StealthGas Inc (GASS) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to the Stealth gas 3rd quarter 2025 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Harry Vafias, CEO of StealthGas. Please go ahead.

感謝您的耐心等待。歡迎參加 Stealth gas 公司 2025 年第三季業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的演講嘉賓，StealthGas 的執行長 Harry Vafias。請繼續。

Good morning, everybody, and welcome to our Q3 '25 earnings conference call. This is Harry Vafias, the CEO; and joining me today is Mr. Sistovaris from our Investor Relations. Before we commence our presentation, I'd like to remind you that we'll be discussing forward-looking statements, which reflect current views with respect to future events and financial performance and are subject to material risks and uncertainties.

各位早安，歡迎參加我們2025年第三季財報電話會議。這位是執行長哈里·瓦菲亞斯；今天和我一起的是來自投資者關係部的西斯托瓦里斯先生。在我們開始演講之前，我想提醒各位，我們將討論一些前瞻性陳述，這些陳述反映了我們對未來事件和財務表現的當前看法，並且存在重大風險和不確定性。

So if you could all take a moment to read our disclaimer on Slide 2 of this presentation. Risks are further disclosed in our filings with the SEC. So let's proceed with Slide 3. I'll give you some highlights. In our LPG market, the third quarter is traditionally the weakest quarter due to the seasonality in demand. This was the case this year as well, and we did incur increased idle time on the spot vessels.

所以，請大家花一點時間閱讀一下本簡報第 2 頁的免責聲明。風險詳情已在提交給美國證券交易委員會的文件中揭露。那我們繼續來看第三張投影片。我介紹幾個重點給你。在我們的液化石油氣市場，由於需求有季節性波動，第三季歷來是市場最疲軟的季度。今年也是如此，我們的現貨船舶閒置時間增加了。

Despite that, the revenues we produced were high, coming in at $44.5 million, 10% higher compared to $40.4 million of last year, but below the record of $47.2 million that was achieved in Q2. While we did grow our revenues, expenses also grew considerably during the third quarter. As a result, adjusted net income for Q3 was $14.4 million, only slightly above that of last year.

儘管如此，我們的收入仍然很高，達到 4,450 萬美元，比去年的 4,040 萬美元成長了 10%，但低於第二季創下的 4,720 萬美元的紀錄。雖然我們的收入有所成長，但第三季的支出也大幅成長。因此，第三季調整後淨收入為 1,440 萬美元，僅比去年略高。

In terms of earnings per share, on an adjusted basis, these were $0.39 for the quarter. While for the nine months of '25, we have reported $1.42. In terms of our strategic objective of deleveraging, we reached that goal during the third quarter, paying the last bank loan and after having repaid $86 million in total during '25 and $350 million in the last three years, we now have all our vessels in the fully owned fleet debt free.

經調整後，本季每股收益為 0.39 美元。2025 年前九個月，我們的報告顯示每股收益為 1.42 美元。就我們去槓桿化的策略目標而言，我們在第三季實現了這一目標，償還了最後一筆銀行貸款。在 2025 年累計償還 8,600 萬美元，過去三年累計償還 3.5 億美元後，我們現在所有全資擁有的船隊船舶均已無債務。

With regards to our share repurchase program, we have bought back shares worth $1.8 million in Q1 and Q2 of this year, bringing the total up to $21.2 million since we began in 2023, but we did not buy back any shares during the third quarter. As far as our objectives, we continue to be conservative by maintaining a visible revenue stream with $130 million in contracted revenues and 57% of the fleet calendar days one year forward secured as of November 2025.

關於我們的股票回購計劃，我們在今年第一季和第二季回購了價值 180 萬美元的股票，自 2023 年啟動以來，回購總額已達 2,120 萬美元，但我們在第三季沒有回購任何股票。就我們的目標而言，我們繼續保持保守策略，透過維持可見的收入來源，截至 2025 年 11 月，已簽訂 1.3 億美元的合約收入，並已確保未來一年 57% 的船隊日曆日。

In terms of sale and purchase activity, we continue to look for opportunities to sell some of the older tonnage and possibly replace with newer tonnage. The latest news on that front is that we recently agreed to sell the 2014-built Eco Invictus with delivery most likely in January or February '26, and we expect to book a profit from that sale at that time.

在買賣活動方面，我們繼續尋找機會出售一些較舊的船舶，並可能用較新的船舶取代。這方面的最新消息是，我們最近同意出售 2014 年建造的 Eco Invictus，很可能在 2026 年 1 月或 2 月交付，我們預計屆時將從這筆銷售中獲得利潤。

Finally, there is the issue of the Eco Wizard that we discussed last time that was proven quite difficult and time-consuming to resolve. The vessel underwent temporary repairs that were completed, and it's now a matter of having the vessel moved to a dry dock facility outside of Russia in order to perform more permanent repairs.

最後，還有我們上次討論過的 Eco Wizard 問題，事實證明這個問題很難解決，而且非常耗時。該船已完成臨時維修，現在需要將該船移至俄羅斯境外的乾船塢進行更永久性的維修。

However, during the current geopolitical situation, even the approval of payments by the EU authorities for works performed are a time-consuming process. On Slide 4 is our fleet deployment as of November. Chartering activity was relatively more muted over the past few months.

然而，在當前的地緣政治局勢下，即使是歐盟當局批准已完成工程的付款也是一個耗時的過程。第 4 張投影片展示了我們截至 11 月的艦隊部署情況。過去幾個月，包機活動相對較為平靜。

We did conclude though five new period charters, of which one was for a one-year duration and the other four were between three and seven months. Lately, as the market is firming, we are seeing some renewed interest in longer period charters. At the moment, we only have two of our active vessels trading in the spot market with one of these vessels being on subject for a period charter.

不過，我們最終還是簽訂了五份新的定期租船合同，其中一份為期一年，其餘四份為期三到七個月。最近，隨著市場走強，我們看到對長期租船的興趣重新燃起。目前，我們只有兩艘在現貨市場交易的活躍船舶，其中一艘船舶正在簽訂定期租約。

Overall, we maintain high period coverage. As of November, one-year forward coverage is slightly below 60%. Already for '26, we have secured 46% of the fleet base, securing $77 million in revenues for next year. Fixing one more vessel for a year and we have secured half of our revenues for next year.

總體而言，我們保持了較高的定期保險覆蓋率。截至 11 月，一年期遠期保險覆蓋率略低於 60%。截至 2026 年，我們已經鎖定了 46% 的船隊基礎，為明年確保了 7,700 萬美元的收入。再修好一艘船，租期一年，我們就能確保明年一半的收入。

Total revenue secured for all future periods up to 2027 were reduced to about $130 million. In terms of drydocking, we have the scheduled dry dockings for two more vessels in Q4, four in total this year. And next year, we will have six vessels due for drydock. In terms of fleet geography in Slide 5, our company mainly focuses on regional trade and local distribution of gas, while the larger ships go mostly intercontinental voyages often loading U.S. to discharge in Europe.

截至 2027 年所有未來時期的總收入保障額減少至約 1.3 億美元。就乾船塢維修而言，我們計劃在第四季對兩艘船舶進行乾船塢維修，今年總共將有四艘船舶進行乾船塢維修。明年，我們將有六艘船需要進塢維修。從幻燈片 5 的船隊地理分佈來看，我們公司主要專注於區域貿易和天然氣的本地分銷，而較大的船舶則主要進行洲際航行，通常從美國裝載天然氣，然後在歐洲卸貨。

Market dynamics that we have discussed in the past have led us to position the majority of the fleet West of Suez, 2/3 of the fleet trades in Northern Europe and Mediterranean, where our vessels get a premium, but there are also more costs involved, particularly related to environmental regulations, recently implemented like the EU ETS scheme for carbon emissions.

我們過去討論過的市場動態導致我們將大部分船隊部署在蘇伊士運河以西，三分之二的船隊在北歐和地中海地區運營，我們的船隻在這些地區可以獲得溢價，但同時也涉及更多成本，特別是與環境法規相關的成本，例如最近實施的歐盟碳排放交易體系。

We only have three vessels trading East of Suez, a low number considering that in the past, as much as half of our fleet was located there. And in fact, only one vessel trades in the Far East and is currently located in Australia. So when the trade dispute between U.S. and China escalated in October, leading to a truce in November, we didn't expect any direct impact to our operations.

我們只有三艘船在蘇伊士運河以東進行貿易，考慮到過去我們船隊的一半都位於那裡，這個數字很低。事實上，只有一艘船在遠東地區進行貿易，目前位於澳洲。因此，當中美貿易爭端在 10 月升級，並在 11 月達成休戰協議時，我們預計不會對我們的營運產生任何直接影響。

That being said, we still need to acknowledge that Chinese demand for LPG has a major influence in markets. Further West, we have the de-escalation of tension in the West Suez with Houthis stopping their attacks for now on ships crossing this vital trade route. This may lead to more vessels moving east to west.

儘管如此，我們仍需要承認，中國對液化石油氣的需求對市場有重大影響。再往西，西蘇伊士運河的緊張局勢有所緩和，胡塞武裝暫時停止了對穿越這條重要貿易路線的船隻的攻擊。這可能會導致更多船隻自東向西航行。

One of our handy vessels trading in the Middle East was recently repositioned in Europe via the Suez, but generally, we don't expect any significant effect in trade routes. I turn now the call to Mr. Konstantinos Sistovaris for our financial performance.

我們一艘在中東進行貿易的便捷船隻最近經蘇伊士運河重新部署到歐洲，但總的來說，我們預計不會對貿易路線產生任何重大影響。現在請 Konstantinos Sistovaris 先生介紹我們的財務表現。

Thank you. Starting with Slide 6, where we have a snapshot of the income statement for the third quarter and the nine months of 2025 against the same period of 2024. Due to sale and purchase transactions that took place over the period, there was an increase in fleet days of 7%.

謝謝。從第 6 張投影片開始，我們可以看到 2025 年第三季和前九個月的損益表快照，並與 2024 年同期進行比較。由於在此期間進行了買賣交易，船隊天數增加了 7%。

So driving the results was the addition of two vessels in the fleet and our MGC that was out of action but still incurring costs. Revenues for the third quarter were at $44.5 million, marking a 10% increase year-on-year, mostly driven by the two additional vessels in the fleet, while the handysizes also performed well in terms of revenue generation.

因此，推動業績成長的因素包括船隊新增兩艘船舶，以及我們先前停用但仍在產生費用的 MGC。第三季營收為 4,450 萬美元，年增 10%，這主要得益於船隊新增的兩艘船舶，同時小型船舶在創收方面也表現良好。

During the quarter, we also had more vessels operating in the spot market. That led to two things. Firstly, an increase in voyage expenses to $7.2 million, particularly port expenses and bunker expenses; and secondly, an increase off-hire days as there was more idle time incurred between voyages. Hence, we saw a reduction in the operational utilization to 90.3%. The TCE revenues for the quarter were $37.3 million, a seasonally low in par with last year's.

本季度，我們在現貨市場營運的船舶數量也有所增加。這導致了兩件事。首先，航程費用增加至 720 萬美元，特別是港口費用和燃油費用；其次，停租天數增加，因為航程之間閒置時間增加。因此，我們看到營運利用率下降到 90.3%。該季度 TCE 營收為 3,730 萬美元，與去年同期相比，屬於季節性低點。

Operating expenses were $15 million for the quarter on the high side, driven by the additional vessels as well as expenses incurred for repairs and an overall increase in costs, particularly crew across the board. Although we do pride ourselves on running these ships at cost levels below our peers, we have faced inflationary cost pressures this year.

本季營運費用高達 1500 萬美元，主要原因是新增船舶、維修費用以及整體成本（尤其是船員成本）的增加。儘管我們一直以低於同業的成本水平運營這些船舶而自豪，但今年我們面臨通貨膨脹帶來的成本壓力。

In terms of other expenses, we had reduced dry dock expenses, reduced G&A expenses and particularly reduced interest costs of just $0.2 million. During the quarter, we repaid the last loan on the books. As a result, the reported net income for the third quarter was $13.3 million compared to $12.1 million for the same quarter of last year, a 10% increase. Earnings per share for the quarter were $0.36 and on an adjusted basis, $0.39.

在其他費用方面，我們減少了乾船塢費用、一般及行政費用，特別是利息支出減少了 20 萬美元。本季度，我們償還了帳面上的最後一筆貸款。因此，第三季報告淨收入為 1,330 萬美元，而去年同期為 1,210 萬美元，成長了 10%。本季每股收益為 0.36 美元，經調整後為 0.39 美元。

So the bottom line reflects the seasonal drop in activity that was pretty much expected during the third quarter. But overall, the company retains its high profitability as the LPG charter rates continue to be at historically elevated levels.

因此，最終結果反映了第三季業務活動的季節性下降，這在預期之中。但總體而言，由於液化石油氣租船費率持續處於歷史高位，該公司仍保持著較高的獲利能力。

Looking at the balance sheet, the next slide, as of September 30, the company continued to maintain strong liquidity with cash of $70 million and zero restricted cash after having repaid $32 million in debt over that quarter and $86 million over the whole nine months and also after having invested about $8 million for the share in the JV vessels in the previous quarter, while receiving $12.2 million net for the sale -- from the sale of one vessel earlier in the year.

從下一張投影片的資產負債表可以看出，截至 9 月 30 日，該公司繼續保持強勁的流動性，擁有 7,000 萬美元現金，且無受限現金。此前，該公司在該季度償還了 3,200 萬美元債務，在過去九個月中償還了 8,600 萬美元債務，並在上一季投資約 800 萬美元購買了合資船舶的股份，同時還從今年早些時候出售的一艘船舶中獲得了 1,220 萬美元的淨收益。

Two vessels were held for sale as of September 30, one delivered already in the current quarter, the other next year. And the proceeds of these sales will boost the cash position by slightly over $25 million. Together with the operational cash flow, the company's cash is expected to hit the $100 million mark before the end of the year.

截至9月30日，有兩艘船待售，其中一艘已於本季交付，另一艘將於明年交付。這些銷售所得將使現金儲備增加略超過 2,500 萬美元。加上營運現金流，預計該公司現金將在年底前達到 1 億美元。

On the liability side, debt is now zero, and the total liabilities of the company are mere $21 million. In a very short time, the company has achieved one of the strongest balance sheets in the public shipping space. Shareholders' equity increased over the nine months by $50 million to $676.4 million, an 8% increase.

負債方面，目前債務為零，公司總負債僅 2,100 萬美元。在很短的時間內，該公司就實現了上市航運領域最強勁的資產負債表之一。前九個月，股東權益增加了 5,000 萬美元，達到 6.764 億美元，增幅為 8%。

Moving to the next Slide 8 to recap what has been a very swift and successfully executed debt reduction strategy. Since the beginning of 2023, in a little over two and a half years, the company using its operational cash flow as well as proceeds from vessel sales, repaid about $350 million and became for the first time since its inception, a debt-free company with a fleet of 28 vessels, none of which is financed.

接下來是第 8 張投影片，回顧我們快速且成功執行的債務削減策略。自 2023 年初以來，短短兩年半的時間裡，該公司利用其營運現金流以及船舶銷售所得，償還了約 3.5 億美元，自成立以來首次成為一家零負債公司，擁有 28 艘船舶組成的船隊，且所有船舶均未融資。

This gives the company much more leverage when it comes time for expansion while achieving significant savings in interest costs. It also means that the cash flow breakeven for the fleet is significantly reduced, enhancing its competitiveness.

這使得公司在擴張時擁有更大的議價能力，同時也能節省大量利息成本。這也意味著該船隊的現金流損益平衡點大幅降低，從而提高了其競爭力。

At the moment, we estimate a cash flow breakeven at $6,500 to $7,000 daily, which means that even if the market was to fall by 50% and all of the vessel rates readjusted, something unlikely to happen, the company would still be increasing its cash position.

目前，我們估計每日現金流損益平衡點為 6,500 至 7,000 美元，這意味著即使市場下跌 50%，所有船舶運費都重新調整（這種情況不太可能發生），公司仍將增加其現金儲備。

I will now hand you back over to our CEO, Mr. Harry Vafias, for some insights on the market.

現在我將把發言權交還給我們的執行長哈里·瓦菲亞斯先生，讓他談談市場狀況。

So let's continue with Slide 9 to discuss the news on the LPG markets. Global LPG exports continue to register a strong growth at 5% in the first 9 months, only slightly lower than previously. U.S. exports as a result of trade tensions were relatively flat over the quarter, but we have registered close -- but they have registered close to 6% growth in the nine months of '25 compared to last year.

接下來，我們繼續看第 9 張投影片，討論液化石油氣市場的最新動態。全球液化石油氣出口在今年前9個月持續強勁成長，增幅達5%，僅略低於先前水準。受貿易緊張局勢影響，美國出口在本季相對平穩，但與去年同期相比，2025 年前九個月的出口成長接近 6%。

Driving the increase in exports, as discussed before, is the U.S. now accounting for about 45% of exports. There are four major terminal expansion projects underway in the U.S. that will allow it to increase its LPG export capacity substantially and resolve any bottleneck issues. And in the Middle East, there are also expansion projects underway in Qatar and the UAE.

如前所述，推動出口成長的主要因素是美國，目前美國出口額約佔全球出口額的 45%。美國正在進行四個大型碼頭擴建項目，這將使其液化石油氣出口能力大幅提升，並解決任何瓶頸問題。在中東，卡達和阿聯酋也有正在進行的擴建計畫。

In Europe, the floating of the market with competitive U.S. LPG is set to reach a new record of 8 million metric tons in '25 and almost reaching half of all imports in the continent. The low price of imported propane around $430 a ton is about $200 below last year, which means that it stays competitive compared to naphtha for the petrochemical end users, and that is what is supporting demand in the continent.

在歐洲，與美國競爭的液化石油氣市場浮動交易量預計將在 2025 年達到 800 萬噸的新紀錄，幾乎佔該大陸所有進口量的一半。進口丙烷價格低至每噸 430 美元左右，比去年同期低了約 200 美元，這意味著它對石化終端用戶來說仍然具有競爭力，而這正是支撐非洲大陸需求的原因。

In order to support U.S. exports, growth LPG exporters need to find new customers for their product. One such instance was the announcement by India that it was planning to source 10% of its imports from the U.S. being close to zero before. And just this week, and in a very short time, it was announced that the contract is already in place for the import -- for the importation of 2.2 million tons in '26.

為了支持美國出口，液化石油氣出口成長型企業需要為其產品尋找新客戶。其中一個例子是印度宣布計劃從美國進口10%的商品，而先前這一比例接近零。就在本週，在很短的時間內，就宣布了進口合約已經簽訂——2026 年進口 220 萬噸。

On the other hand, the U.S.-China LPG trade has been a victim of the trade tensions with June marking a steep drop in imports and the U.S. falling from accounting for more than 50% of Chinese import to the low teens. It's been a roller coaster with tariffs and counter tariffs and ethane permit revocations, then permitted again and port fees threatened briefly applied and then taken back.

另一方面，中美液化石油氣貿易受到了貿易緊張局勢的影響，6 月進口量大幅下降，美國對中國液化石油氣進口的份額從 50% 以上降至 10% 左右。這段時間就像坐過山車一樣，經歷了關稅和反關稅、乙烷許可證被撤銷又重新發放、港口收費威脅短暫實施又被取消。

And nobody can predict how this will play out, but at least the most recent truth for one year seems to be over sufficient time for some to return to normalcy. Both countries rely on each other as far as LPG trade is concerned.

誰也無法預測事情會如何發展，但至少過去一年來的最新情況似乎足以讓某些人恢復正常生活。兩國在液化石油氣貿易上相互依賴。

Among all these swings, Chinese LPG imports from all sources still managed to record a 1% growth in the first eight months, albeit the lowest in the last few years and according to reports are expected to remain stable this year. In the longer term, we continue to see Chinese demand being driven by the PDH plants and that need LPG for propylene production.

儘管經歷了各種波動，但中國液化石油氣進口量在今年前八個月仍實現了 1% 的增長，儘管這是近幾年來的最低水平，但據報道，預計今年將保持穩定。從長遠來看，我們繼續看到中國的需求是由 PDH 工廠推動的，而這些工廠需要 LPG 來生產丙烯。

And while in the short term, weaker margins and steam cracker competition may lead to lower operating rates, plants continue being built that should underpin longer-term demand. [Same more] we expect just this year, bringing total capacity to 27 million tons. There is a risk, however, that the current climate may lead to a slowdown in commissioning.

短期內，利潤率下降和蒸汽裂解裝置的競爭可能導致開工率降低，但新建工廠的持續增加應能支撐長期需求。我們預計僅今年一年，總產能將達到2700萬噸。然而，目前的情況也可能導致調試工作放緩。

All in all, future capacity additions from the U.S. infrastructure projects, Middle East expansions and Asia demand growth create a positive outlook for sustained market expansion through 2030. Moving to Slide 10. For pressurized ships, in line with the normal seasonality, we saw a softening on the spot market in Q3, and rates adjusted downwards as idle time became a more common factor for the owners.

總而言之，美國基礎設施項目帶來的未來產能成長、中東地區的擴張以及亞洲需求的成長，為 2030 年市場持續擴張創造了積極的前景。切換到第10張投影片。對於加壓船舶而言，與正常的季節性因素一致，我們在第三季看到現貨市場走軟，隨著閒置時間成為船東更普遍的因素，運價也隨之下調。

The TC market managed to stay quite firm through Q3, even though the spot market softened. 3,500 and 5,000 cubic meter vessels have remained at all-time high levels and 7,500 cubic meters and above saw a slight softening from the peak levels as more TC candidates became available.

儘管現貨市場走軟，第三季TC市場仍維持堅挺。 3500立方米和5000立方米船舶的交易量仍處於歷史高位，而7500立方米及以上船舶的交易量則隨著更多TC船舶的上市而從峰值略有回落。

There weren't any new orders placed in '27 and '28 deliveries and the order book remains very healthy, while the existing fleet has a large number of older ships that need to go. But as expected in healthy markets, scrapping remains limited.

2027 年和 2028 年沒有下任何新訂單，訂單簿仍然非常健康，而現有船隊中有大量老舊船舶需要淘汰。但正如在健康的市場中所預期的那樣，報廢數量仍然有限。

For the Handysizes, the petchem market had its challenges through the quarter with the tariff war going on between U.S.A. and China and all these uncertainties have followed. We saw some open positions incurring substantial idle time, which can happen from time to time in this segment when inquiries dry up.

對 Handysizes 而言，由於中美之間的關稅戰以及隨之而來的種種不確定性，石化市場在本季面臨許多挑戰。我們發現一些空缺職位出現了相當長的閒置時間，這種情況在這個領域偶爾會發生，尤其是在詢價減少的時候。

Rates, however, have a tendency of keeping up quite well even with minimal activity as you only have a small handful of owners with potentially open positions, relatively often only one owner. Considering the limited order book and promising outlook for the handy market, we expect TC rates to stay relatively firm.

然而，即使交易量很小，利率也往往能保持相當好的狀態，因為只有少數業主可能有空位，而且通常只有一個業主。考慮到訂單量有限以及現貨市場前景良好，我們預計TC費率將保持相對穩定。

We had the opposite picture for the MGCs, -- the spot market improved compared to Q2, supported also by the firmer VLGC market and the TC market saw significantly more activity. This, we could attribute to improved sentiment as trade frictions fears subsided until October. The rates continue to hold firm as a temporary trade bill was accomplished between U.S. and China.

MGC 的情況則恰恰相反——現貨市場較第二季度有所改善，這也得益於 VLGC 市場的走強，而 TC 市場也出現了明顯的活躍增長。這可以歸因於市場情緒的改善，因為貿易摩擦的擔憂在10月有所緩解。由於中美之間達成了一項臨時貿易協議，匯率持續保持穩定。

For MGCs, as we said before, there is -- there is a substantial order book to be delivered in the next two, three years, about half the existing fleet. So the question now will be how well the market can sustain all these new tonnage coming in. On Slide 11, we are outlining some of the key variables that may affect our performance in the quarters ahead.

對於 MGC，正如我們之前所說，未來兩三年內將有大量訂單需要交付，大約相當於現有車隊的一半。所以現在的問題是，市場能否承受所有這些新增噸位。在第 11 張投影片中，我們概述了一些可能影響我們未來幾季業績的關鍵變數。

Concluding this presentation today, we believe that so far, 2025 has been an excellent year for our company as demonstrated by the financial performance despite this being the most volatile year we can ever remember in terms of geopolitics. We did see the soft patch in the third quarter as we expected, due to the seasonal weakness and the incident with our MGC vessel.

在今天的演講結束之際，我們認為，儘管2025年是我們記憶中最動蕩的一年，但就地緣政治而言，今年是我們公司迄今為止的卓越成就，財務業績也證明了這一點。正如我們預期的那樣，由於季節性疲軟以及我們的 MGC 船隻發生的事故，第三季確實出現了一段疲軟期。

It seems that it will take some considerable time until we fully resolve the situation. The markets as we have entered the winter season is in firming mode, and we are optimistic for the short term. We also feel there is less opaqueness in terms of geopolitics and see a return to normalcy that should be good for sentiment and hope it's good for rates as well.

看來我們需要相當長的時間才能徹底解決這個問題。隨著冬季的到來，市場呈現走強勢勢，我們對短期前景持樂觀態度。我們也感覺到地緣政治的透明度降低，並看到局勢正在恢復正常，這應該有利於市場情緒，我們希望這對利率也有好處。

In the past periods, we have achieved a lot, improving our profitability, strengthening our cash position, reaching our strategic goal of being debt-free and looking after our shareholders with share buybacks.

在過去的幾個時期裡，我們取得了許多成就，提高了獲利能力，增強了現金狀況，實現了零負債的策略目標，並透過股票回購照顧了股東。

For longer term, the reports we read point to a continuous growth in demand for LPG, mainly driven by U.S. production, while from the shipping market perspective, the fleet expectations are for increasing demand and for our services from producers and consumers of LPG.

從長遠來看，我們讀到的報告指出，液化石油氣的需求將持續成長，這主要由美國的產量所推動；而從航運市場的角度來看，船隊預計液化石油氣生產商和消費者對我們服務的需求將持續成長。

StealthGas is a solid company in a niche market with a bright outlook, and there's a lot of potential here. We have now reached the end of our presentation, and we would like to thank you for joining us at our call today and look forward to having you with us again at our conference call for our Q4 results in February '26, and we wish to all our American listeners a happy Thanksgiving.

StealthGas是一家在細分市場中發展穩健、前景光明且潛力巨大的公司。我們的演講到此結束，感謝各位今天參加我們的電話會議，期待在 2026 年 2 月的第四季度業績電話會議上再次見到各位，並祝愿所有美國聽眾感恩節快樂。

This concludes today's conference call. Thank you for participating. You may not all disconnect. Have a nice day.

今天的電話會議到此結束。感謝您的參與。你們可能不會全部斷開連線。祝你今天過得愉快。