StealthGas Inc (GASS) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the StealthGas second quarter 2026 results conference call and webcast. All participants are in listen-only mode. Please be advised that today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加 StealthGas 2026 年第二季業績電話會議與網路直播。所有與會者目前皆為僅收聽模式。敬請注意，今日會議將進行錄音。

I will now hand the conference over to Harry Vafias.

我現在把會議交給 Harry Vafias。

Good morning, everyone, and welcome to our second quarter 2026 earnings and conference call. This is Harry Vafiass, the CEO, and joining me today is, as usual, our Chairman, Mr. Jolliffe; and Konstantinos Sistovaris from Investor Relations.

各位早安，歡迎參加我們 2026 年第二季財報與電話會議。我是執行長 Harry Vafias，今天與我一同出席的照例有我們的董事長 Jolliffe 先生，以及投資人關係的 Konstantinos Sistovaris。

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. If you could all take a moment to read our disclaimer on slide 2. Risks are further disclosed in our filings with the Securities and Exchange Commission.

在開始簡報之前，我想提醒各位，我們將討論前瞻性陳述，該等陳述反映我們目前對未來事件與財務表現的看法，並可能受到重大風險與不確定性影響。請各位花一點時間閱讀投影片第 2 頁的免責聲明。相關風險亦在我們向美國證券交易委員會提交的文件中有更進一步揭露。

Let's proceed on slide 3 for an overview of the quarter and our strategy implementation. While the market for the second quarter was relatively stable for the smaller ships and strengthening for the larger ones, our company managed to achieve revenues of $42.8 million, similar to the previous quarter, but somewhat reduced from the record of $47 million achieved last year.

我們請看投影片第 3 頁，概述本季表現與策略執行情況。雖然第二季市場對小型船舶相對穩定、對大型船舶則轉強，我們公司仍達成 4,280 萬美元營收，與上一季相近，但較去年創下的 4,700 萬美元紀錄略為下降。

The company continued to generate superior returns, with profits of $17.3 million for the quarter, improving on the $15.9 million achieved in the previous quarter. Thus far in 2026, the performance has been very strong, reporting earnings per share of $0.46 for the second quarter and $0.89 for the first half, underlying the fact that the company's stock is very attractive on a price-to-earnings multiple.

公司持續創造優異報酬，本季獲利 1,730 萬美元，較上一季的 1,590 萬美元有所提升。

Our focus has been on delivering on our strategic principles. In terms of our commercial strategy, that means maintaining a visible revenue stream and reducing our exposure to the volatile spot market.

我們的重點一直放在落實策略原則。就商業策略而言，這代表維持可見的營收來源，並降低對波動性現貨市場的曝險。

Currently, 45% of the fleet calendar days are covered by the time charters, and total secured future revenues are $90 million. The company has also made prudent use of its capital by mostly paying down its debt. Over $350 million of debt was prepaid over the last few years and being one of the few public shipping companies having achieved zero leverage, while at the same time allocating funds for a share repurchase programme and having spent about $21 million on buybacks since 2023. As our share price has appreciated, we did not buy back any shares during the second quarter.

目前，船隊日曆天數中有 45% 由定期租船合約覆蓋，已鎖定的未來營收合計為 9,000 萬美元。公司也審慎運用資本，主要用於償還債務。過去幾年已提前償還超過 3.5 億美元債務，成為少數達成零槓桿的上市航運公司之一；同時也撥款進行庫藏股回購計畫，自 2023 年以來回購金額約 2,100 萬美元。由於股價上漲，我們在第二季未進行任何股份回購。

It's also part of our strategy to sell older tonnage while the market is high in order to crystallize returns and improve the average age of the fleet. With 13 vessel sales, excluding JV vessels, since the start of 2023, that have amounted to approximately $170 million. We have reduced the overall fleet from approximately 40 vessels at the start of 2023 down to 25 vessels. The latest exits were the Eco Wizard and, just this week, the delivery of the Eco Royalty. We will continue to sell older and smaller tonnage, although the market for LPG vessels is not very liquid in that respect.

在市場高檔時出售較老舊船舶，以實現報酬並降低船隊平均船齡，也是我們策略的一部分。自 2023 年初以來（不含合資船舶），我們已出售 13 艘船舶，交易金額合計約 1.7 億美元。我們已將整體船隊規模從 2023 年初約 40 艘降至 25 艘。最近的退出包括 Eco Wizard，以及就在本週交付的 Eco Royalty。我們將持續出售較老舊與較小型的船舶，儘管 LPG 船舶在這方面的市場流動性並不高。

This has also allowed us to raise cash and improve the liquidity of the company. As of June 30, the cash position was $168 million. Since then, through our operational cash flow and especially the money received after the successful conclusion of the Eco Wizard insurance case of over $77 million.

這也讓我們得以提高現金水位並改善公司的流動性。截至 6 月 30 日，現金部位為 1.68 億美元。此後，透過營運現金流，尤其是 Eco Wizard 保險案件成功結案後收到超過 7,700 萬美元款項。

Currently, liquidity has grown to over $250 million. With our cash sitting at an all-time high, no outstanding issues, and the markets being firm, we are in a favorable position to deploy some of the liquidity.

目前流動性已增至超過 2.5 億美元。在現金創歷史新高、沒有未解決事項且市場維持堅挺的情況下，我們處於有利位置，可部署部分流動性。

We have always been patient and conservative in deploying funds. Our Board is reviewing all the options with a focus on the long-term benefit of the company and its shareholders.

我們在資金部署上一向保持耐心且保守。董事會正檢視所有選項，並以公司及股東的長期利益為核心。

On slide 4, we see our fleet employment as of September. Chartering activity was relatively consistent over the past few months. We did conclude four new period charters of three months or longer. One of those was for two years, one for one year, and the other two were for six-month extensions. That leaves four ships operating in the spot market, including two of the Handysize vessels.

在投影片第 4 頁，我們可看到截至 9 月的船隊營運配置。過去幾個月的租船活動相對一致。我們確實簽訂了四份三個月或以上的新定期租約。其中一份為兩年期、一份為一年期，另外兩份為六個月的延長。因此仍有四艘船在現貨市場營運，其中包括兩艘 Handysize 船舶。

As we enter the winter months, we expect to find more opportunities to secure more time charters. Overall, we continue to maintain high period coverage, albeit lower than in the past. As of September, for the remainder of 2026, we have secured 60% of the fleet days, bringing in about $50 million in revenues for the remainder of the year. For 2027, we have secured about $30 million in revenues. One year forward coverage stands at 45%.

隨著進入冬季月份，我們預期將有更多機會鎖定更多定期租約。整體而言，我們仍維持較高的定期覆蓋率，但較過去略低。截至 9 月，就 2026 年剩餘期間而言，我們已鎖定 60% 的船隊天數，為今年剩餘期間帶來約 5,000 萬美元營收。就 2027 年而言，我們已鎖定約 3,000 萬美元營收。往前一年期的覆蓋率為 45%。

The total revenue secured for all future periods up to 2029 are about $90 million. This is slightly below where we would like, but with the market being historically high and the uncertainty surrounding the geopolitical situation, some charterers are hesitant to commit to longer-term business at historically high day rates.

截至 2029 年所有未來期間已鎖定的總營收約為 9,000 萬美元。這略低於我們期望的水準，但由於市場處於歷史高位，加上地緣政治情勢的不確定性，一些承租人對於在歷史高日租水準下承諾較長期業務仍較為猶豫。

In terms of drydocking, five ships were scheduled during this year. So far, four of these were completed during the first half and one vessel remains to be drydocked in the remainder of the year.

就進塢維修而言，今年原先排定五艘船。截至目前，其中四艘已於上半年完成，剩餘一年內還有一艘船將進行進塢。

Looking at the geographical allocation of the fleet, on slide 5, our company mainly focuses on regional trade and local distribution of gas, while the larger ships mostly engage in intercontinental voyages like loading in the US to discharge in Europe. We continue to position the majority of our fleet, two-thirds, West of Suez, particularly in Europe and the Med, where rates can be about 30% higher than in the East and with a more active spot market. The one smaller ship we had in the Far East, we decided to relocate west during the summer as it faced increased off-hire and is now trading in northwest Europe.

從船隊的地理配置來看（投影片第 5 頁），我們公司主要聚焦於區域性貿易與天然氣的在地配送，而較大型船舶多從事洲際航線，例如在美國裝貨、於歐洲卸貨。我們持續將大多數船隊（約三分之二）配置在蘇伊士運河以西，特別是歐洲與地中海地區，該區運價可比東方高約 30%，且現貨市場更為活躍。我們原先在遠東的一艘小型船，因面臨較多停租（off-hire），於夏季決定將其調往西方，目前在西北歐營運。

East of Suez, we only have one of our vessels remaining. The larger vessel that was stranded for some time inside the Persian Gulf early in the summer when there seemed to be a lull in hostilities, that vessel managed to safely exit the Strait of Hormuz. The ceasefire unfortunately proved to be brief, and now the passage is dangerous again as both sides target vessels going through. Yet, as we hear in the news, there are still corridors being used, and some vessels still manage to make this passage.

在蘇伊士運河以東，目前僅剩我們的一艘船仍在該區。夏初在敵對行動似乎暫歇期間，有一艘較大型船舶曾在波斯灣內受困一段時間，該船已成功安全駛出荷姆茲海峽。不幸的是，停火證明相當短暫，如今航道再度危險，雙方都會鎖定通行船舶。然而，正如我們從新聞所知，仍有航道走廊在使用中，部分船舶仍能完成通行。

I'm now giving you over to Mr. Sistovaris for the financial performance.

我現在把時間交給 Sistovaris 先生，請他說明財務表現。

Thank you, Harry. Starting with slide 6, where we have a snapshot of the income statement for the second quarter against the same period of 2025.

謝謝你，Harry。先從第 6 張投影片開始，我們在這裡提供 2026 年第二季損益表相較於 2025 年同期的概覽。

The second quarter was a very profitable quarter that would rank among the four best quarters on record, both in terms of revenue generation and overall profitability. However, when compared to last year, the reduced number of operational vessels in the fleet, as well as an increase in idle time for the three of the smaller vessels operating in the spot market, showed a reduction in revenues to the level of $42.9 million, which was the same as the previous quarter, the first quarter of 2026.

第二季是一個獲利非常亮眼的季度，無論在營收創造或整體獲利能力方面，都可名列歷史紀錄中表現最好的四個季度之一。然而，與去年相比，由於船隊中實際營運船舶數量減少，以及三艘較小船舶在現貨市場營運的閒置時間增加，營收下滑至 4,290 萬美元，與上一季（2026 年第一季）相同。

Voyage expenses were higher at $7.2 million, mainly as a result of increased bunker costs and some additional insurance premiums related to the Persian Gulf. That would give a time charter equivalent rate of $15,710 per vessel per day. Operating expenses were flat at $12.8 million for the quarter, albeit with a smaller fleet as there were cost pressures, particularly related to crew expenses.

航次費用上升至 720 萬美元，主要是因燃油成本增加，以及與波斯灣相關的額外保險費。因此，等同期租（TCE）日租金為每艘船每日 15,710 美元。本季營運費用持平於 1,280 萬美元，儘管船隊規模較小，但仍面臨成本壓力，尤其是船員費用相關。

That being said, with an average operating expenses around $5,310 per vessel per day, the company continues to run amongst the most efficient shipping operators in terms of cost structure. This quarter, only one vessel was drydocked towards the end of the quarter, so we may have some spillover next quarter.

即便如此，以平均每艘船每日約 5,310 美元的營運費用來看，公司在成本結構方面仍持續名列最有效率的航運營運商之列。本季僅有一艘船在季末進行坞修（drydock），因此下季可能會有部分費用遞延影響。

Another item that influenced the results this quarter positively was a small gain of $1.3 million from the S&P activity. We also note that we benefited by an increase in financial gains of $1 million, as we saw both a reduction in interest costs and an increase in interest income compared to last year, as the company no longer pays any loan interest following the debt extinguishment and has considerably increased its cash balances.

本季另一項對結果帶來正面影響的因素，是來自船舶買賣（S&P）活動的 130 萬美元小幅收益。我們也注意到，財務收益增加了 100 萬美元；相較去年，利息成本下降且利息收入上升，原因是公司在清償債務後不再支付任何貸款利息，且現金餘額大幅提高。

Net income for the second quarter was $17.3 million, 15% below the $20.4 million achieved last year. Earnings per share for the quarter were $0.46 on an adjusted and non-adjusted basis. The company continues to operate on a very high profit margin of 40%, meaning for every dollar of revenue, $0.40 is converted to $0.40 of profit.

第二季淨利為 1,730 萬美元，較去年達成的 2,040 萬美元低 15%。本季每股盈餘為 0.46 美元，調整後與未調整基礎一致。公司仍維持 40% 的高獲利率，亦即每 1 美元營收可轉化為 0.40 美元的利潤。

Looking at the balance sheet at the next slide, 7, as of June 30, 2026, the most important point to consider is the fast growth in the company's cash position.

接著看下一張投影片第 7 張的資產負債表，截至 2026 年 6 月 30 日，最重要的一點是公司現金部位快速成長。

In the space of six months, the company grew its liquidity, consisting of cash and short-term investments by 70%, from $99 million to $168.3 million. This $70 million increase in the liquidity position was achieved through the sale of two small vessels and a $40 million improvement in operational cash flow. Vessels held for sale as of June 30 were $10 million, with the proceeds expected to boost the cash position in Q3. The book value of the 24 vessels in the fleet was $473 million, reduced by 3.7%.

在六個月內，公司流動性（包含現金與短期投資）成長 70%，由 9,900 萬美元增加至 1 億 6,830 萬美元。流動性增加的 7,000 萬美元，來自出售兩艘小型船舶，以及營運現金流改善 4,000 萬美元。截至 6 月 30 日，列為待售的船舶為 1,000 萬美元，預期其處分款將在第三季提升現金部位。船隊 24 艘船舶的帳面價值為 4 億 7,300 萬美元，下降 3.7%。

Current assets were steady at $81.5 million, with a large part, $64 million, being the book value and related expenses of the medium gas carrier, as this was resolved in the next quarter, and the company received all the proceeds and more based on the market values, and this will be moved to the cash in the next quarter.

流動資產維持穩定於 8,150 萬美元，其中很大一部分（6,400 萬美元）為中型氣體運輸船的帳面價值及相關費用；該事項已於下一季解決，公司依市場價值收回全部款項且金額更高，並將於下一季轉入現金。

On the liability side, we want to show again that debt remains zero, and the total liabilities of the company are a mere $28 million. These are all current, mainly trade payables from its operations and deferred income from monthly hires. In a very short time, the company has achieved one of the healthiest balance sheets in the shipping space. Shareholders' equity increased over the six-month period by $36.4 million to $726 million, a 5% increase.

在負債端，我們再次強調公司負債仍為零，總負債僅 2,800 萬美元。這些全部為流動負債，主要是營運產生的應付帳款，以及按月租船費形成的遞延收入。公司在很短時間內，已建立航運業中最健康的資產負債表之一。股東權益在六個月期間增加 3,640 萬美元至 7 億 2,600 萬美元，增幅 5%。

Moving on to slide 8, where we repeat how StealthGas achieved its strategic goal of deleveraging. The company in the past always relied on moderate leverage to finance its capital requirements. Since the beginning of 2023, in a little over two and a half years, as cash flow improved, it aggressively repaid about $350 million and became, in July of 2025, a little over a year ago, for the first time, a debt-free company.

接著到第 8 張投影片，我們再次說明 StealthGas 如何達成去槓桿的策略目標。過去公司一向依賴適度槓桿來支應資本需求。自 2023 年初以來，在略多於兩年半的時間內，隨著現金流改善，公司積極償還約 3.5 億美元，並於 2025 年 7 月（約一年前）首次成為零負債公司。

The elimination of bank debt enhanced dramatically the financial flexibility of the company when the time comes for expansion, while at the same time achieving significant savings in interest costs. With no debt amortization or interest payments, the cash flow breakeven for the fleet is significantly reduced, enhancing the fleet competitiveness while at the same time, and also due to S&P activity, liquidity has been improving every quarter and is at the highest point it has ever been.

消除銀行負債在公司需要擴張時大幅提升財務彈性，同時也帶來顯著的利息成本節省。在沒有債務攤還或利息支付的情況下，船隊現金流損益兩平點顯著降低，提升船隊競爭力；同時也因船舶買賣（S&P）活動，流動性每季持續改善，並達到歷史最高水準。

I will now hand you to our Chairman, Mr. Michael Jolliffe, for some insights on the market.

我現在把時間交給我們的董事長 Michael Jolliffe 先生，請他分享一些市場觀點。

Good morning. At the forefront, of course, is the conflict with Iran and the closure of the strait. One-third of LPG supply came from the Middle East and the majority going through the Strait of Hormuz.

各位早安。首先當然是與伊朗的衝突以及海峽的封鎖。全球三分之一的 LPG 供應來自中東，而其中大多數需經由荷姆茲海峽運輸。

As a result of the conflict in the Persian Gulf, global exports of LPG in the first half of 2026 fell by 8%. This is certainly a large number and would have led to significant downward pressure in rates were it not for the increase in tonne-miles. Instead, rates for VLGCs hit new records and continue to remain at very high levels as more product was sourced from the US.

由於波斯灣衝突，2026 年上半年全球 LPG 出口量下降 8%。這確實是很大的降幅；若非噸海里增加，本應對運價造成顯著下行壓力。相反地，VLGC 的運價創下新高，且仍維持在非常高的水準，因為更多貨源改由美國供應。

It was reported that US LPG exports hit a record of 2.9 million barrels per day in May, while EIA data showed that propane exports were up by 9% in the second quarter. Many vessels previously trading in Middle East have been repositioned to the US, and many of these, once loaded, return to the Far East, taking the longer route via the Cape of Good Hope, a 45-day journey adding significant tonne-miles to the equation. We also read reports lately of increasing Panama Canal fees and possible restrictions in the number of vessels passing through there due to low water levels, result of drought caused by El Nino.

據報導，美國 LPG 出口在 5 月創下每日 290 萬桶的紀錄，而 EIA 數據顯示第二季丙烷出口年增 9%。許多原先在中東航線交易的船舶已重新部署至美國，且其中許多船舶裝貨後返回遠東，改走經好望角的較長航線；該航程約 45 天，為噸海里帶來顯著增加。我們近期也看到報導指出，巴拿馬運河通行費上升，且因聖嬰現象造成乾旱、導致水位偏低，可能限制通行船舶數量。

This ramp-up of US exports is an ongoing theme as exports from the US have been rising consistently for many years, and the US currently accounts for 55% of the world's LPG supply. As previously discussed, the expansion of terminals in the US will continue with projects running into early 2030, and the more recent news on that front was that Energy Transfer announced in June another project to increase export capacity from Nederland. On the other side of the Atlantic, Europe remained well-supplied with US product.

美國出口的加速成長是一個持續性的主題，因為美國出口多年來穩定上升，而目前美國占全球 LPG 供應的 55%。如先前所述，美國碼頭的擴建將持續進行，相關專案將延續至 2030 年初；而近期最新消息是 Energy Transfer 於 6 月宣布另一項專案，以提升自 Nederland 的出口能力。在大西洋另一端，歐洲仍然獲得美國產品的充足供應。

As more propane cargoes entered the continent, the propane-naphtha differential induced petrochemical producers to favor the former, keeping the market active. In addition, two crackers in Terneuzen and Sines came back online after a long absence, supporting petrochemical demand. On the other hand, residential demand weakened as a result of lack of heating needs during the summer. The maybe premature expectation of a resolution to the conflict, seen in backwardated futures prices, also discouraged stockbuilding.

隨著更多丙烷貨物進入歐洲大陸，丙烷—石腦油價差促使石化生產商偏好使用丙烷，令市場保持活躍。此外，Terneuzen 與 Sines 的兩座裂解裝置在長時間停運後重新上線，支撐了石化需求。另一方面，由於夏季缺乏取暖需求，民用需求轉弱。期貨價格呈現逆價差所反映的、對衝突可能提前解決的預期，也抑制了補庫意願。

While Europe remained well-supplied, the situation in the Strait of Hormuz has not changed. Asian countries imported 46% of their LPG supply from that area before the conflict began. Now we only see a handful of LPG vessels daring to cross the Strait, while efforts to bypass the Strait and export through Oman or the Red Sea produced some additional volumes, not enough to cover Asian customers. Recently, the Houthis have started targeting Saudi vessels while in the Red Sea, and if this escalates, it could become another blocked chokepoint.

儘管歐洲供應仍然充裕，荷姆茲海峽的情勢並未改變。在衝突爆發前，亞洲國家有 46% 的 LPG 供應來自該地區。如今我們只看到少數 LPG 船舶敢於穿越海峽；而試圖繞開海峽、改由阿曼或紅海出口的努力帶來了一些額外量，但不足以滿足亞洲客戶。近期，胡塞武裝開始在紅海鎖定沙烏地船舶；若情勢升級，可能形成另一個被封鎖的咽喉要道。

As a result of the geopolitical turmoil, demand in Asia registered large drops. India, the second-largest importer of LPG, saw demand fall by 20%. But the establishment of new trading routes is going to have a longer-lasting effect once the conflict ends. Last month, it was reported in the Indian press that there are plans to diversify the sources of LPG and start importing at least 25% from the US through supply contracts with US exporters. To remind you that it was about a year ago during the trade disputes that India had just announced they would increase their LNG imports from the US from nearly zero to 10%.

受地緣政治動盪影響，亞洲需求出現大幅下滑。作為第二大 LPG 進口國的印度，需求下降了 20%。但新貿易航線的建立，將在衝突結束後帶來更持久的影響。上月印度媒體報導，計畫分散 LPG 來源，並透過與美國出口商簽訂供應合約，開始至少有 25% 自美國進口。提醒各位，大約一年前在貿易爭端期間，印度才剛宣布將其自美國進口的 LNG 比重從幾乎為零提高到 10%。

Similar to the situation in India, China, the world's largest importer of LPG, saw imports fall by 29% in the second quarter. The temporary reopening of the Strait during July saw a temporary surge in imports, but demand remains weak, a result of continuous low utilization rates from PDH plants and higher propane prices, and that has an effect on local trading for smaller vessels. The conflict in Iran has shown how important it is to have resilient supply chains and the need for strategic reserves. For the time being, it seems the conflict has entered a stalemate.

與印度情況類似，作為全球最大 LPG 進口國的中國，第二季進口量下降了 29%。7 月海峽短暫重開帶來進口的短期激增，但需求仍然疲弱，原因在於 PDH 裝置持續低開工率與丙烷價格走高，並影響到小型船舶的本地交易。伊朗衝突凸顯了具韌性的供應鏈以及戰略儲備的重要性。就目前而言，衝突似乎已進入僵局。

The beneficiaries at this point are the US exporters and shipping, but if the situation persists in the longer-term, it could lead to demand destruction, and longer-term investments could be abandoned, be it production facilities in the Middle East like the Qatari projects, or PDH plants in China.

現階段的受益者是美國出口商與航運業者，但若情勢長期持續，可能導致需求被破壞（需求萎縮），且長期投資可能被放棄，無論是中東的生產設施（如卡達專案），或是中國的 PDH 裝置。

After this brief overview of the product market, let us move to how our shipping market has performed over this period. Moving to Slide 10 to update you on the commercial side. The spot market in quarter two followed the typical seasonal trend of softening compared to quarter one, although rates have still remained at firm levels compared to the historical average.

在對產品市場做了簡要概述後，接下來我們談談這段期間航運市場的表現。請翻到第 10 頁投影片，向各位更新商業面情況。第二季現貨市場遵循典型季節性走勢，相較第一季有所走軟，但運價相較歷史平均仍維持在偏強水準。

TCE rates remained relatively flat as the balance between tonnage supply and demand has remained relatively balanced with limited movement of vessels in and out. There were a handful of new orders for vessels, enough to keep the supply steady at a low pace. We are not worried about the orderbook, as for quite some time now, it has been restrained, while the existing fleet has a large number of older vessels that will eventually need to be scrapped. Roughly, a third of the fleet is over 20 years of age, but with the firm market, we continue to see only a few vessels being decommissioned.

由於運力供給與需求之間的平衡相對穩定，且船舶進出變動有限，TCE（等效期租）運價大致持平。新船訂單只有少量，足以讓供給以低速維持穩定。我們不擔心手持訂單（orderbook），因為相當長一段時間以來其一直受到抑制；同時現有船隊中有大量老舊船舶最終需要拆解。約有三分之一的船隊船齡超過 20 年，但在市場偏強的情況下，我們仍只看到少數船舶退役。

The Handysize owners enjoyed a firming spot market in quarter two as the effects of the US-Iran war and the Hormuz closure trickled down from the larger sizes. LPG trading on the Handysize vessels became more active as the MGCs disappeared from the position lists. On the time charter side, rates are holding at historically very firm levels. Again, there were no new orders for this size of vessel, and the current orderbook, sitting close to 10% over the next few years, remains very healthy.

第二季 Handysize 船東受惠於現貨市場走強，因美伊戰爭與荷姆茲封鎖的影響從較大型船型逐步傳導下來。隨著 MGC 從可用船位名單中消失，Handysize 船舶上的 LPG 交易變得更為活躍。在期租方面，運價維持在歷史上非常偏強的水準。同樣地，該船型沒有新增訂單，而目前手持訂單在未來幾年約占 10%，仍屬非常健康。

The MGC spot market got a significant boost in quarter two as the VLGCs shot up to all-time highs following the closure of Hormuz and the significant increase in US loadings to compensate for the AG shortfalls. This led to significant increase in the requirements for transatlantic voyages on the MGC spot rates jumping to levels never seen before. Time charter rates improved significantly through quarter two and are currently sitting at historically very firm levels.

第二季 MGC 現貨市場獲得顯著提振，因荷姆茲封鎖後 VLGC 運價飆升至歷史新高，且美國裝船量大幅增加以彌補阿拉伯灣（AG）供應短缺。這使得跨大西洋航程需求大增，推動 MGC 現貨運價跳升至前所未見的水準。期租運價在第二季顯著改善，目前亦處於歷史上非常偏強的水準。

The firming market helped absorb the incoming newbuildings as we are now in a period where the vessels previously ordered are starting to enter the fleet. Unlike the VLGC market, where once more we saw a larger number of orders being placed over the last three months, the MGC orderbook, with no new orders, has started coming down. Yet the orderbook sits around 40% of the existing fleet, and while in the short-term, conflicts have increased tonne-miles, it could prove detrimental to rates in the future if demand does not keep pace despite the optimism.

市場走強有助於吸收即將交付的新造船，因為先前訂造的船舶正開始加入船隊。不同於 VLGC 市場在過去三個月再次出現較多新訂單，MGC 手持訂單在沒有新增訂單的情況下已開始下降。然而手持訂單仍約為現有船隊的 40%；雖然短期內衝突增加了噸海里需求，但若需求未能跟上、儘管市場樂觀，未來可能對運價不利。

To conclude today's presentation, the second quarter was challenging to navigate due to the developing geopolitical turbulence. Through our strong operating platform and solid business, we once more reported superior returns for our shareholders. For the first six months of this year, we already recorded earnings per share of $0.89. We are confident that profitability will remain elevated in the second half of the year. After having successfully resolved all major outstanding issues, our attention turns to the optimal utilization of our growing liquidity that has reached an all-time high of over $250 million currently.

總結今天的簡報，第二季因地緣政治動盪發展而使操作更具挑戰。憑藉我們強健的營運平台與穩固的業務，我們再次為股東交出優於同業的回報。今年前六個月，我們已錄得每股盈餘 0.89 美元。我們有信心下半年獲利能力仍將維持在高檔。在成功解決所有主要未決事項後，我們的重點轉向如何最佳運用持續成長的流動性；目前流動性已達歷史新高，超過 2.5 億美元。

Our intention is to invest in renewing the fleet. We have placed StealthGas in the very fortunate position of having a fully flexible balance sheet with zero debt and a growing cash pile operating in a niche market with solid fundamentals.

我們的意圖是投資於船隊更新。我們已使 StealthGas 處於非常有利的位置：資產負債表完全具彈性、零負債，且現金部位持續增加；同時我們在一個基本面穩健的利基市場中營運。

We have now reached the end of our presentation. We would like to thank you for joining us at our conference call today. We look forward to having you with us again at our next conference call for our third quarter results. Thank you.

我們的簡報到此結束。感謝各位今天參加我們的電話會議。我們期待在下一次第三季業績電話會議上再次與各位相會。謝謝。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。祝您有美好的一天。