GasLog Partners LP (GLOP) 2022 Q1 法說會逐字稿

Good morning. My name is Brandon and I'll be your conference operator today. At this time, I would like to welcome everyone to the GasLog Partners First Quarter 2022 Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安.我叫布蘭登，今天我將擔任您的會議主持人。現在，我歡迎大家參加 GasLog Partners 2022 年第一季業績電話會議。 （操作員指示）提醒一下，本次電話會議正在錄音。

On today's call are Paolo Enoizi, Chief Executive Officer; and Achilleas Tasioulas, Chief Financial Officer.

參加今天電話會議的有執行長 Paolo Enoizi；以及財務長 Achilleas Tasioulas。

Robert Brinberg from Rose & Company will begin your conference.

Rose & Company 的 Robert Brinberg 將主持您的會議。

Good morning, or good afternoon, and thank you for joining the GasLog Partners First Quarter 2022 Earnings Conference Call. For your convenience this webcast and presentation are available on the Investor Relations section of our website www.gaslogmlp.com, where a replay will also be available.

早安，下午好，感謝您參加 GasLog Partners 2022 年第一季財報電話會議。為了您的方便，您可以在我們網站 www.gaslogmlp.com 的投資者關係部分找到此網路廣播和演示文稿，其中還提供重播。

Please now turn to Slide 2 of the presentation. Many of our remarks contain forward-looking statements. For factors that could cause actual results to differ materially from these forward-looking statements, please refer to our first quarter earnings press release. In addition, some of our remarks contain non-GAAP financial measures as defined by the SEC. A reconciliation of these measures is included in the appendix to this presentation.

現在請翻到簡報的第 2 張投影片。我們的許多評論都包含前瞻性陳述。對於可能導致實際結果與這些前瞻性陳述有重大差異的因素，請參閱我們的第一季財報新聞稿。此外，我們的一些評論包含美國證券交易委員會定義的非公認會計準則財務指標。本簡報的附錄中包含了這些措施的對帳。

Paolo will begin today's call with a review of the Partnership's first quarter highlights, following which Achilleas will walk through the Partnership's financials. Paolo will then provide an update on the LNG shipping and commodity markets. We will then take questions on the Partnership's first quarter.

保羅將在今天的電話會議上首先回顧合夥企業第一季的亮點，隨後阿奇利亞斯將介紹合夥企業的財務狀況。隨後，Paolo 將介紹液化天然氣運輸和商品市場的最新情況。然後我們將回答有關合夥企業第一季的問題。

With that, I will turn the call over to Paolo Enoizi, CEO of GasLog Partners. Paolo?

說完這些，我將把電話轉給 GasLog Partners 執行長 Paolo Enoizi。保羅？

Thank you, Rob, and welcome, everyone, to our first quarter conference call. Please turn to Slide 4 for GasLog Partner's first quarter highlights.

謝謝你，羅布，歡迎大家參加我們的第一季電話會議。請翻到投影片 4，了解 GasLog Partner 第一季的亮點。

I'm pleased to report the Partnership achieved another strong quarter. The Partnership generated strong financial results in a quarter with noticeable volatility in the spot market. Our fleet utilization remained high at approximately 99.4% despite the ongoing operational challenges created by the COVID-19 dynamic.

我很高興地報告，合夥企業又取得了一個強勁的季度業績。在現貨市場出現明顯波動的本季度，合夥企業取得了強勁的財務表現。儘管新冠疫情為營運帶來了持續挑戰，但我們的車隊利用率仍保持在約 99.4% 的高點。

The Partnership is in good position to deliver results throughout 2022, both to our contracted cash flow and our spot market exposure in the seasonally strong months in the second half of 2022. We have, in fact, approximately $521 million in contracted revenue, including a recently signed 11-month charter for the GasLog Sydney at an attractive rate above mid-cycle.

合夥企業預計在 2022 年全年取得成果，無論是我們的合約現金流，還是在 2022 年下半年季節性強勁的月份的現貨市場敞口。事實上，我們的合約收入約為 5.21 億美元，包括最近簽署的一份為期 11 個月的 GasLog Sydney 租船合同，租船價格高於中期週期，很有吸引力。

And we have 851 open days remaining in 2022, which we believe represents a material upside potential given the tight market backdrop and our expectations for the balance of the year.

2022 年我們還剩下 851 個開放日，考慮到緊張的市場背景和我們對今年剩餘時間的預期，我們認為這代表著巨大的上行潛力。

Finally, we retired $37 million of debt and lease liabilities in the quarter and repurchased another $10 million of our preference units in the open market, bringing the total repurchase to $28.4 million at par values on average since the repurchase program was initiated last summer. The result is a reduction in our breakeven levels, which enhances our free cash flow generation potential and continued progress in our leverage ratios towards our targets.

最後，我們在本季度償還了 3,700 萬美元的債務和租賃負債，並在公開市場上回購了另外 1,000 萬美元的優先股，自去年夏天啟動回購計畫以來，總回購額平均達到 2,840 萬美元（按票面價值計算）。結果是我們的損益平衡水準降低，從而增強了我們的自由現金流產生潛力，並使我們槓桿率繼續朝著目標邁進。

Turning to Slide 5. The global focus on the availability of LNG has never been higher. The tragedy unfolding in Ukraine has highlighted the importance of LNG, not just as a fuel that will enable the transition to a lower emission world, but also as a critical element of many countries' energy security plans. The situation is unfolding at a time when the LNG market is already tight after 2 cold winters in Asia.

翻到幻燈片 5。全球對液化天然氣供應的關注度從未如此高。烏克蘭發生的悲劇凸顯了液化天然氣的重要性，它不僅是一種能夠幫助世界轉型為低排放的燃料，也是許多國家能源安全計畫的重要組成部分。這情況的出現正值亞洲經歷了兩個寒冬之後，液化天然氣市場已經趨於緊張。

Increased demand from Europe has caused gas prices to surge globally. This will likely lead to an increasing number of long-term supply agreements backed by a regulatory environment that will almost certainly help to drive new LNG projects to FID and support the continued growth of LNG site.

歐洲需求的增加導致全球天然氣價格飆升。這可能會導致越來越多的長期供應協議，並在監管環境的支持下，幾乎肯定有助於推動新的液化天然氣項目做出最終投資決定，並支持液化天然氣站點的持續成長。

In the midst of these market dynamics, we should mention that GasLog priority is to support the safety and well-being of our Ukrainian seafarers and their families through an attentive care and support program managed by our operation teams. I will provide further commentary on the markets shortly, but first, let me review the opportunity to create for the Partnership.

在這些市場動態中，我們應該提到，GasLog 的首要任務是透過我們的營運團隊管理的周到的護理和支援計劃來支持我們烏克蘭海員及其家人的安全和福祉。我很快就會對市場做出進一步的評論，但首先，讓我回顧一下為合作夥伴關係創造的機會。

On Slide 6, we highlight 2 charters we signed in recent months against an improved market backdrop. Both charters are with high-quality counterparts in Trafigura and Naturgy and will contribute the combined EBITDA of approximately $43 million during their contract terms. We have at least 6 vessels with contract expiring in 2023, and we expect to charter them at an attractive level.

在第 6 張投影片中，我們重點介紹了近幾個月在市場改善的背景下簽署的兩份章程。兩份租船合約均由托克集團和 Naturgy 兩家優質公司簽訂，在合約期間內將貢獻約 4,300 萬美元的合計 EBITDA。我們至少有 6 艘船舶的合約將於 2023 年到期，我們預計將以有吸引力的價格租用它們。

Turning to Slide 7. You will see that the cash deposits generated in the first quarter, combined with our charter coverage for the year, more than covers our overhead and debt service obligations for 2022. This is, of course, before factoring in the potential upside for approximately 851 open days and 275 spot linked days, which will allow us to benefit from the strong term market and limited availability of independently owned vessels. In this environment, the Partnership will be able to take advantage of a excellent operation platform and deliver tangible results.

翻到幻燈片 7。您會看到，第一季產生的現金存款加上我們全年的租船保障額，足以支付我們 2022 年的間接費用和債務償還義務。當然，這還沒有考慮到大約 851 個開放日和 275 個現貨掛鉤日的潛在上漲空間，這將使我們能夠受益於強勁的定期市場和獨立擁有船舶的有限供應。在此環境下，合夥企業將能利用良好的營運平台，取得實際的成果。

Slide 8 shows the potential we have to enhance our free cash flow in 2022 due to our near-term market exposure. As you can see from the chart on the left, approximately 85% of our open days are during the seasonally strong second half of the year. And 50% of our available days are open in the fourth quarter. As we continue to manage our cost base, our operating level increases and every $10,000 per day of revenue earned above our operating and overhead expenses will generate an incremental $11 million of EBITDA for the Partnership in 2022.

幻燈片 8 顯示了我們由於近期市場曝光而在 2022 年增強自由現金流的潛力。從左側圖表可以看出，我們約 85% 的開放日都發生在旺季的下半年。我們的可用天數的 50% 在第四季度開放。隨著我們繼續管理成本基礎，我們的營運水準不斷提高，每天超過營運和管理費用的每 10,000 美元收入將在 2022 年為合夥企業帶來 1,100 萬美元的增量 EBITDA。

I will speak about our market outlook shortly, but first, let me turn our call over to Achilleas, who will review the Partnership's first quarter financial performance.

我很快就會談談我們的市場前景，但首先，讓我將我們的電話轉給 Achilleas，他將回顧合夥企業第一季的財務表現。

Thank you, Paolo. Turning to Slide 10 and the Partnership's financial results for the first quarter of 2022. Revenues for the first quarter were $85 million, a 2% decrease from the first quarter of 2021. The slight decrease in revenues was primarily due to 112 on spot days in 2022 compared to the first quarter of 2021 and lower daily time charter equivalent rates for these spot days as the premium window spot market ended earlier this year than in 2021.

謝謝你，保羅。前往投影片 10 和合夥企業 2022 年第一季的財務表現。第一季的營收為 8,500 萬美元，比 2021 年第一季下降 2%。收入略有下降主要是因為與 2021 年第一季相比，2022 年的現貨日數為 112 天，由於優質窗口現貨市場今年比 2021 年結束得早，導致這些現貨日的每日定期租船等值費率較低。

Adjusted EBITDA was $61 million, a decrease of $3 million or 5% from the first quarter of 2021 due to higher operating expenses and general and administrative expenses both discussed in the next slide in detail.

調整後的 EBITDA 為 6,100 萬美元，較 2021 年第一季減少 300 萬美元或 5%，原因是營運費用和一般及管理費用增加，下一張投影片將詳細討論這兩項費用。

Finally, our adjusted earnings was $0.41 per unit, which decreased compared to the first quarter of 2021 due to these higher expenses as well as a year-over-year increase in the number of common units outstanding. Overall, we are pleased with our performance in the quarter as we continue to successfully manage our exposure in the spot market, re-chartering our fleet at healthy rates and achieving an overall stable performance for the Partnership.

最後，我們的調整後收益為每股 0.41 美元，由於這些費用增加以及流通普通股單位數量同比增長，與 2021 年第一季相比有所下降。總體而言，我們對本季的表現感到滿意，因為我們繼續成功管理我們在現貨市場的風險敞口，以健康的價格重新租賃我們的船隊，並為合作夥伴關係實現整體穩定的業績。

Turning to Slide 11 and a look at our cost base. Our daily operating expenses per vessel were higher in the first quarter than both the first quarter of 2021 and the full year guidance we gave on our last call. This was primarily due to a $1.4 million increase in crew costs mainly related to additional COVID-19-related costs in 2022 due to enhanced safety protocols, crew extension bonuses to support our seafarers traveling and extended guaranteed days for seafarers prior to embarkation. This increase was partly offset by a $400,000 decrease in the vessel management fees paid for our fleet in connection with the decrease of the annual vessel management fee payable to our manager.

翻到投影片 11，看看我們的成本基礎。我們第一季每艘船的每日營運費用高於 2021 年第一季以及我們上次會議上給出的全年指引。這主要是由於船員成本增加了 140 萬美元，這主要與 2022 年與 COVID-19 相關的額外成本有關，原因是加強了安全協議、發放了船員延期獎金以支持我們的海員旅行，並延長了海員登船前的保證天數。這一增長被支付給我們船隊的船舶管理費減少 40 萬美元所部分抵消，這與我們支付給管理人的年度船舶管理費減少有關。

General and administrative expenses increased by $1.5 million year-over-year. This increase was primarily related to an increase of $1 million in the administrative service fees to GasLog Ltd. for the full year and an increase in the public company expenditures compared to 2021, which were previously fell between GasLog Ltd. and GasLog Partners prior to our parent take private transaction last year.

一般及行政開支較上年同期增加150萬美元。這一增長主要與全年支付給 GasLog Ltd. 的管理服務費增加 100 萬美元以及與 2021 年相比上市公司支出增加有關，而這些支出此前在我們母公司去年私有化交易之前由 GasLog Ltd. 和 GasLog Partners 承擔。

Overall, direct public company expenses are now borne by the Partnership alone. The changes in the management and administrative fees are in line with our commentary in the previous quarter and are disclosed in detail in our 2021 20-F filed with the SEC in March 2022.

整體而言，上市公司的直接費用目前全由合夥企業承擔。管理和行政費用的變化與我們上一季的評論一致，並在我們於 2022 年 3 月向美國證券交易委員會提交的 2021 年 20-F 文件中詳細披露。

For the balance of the year, we expect our unit operating expenses to average approximately $13,800 per vessel per day, while we expect our overhead expenses to average approximately $3,250 per vessel per day.

就今年餘下時間而言，我們預計單位營運費用平均約為每艘船每天 13,800 美元，而我們預計管理費用平均約為每艘船每天 3,250 美元。

Slide 12 illustrates the progress the Partnership has continued to make in its preference unit repurchase program. During the first quarter, we repurchased an aggregate of $10 million of our preference units in the open market. Since the program was initiated in August 2021, the Partnership has repurchased more than 28 million in preference units at an average price of approximately $25 per unit, the par value. These repurchases have reduced preference unit distributions by approximately $2.4 million or almost $0.05 per common unit on an annualized basis. We expect to continue opportunistically repurchasing preference units in the open market as conditions be paid.

投影片 12 展示了合夥企業在優先股回購計畫中不斷取得的進展。第一季度，我們在公開市場上回購了總計 1,000 萬美元的優先股。自 2021 年 8 月該計畫啟動以來，該合夥企業已以平均約 25 美元/單位（票面價值）的價格回購了超過 2,800 萬股優先股。這些回購使優先股單位分配減少了約 240 萬美元，以年率計算，每個普通股單位的分配減少了近 0.05 美元。我們期望在有條件支付的情況下繼續在公開市場上機會性地回購優先股。

Slide 13 shows the progress we have made towards our leverage target, which we first introduced in the third quarter of 2021. We have made good progress on these goals despite the S104 million noncash impairment charts on outstream vessels that we took in the fourth quarter of 2021.

投影片 13 展示了我們在實現槓桿目標方面取得的進展，該目標於 2021 年第三季首次推出。儘管我們在 2021 年第四季獲得了 1.04 億新元的非現金減損圖表，但我們仍在實現這些目標方面取得了良好的進展。

Inclusive of $37 million of debt and lease principal payments made in the first quarter of 2022, we have repaid $111 million in aggregate over the last 4 quarters. As a result, and despite the impairment in the fourth quarter, as I mentioned before, our debt to total capitalization has been reduced from 55% as of the end of the first quarter of 2021 to 53% as of the end of this past quarter. When combined with our $136 million of cash on the balance sheet, our net debt to capitalization has been reduced from 50% to 46% over the same period.

包括 2022 年第一季支付的 3,700 萬美元債務和租賃本金，我們在過去 4 個季度中累計償還了 1.11 億美元。因此，儘管第四季度出現了減值，但正如我之前提到的，我們的債務與總資本的比率已從 2021 年第一季末的 55% 降至上一季末的 53%。加上我們資產負債表上的 1.36 億美元現金，我們的淨負債與資本化比率在同一時期從 50% 減少到 46%。

In addition, our net debt to trailing 12-month EBITDA has been reduced from 5x to 4.3x. We expect to continue strengthening our balance sheet, beginning with a scheduled retirement of approximately $14 million of debt and lease principal payments in aggregate in 2022, which is more than covered by our contracted cash flow over this period, reducing the balances and making opportunistic repurchases of preference units will further reduce the Partnership's cash flow breakeven levels over time and to increase our free cash flow generation potential enhancing the Partnership's equity value.

此外，我們的淨債務與過去 12 個月 EBITDA 的比率已從 5 倍降至 4.3 倍。我們預計將繼續加強我們的資產負債表，首先是按計劃在 2022 年償還總計約 1,400 萬美元的債務和租賃本金，這超過了我們在此期間的合同現金流所覆蓋的範圍，減少餘額併機會性地回購優先股單位將進一步降低合夥企業的現金流盈虧平衡水平，並增加我們的自由合夥價值新潛力。

With that, I will turn it over to Paolo to discuss the LNG commodity and LNG shipping markets.

接下來，我將把話題交給 Paolo 來討論 LNG 商品和 LNG 航運市場。

Thank you, Achilleas. Turning to Slide 15. 72 term charters were fixed in the first quarter of 2022 according to Poten. This figure includes 42 picture for new buildings that have not yet been delivered.

謝謝你，阿喀琉斯。翻到幻燈片 15。根據 Poten 的數據，2022 年第一季已簽訂了 72 份定期租船合約。此圖包括42張尚未交付的新建築圖片。

Persisting concerns related to energy security and logistical bottlenecks around the world have led charter to seek term coverage and certainty of shipping capacity. As illustrated in the chart on the right of the slide, headline spot rates have remained relatively stable in recent weeks. And tightness in the market is reflected in the relatively strength period charter rates, which are well above last year's quarter 1 level as well as the 5-year range.

對全球能源安全和物流瓶頸的持續擔憂，導致租船者尋求定期承保和運輸能力的確定性。如投影片右側的圖表所示，近幾週總體現貨匯率保持相對穩定。市場的緊張程度反映在相對強勁的定期租船費率上，該費率遠高於去年第一季的水平以及五年期的水平。

The strength of the pivot market is being exacerbated by the lack of availability of independently owned vessels, thanks to increased demand for period charter since last year. Currently, a year charter rates are assessed at $115,000 per day for the TFDE vessels and $62,000 for the steam vessel according to Clarkson. We believe this is indicative of charter's expectation for a tight market in the months ahead.

由於自去年以來定期租船需求增加，獨立擁有船舶的短缺加劇了樞紐市場的強勁表現。據克拉克森稱，目前，TFDE 船舶的年租費率為每天 115,000 美元，蒸汽船的年租費率為 62,000 美元。我們認為，這顯示包機公司預期未來幾個月市場將趨緊。

In addition, the forward curve for LNG spot rates in the case rising rates throughout 2022. And as also the fundamental drivers and frictional challenge, we expect the LNG cardio market to perform strongly through the next winter, as I'll discuss over the next several slides.

此外，如果 2022 年全年利率上升，液化天然氣現貨價格的遠期曲線也將如此。此外，由於基本面驅動因素和摩擦挑戰，我們預計液化天然氣心臟市場將在下一個冬季表現強勁，我將在接下來的幾張幻燈片中討論這一點。

Slide 16 presents LNG demand and supply during the first quarter of 2022. Energy demand increased by 7% in the first quarter compared to the same quarter in 2021, according to Wood Mackenzie. Demand growth from Europe was exceptionally strong in the first quarter, increasing by 56% increase year-over-year. The combination of overreliance on renewables, low inventory and lower-than-anticipated info from Russia and Norway, pushed demand for LNG resulting in record high prices in the region, underscoring the need for natural gas and LNG as both transition fuel and important source of power generation in the evolving energy landscape.

投影片 16 展示了 2022 年第一季的液化天然氣需求和供應情況。據伍德麥肯茲稱，第一季的能源需求與 2021 年同期相比增長了 7%。第一季歐洲需求成長異常強勁，較去年同期成長56%。過度依賴再生能源、庫存低以及俄羅斯和挪威的資訊低於預期，這些因素共同推動了對液化天然氣的需求，導致該地區液化天然氣價格創下歷史新高，凸顯了在不斷變化的能源格局中，天然氣和液化天然氣作為過渡燃料和重要發電來源的必要性。

In 2022, LNG demand is forecast to grow by 4.3% year-over-year. On the supply side, U.S. production rose by over 24% year-on-year to 20.5 million tons due to higher utilization in response to increased demand and the ramp-up in production at the Freeport, Cameron, Corpus Christi and most recently, Calcasieu Pass LNG facilities. U.S. exports are expected to continue to grow throughout the course of 2022 and beyond as new export infrastructure comes online.

預計2022年液化天然氣需求將年增4.3%。在供應方面，由於需求增加導致利用率提高，以及自由港、卡梅倫、科珀斯克里斯蒂和最近的卡爾克蘇通道液化天然氣設施產量增加，美國產量年增超過 24%，達到 2,050 萬噸。隨著新的出口基礎設施上線，預計美國出口將在 2022 年及以後繼續成長。

Slide 17 demonstrates a significant cost increase for power generation in Europe and Asia since the end of 2020. Punctuated by high volatility during the past few months, energy prices in Asia and Europe recently hit record highs, highlighting the need to further investments in natural gas processing infrastructure.

投影片 17 顯示自 2020 年底以來歐洲和亞洲的發電成本大幅增加。過去幾個月，亞洲和歐洲的能源價格波動劇烈，近期創下歷史新高，凸顯了進一步投資天然氣加工基礎設施的必要性。

In recognition of this reality, the European Commission has added gas and nuclear power to the green taxonomy. The classification of these sources is sustainable will help enable a steady and competitive supply of energy. Given its destination flexibility, LNG is the most versatile source of gas, it would be essential to help achieve global emission reduction goals over the long-term.

認識到這一現實，歐盟委員會已將天然氣和核能納入綠色分類法。這些能源的可持續分類將有助於實現穩定且具競爭力的能源供應。由於其目的地靈活性，液化天然氣是最通用的天然氣來源，它對於長期實現全球減排目標至關重要。

Europe entered this winter with relatively low inventory of natural gas, a situation made more tenures by the war in Ukraine. We expect this condition to continue to drive additional demand for LNG as countries begin to restock inventory and find a reliable alternative to Russian pipeline gas.

進入冬季，歐洲的天然氣庫存相對較低，烏克蘭戰爭加劇了這種情況。我們預計，隨著各國開始補充庫存並尋找俄羅斯管道天然氣的可靠替代品，這種情況將繼續推動對液化天然氣的額外需求。

Slide 18 shows the forecast build in LNG infrastructure over the next several years. Remember that the growth in seaborne LNG trade is enabled by infrastructure. This applies equally to growth in the number of vessels required to transport LNG and to the growth in both export and re-gasification infrastructure.

幻燈片 18 顯示了未來幾年液化天然氣基礎設施的預測建設。請記住，海運液化天然氣貿易的成長是由基礎設施所推動的。這同樣適用於運輸液化天然氣所需船舶數量的成長以及出口和再氣化基礎設施的成長。

By then -- by the end of 2026, export capacity is expected to increase by 130 million tons and re-gasification capacity expected to increase in almost lockstep by 128 million tons. Despite Western Europe plans to increase its LNG inputs, the majority of regas capacity is coming from Asia.

到那時—2026年底，出口能力預計將增加1.3億噸，而再氣化能力預計將幾乎同步增加1.28億噸。儘管西歐計畫增加其液化天然氣投入，但大部分再氣化能力來自亞洲。

Coupled with widely acknowledged forecast that the majority of supply capacities comes from North America, ton mile demand growth is likely to exceed the nominal growth in volume. At the same time, there's at least 17 new import projects being considered by various Western European countries to increase import capacity.

再加上普遍認可的預測，即大部分供應能力來自北美，噸英里需求成長可能會超過名目數量成長。同時，西歐各國正考慮至少17個新的進口項目，以增加進口能力。

Slide 19 displays the LNG carrier order book and delivery schedule according to Poten. Presently, the order book contains 186 LNG carriers with over 80% adding secured multiyear employment.

投影片 19 顯示了 Poten 的 LNG 運輸船訂單簿和交貨時間表。目前，訂單中包含 186 艘液化天然氣運輸船，其中超過 80% 的訂單增加了多年的固定使用期限。

As I mentioned, there's no unfixed vessels scheduled for delivery in 2022 and only 2 in 2023. Due to various factors, including increased demand for container ships and lack of available slots to yards, delivery time for the new building order today is approximately 3 years, making the earliest delivery around 2026.

正如我所提到的，2022 年沒有未確定的船舶計劃交付，2023 年只有 2 艘。由於各種因素，包括對貨櫃船的需求增加和船廠可用艙位不足，目前新建造訂單的交付時間約為 3 年，最早的交付時間約為 2026 年。

Competition for bird slots of the yard as well as cost inflation has also pushed prices above $220 million, up more than 10% compared to last year. Despite the seemingly large number of vessels in the order book, we expect there will be sufficient global demand for LNG to absorb these vessels as they are delivered without depressing the rate and bottom.

院子裡對鳥位的競爭以及成本上漲也導致價格超過 2.2 億美元，比去年上漲了 10% 以上。儘管訂單中的船舶數量看似許多，但我們預計全球對液化天然氣的需求將足以吸收這些船舶，因為它們的交付不會壓低費率和底部。

Slide 20 provides a forecast based upon 2 different statical multiplier of LNG vessel supply and demand by quarter to the end of 2023. The demand forecast are partly based on the number of vessels needed to export 1 million tons of LNG per annum expressed as a shipping multiplier.

投影片 20 提供了基於 2 個不同的靜態乘數的 LNG 船舶供需情況（截至 2023 年底）的預測。需求預測部分基於每年出口 100 萬噸 LNG 所需的船舶數量，以航運乘數表示。

I should note that this analysis does not assume any vessel scrapping. The multiplier using the high vessel demand forecast is based on the historical U.S. multiplier. And the low one is based on the first quarter 2022 vessel demand multiplier, which was impacted by the increased cargo going to Europe and the resulting decrease in ton mile.

我應該指出，這項分析並不假設任何船舶報廢。使用高船舶需求預測的乘數是基於美國歷史乘數。較低的數字是基於2022年第一季船舶需求乘數，該乘數受到運往歐洲的貨物增加和隨之而來的噸英里數減少的影響。

Although there will be a relatively strong growth in global energy shipping capacity, we anticipate that a growth of interbasin trading will more than offset the scheduled deliveries over the next couple of years, resulting in a tight LNG shipping market through 2022 and 2023.

儘管全球能源運輸能力將出現相對強勁的成長，但我們預計，未來幾年跨流域貿易的成長將超過預定的交付量，導致 2022 年和 2023 年液化天然氣運輸市場緊張。

Turning to Slide 22 and in summary. LNG is now recognized more than ever, not only as the stepping stone for energy transition, but also as a reliable and necessary source of energy security. Therefore, we expect a strong LNG demand to persist throughout the year and beyond as trade expand facilitated by a significant infrastructure growth.

翻到投影片 22 並進行總結。液化天然氣現在比以往任何時候都更受認可，它不僅是能源轉型的墊腳石，也是能源安全的可靠和必要來源。因此，隨著基礎設施大幅成長推動貿易擴張，我們預計強勁的液化天然氣需求將持續到今年及以後。

Now in this dynamic environment, we're not only able to cover all or fixed obligation as we showed before, but also our spot exposure provides the opportunity to generate incremental cash flows in the expected tight shipping market ahead of us.

現在，在這個動態的環境中，我們不僅能夠像之前一樣承擔所有或固定的義務，而且我們的現貨敞口還為我們在未來預期緊張的航運市場中產生增量現金流提供了機會。

Finally, we continue to execute well on our strategy to build equity value to our shareholders and deleveraging our balance sheet, repurchasing our pref unit, and we are opportunistically positioning the Partnership to evaluate opportunities for fleet modernization in this dynamic market.

最後，我們繼續很好地執行我們的策略，為股東創造股權價值，降低資產負債表的槓桿率，回購我們的優先股，並且我們正在機會主義地定位合作夥伴關係，以評估在這個充滿活力的市場中實現船隊現代化的機會。

With that, thank you for your attention, and I'd like to open the call for questions.

謝謝大家的關注，現在我開始提問。

(Operator Instructions) And from Webber Research, we have Chris Tsung.

（操作員指示）來自韋伯研究公司的 Chris Tsung。

I wanted to just start off on Slide 7 from the deck. Just wanted to make sure I'm understanding it correctly. If we're starting with the Q1 '22 adjusted EBITDA, I mean the contracted EBITDA for the next 3 quarters around, let's call it, $140 million. Then the gray bars after that eats up about $160 million, which gets us to a full year 2022 contracted adjusted EBITDA for roughly $40 million. Am I looking at that right?

我想從第 7 張投影片開始。只是想確保我理解正確。如果我們從 22 年第一季調整後的 EBITDA 開始，我的意思是未來 3 個季度左右的合約 EBITDA 大約為 1.4 億美元。之後的灰色長條圖消耗了約 1.6 億美元，這使得我們 2022 年全年合約調整後的 EBITDA 達到約 4000 萬美元。我這樣看對了嗎？

Yes. Actually, what we are trying to say this actually -- sorry. What we are trying to say here, Chris, is that our contracted EBITDA is enough to cover all of our fixed obligations. And then on the other side of the slide, we saw what is the number of non-contracted spot vessels, spot days. So we are able to cover our fixed obligations, debt OpEx and all that, without conducted EBITDA. And there is a lot of upside opportunity simply by having open days of 861 days in the seasonally strong part of the year. And we also have 275 days that are linked to the spot market, although they are fixed, but they have a floating element where there is an opportunity of upside by a stronger seasonal market later in the year.

是的。實際上，我們想說的是——抱歉。克里斯，我們在這裡想說的是，我們的合約 EBITDA 足以支付我們所有的固定義務。然後在幻燈片的另一側，我們看到了未簽署現貨船隻的數量和現貨天數。因此，我們無需進行 EBITDA 即可償還固定債務、債務營運支出等。並且，在一年中的旺季，只要有 861 天的營業日，就有很大的成長機會。我們還有 275 天與現貨市場掛鉤，雖然這些天是固定的，但也具有浮動因素，因此今年稍後季節性市場走強，可能會帶來上漲機會。

And on to Slide 11 where you talked about cost control. I read in the 20-F that there were management agreements with GasLog of -- was it $46,000 a day for management fees and commercial management fee at $3.65 per year per vessel. Is that the numbers that were full year '22 estimate, and it's lower than what it was before, is that right?

在第 11 張投影片中您談到了成本控制。我在 20-F 中看到，與 GasLog 簽訂了管理協議——管理費為每天 46,000 美元，商業管理費為每艘船每年 3.65 美元。這是 22 年全年估計的數字嗎？而且比之前的數字低，對嗎？

Yes. We have rationalized the vessel management agreements, we reviewed all. And practically what we did is to reduce the vessel management fee and then increase the administrative fee that covers the G&A, but now that the Partnership is the only listed entity, it covers more public costs alone. So we have a decrease on the vessel management cost and an increase on the administrative costs. We also did a change on the commercial management fees obtained from a fixed fee to a commission. You will see it also in the 20-F.

是的。我們已經合理化了船舶管理協議，並審查了所有內容。實際上，我們所做的就是降低船舶管理費，然後提高涵蓋一般及行政費用的行政管理費，但現在合夥企業是唯一的上市實體，它獨自承擔了更多的公共成本。因此，我們的船舶管理成本減少了，而行政成本增加了。我們也對商業管理費的收取方式進行了調整，由原來的固定費用改為佣金。您還將在 20-F 中看到它。

Okay. And just one last final question. Just looking at your fleet list and vessels on charter, nearly half of them were charter to Shell, who has said that it intends to phase out Russian LNG purchases and also exit Sakhalin-2. Just wanted to know if that or if any of the vessels on time charter now or in the near term have they been impacted by the conflict that's currently going on in Ukraine and Russia?

好的。最後一個問題。只要看一下你們的船隊清單和租賃船隻，就會發現其中近一半是租給殼牌公司的，殼牌公司曾表示打算逐步停止購買俄羅斯的液化天然氣，並退出薩哈林 2 號項目。我只是想知道這艘船或現在或近期按期租船的任何船隻是否受到烏克蘭和俄羅斯當前衝突的影響？

Yes. It's Paolo here. No, we can answer positively, meaning we've had no exposure neither directly nor directly to Russian cargoes and hardly any exposure on the situation in Ukraine apart from, as we mentioned, the fact that we are supporting our seafarers who are exposed to it from a family point of view. But from a commercial point of view, we have no contract that brings us into Russia or impose us to call on Russia. So we have no exposure on this one.

是的。我是保羅。不，我們可以肯定地回答，這意味著我們沒有直接接觸過俄羅斯貨物，也幾乎沒有接觸過烏克蘭局勢，除了我們提到的事實，即我們從家庭的角度支持接觸到烏克蘭局勢的海員。但從商業角度來看，我們並沒有簽訂任何進入俄羅斯或強制我們訪問俄羅斯的合約。所以我們對此沒有任何了解。

And maybe if I could squeeze one last one in, just on your capital allocation. What happens when you reach your leverage targets on Slide 13? Could we see possibly an increase to your distribution?

也許我可以再多問一點，關於你的資本配置。當您達到幻燈片 13 上的槓桿目標時會發生什麼？我們是否可能看到您的分銷量增加？

Yes. Well, thanks for the call. And I think it's probably one of the I hate questions. And we look at it like this, the point is not just when we -- as you correctly mentioned, not when we achieve it, because that's a developing target. But when -- what does achieving this target do to the business. And as we mentioned, the target we have, we believe are the right one, because they sustain GasLog Partners through the cycle, because the shipping industry is still a very cyclical business. We can be more competitive and profitable every year and eventually we can have a very strong balance sheets at the end of all these targets being achieved.

是的。好的，謝謝您的來電。我認為這可能是我最討厭的問題之一。我們是這樣看待這個問題的，關鍵不在於我們何時——正如您正確提到的，不在於我們何時實現它，因為那是一個發展中的目標。但是當實現這個目標時會對業務產生什麼影響呢？正如我們所提到的，我們相信我們的目標是正確的，因為他們能夠在整個週期中支援 GasLog Partners，因為航運業仍然是一個非常週期性的行業。我們每年都可以變得更具競爭力和盈利能力，並且最終在實現所有這些目標後，我們可以擁有非常強勁的資產負債表。

And then our priorities are remaining these ones on the fact that eventually we'll have to look at opportunities as they come up in the market. And as we also look at the rejuvenating our fleets. But all in all, the first commitment is to deliver it, as we call it, equity value to our shareholders and we believe the combination of these targets is the best way to sort of visualize it for everyone.

我們的首要任務仍然是，最終我們必須尋找市場上出現的機會。我們也在考慮更新我們的艦隊。但總而言之，首要的承諾是向股東實現我們所謂的股權價值，我們相信這些目標的結合是讓每個人都能直觀地看到它的最佳方式。

From Jefferies, we have Chadd Tribo.

來自 Jefferies 的 Chadd Tribo 說。

So you guys recently signed 2 new charters for the Sydney and Santiago for roughly a year each. So looking at the 6 vessels coming open in '22 is still remaining. Would you look to continue to look those on shorter-term charters or maybe look at some longer-term options?

所以你們最近為雪梨號和聖地牙哥號簽署了兩份新的租約，每份租約為期約一年。因此，預計 22 年將有 6 艘船投入運作。您會繼續考慮短期租船，或考慮一些長期選擇？

It's Paolo. I think we're really looking at a combination. As you see now, the term market is relatively high. I mean, definitely higher than we've seen in the past years and surely in the past quarter 2021. The GasLog Sydney has been a testimonial of the fact that, if the opportunity arises then we are there to take it. And I think these opportunities will come to us even more frequently as we move into -- toward summer time and eventually quarter 3 -- quarter 2 and quarter 3 of this year. So I think the tactic is to evaluate, what is the best for the opportunity we have at hand and be open to take term business or spot business as it comes available. Given today's trends definitely term business is the most interesting of the 2.

是保羅。我認為我們確實在尋找一種組合。正如您現在所看到的，期限市場相對較高。我的意思是，這肯定比過去幾年以及 2021 年最後一個季度的業績要高。 GasLog Sydney 證明了這樣一個事實：如果機會出現，我們就會抓住它。我認為，隨著我們進入夏季以及今年第二季和第三季度，這些機會將會更加頻繁地出現。因此，我認為策略是評估什麼最適合我們目前的機會，並願意接受長期業務或現貨業務。鑑於當今的趨勢，術語業務無疑是兩者中最有趣的。

And then maybe just a quick modeling question. Can you maybe quantify the expected annual savings from repurchasing the $10 million of preference in the first quarter?

然後也許只是一個快速建模問題。您能否量化第一季回購 1,000 萬美元優先股預計每年能省下多少錢？

Yes. We are taking this slide actually. Listen, on average we are paying half, let's call it, coupon. So for every $10 million it is slightly less than $1 million. Up to now, we have bought back $28 million. So this gives a $2.4 million annualized saving, which if you divide the $2.4 million with the number of common units that we have, it is $0.05 per unit.

是的。我們實際上正在播放這張投影片。聽著，平均而言，我們只付一半的錢，我們稱之為優惠券。因此，每 1000 萬美元就略少於 100 萬美元。到目前為止，我們已經回購了2800萬美元。因此，這可以帶來 240 萬美元的年度節省，如果將 240 萬美元除以我們擁有的普通單位數量，則為每單位 0.05 美元。

From Citigroup, we have Chris Wetherbee.

來自花旗集團的克里斯·韋瑟比 (Chris Wetherbee) 是我們的嘉賓。

It's Eli Winski on for Chris Wetherbee. Maybe we can just start a little bit broadly and you can walk me through the Russia-Ukraine impact. So how does it impact the day-to-day operations during the first quarter and how does it restrict the movement of LNG cargoes for you guys?

伊萊溫斯基 (Eli Winski) 取代克里斯韋瑟比 (Chris Wetherbee)。也許我們可以從更廣泛的角度開始，您可以向我介紹俄羅斯和烏克蘭的影響。那麼它對第一季的日常營運有何影響？又如何限制你們的液化天然氣貨物運輸？

Hi, it's Paolo. The impact we have on the quarter one is really all due to the COVID-19 pandemic persisting and the Omicron behind, which has hit us for additional costs as Achilleas has already explained. So we haven't seen and then the Partnership has not, let's say, being exposed to any kind of impact, direct impact for the situation developing in Ukraine and for the sanctions and let's say, additional restrictions coming up in the market because of the Russian dynamics. So I think that's maybe part of the answer.

你好，我是保羅。我們對第一季的影響實際上全部歸因於 COVID-19 疫情的持續以及 Omicron 的落後，正如 Achilleas 已經解釋的那樣，這給我們帶來了額外的成本。因此，我們還沒有看到，夥伴關係沒有受到任何影響，沒有受到烏克蘭局勢發展和製裁的直接影響，也沒有受到由於俄羅斯的動態而對市場產生的額外限制的影響。所以我認為這也許是答案的一部分。

On the second part, from the LNG point of view. I mean I think we all see, as we mentioned, what's happening, energy security is now sort of top of mind together with LNG transition and LNG infrastructure are being looked at and deployed in Europe at an unprecedented rate. As you know, there is more than 90 million tons, which are being delivered every year of Russian pipeline gas, and the European Union has made important targets to achieve substantial reductions already at the end of 2022. And that only comes in by providing infrastructure developments, especially from FSRU on one side, and therefore importing a significant amount of LNG to this infrastructure.

第二部分，從LNG的角度來說。我的意思是，正如我們所提到的，我們都看到了正在發生的事情，能源安全現在成為人們關注的焦點，同時液化天然氣轉型和液化天然氣基礎設施正在以前所未有的速度在歐洲受到關注和部署。眾所周知，俄羅斯每年透過管道輸送的天然氣超過 9,000 萬噸，歐盟已製定重要目標，在 2022 年底前大幅減少天然氣排放量。而要實現這一目標，一方面需要建造基礎設施，特別是 FSRU，另一方面需要進口大量液化天然氣。

I think one point on this is, last year, we closed up with an overhang of FSRU in the market, which was approximately 8 vessels. These vessels are now virtually all committed to being deployed in Europe. And keep in mind that, every one of these vessel not only will leave the LNG charter market, but will also need for a vessel that has a 5 million ton per year capacity approximately 5 vessels each. So I mean these are not fixed numbers, but I think it gives you the idea of what is the additional shipping capacity that we'll need to come if you only look at Europe alone.

我認為其中的一點是，去年，我們在市場上出現了 FSRU 過剩的情況，大約有 8 艘船。這些船隻目前幾乎全部承諾部署在歐洲。請記住，這些船隻中的每一艘不僅將退出液化天然氣租賃市場，而且每艘還需要大約 5 艘年運力為 500 萬噸的船隻。所以我的意思是這些不是固定的數字，但我認為它能讓你了解如果只看歐洲，我們需要多少額外的運輸能力。

And I heard you guys mention this, but maybe we can just -- I can get some more clarity from you in terms of securing capacity for the winter this year. What has been the strategies to make sure that you guys can do that?

我聽到你們提到了這一點，但也許我們可以——我可以從你們那裡得到更多關於如何確保今年冬季的容量的更清晰的信息。你們採取了什麼策略來確保能夠做到這一點？

Sorry, I lost you. Securing capacity for?

對不起，我失去你了。確保容量？

The winter of this year.

今年的冬天。

Okay. Well, as we mentioned, I mean if you see on the appendix, the amount of vessels or the vessels that we have open are actually coming open mostly on quarter 3 and quarter 4 this year. The vessel that we had open on early this -- well, that we had open around at that time was the Sydney and we fixed that already. The other vessels that are coming open, we have already entertaining inquiries and we see that there is an increasing plan of asking term business from quarter 3 and quarter 2 onwards.

好的。嗯，正如我們所提到的，我的意思是，如果您在附錄中看到，我們開放的船隻數量實際上主要在今年第三季和第四季開放。我們早些時候開放的船隻——嗯，當時我們開放的船隻是悉尼號，我們已經確定了這一點。對於其他即將開放的船隻，我們已經接到了詢問，並且我們看到從第三季度和第二季度開始，定期業務的詢問計劃有所增加。

So we believe that the market will definitely sustain healthy rate, whether on the spot, which is due to come up as we approach the seasonally strong months of fall and winter as well as term charter, because there's also a scarcity of independent ships available in the market and the amount of relapse will soon clean us as charterers and traders will eventually position themselves for winter.

因此，我們相信市場肯定會維持健康的費率，無論是現貨費率（隨著我們接近秋季和冬季的季節性旺季，現貨費率將會上升）還是定期租船費率，因為市場上可用的獨立船舶也很少，而且隨著租船人和貿易商最終為冬季做好準備，復發的數量很快就會消失。

From Stifel, we have Ben Nolan.

來自 Stifel 的 Ben Nolan 是我們的嘉賓。

This is Frank Galanti on for Ben. I wanted to ask kind of a more market question on vessel speeds. So given the really high price of fuel, where does the market stand from a vessel speed perspective and is that sort of split between the more efficient and the older steam vessels?

我是弗蘭克‧加蘭蒂 (Frank Galanti)，代替本。我想問一個關於船速的更市場化的問題。那麼，考慮到燃料價格確實很高，從船速的角度來看市場處於什麼位置，高效的蒸汽船和老式蒸汽船之間是否存在分歧？

I think what we can give you is the view from our deck. And the view from our deck is that the vessel speeds has maintained until now generally at the level that we've seen before. So our vessels are typically sailing at around between 14.3 and 14.8 not that was the consolidated figures that we also reported in our ESG record, so that's another source where you can find this information. That is not an even picture, however, typically older vessels are speeding up in the winter time and slowing down in the, let's say, quarter 2 and maybe quarter 3 months. We haven't seen any developments on this part. I think what we see is that charterers are instructing us to burn fuel oil or diesel oil when they need to move rather than burning heal. And I think it makes sense, because they are trying to utilize the molecules as much as they can for the saving rather for the fuel.

我認為我們可以為您提供的是從我們的甲板上看到的風景。從我們的甲板上看，船速到目前為止基本上維持在我們以前見過的水平。因此，我們的船隻通常以 14.3 到 14.8 之間的速度航行，這不是我們在 ESG 記錄中報告的綜合數字，因此這是您可以找到此資訊的另一個來源。然而，這並不是一個均勻的情況，通常老船在冬季會加速，而在第二季或第三季會減速。我們尚未看到這方面有任何進展。我認為我們看到的是，租船人指示我們在需要移動時燃燒燃油或柴油，而不是燃燒汽油。我認為這是有意義的，因為他們試圖盡可能利用分子來節約能源而不是作為燃料。

And then I guess more to the Partnership specifically, and this is sort of a 2-parter. But towards the end of the presentation, you mentioned fleet modernization. I just kind of wanted to get more color on what that sort of looked like. And then secondly, is there anything that you can do to improve steam vessels performance in order to better compete with newer equipment?

然後我想更多地具體地談論合作夥伴關係，這是一個分為兩部分的內容。但在演講即將結束時，您提到了艦隊現代化。我只是想更詳細地了解一下它看起來是什麼樣子的。其次，您可以做些什麼來提高蒸汽容器的性能，以便更好地與新設備競爭？

Okay. Yes. So fleet modernization is, I think, it's a topic that eventually is in the outlook for the Partnership. We believe that our steam vessels are above, let's say, our steam vessels are among the most modern and the largest of the steam vessels around there. And to remind you, the steam vessels are still accounted for 1/3 of the overall fleet. However, there's no hiding, these vessels are not as efficient in the overall trade as the modern 2-stroke engines, but there are terminals and place where these vessels makes sense are still very competitive. So I think from that point of view, eventually we'll be looking at the best way to deploy the steam vessels and eventually the modernization will start from, if not, accretive acquisitions, maybe sort of a changeover from the steam vessels to more modern tonnage. And that's something that I think it makes sense in the outlook for the Partnership.

好的。是的。因此，我認為，艦隊現代化是夥伴關係前景中最終要討論的議題。我們相信，我們的蒸汽船是頂尖的，可以說，我們的蒸汽船是周圍最現代化、最大的蒸汽船之一。需要提醒您的是，蒸汽船仍然佔整個船隊的三分之一。然而，無可否認的是，這些船舶在整體貿易中不如現代二衝程發動機那麼高效，但在碼頭和使用這些船舶的地方仍然非常具有競爭力。因此，我認為從這個角度來看，我們最終會找到部署蒸汽船的最佳方式，最終的現代化將從增值收購開始，如果不是的話，也許是從蒸汽船到更現代化噸位的轉變。我認為這對夥伴關係的前景來說是有意義的。

And with regards of the efficiency, as I mentioned, our 145 steam vessels are on the largest we have, and they're relatively young. So we believe that they are a good alternative to compete, especially in ad hoc trades with the other vessels on par. So our vessels are very well maintained. You can see the emission statements also in the ESG part. There's also, I think, an interesting overall debt story, and I'll leave it to Achilleas to mention on this one. It's not specifically operational, but I think it's interesting.

至於效率，正如我所提到的，我們的 145 艘蒸汽船是我們擁有的最大的蒸汽船，而且它們相對年輕。因此，我們相信它們是一個很好的競爭選擇，特別是在與其他同類船隻進行臨時貿易時。所以我們的船保養得很好。您也可以在 ESG 部分看到排放聲明。我認為還有一個有趣的整體債務故事，我將把這個留給阿喀琉斯來提及。雖然沒有具體操作，但我覺得還蠻有趣的。

It is interesting. It is thank you, Paolo. Because we have lower debt balances on these teams. And this means that they have lower breakeven levels and our strategy to reduce our balance sheet fast actually makes them even more competitive. So all this make these things operating with lower breakeven in a much more competitive LNG shipping market that we project the years ahead. So I think it works. I think Paolo that was another element on if we cannot make upgrades.

這很有趣。謝謝你，保羅。因為我們對這些球隊的債務餘額較低。這意味著他們的損益平衡水準較低，而我們快速縮減資產負債表的策略實際上使他們更具競爭力。因此，我們預測，在未來幾年競爭更加激烈的液化天然氣運輸市場中，所有這些都會導致這些企業的損益平衡點降低。所以我認為它是有效的。我認為保羅，這是我們無法升級的另一個因素。

Can you hear us, Frank?

你聽得到我們說話嗎，弗蘭克？

Yes, yes. I didn't know you had ended. I doubt it might have been cut out.

是的，是的。我不知道你已經結束了。我懷疑它可能被剪掉了。

We will now turn it back to our speakers for closing comments.

現在我們將把時間交還給發言者，請他們發表結束語。

Okay. Thank you. Thank you, everyone, for today. Thank you for the questions and for listening and for your continued interest in the Partnership. We really appreciate it. We look forward to speaking to you in the next quarter. And really, really looking forward to seeing you all in-person soon. In the meantime, stay safe and if you have any questions, please contact our Investor relationship teams and Rob. Thank you all and have a great day today. Bye.

好的。謝謝。今天謝謝大家。感謝你們的提問與傾聽，以及對夥伴關係的持續關注。我們非常感激。我們期待下個季度與您交談。我真的非常期待很快能與你們見面。同時，請注意安全，如有任何疑問，請聯絡我們的投資者關係團隊和 Rob。謝謝大家，祝大家今天過得很愉快。再見。

Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect.

謝謝。女士們、先生們，今天的會議到此結束。感謝您的加入。您現在可以斷開連線。