StealthGas Inc (GASS) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the StealthGas Q2 2025 results webcast and conference call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mr. Michael Jolliffe, Chairman of the Board. Please go ahead, sir.

您好，感謝您的支持。歡迎參加 StealthGas 2025 年第二季業績網路廣播與電話會議。請注意，今天的會議正在錄製。現在，我想將會議交給今天的第一位發言者、董事會主席邁克爾·喬利夫先生。先生，請繼續。

Thank you. Good morning, everyone, and welcome to our second quarter 2025 earnings conference call and webcast. This is Michael Jolliffe, Chairman of the Board of Directors. And joining me on our call today, as usual, is our CEO, Harry Vafias, to discuss the market and the company outlook; and Konstantinos Sistovaris to discuss the financial aspects.

謝謝。大家早安，歡迎參加我們的 2025 年第二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 please take a moment to read our disclaimer on slide 2 of this presentation. Risks are further disclosed in StealthGas' filing 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，請花一點時間閱讀本簡報第 2 張投影片上的免責聲明。StealthGas 在向美國證券交易委員會提交的文件中進一步揭露了風險。

Now so let's proceed with presentation, starting with some highlights on slide 3. And let me stress right off the bat that in a market that was trying to find its balance, we today reported our second best ever quarterly profits.

現在讓我們繼續演示，從幻燈片 3 上的一些重點開始。我要強調的是，在一個試圖尋找平衡的市場中，我們今天報告了有史以來第二好的季度利潤。

These very strong results were driven by a record $47.2 million in revenues for the second quarter compared to $41.8 million last year, and $42 million in the previous quarter, demonstrating the very strong performance of our commercial operations.

這些非常強勁的業績得益於第二季創紀錄的 4,720 萬美元的收入，而去年同期為 4,180 萬美元，上一季為 4,200 萬美元，這表明我們的商業營運表現非常強勁。

Adjusted net income for the second quarter of 2025 was $21.7 million, 35% higher than the previous quarter, but 20% lower than last year. As I mentioned in my opening, it was the second best quarter ever. And in terms of operations of our fully owned fleet, it was actually the most successful ever.

2025 年第二季調整後淨收入為 2,170 萬美元，較上一季成長 35%，但較去年同期下降 20%。正如我在開頭提到的，這是有史以​​來第二好的季度。就我們全資擁有的船隊的運作而言，這實際上是有史以來最成功的一次。

We didn't surpass last year's net income record because the share of the profits we got last year from our investments were boosted by the sale of a vessel at the time. In terms of earnings per share on an adjusted basis, these were $0.59 for the quarter.

我們沒有超越去年的淨收入記錄，因為去年我們從投資中獲得的利潤份額是由於當時出售了一艘船而增加的。就調整後的每股盈餘而言，本季為 0.59 美元。

While the second quarter was a period where uncertainty increased due to trade frictions, our high period coverage allowed us to improve profitability. In terms of our strategic objective of deleveraging, we have used $86 million this year to pay down the remaining debt and completed the last repayment in July. All the vessels in our fully owned fleet are debt-free.

雖然第二季是貿易摩擦導致不確定性增加的時期，但我們較高的周期覆蓋率使我們提高了獲利能力。就我們去槓桿的戰略目標而言，今年我們已經用8,600萬美元償還了剩餘的債務，並在7月完成了最後一筆還款。我們全資擁有的船隊中的所有船隻均無債務。

With regards to our share repurchase program, as stated in the previous call, management has spent approximately $1.8 million in buying back shares this year in what we consider a sound use of our liquidity, given that the stock continues to trade at a discount to net asset value.

關於我們的股票回購計劃，正如上次電話會議所述，管理層今年已花費約 180 萬美元回購股票，鑑於股票繼續以低於淨資產價值的價格交易，我們認為這是對我們流動性的合理利用。

We are further delivering on our strategic priorities by keeping a visible revenue stream and maintaining our period coverage for 2025 to over 70% of our fleet days while securing over $150 million in future revenues. In terms of S&P activity, we sold one vessel in the second quarter and recently entered into an agreement to sell another one, the Gas Elixir, later in the year.

我們正在進一步實現我們的策略重點，保持可見的收入流，並將 2025 年的期間覆蓋率維持在機隊天數的 70% 以上，同時確保未來收入超過 1.5 億美元。就標準普爾活動而言，我們在第二季度出售了一艘船，並且最近達成了一項協議，將於今年晚些時候出售另一艘船「Gas Elixir」。

In the meantime, in early June, we completed the previously announced acquisition of the shares in two of the vessels that we already partly own through a joint venture. We will continue to look for opportunities to sell some older tonnage and possibly replace with newer tonnage.

同時，6月初，我們完成了先前宣布的透過合資企業收購我們已部分擁有的兩艘船舶股份的計劃。我們將繼續尋找機會出售一些舊噸位，並可能用新噸位替換。

In the current third quarter, we also had an unfortunate event on one of our larger and newer vessels. In early July, our LPG carrier, the Eco Wizard, whilst loading at the port of Ust-Luga in Russia, an ammonia cargo destined for fertilizer plants in Europe, a fully compliant trade was hit by two explosions.

在目前第三季度，我們的一艘較大、較新的船隻也發生了不幸事件。7 月初，我們的液化石油氣運輸船「Eco Wizard」號在俄羅斯烏斯季盧加港裝載運往歐洲化肥廠的氨氣貨物時發生兩起爆炸，這是一次完全合規的貿易。

None of the crew was injured. The vessel has sustained damage to the engine room and in cargo tank and it is stable. Since then, the vessel has remained at the port for investigation and temporary repairs. The indications show that the explosion were due to external devices. This is also what has been the case with other similar incidents.

機組人員無人受傷。該船機艙和貨艙受損，但船體穩定。此後，該船一直停留在港口接受調查和臨時維修。種種跡象表明，爆炸是由外部裝置引起的。其他類似事件也曾出現過這種情況。

It is expected that the vessel will be ready after temporary repairs to depart in about a month's time and then a plan and work scope for permanent repairs will be prepared. Due to the nature of the incident, the vessel's relevant insurance underwriters have been notified as per the applicable policy.

預計該船將在約一個月後完成臨時修理後準備起航，然後將製定永久性修理的計劃和工作範圍。由於事件的性質，已根據適用政策通知該船的相關保險承保人。

Until such time that the vessel is fully repaired and able to return to operations, if at all, it will remain off par and will not generate revenue. And then we should say that indicatively during the first six months of 2025, the vessel generated approximately 8% of the company's revenues.

在該船完全修復並能夠恢復運營之前，其狀況將一直不佳，並且不會產生收入。然後我們應該說，在 2025 年的前六個月，該船創造了公司約 8% 的收入。

We are trying to resolve the matter as swiftly as possible, but it is a complex situation, and we don't have all the answers yet. We will follow up with further updates as the situation progresses.

我們正在努力盡快解決這個問題，但情況很複雜，我們還沒有找到所有答案。我們將隨著情況的進展提供進一步的更新。

Let us move on to slide 4 of our fleet employment as of August. Since our last call, we saw more interest in period fixing from our charterers. As a result, we concluded five period charters, four of which were for one year, three of those were extensions, and one charter was for three months. That currently leaves us with four vessels operating in the spot market the same as in our previous call and excluding the Eco Wizard that is out of service.

讓我們繼續看投影片 4，了解截至 8 月我們的車隊就業情況。自從上次通話以來，我們發現租船人對固定期限的興趣越來越濃厚。最終，我們簽訂了五份定期租船合同，其中四份租船合約期限為一年，三份租船合約延期，還有一份租船合約期限為三個月。目前，我們在現貨市場上營運的船隻數量與上次相同，但不包括已停止營運的 Eco Wizard 號。

Two of the vessels in the spot market are the larger Handysizes. We continue to prefer to fix on period charters where possible, and we have managed to maintain a high period coverage of 70% of available days for 2025, securing about $48 million in revenue for the remainder of the year.

現貨市場上的兩艘船都是體型較大的靈便型船舶。我們繼續傾向於盡可能地固定定期租船，並且我們已成功將 2025 年可用天數的定期覆蓋率保持在 70%，從而確保了今年剩餘時間約 4800 萬美元的收入。

One year forward coverage, we are at slightly above 60%. Total revenues secured for all future periods up to 2027 were reduced at $150 million. During the second quarter, one vessel entered dry docking in late June, and we have scheduled dry dockings for two more vessels for the remainder of the year. It is a fairly light year in terms of dry dockings. However, those are being performed in the West where overall costs are higher than in the East.

一年後，我們的覆蓋率略高於 60%。截至 2027 年的所有未來期間的總收入減少了 1.5 億美元。在第二季度，一艘船於 6 月底進入乾船塢，我們計劃在今年剩餘時間內再讓兩艘船進入乾船塢。從乾船塢建造方面來說，今年是相當輕鬆的一年。然而，這些項目是在西方進行的，那裡的總體成本高於東方。

In terms of our fleet geography presented in slide 5, our company mainly focuses on regional trade and local distribution of gas, while the larger vessels mostly engage in intercontinental voyages, particularly in exports from the US to Europe.

就幻燈片 5 中所展示的船隊地理位置而言，我們公司主要專注於區域貿易和當地天然氣分銷，而較大的船隻主要從事洲際航行，特別是從美國到歐洲的出口。

We now only have two vessels trading in the East. It is an unusually low number considering that in the past, as much as half our fleet was located there, but we have moved even more vessels to Europe since our last call.

我們現在只有兩艘船在東方進行貿易。考慮到過去我們多達一半的船隊都駐紮在那裡，這個數字異常低，但自上次停靠以來，我們已將更多的船隻轉移到歐洲。

For the first time, over 70% of the fleet is trading in Europe and the Mediterranean. This is due to the disconnect in rates between Asia and Europe. We get a premium trading West of Suez, and so we are adjusting the position of the fleet. We have discussed in the past how trading in Europe is more demanding.

這是首次有超過 70% 的船隊在歐洲和地中海進行貿易。這是由於亞洲和歐洲之間的利率脫節造成的。我們在蘇伊士運河以西獲得了優質貿易，因此我們正在調整船隊的位置。我們過去曾討論過歐洲的貿易為何更加苛刻。

Nevertheless, our vessels are well maintained, adhering to all required regulations, so we feel we are in an advantageous position. And we prefer to compete with companies that follow the same high standards as our own.

儘管如此，我們的船隻保養良好，並遵守所有必要的規定，因此我們覺得自己處於有利地位。我們更願意與遵循同樣高標準的公司競爭。

In terms of ammonia trading, our Handys and MGC vessels can carry this cargo, and we are optimistic for its future, although lately, the activity has been relatively low. Lastly, I once again stress that the majority of our vessels are built in Japan and some of the larger ones in Korea. No vessel in our fleet was built in China as it is one of our core policies to invest in the best quality assets available.

在氨貿易方面，我們的 Handys 和 MGC 船舶可以運載這種貨物，我們對其未來持樂觀態度，儘管最近的活動相對較低。最後，我再次強調，我們的大部分船隻是在日本建造的，一些較大的船隻是在韓國建造的。我們的船隊中沒有一艘船是在中國建造的，因為投資最優質的資產是我們的核心政策之一。

In terms of our joint ventures, after taking into the fold the last two smaller vessels, we now only have one vessel under joint ownership, so we feel there isn't a point to dedicate a whole slide to it anymore. So we will skip straight to the financials.

就我們的合資企業而言，在將最後兩艘較小的船隻納入合資企業之後，我們現在只擁有一艘船，因此我們覺得沒有必要再為它製作一整張幻燈片了。因此我們將直接跳到財務部分。

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

現在我將把電話交給康斯坦丁諾斯‧西斯托瓦里斯 (Konstantinos Sistovaris)，報告我們的財務表現。

Thank you, Michael. I will discuss the financial results that were released today, starting with slide 6, where we have a snapshot of the income statement for the second quarter and six months of 2025 against the same period of 2024.

謝謝你，麥可。我將討論今天發布的財務結果，從第 6 張投影片開始，其中有 2025 年第二季和六個月與 2024 年同期相比的損益表快照。

Due to sale and purchase transactions that took place over the period, there was a very small increase in fleet days of about 4%. Revenues were at $47.2 million for the quarter, marking a 13% increase year-on-year. Although there was a slight increase in number off-hire days from the vessels in the spot market, the majority of the vessels improved their earnings to arrive at a record quarterly profit.

由於該期間發生的買賣交易，船隊天數僅略微增加了約 4%。本季營收為 4,720 萬美元，年增 13%。雖然現貨市場船舶停租天數略有增加，但大多數船舶收益均有所提高，季度利潤創歷史新高。

This result also led to record revenues for the six month period of $89.2 million. Net revenues or what we call time charter equivalent revenues, both for the quarter and the six months were also at all-time highs. Operating expenses were $12.7 million for the quarter.

這一結果也使得六個月的收入達到了創紀錄的 8,920 萬美元。本季和六個月的淨收入或我們所謂的定期租船等值收入也創下了歷史新高。本季營運費用為 1,270 萬美元。

Costs were contained, and this led to a mere 1.5% increase from last year, below the relative increase in the fleet. After subtracting more expense items, we arrive at the income from operations. Again, the second quarter was a record-breaking quarter at $19.7 million, a substantial 22% increase compared to last year.

由於成本受到控制，因此與去年相比僅增長了 1.5%，低於船隊的相對增幅。減去更多費用項目後，我們得出營業收入。第二季再次創下紀錄，達到 1,970 萬美元，與去年相比大幅成長 22%。

Interest costs at $0.6 million for the quarter were reduced by $2.1 million. Following the final debt repayment in July, the company will save completely on interest costs. Earnings from our investments in our JVs were just $0.7 million for the quarter. There was a large reduction of $10.7 million in earnings from our non-consolidated joint ventures.

本季利息成本為 60 萬美元，減少了 210 萬美元。7月償還最後一筆債務後，該公司將完全節省利息成本。本季度，我們對合資企業的投資收益僅 70 萬美元。我們的非合併合資企業的收益大幅減少了 1,070 萬美元。

The reason is twofold. First, that there were fewer vessels as the joint ventures are wind down, and there is also a single vessel left in the joint ventures. And two, and most importantly, that last year, the majority of these earnings reflected the sale of one of the larger vessels, as you may recall.

原因有兩個。第一，由於合資企業的逐漸解散，船舶數量減少，目前合資企業中只剩下一艘船。其次，也是最重要的一點，您可能還記得，去年這些收益的大部分來自於一艘較大船隻的出售。

Back then, we had received a massive dividend from that sale that we had used to repay debt. Net income for the second quarter was $20.4 million, compared to $25.8 million for the same quarter of last year, a 21% decrease.

當時，我們從那次出售中獲得了巨額股息，並用這些股息償還了債務。第二季淨收入為 2,040 萬美元，而去年同期為 2,580 萬美元，下降了 21%。

Earnings per share for the quarter were $0.55, and on an adjusted basis, $0.59. This marked the second most profitable quarter in the company's history, only surpassed by the second quarter of last year. While this year, in terms of revenues and operational income was actually the most successful one.

本季每股收益為0.55美元，調整後每股收益為0.59美元。這是該公司史上第二高獲利的季度，僅次於去年第二季。而今年，從收入和營業收入來看，其實是最成功的一年。

Looking at the balance sheet, the next slide 7. The company continued to maintain as of June 30, strong liquidity with cash, including restricted cash of $87.3 million after having repaid $19 million in debt over the quarter and invested net about $8 million for the share in the JV vessels and while receiving $12.2 million net from the sale of one vessel.

查看資產負債表，下一張投影片 7。截至 6 月 30 日，該公司繼續保持強勁的現金流動性，其中包括 8730 萬美元的受限現金，此前該公司已在本季度償還了 1900 萬美元的債務，並為合資船舶的股份淨投資了約 800 萬美元，同時從出售一艘船舶中獲得 1220 萬美元的股份淨收入。

The operational cash inflow for the quarter was at $25 million. In the liability side, total debt was at $32 million, consisting of a current portion of $2.1 million and the long-term portion of $29.7 million, representing the last remaining facility that was actually later repaid in July. Shareholders' equity increased over the six month period by $35.7 million to $662.2 million, a 5.7% increase.

本季的營運現金流入為 2,500 萬美元。在負債方面，總債務為 3,200 萬美元，其中包括 210 萬美元的流動部分和 2,970 萬美元的長期部分，這是最後剩餘的貸款，實際上後來在 7 月償還。股東權益在六個月內增加了 3,570 萬美元，達到 6.622 億美元，增幅為 5.7%。

Moving on to slide 8 for the final update on the debt reduction strategy. As of today, the objective has been complete, and the company has repaid all its debt. Since the beginning of 2023, when our cash flow started improving considerably, and when interest rates had increased from their lows, we set out to deleverage the company, not thinking that in 2.5 years, we would, for the first time, achieve zero debt.

請翻到投影片 8，以了解債務削減策略的最終更新。截至今日，該目標已完成，公司已償還所有債務。從2023年初開始，我們的現金流開始大幅改善，利率也從低點回升，我們開始著手去槓桿，沒想到在兩年半的時間裡，我們竟然首次實現了零負債。

Since then, an impressive $348 million were used to repay the debt. During the current year, $86 million was used in repayments, $32 million of which in the current third quarter. That was the last facility and all the vessels in the fully owned fleet are now unencumbered.

自那時起，已有高達 3.48 億美元用於償還債務。本年度已使用 8,600 萬美元償還貸款，其中第三季償還 3,200 萬美元。這是最後的設施，目前全資擁有的船隊中的所有船隻均已不受阻礙。

Only the single JV vessel remains financed, but our investments are not consolidated. This strategy has resulted in significant interest cost savings, especially as interest rates remain stubbornly high, and that allows for significantly faster cash flow accumulation going forward and gives the company the agility to pursue other goals.

僅剩下一艘合資船舶仍獲得融資，但我們的投資並未合併。這項策略帶來了顯著的利息成本節省，尤其是在利率居高不下的情況下，這使得未來現金流累積速度顯著加快，並使公司能夠靈活地追求其他目標。

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

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

Continuing on slide 9, we're discussing the LPG market, where despite the trade upheaval and uncertainty caused by during the Q2, the main themes we have discussed in the past are pretty much unchanged. Global LPG exports continue to register strong growth at 6.6% for the first six months.

繼續第 9 張幻燈片，我們正在討論液化石油氣市場，儘管第二季度引發了貿易動盪和不確定性，但我們過去討論的主要主題幾乎沒有變化。今年前六個月，全球液化石油氣出口持續強勁成長，增幅達6.6%。

US exports continued to increase year-on-year, albeit with ups and downs as the second quarter was actually weaker than the first quarter. US terminal expansions are underway. Enterprises expanded terminal exported its first cargo in July, an ethane cargo and Energy Transfer's Netherlands terminal expansion is expected to also come into service by the end of the year, with more planned for the years ahead.

美國出口較去年同期持續成長，但有起有落，第二季出口實際上弱於第一季。美國航站擴建工程正在進行中。企業擴建的碼頭於 7 月出口了第一批貨物，即乙烷貨物，Energy Transfer 的荷蘭碼頭擴建項目預計也將於今年年底投入使用，未來幾年還計劃進行更多項目。

In the Middle East, where there are also projects underway to increase production and exports. We have the Iraq tenders last quarter that led to several Handysize vessels finding business therein supporting the market. China LPG imports in May climbed to 3.4 million tons, registering a 6.7% increase.

在中東，也有正在實施的項目，以增加產量和出口。上個季度我們在伊拉克進行了招標，導致幾艘靈便型船舶在那裡找到了業務，從而支撐了市場。5月中國液化石油氣進口量增加至340萬噸，成長6.7%。

India's demand was more muted last quarter, but the latest headlines from there are that the country plans to source 10% of its imports from the US. That if it happens, will definitely lead to an increase in thermal demand as India currently is a major Middle Eastern client.

印度上個季度的需求較為低迷，但最新消息稱，該國計劃從美國採購 10% 的進口產品。如果發生這種情況，肯定會導致熱能需求增加，因為印度目前是中東的主要客戶。

Finally, trade disputes are always on the agenda. In the second quarter, they did create market uncertainty. Since May, this mostly affected ethane exporting because of the export license issues, but this seems to have been resolved in July.

最後，貿易爭端始終是議題之一。在第二季度，他們確實製造了市場不確定性。自五月以來，由於出口許可證問題，乙烷出口受到很大影響，但這個問題似乎已在七月解決。

In the longer term, we continue to see Chinese demand being driven by the PDH plants that need LPG for propylene production. And while in the short term, more than 25% of the capacity remains offline, plants continue being built that should underpin long-term demand. Three more we expect just this year, bringing total capacity to 27 million tons.

從長遠來看，我們將繼續看到中國的需求受到需要 LPG 來生產丙烯的 PDH 工廠的推動。儘管短期內仍有超過 25% 的產能處於停產狀態，但工廠仍在繼續建設，這應該能支撐長期需求。我們預計今年還將新增 3 個產能，總產能將達到 2,700 萬噸。

Moving on slide 10 to update you on the shipping market, where the picture is pretty much unchanged. The smaller vessels continue with an East West divide. The rates remain firm at high levels in Europe. In the spot market, we have seen a slight drop in activity, which is typical seasonality.

請前往第 10 張投影片，向您介紹航運市場的最新情況，情況幾乎沒有改變。較小的船隻繼續沿著東西方向行駛。歐洲的利率仍維持在高點。在現貨市場，我們看到活動略有下降，這是典型的季節性現象。

A small number of new orders were placed for '27 and '28 deliveries, but the order book remains very healthy, while the existing fleet has a large number of older ships that sooner or later need to go, yet scrapping remains limited.

27 年和 28 年交付的新訂單數量很少，但訂單量仍然非常健康，而現有船隊擁有大量遲早需要淘汰的老舊船舶，但報廢量仍然有限。

For the Handysize ships, rates were slightly softer, and there was limited activity mostly coming from the Iraqi tenders. The order book for Handysize remain very slim, and we don't see new orders being placed. With no delivery scheduled for this year, we should logically support the period market.

對於靈便型船舶而言，運費略有下降，且活動有限，主要來自伊拉克投標船。靈便型船的訂單量仍然很少，而且我們沒有看到新的訂單。由於今年沒有安排交付，因此我們應該合理地支持定期市場。

On the MGCs, the softening in Q1 continued in Q2. TC inquiries remain limited. At the time of writing, however, assisted by a strengthening VLGC market, the past few weeks, we are currently seeing a slight firming again of the MGC spot rates.

對 MGC 而言，第一季的疲軟趨勢在第二季得以延續。TC 查詢仍然有限。然而，在撰寫本文時，由於過去幾週 VLGC 市場走強，我們目前看到 MGC 現貨價格再次略有回升。

The order book provides for a more limited number of deliveries in '25, but beginning of next year, more vessels will start joining the fleet. Expectations for the next few years with a significant order book coming remains challenging. On the plus side, although we still see a few additional orders since our last call, the pace of ordering has slowed down significantly.

訂單簿規定 25 年交付的船舶數量有限，但明年年初將有更多的船舶加入船隊。未來幾年，隨著大量訂單的到來，預期仍充滿挑戰。從好的方面來看，儘管自上次通話以來我們仍然看到一些額外的訂單，但訂購的速度已經明顯放緩。

On slide 11, we are outlining some of the key variables that may affect our performance in the quarters ahead. Summing up, the unfortunate development of the Eco that will keep the vessel out of employment for some considerable time will have an impact on our revenue generation for the near future.

在第 11 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，Eco 的不幸發展將導致該船在相當長的一段時間內無法使用，這將對我們近期的收入產生影響。

The situation is still developing, and we are committing our resources for a swift resolution. The results we have announced so far this year are excellent. Revenue growth exceeded our expectations, setting a new quarterly record of $47.2 million.

局勢仍在發展，我們正在投入資源以迅速解決問題。今年迄今為止我們宣布的成果非常出色。營收成長超出了我們的預期，創下了 4,720 萬美元的季度新紀錄。

We also set new records in terms of operational profits. We achieved that in an environment that was not as inviting, trade frictions have created uncertainty. And although we did see improvements since Q1, challenges remain. Also as presented today, the chartering markets were relatively stable, yet we managed to shed new records again.

我們的營業利潤也創下了新紀錄。我們在一個不太有利的環境中實現了這個目標，貿易摩擦帶來了不確定性。儘管自第一季以來我們確實看到了改善，但挑戰依然存在。正如今天所介紹的，租船市場相對穩定，但我們再次創下了新紀錄。

At the same time, during the current third quarter, we completed our strategic objective of deleveraging the company completely, having repaid $86 million in debt this year and close to $350 million of debt since we began at the start of '23.

同時，在當前第三季度，我們完成了徹底去槓桿的戰略目標，今年已償還了 8,600 萬美元的債務，自 23 年初開始以來已償還了近 3.5 億美元的債務。

We are confident that the fundamentals for LPG shipping continue to be positive and our company is in a very favorable position to take advantage of the rising demand. As we are now exiting the seasonally weaker summer months, we expect chartering activity to pick up in the fourth quarter.

我們相信，液化石油氣運輸的基本面將繼續保持積極，我們公司處於非常有利的地位，可以利用不斷增長的需求。由於我們即將度過季節性較弱的夏季，我們預計第四季度租船活動將會回升。

We have now reached the end of the presentation, and we'd like to thank you for joining us 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 Q3 results in November.

演示現已結束，我們想感謝您的參與以及對我們公司的關注和信任。我們期待在 11 月的下一次第三季業績電話會議上再次見到您。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。