrier, and the subsequent return of capital. Total assets as of December 31, 2024, increased 5% to $732.2 million compared to last year.

對兩家合資企業的投資帳面價值為 2,770 萬美元，由於出售一艘中型氣體運輸船和一艘加壓氣體運輸船以及隨後的資本返還，減少了 12%（1,200 萬美元）。截至 2024 年 12 月 31 日的總資產比去年增加 5% 至 7.322 億美元。

Moving on to the liability side, the current portion of debt increased to $23.3 million because there is a $16.6 million balloon payment due within a year, and more precisely, in December 2025. While the long-term portion of the debt stood at $106.9 million as of December 31, '24 -- 2023, sorry, and was reduced to $61.6 million as of December 31, 2024.

至於負債方面，目前的債務部分增加到 2,330 萬美元，因為有一筆 1,660 萬美元的大額付款將在一年內到期，更準確地說，是在 2025 年 12 月。而截至 2024 年至 2023 年 12 月 31 日，長期債務部分為 1.069 億美元，抱歉，截至 2024 年 12 月 31 日減少至 6,160 萬美元。

As a result, the company had cash that almost equaled its debt as of December 31. Shareholders equity increased 14% or $77 million over the 12-month period as a result of the improved profitability.

因此，截至 12 月 31 日，該公司的現金幾乎等於其債務。由於獲利能力的提高，股東權益在 12 個月內增加了 14%，即 7,700 萬美元。

Moving on to slide 9, looking at our leverage. For the past 15 years, the company's debt has been oscillating in the range $300 million to $500 million. Since the beginning of 2023, that interest rates rose significantly, and thanks to the improving cash flow generation, the company embarked in a massive debt reduction, making significant savings in the process.

前往第 9 張投影片，看看我們的槓桿作用。在過去的15年裡，該公司的債務一直在3億美元到5億美元之間波動。自 2023 年初以來，該利率大幅上升，由於現金流產生的改善，該公司開始大規模減債，從而在此過程中節省了大量資金。

In 2023, $154 million was repaid. In 2024, while the company took a $70 million loan for the two vessels, it made $108 million in repayments. Then in the first quarter of 2025, the current quarter, another $32 million was repaid.

2023年償還1.54億美元。2024 年，該公司為這兩艘船貸款 7,000 萬美元，但償還了 1.08 億美元。然後在 2025 年第一季度，也就是本季度，又償還了 3,200 萬美元。

During the previous call, we said that it was the first time the company's debt fell below the $100 million mark. This time, with debt currently approaching $50 million, it is the first time the company is net debt free.

在上次電話會議中，我們說這是該公司債務首次跌破 1 億美元大關。此次，該公司的債務目前接近 5,000 萬美元，這是該公司首次實現無淨債務。

As a result, the debt amortization is now reduced to just $1 million per quarter compared to $7 million just two years ago. And that will allow significantly faster cash flow accumulation going forward. There are now only two mortgage vessels out of 28 in the fleet. And that means much lower cash flow break-even for our vessels, making them much more competitive.

結果，債務攤銷現在減少到每季僅 100 萬美元，而兩年前還為 700 萬美元。這將使未來現金流累積速度顯著加快。目前，該船隊共有28艘船隻，其中只有兩艘是抵押船隻。這意味著我們的船舶的現金流損益平衡點要低得多，從而使其更具競爭力。

Finally, there is no refinancing risk. There is only one $16.6 million balloon at the end of 2025, and after that, the only remaining balloon of $17 million is in 2032. I will now hand you over to our CEO, Harry Vafias, who will discuss the market and the company outlook.

最後，沒有再融資風險。2025年底只剩下一個1660萬美元的氣球，此後僅剩下一個1700萬美元的氣球是在2032年。現在我將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 markets and some thoughts. Over the last three years, Global LPG exports are the steady upward path. After marking a 4.3% increase in '23, the latest data shows that there was a similar increase in '24 at 4.4%. The world's largest LPG exporter, the US, finished a year, marking an impressive 11% year on year growth.

在幻燈片 10 上，我們對液化石油氣市場進行了簡要的了解並提出了一些想法。近三年來，全球液化石油氣出口呈現穩定上升趨勢。最新數據顯示，繼23年成長4.3%之後，2024年也出現了類似的成長，增幅為4.4%。作為全球最大的液化石油氣出口國，美國在去年取得了令人印象深刻的年成長11%的成績。

As we have said before, we expect to slow down due to the capacity constraints, but we are already approaching the first flat capacity additions, starting with the energy transfer Texas terminal that will export 250 additional bars per day in the second half of '25. And, thereafter, once more expansion projects are completed by '26, volume should increase by another 20%.

正如我們之前所說，由於產能限制，我們預計速度會放緩，但我們已經接近首次平穩產能增加，首先是德克薩斯州的能源轉移終端，該終端將在25年下半年每天額外出口250塊巧克力棒。此後，一旦到 26 年更多的擴建工程完成，產量將再增加 20%。

On the other hand of the equation., the two largest importers, China and India, preliminary figures for '24 show that both increased the LPG imports by 11.5% and 6.6%, respectively. Imports in China were more volatile as demand is more industrially-driven, and so far, we have yet to see that the measures taken late last year by the Chinese authorities managed to pull the economy back in its targeted 5% growth track.

另一方面，兩個最大的進口國中國和印度，24年的初步數據顯示，兩國的液化石油氣進口量分別增加了11.5%和6.6%。由於需求更受工業驅動，中國的進口波動性更大，到目前為止，我們尚未看到中國當局去年年底採取的措施成功將經濟拉回 5% 的成長目標軌道。

PDH plants that need LPG for proper in production continue being built. Three more we expect this year that should underpin long-term demand. But in the short-term, we see volatility coming depending on their utilization rates, which is both a factor of the strength of the economy and overcapacity.

需要 LPG 來確保正常生產的 PDH 工廠正在繼續建設。我們預計今年還將有三家公司開始生產，這應該能支撐長期需求。但在短期內，我們看到波動取決於其利用率，這既是經濟實力的因素，也是產能過剩的因素。

So in terms of trade, the figures were excellent for LPG in 2024. Where the picture gets murkier is in terms of geopolitical unknowns. That is not to say that they are positive or negative, causing shipping more often than not, conflicts lead to improved rates, but rather to emphasize that a lot more issues than before that could affect LPG depending on if, when, and how these are resolved.

因此從貿易方面來看，2024 年液化石油氣的數據非常出色。地緣政治的未知因素使得情況變得更加模糊。這並不是說它們是積極的還是消極的，它們往往會導致航運衝突從而提高費率，而是要強調的是，影響液化石油氣的問題比以前多得多，這取決於這些問題是否、何時以及如何解決。

Let me briefly mention them. First, we have the sanctions on Russian LPG exports by the EU. These were introduced last December. So far, they have led to more seaborne imports from Poland, or Russian volumes being redirected further away.

讓我簡單提一下。首先，歐盟對俄羅斯液化石油氣出口實施制裁。這些是去年 12 月推出的。到目前為止，這些措施已導致來自波蘭的海運進口增加，或俄羅斯的進口量被轉移到更遠的地方。

Second, we have -- we expect the developments in the Russia-Ukraine conflict. Although any resolution will probably will not lead to a significant change short-term in European LPG imports, as diversifying LPG sources is more of a longer-term European policy, especially since imports from the US have risen substantially.

第二，我們預期俄羅斯和烏克蘭衝突將進一步發展。儘管任何決議可能不會導致歐洲液化石油氣進口在短期內發生重大變化，但因為液化石油氣來源多樣化是一項更長期的歐洲政策，特別是在美國進口量大幅增加的情況下。

Third, comes a potential tightening of Iranian sanctions that the new US administration has hinted at. Iran is a major oil producer but also produces LPG that exports mainly to China. More restrictions on Iran and LPG estimated at around 12 million tons per year should be a positive for ton-mile demand.

第三，美國新政府暗示可能加強對伊朗的製裁。伊朗是主要石油生產國，但也生產液化石油氣，主要出口到中國。對伊朗和每年約 1200 萬噸的液化石油氣進行更多限制，應該會對噸英里需求產生積極影響。

Fourth, we could see developments in the OPEC self-imposed oil production cuts. If oil prices to be driven lower as the new US administration desires, a possible lifting of the production cut, but mainly by Saudi Arabia, would lead to more oil being produced and thereby more LPG as well.

第四，我們可以看到OPEC自主減產的進展。如果油價依照美國新政府的意願下降，那麼可能取消減產（主要是沙烏地阿拉伯取消減產）的石油產量將會增加，導致液化石油氣產量也增加。

Fifth, we have the Suez Canal reopening, at least for the time being, as the Houthis have pledged not to attack ships unless they are related to Israel. However, the Gaza conflict that led to the Houthis attacking ships have not been resolved and it's quite a volatile situation. Crossing the Suez Canal is not a major route for our ships, but overall, the shortening of distances could have a negative impact in ton-mile demand.

第五，蘇伊士運河至少暫時重新開放，因為胡塞武裝承諾不會攻擊與以色列無關的船隻。然而，導致胡塞武裝攻擊船隻的加薩衝突尚未解決，局勢相當不穩定。穿越蘇伊士運河並不是我們的船舶的主要航線，但總體而言，距離的縮短可能會對噸英里需求產生負面影響。

Lastly, and maybe most importantly, we have the looming US-China trade war. We have seen the opening salvo zone, particularly, we have seen the Chinese' response by imposing tariffs on various US goods, including oil and LNG. Notably absent from these tariffs was LPG.

最後，也許是最重要的一點，中美貿易戰迫在眉睫。我們已經看到了開火區，特別是我們看到了中國對包括石油和液化天然氣在內的各種美國商品徵收關稅的反應。值得注意的是，液化石油氣不包含在這些關稅中。

In the previous spot back in 2019, the Chinese has curtailed their imports of US LPG, and that had an impact on LPG shipping. Now, however, it seems that they are more cautious as the law has changed since then.

早在 2019 年，中國就減少了對美國液化石油氣的進口，這對液化石油氣運輸產生了影響。然而，現在他們似乎更加謹慎了，因為法律已經改變了。

Back then their PDH capacity was 6.6 million tons per year. It has quadrupled since then and it's a vital importance to them. Now, they also rely for over 50% of their LPG imports from the US, and it won't be easy to diversify their sources. I won't dive more deeply in all these geopolitical issues, but I brought them up as thoughts that that are in the back of our minds as they can affect LPG trade. Some positively, others negatively.

當時他們的PDH產能為每年660萬噸。自那時以來，該數字已增長了四倍，這對他們來說至關重要。現在，這些國家的液化石油氣50%以上依賴從美國進口，要實現來源多元化並非易事。我不會深入探討這些地緣政治問題，但我提出這些問題是因為我們確實在考慮這些問題，因為它們可能會影響液化石油氣貿易。有些持正面態度，有些則持消極態度。

Be that may, we don't lose sleep over them as we know that our company is in the most solid state that it has ever been. I'm sure we'll be talking more about this in the future earnings calls, and who knows, maybe we'll have to add again the new Panama Canal droughts in the mix.

不管怎樣，我們不會為此失眠，因為我們知道我們的公司正處於有史以來最穩定的狀態。我相信我們會在未來的收益電話會議上更多地討論這個問題，誰知道呢，也許我們不得不再次將新的巴拿馬運河乾旱問題加入其中。

On slide 11, we're discussing how shipping markets faired in the last quarter. While generally the fourth quarter consists of tighter market conditions, the picture was one of a relatively flat market. The small pressurized vessels that comprise the majority of a fleet, the onset of winter led, initially, to an increase in activity and firming of the market, but since then, the market has been more stable.

在投影片 11 上，我們討論了上個季度航運市場的表現。雖然第四季的市場狀況整體較為緊俏，但整體來看市場表現相對穩定。小型壓力船是船隊的主要組成部分，冬季的到來最初導致活動增加和市場穩定，但此後市場更加穩定。

West of Suez, there was a limited interest for period fixing, as most judges have taken their positions, but there are also limited candidates. As a result, we continue to witness a firm, pressurized market at historically high rates.

蘇伊士運河以西地區，對於定期審判的興趣有限，因為大多數法官已經就任，但候選人也有限。因此，我們持續見證市場在歷史高點堅挺、壓力重重。

There continues to be a divergence in the market between east and west. In the east, the spot market has been less interesting from an owner's perspective than the west. Very limited activity and relatively soft rates have given owners incentive to look for DC coverage if they can find one. Period rates remain more or less flat.

東西方市場持續存在分歧。從船東的角度來看，東部的現貨市場不如西部有趣。非常有限的活動和相對較低的費率使得業主有動力去尋找 DC 保險（如果他們能找到的話）。期間利率基本保持穩定。

The market is expected to be fairly stable otherwise, as the overall availability of spot tonnage has reduced, with ships changing hands and some leaving the area and moving west. For the handy sized ships, the fourth quarter was all about the petchem, with spot LPG trading close to non-existent for this size, particularly the ethylene market was active and also several vessels were fixed for butadiene cargos.

預計市場將相當穩定，因為現貨噸位的總體供應量已經減少，船隻易手，一些船隻離開該地區並向西移動。對於靈便型船舶而言，第四季的焦點是石化產品，這種尺寸的現貨液化石油氣交易幾乎為零，特別是乙烯市場活躍，也有幾艘船隻被預定用於運輸丁二烯貨物。

The start of this year was also rather quiet. However, the time of writing, we are starting to see a bit more activity on the period side. Rates remaining relatively stable. The order book for the handy sized ships remains very slim with no deliveries for this year, and this should logically support to the period market.

今年的開局也相當平靜。然而，在撰寫本文時，我們開始看到週期方面的活動增加。利率維持相對穩定。靈便型船舶的訂單仍然很少，今年沒有交付，這在邏輯上應該會對定期市場提供支撐。

On the MGCs, spot market continued through Q4 to suffer from pressure from a softer VLGC market and, generally, more difficult trading conditions and narrow margins for LPG as a product. On the time charter side, we saw several charters redelivering their mid- to long-term DC tonnage, and rather bet on more available tonnage in the spot market when they are in need of a vessel.

對於中型運輸船而言，現貨市場在第四季度繼續受到超大型液化石油氣市場疲軟的壓力，總體而言，液化石油氣產品的交易條件更為困難且利潤空間較小。在定期租船方面，我們看到幾家租船公司重新交付了其中長期的 DC 噸位，並且在需要船舶時更願意押注現貨市場上有更多可用噸位。

For now, owners are trying to keep the rate at its firm. But we have seen certain softening in the last couple of months. The order book provides for a limited number of deliveries this year, which should support DC rates.

目前，船東正努力維持運價穩定。但過去幾個月，我們看到了一定的疲軟趨勢。訂單量規定今年的交貨數量有限，這應該會支持 DC 費率。

However, longer-term, the order book situation for MGC is worrisome. Since our last call, the pace of ordering has slowed down, but accumulating from previous quarters, the order book ratio has now surpassed 50% of the existing fleet. Expectations are for ammonia market to grow significantly in the coming years, not least because it would become one of the alternative fuels for ships. But this is not -- but if this is not to materialize vessels ordered that today's record prices and leverage can lead to a lot of pain for those choosing to invest at this late stage in this segment.

然而，從長期來看，MGC的訂單情況令人擔憂。自上次通話以來，訂單速度已經放緩，但從前幾季的累積來看，訂單比例現已超過現有船隊的50％。人們預計未來幾年氨市場將大幅成長，尤其是因為它將成為船舶的替代燃料之一。但事實並非如此——但如果這不能實現，那麼當今的創紀錄價格和槓桿可能會給那些選擇在這個後期階段投資該領域的人帶來很多痛苦。

On the other hand, the order book situation is quite different on the overlooked handy sized fleet where there are no vessels delivering this year. And the order book remains very healthy beyond that, as we continue to see very limited interest from owners in ordering new ships.

另一方面，被忽視的靈便型散裝貨船隊的訂單情況則截然不同，今年沒有船隻交付。除此之外，訂單量仍然非常健康，因為我們仍然看到船東對訂購新船的興趣非常有限。

As far as our core fleet of pressurized ships, the situation has not changed much. Very few vessels are being ordered. Just one since our previous call, and that includes those destined for Chinese domestic trades, keeping the order book ratio at very healthy level, at below 5% for the next three years.

就我們的核心加壓船隊而言，情況並沒有太大變化。訂購的船非常少。自我們上次電話會議以來，僅有一艘船訂單，其中包括運往中國國內貿易的船隻，訂單比率將保持在非常健康的水平，未來三年將低於 5％。

At the same time, the pressurized fleet age profile shows that over 30% of the existing vessels are over 20 years old, meaning that the fleet is unlikely to be renewed fast enough and owners are keeping all the vessels trading, sometimes even up to 30 years old, and still not scrapping them. We will probably need to see a massive drop in the market to force owners to scrap their ships, but even without scrapping, it's increasingly getting more difficult for other vessels to trade in international markets, especially in Europe, given the safety and environmental regulations.

同時，壓力容器船隊的船齡分佈圖顯示，現有船舶中有超過30％的船齡超過20年，這意味著船隊不太可能快速更新，船東仍讓所有船舶繼續運營，有時甚至長達30年船齡，但仍未將其報廢。我們可能需要看到市場大幅下跌才能迫使船東報廢他們的船舶，但即使不報廢，考慮到安全和環境法規，其他船舶在國際市場上交易也變得越來越困難，特別是在歐洲。

On slide 12, we're outlining some key variables that may affect our performance in the quarters ahead. Summing up, it's with great pride that we announced today, for the third consecutive year, a record annual profits. After a successful fourth quarter, we concluded 2024, reporting net income of $70 million for a year, a 35% increase, far outpacing the underlying market improvement for our ships.

在第 12 張投影片上，我們概述了一些可能影響我們未來幾季業績的關鍵變數。總而言之，今天我們非常自豪地宣布，連續第三年創下了年度利潤記錄。在成功度過第四季度後，我們結束了 2024 年，報告全年淨收入為 7,000 萬美元，成長 35%，遠遠超過了我們船舶的潛在市場改善速度。

We are delivering on our strategic priorities, modernizing the fleet, securing revenues, and de-rising the business, aiming to bring strong value to StealthGas shareholders. We are net debt free and close to completing our de-leverage that will bring a long-term advantage to the fleet.

我們正在實現我們的策略重點，將船隊現代化，確保收入，並擴大業務，旨在為 StealthGas 股東帶來巨大的價值。我們已經沒有淨債務，並且即將完成去槓桿，這將為船隊帶來長期優勢。

The company is in a solid footing, but we are always mindful that we operate in a volatile segment. We are optimistic yet cautious. There are a lot of geopolitical situations that we discussed today that are developing, and we believe to be a sound still undervalued investment for anyone sharing our thesis.

公司基礎穩固，但我們始終牢記，我們營運的市場環境動盪不安。我們樂觀但謹慎。我們今天討論的許多地緣政治局勢正在發展，我們相信，對於任何與我們持有相同觀點的人來說，這都是一項合理且仍被低估的投資。

Finally, after our excellent results announced today and in order to give further value back to our shareholders, we are renewing our share repurchase program and increasing up to $10.5 million the amount available to us for this task.

最後，在我們今天宣布了優異的業績之後，為了進一步回報我們的股東，我們將更新我們的股票回購計劃，並將可用於此任務的金額增加至 1050 萬美元。

We have now reached the end of our presentation. I would like to thank you for joining us at a conference call today and for your interest and trust in our company. And we look forward to having you with us again at our next call for our Q1 results in May. Thank you very much.

我們的演示現已結束。感謝您今天的電話會議，以及對我們公司的關注和信任。我們期待在 5 月的下一次第一季業績電話會議上再次見到您。非常感謝。