Dorian LPG Ltd (LPG) 2024 Q3 法說會逐字稿

Good morning and welcome to the Dorian LPG's Third Quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode and a brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. Additionally, a live audio webcast for today's conference call is available on Dorian LPG's website, which is w. w. w. dot Dorian LPG com.

早安，歡迎參加 Dorian LPG 2024 年第三季財報電話會議。此時，所有參與者都處於僅聽模式，正式演示後將進行簡短的問答環節。提醒一下，本次會議正在錄製中。此外，Dorian LPG 的網站上還提供今天電話會議的現場音訊網路廣播，網址為： w。 w。點Dorian LPG com。

I would like to now turn the conference over to Ted Young, Chief Financial Officer. Thank you, Mr. Young. Please go ahead.

我現在想將會議交給財務長特德楊 (Ted Young)。謝謝你，楊先生。請繼續。

Thank you, Rob. Good morning and thank you all for joining us for our third quarter 2024 Results Conference Call. With me today are John Hadjipateras, Chairman, President and CEO of Dorian LPG limited John Lucarelli, Chief Executive Officer of Dorian LPG USA, and Tim Hansen, Chief Commercial Officer.

謝謝你，羅布。早安，感謝大家參加我們的 2024 年第三季業績電話會議。今天與我在一起的有 Dorian LPG 有限公司董事長、總裁兼執行長 John Hadjipateras Dorian LPG USA 執行長 John Lucarelli 和首席商務長 Tim Hansen。

As a reminder, this conference call, webcast and a replay of this call will be available through February eighth, 2024. Many of our remarks today contain forward looking statements based on current expectations. These statements may often be identified with words such as expect, anticipate, believe or similar indications of future expectations. Although we believe that such forward-looking statements are reasonable, we cannot assure you that any forward-looking statements will prove to be correct. These forward-looking statements are subject to known and unknown risks and uncertainties and other factors as well as general economic conditions. Should one or more of these risks or uncertainties materialize or should underlying assumptions or estimates prove to be incorrect, actual results may vary materially from those we expressed today.

請注意，本次電話會議、網路廣播和本次電話會議的重播將持續到 2024 年 2 月 8 日。我們今天的許多言論都包含基於當前預期的前瞻性陳述。這些陳述通常可以用諸如期望、預期、相信或類似的未來預期指示等詞語來識別。儘管我們相信此類前瞻性聲明是合理的，但我們不能向您保證任何前瞻性聲明都將被證明是正確的。這些前瞻性陳述受到已知和未知的風險和不確定性以及其他因素以及一般經濟狀況的影響。如果這些風險或不確定性中的一項或多項成為現實，或者基本假設或估計被證明是不正確的，則實際結果可能與我們今天表達的結果有重大差異。

Additionally, let me refer you to our unaudited results for the period ended December 31st, 2023 that were filed this morning on Form 10 Q. In addition, please refer to our filings on Forms 10 K and Form 10 K, where you'll find risk factors that could cause actual results to differ materially from those forward-looking statements.

此外，請參閱我們今天上午在表格10 Q 上提交的截至2023 年12 月31 日期間未經審計的業績。此外，請參閱我們在表格10 K 和表格10 K 上提交的文件，您可以在其中找出可能導致實際結果與前瞻性陳述有重大差異的風險因素。

Finally, please also refer to the investor highlights. Slides posted this morning on our website, which we will refer during the call with that, I'll turn over the call to John Hadjipateras.

最後，還請參閱投資者亮點。今天早上在我們的網站上發布了幻燈片，我們將在電話會議期間參考幻燈片，我將將電話轉給約翰·哈吉帕特拉斯 (John Hadjipateras)。

Thank you, and thank you for joining us. John Corus had Tim and me to discuss our third quarter financial play 24 results. As you will hear in more detail from 10 in the financial year to date, we earned a record average TCE, record spot TCE and record EBITDA while maintaining a strong balance sheet and capital to invest in our segment and in our decarbonization initiatives, we continue to return capital to our shareholders, including our recently declared $1 per share dividend. We will have returned over $690 million to shareholders since our IPO.

謝謝您，也謝謝您加入我們。約翰·科魯斯 (John Corus) 讓蒂姆和我討論了我們第三季度的財務 Play 24 結果。正如您將在本財年迄今為止的第10 個財年中聽到的更詳細信息，我們獲得了創紀錄的平均TCE、創紀錄的現貨TCE 和創紀錄的EBITDA，同時保持強勁的資產負債表和資本投資於我們的細分市場和脫碳計劃，我們繼續向股東返還資本，包括我們最近宣布的每股 1 美元股息。自 IPO 以來，我們將向股東返還超過 6.9 億美元。

As one of the largest share operators in our segment, we believe we are well positioned to continue our profitable performance in the LPG sector and beyond. More than 40 ships were absorbed into the fleet in 2023, a 12% addition, this was the largest number of ships delivered in a single year since a delivery in 2016 of 46 ships, which represented 23% of the then existing fleets.

作為該領域最大的股份營運商之一，我們相信我們有能力繼續在液化石油氣產業及其他領域實現盈利。2023年，船隊吸收了40多艘船舶，增加了12%，這是自2016年交付46艘船舶以來單年交付船舶數量最多的一年，佔當時現有船隊的23%。

Of the 17 new buildings slated for delivery in 2024. We have already started trading. We deal with the market volatility of 2023, if I could quickly, but that if rates spiked as evidence of the demand and supply being close to equilibrium, the recent near total elimination of waiting time. So they can now, which is no draft restricted, is not sustainable. The Canal Authority and prioritizing container ships and LNG ships. Over LPG., there are 109 new Panamax containerships and 73 LNT ships slated for delivery this year for these reasons as well as the power reduction reduction resulting in slower speeds, which didn't happen last year.

計劃於 2024 年交付的 17 座新建築中。我們已經開始交易了。如果我能盡快的話，我們會應對 2023 年的市場波動，但如果利率飆升作為需求和供應接近均衡的證據，那麼最近幾乎完全消除了等待時間。所以他們現在這樣的情況，沒有選秀限制，是不可持續的。運河管理局優先考慮貨櫃船和液化天然氣船。在液化石油氣方面，今年預計將有 109 艘新巴拿馬型貨櫃船和 73 艘 LNT 船交付，因為功率減少導致航速下降，而去年並沒有發生這種情況。

We are optimistic. One is our side. We continue to invest in improving the quality of life of our displays, Ukrainians seafarers and their families. We recently introduced a simplified payment system through an e-wallet that enables them to receive their monthly allotment quickly on with less apps.

我們很樂觀。一個是我們這邊。我們繼續投資改善我們的顯示器、烏克蘭海員及其家人的生活品質。我們最近透過電子錢包推出了簡化的支付系統，使他們能夠使用更少的應用程式快速收到每月的配額。

On the social front, we will enter our chef n a pilot program through the wallboard alliance with Global Maritime Forum sponsored initiative, which will enable accelerated data selection regarding diversity and increased opportunities flow generators at sea. We are evaluating compelling mission saving devices and low friction change for our ships.

在社會方面，我們將透過與全球海事論壇發起的牆板聯盟開展試點計劃，這將加速有關多樣性的數據選擇，並增加海上流量發生器的機會。我們正在評估我們船舶的引人注目的任務節省裝置和低摩擦變化。

During Q3, we paid a lot of our dried auctions with silicon paid and have signed new contracts for energy saving devices that will be retrofitted in the coming year. We also continue our real-time emission monitoring program and have been happening enhance the initiative by installing manned Echo for engine diagnostics tool for 20 of our own chips. We have expanded our Performance Team in Denmark by adding a mechanical engineer. We ordered a newbuilding VLGC where they see from Han Wei shipyard in Korea for delivery in 2026 that are investigating opportunities to upgrade some of our existing ships to carry ammonia John Elicker, who will speak further on its profits to your four.

在第三季度，我們用矽支付了很多乾拍賣，並簽署了新的節能設備合同，這些設備將在來年進行改造。我們還繼續實施即時排放監測計劃，並透過為 20 個我們自己的晶片安裝用於引擎診斷工具的載人 Echo 來增強該計劃。我們透過增加一名機械工程師來擴大丹麥的性能團隊。我們從韓國韓偉造船廠訂購了一艘新建的VLGC，預計將於2026 年交付，該公司正在研究升級我們的一些現有船舶以運載氨的機會John Elicker，他將向你們四位進一步談論其利潤。

Thank you, John. My comments this morning will focus on our financial position and liquidity, our unaudited third quarter results and our capital allocation decisions. At December 31, 2023, we reported $208.5 million of free cash, which represented a very solid increase from the $192 million reported at the end of September.

謝謝你，約翰。我今天早上的評論將重點放在我們的財務狀況和流動性、未經審計的第三季業績以及我們的資本配置決策。截至 2023 年 12 月 31 日，我們報告了 2.085 億美元的自由現金，這比 9 月底報告的 1.92 億美元有了非常強勁的增長。

The $208.5 million, of course, reported after the payment of the $40 million dividend that was declared and paid during the December quarter. As of January 31, we had an unrestricted cash balance of $215 million, which is net of the $23.8 million down payment made on our VLGC/AC newbuilding during January 2024.

當然，這 2.085 億美元是在支付了 12 月季度宣布並支付的 4000 萬美元股息之後報告的。截至 1 月 31 日，我們的無限制現金餘額為 2.15 億美元，扣除 2024 年 1 月期間為 VLGC/AC 新造船支付的 2,380 萬美元首付款。

We did not consolidate the P&L or balance sheet accounts of the Helios Pool, which has the effect of understating our reported cash. As of January 31, 2023, the pool held cash of $36.2 million and since we have a roughly 86% economic interest in the pool, it equates to cash of approximately $31 million, which is not otherwise reported on our balance sheet.

我們沒有合併 Helios Pool 的損益表或資產負債表帳戶，這會低估我們報告的現金。截至2023 年1 月31 日，該資金池持有現金3,620 萬美元，由於我們在該資金池中擁有約86% 的經濟權益，因此相當於約3,100 萬美元的現金，而我們的資產負債表上並未報告此金額。

With a debt balance at quarter end of $623.8 million, our debt to total book capitalization stood at 38.8% and net debt to total book capitalization at 25.8%. As we have previously reported, our banks agreed to increase our revolving credit facility from $20 million to $50 million and derived a $100 million accordion line for vessel acquisitions to the facility.

季末債務餘額為 6.238 億美元，債務佔帳面總資本的 38.8%，淨債務佔帳面總資本的 25.8%。正如我們之前報導的那樣，我們的銀行同意將我們的循環信貸額度從 2000 萬美元增加到 5000 萬美元，並為該額度的船舶收購提供了 1 億美元的手風琴額度。

We are grateful for their support and for their endorsement of our stewardship of their capital. We've begun to evaluate various pre and post delivery financing options for our VLGC/AC. with an aim of maintaining our low debt costs and high level of financial flexibility.

我們感謝他們的支持以及對我們對其資本管理的認可。我們已經開始評估 VLGC/AC 的各種交付前和交付後融資方案。旨在維持我們的低債務成本和高水準的財務靈活性。

Looking forward, we expect our cash cost per day for the coming year to be in the range of $25,000 to $26,000 per day, excluding capital expenditures for drydocking and potentially upgrades for ammonia capability, our existing fleet, which John will discuss later for the discussion of our third quarter results. You also may find it useful to refer to the investor highlights slides posted this morning on our website. I will also remind you that my remarks will include a number of terms such as TC. operating days available days and adjusted EBITDA. Please refer to our filings for the definitions of these terms.

展望未來，我們預計來年每天的現金成本將在每天 25,000 美元至 26,000 美元之間，不包括乾船塢的資本支出和氨能力的潛在升級，我們現有的船隊，約翰將在稍後討論我們第三季的業績。您可能還會發現參考今天早上在我們網站上發布的投資者亮點幻燈片很有用。我還要提醒大家，我的發言將包括一些術語，例如 TC。營業天數、可用天數和調整後的 EBITDA。請參閱我們的文件以了解這些術語的定義。

For third quarter chartering results, we achieved the TCE $76,337 per operating day with a total utilization of 93.6%, yielding utilization adjusted TCE of about $71,431. This TCE result represents the best in the Company's history.

對於第三季的租船結果，我們實現了每個工作日的 TCE 76,337 美元，總利用率為 93.6%，利用率調整後的 TCE 約為 71,431 美元。這一 TCE 結果代表了公司歷史上最好的結果。

As our entire spot trading program is conducted through the Helios Pool. The spot rent results for Helios are the best measure of our spot chartering performance. For the December 31, quarter, the Helios Pool or the spot TC of $91,417 per day, which is the highest spot rate the pool has ever earned for a quarter.

因為我們整個現貨交易程序都是透過Helios Pool進行的。Helios 的現貨租金結果是衡量我們現貨租船表現的最佳衡量標準。對於 12 月 31 日的季度，Helios Pool 或即期 TC 每天為 91,417 美元，這是該池在一個季度賺取的最高即期匯率。

On page 4 of the investor highlights materially, you can see that we have five Dorian vessels on time charter within the pool, plus one MOL Energia vessel indicating spot exposure of about 75% to 80% for the 27 vessels in the Helios Pool.

在投資者要點的第4 頁上，您可以看到池內有5 艘定期租用的Dorian 船舶，加上一艘MOL Energia 船舶，顯示Helios 池中27 艘船舶的現貨敞口約為75% 至80% 。

Turning to the quarter ending March 31, 2024, we currently have over 60% of the available days in the Helios Pool booked at a time charter equivalent in excess of $100,000 per day, reflecting the very strong rates booked earlier for voyages that will be carried out this calendar quarter. Please note that that rate includes both spot fixtures and time charters.

截至 2024 年 3 月 31 日的季度，我們目前在 Helios Pool 中超過 60% 的可用天數以相當於每天超過 100,000 美元的定期租船預訂，這反映出早期預訂的航程價格非常強勁本季度發布。請注意，該費率包括現貨賽程和定期租船。

Our OpEx per calendar day, excluding drydocking costs was $9,909, which was down somewhat sequentially from the prior quarter. Reductions in lubricants and spares and stores drove the decline our time charter and expense for the fourth time charter-in vessels came in at $8.4 million, which is lower than budgeted due to some fuel efficiency underperformance claims.

我們每個日曆日的營運支出（不包括乾塢成本）為 9,909 美元，比上一季略有下降。潤滑油、備件和物料的減少導致我們的定期租船費用下降，第四次租船費用為 840 萬美元，由於一些燃油效率表現不佳的索賠，該費用低於預算。

Total G&A for the quarter was $7.7 million and cash G&A, that is G&A, excluding noncash compensation expense, was about $6.3 million. Of that $6.3 million, about $500,000 included aid to our Ukrainian seafarers and some employee bonuses. Thus, our core G&A came in at roughly $5.8 million, which is consistent with our expectations.

本季的 G&A 總額為 770 萬美元，現金 G&A（即不包括非現金補償費用的 G&A）約為 630 萬美元。在這 630 萬美元中，約 50 萬美元包括對烏克蘭海員的援助和一些員工獎金。因此，我們的核心管理費用約為 580 萬美元，這與我們的預期一致。

Non-cash compensation expense for the quarter was $1.4 million, which is consistent with the guidance that we gave last quarter. Our reported adjusted EBITDA for the quarter was $133 million, which is the best quarterly adjusted EBITDA in our corporate history. Our adjusted EBITDA for the last 12 months is nearly $415 million.

本季的非現金補償費用為 140 萬美元，這與我們上季度給出的指導一致。我們報告的本季調整後 EBITDA 為 1.33 億美元，這是我們公司歷史上最好的季度調整後 EBITDA。過去 12 個月我們調整後的 EBITDA 接近 4.15 億美元。

Turning to debt service, our cash interest expense, which we calculate as the sum of the line items, interest expense excluding deferred financing fees and other loan expenses and realized gain loss on interest rate swap derivatives for the quarter was $7.5 million, a decline of about $200,000 from the prior quarter, reflecting lower average debt in our all-in cost of debt of about 4.7%, which I would note, is below current floating SOFR rates. Quarterly principal amortization remained steady at $13.3 million.

說到償債，我們的現金利息費用（我們計算為各行項目、不包括遞延融資費用和其他貸款費用的利息費用以及本季度利率掉期衍生品的已實現收益損失之和）為750 萬美元，下降了較上一季減少約 20 萬美元，反映出我們總債務成本中的平均債務較低，約為 4.7%，我要指出的是，低於當前的浮動 SOFR 利率。季度本金攤銷穩定在 1,330 萬美元。

Our trailing 12 month net income is about $304 million. And with average book shareholders equity for the same 12 month period of roughly $[911] million, we generated a 33.4% return on shareholders' equity. We are proud of this result because it not only reflects the strong profitability that our platform can generate. It also shows that we've managed to keep our shareholders' equity at an appropriate level, balancing retention of capital while still paying a meaningful dividend to our shareholders. The $1 per share dividend declared last week and payable on February 27, to shareholders of record February 5, 2024, brings our total dividends paid to $11.50 per share or nearly $465 million in aggregate.

我們過去 12 個月的淨利潤約為 3.04 億美元。由於同一 12 個月期間的平均帳面股東權益約為 [911] 百萬美元，我們的股東權益報酬率為 33.4%。我們對這一結果感到自豪，因為它不僅反映了我們平台可以產生的強勁盈利能力。它還表明我們成功地將股東權益保持在適當的水平，在保留資本的同時仍然向股東支付有意義的股息。上週宣布的每股 1 美元股息將於 2 月 27 日支付給 2024 年 2 月 5 日登記在冊的股東，使我們支付的股息總額達到每股 11.50 美元，即總計近 4.65 億美元。

We understood

我們明白

Ladies and gentlemen, please stand by. Our team are experiencing technical difficulties. Our conference will begin momentarily.

女士們先生們，請稍候。我們的團隊遇到了技術困難。我們的會議馬上就要開始了。

Thank you. Once again, ladies gentlemen, Israel and Your teleconference will resume momentarily.

謝謝。女士們先生們，以色列和你們的電話會議將再次恢復。

Thank you. Thank you for standing by. Ladies and gentlemen, please please continue.

謝謝。謝謝你的支持。女士們先生們，請繼續。

And thanks, Rob. Again, we're positive on the long-term prospects of our business, but we are mindful of the near term headwinds.

謝謝，羅布。同樣，我們對業務的長期前景持樂觀態度，但我們也注意到近期的不利因素。

With that, I'll pass it over to Tim Hansen.

接下來，我會將其轉交給提姆·漢森。

Yes, good day, everyone, and thanks for dialing in as always, the VLGC market created some interesting times for the participants. A record-setting strength of December contrasted sharply with the market during January 2020. For the quarter ending December 31st, 23. So record-breaking high freight levels for VLGCs, primary drivers of the firm freight market for dividing line in the US to Asia albatross, several new restrictions applies to the Panama Canal and subsequent vessel routing decisions amid the uncertainty about the Panamax and the Suez Canal transits.

是的，大家好，感謝您一如既往地撥打電話，VLGC 市場為參與者創造了一些有趣的時光。12 月創紀錄的強勢與 2020 年 1 月的市場形成鮮明對比。截至 12 月 31 日的季度 23 日。因此，超大型液化天然氣船的貨運水準創歷史新高，是美國至亞洲分界線貨運市場穩定的主要推動力，巴拿馬運河和蘇伊士運河的不確定性對巴拿馬運河實施了幾項新的限制，並導致隨後的船舶航線決策過境。

Turning first to the arbitrage in North America, production of natural gas liquids continued to increase inventories to record levels. This was amidst an unseasonably warm start to the winter, increased supply of LPG, lower US export prices, offsetting some of the short-term concerns about Asia import demand as a leader was also at the level it was also experiencing a weak winter. The effect of the drop in Panama has been widely discussed. The Panama Canal introduce new restrictions on deals as she transitions at the end of October, a severe reduction of order level necessitated a reduction in daily transits with the cost of booking chances of VLCCs becoming more expensive.

首先轉向北美的套利，天然氣液體生產繼續將庫存增加至創紀錄水準。這是在冬季異常溫暖的開始、液化石油氣供應增加、美國出口價格下降的情況下，抵消了對亞洲進口需求的一些短期擔憂，因為亞洲領先者也正經歷冬季疲軟的水平。巴拿馬經濟下降的影響引起了廣泛的討論。巴拿馬運河在十月底過渡時引入了新的交易限制，訂單量嚴重減少，導致每日運輸量減少，VLCC 的預訂成本變得更加昂貴。

By the first week of November, offers for new Panama Canal transits reached a peak of just under $4 million and some operators face the real possibility of not being able to secure a northbound transit. VLGCs were opting for alternative routes, some churning around Mid Pacific to avoid uncertainty of the Panama Canal and a few opting to ballast around South America, resulting in increased ton miles as well as impacting lead time for owners and charters in estimating arrival in the US Gulf for loading scheduling impact was eventually price into the freight levels and Lakers are fixed almost two months forward of the fixing window. The uncertainties about scheduling and the cost impact a pipe of business in both balanced and in label with shadow space and potentially restrictive high, often the prices at the Panama Canal or choosing the longer laden passage via the Suez Canal.

到 11 月第一周，巴拿馬運河新航線的報價達到了近 400 萬美元的峰值，一些營運商面臨著無法確保北行航線的真正可能性。VLGC 選擇替代航線，其中一些在中太平洋附近航行，以避免巴拿馬運河的不確定性，還有一些選擇在南美周圍壓載，導致噸英里數增加，並影響船東和租船人預計抵達美國的交貨時間海灣地區對裝載調度的影響最終被價格計入貨運水平，而湖人隊則在修復窗口前近兩個月修復了問題。調度和成本的不確定性影響著業務管道的平衡和標籤，其中有陰影空間和潛在的限制性高價，通常是巴拿馬運河的價格或選擇通過蘇伊士運河的較長滿載通道。

On average, the quarter ending December 23 averaged 25 VLGCs ballasting to the US Gulf, which was 10 months compared to an average of 13 VLCCs per month on the quarter. Prior source Canal routing was preferred investments in ballast and laden to such a degree that in December, the Baltic Index. So few rates are fixed under the agreed index of Houston Chiba near Panama terms with the bulk of fixtures being reported on issues in Chiba. The issue was raised the shift in pricing loans made assessment of the market, more difficult. It testifies to the significant shift in trading routes for the VLGCs over the period.

平均而言，截至 12 月 23 日的季度平均有 25 艘 VLGC 壓載至美國海灣，這一周期為 10 個月，而該季度平均每月有 13 艘 VLCC。先前來源的運河路線是壓艙物的首選投資，並且在 12 月波羅的海指數達到如此高的水平。根據巴拿馬條款附近的休士頓千葉商定指數，固定的利率非常少，大部分固定裝置都報告了千葉的問題。這個問題被提出，貸款定價的轉變使得市場評估變得更加困難。它證明了在此期間 VLGC 貿易路線發生了重大轉變。

However, geopolitical tensions in the Middle East methodology, which was a short-lived solution withdrawn and missile attacks and directly escalated through December operators began to decline Richie rude on grounds of safety, a huge issue for push towards routed via the Cape of Good Hope for the first time in several years, more than 10 VLCCs ballast it via the Cape of Good Hope and one months as a result, the adage and MICE, I suppose the freight market in the short term now reflecting on how conditions can change at the beginning of January. Several factors increase the fee claims forecast of the cold snap in January in the U.S. created an anticipation of a sudden increase in domestic LPG consumption, which began to be priced into the product market and reducing the west-to-east arbitrage.

然而，中東地緣政治緊張局勢，這是一個短暫的解決方案被撤回，導彈襲擊並在12月直接升級，運營商開始以安全為由拒絕里奇粗魯，這是通過好望角推進的一個大問題幾年來第一次，超過10 艘VLCC 透過好望角壓載它，結果一個月，這句格言和MICE，我認為短期內的貨運市場現在正在反映情況如何變化一月初。多種因素增加了美國1月寒潮的費用索賠預測，引發了國內液化石油氣消費量突然增加的預期，這種預期開始反映在產品市場中，並減少了西氣東輸的套利。

What are the key drivers? Also, the five index prices were on the decline amidst Asian importers anticipating reduced import demand due to lower demand for heating. Therefore, the average U.S. started to narrow impacted the normal arbitrage economics.

關鍵驅動因素是什麼？此外，由於亞洲進口商預計因供暖需求下降而導致進口需求減少，因此五種指數價格均出現下跌。因此，美國平均值開始收窄對正常套利經濟的影響。

During January session new building of 29% of the expected deliveries in 2024 we delivered, creating a solid increase in new vessel supply for the third calendar quarter of 2012. Congestion in the Panama Canal declined significantly and rapid. This month's Contributing factors include the rerouting of the indices via Cape lighter container vessel traffic and increased rainfall in the Panama Canal. Initially, this unfortunately will create a temporary oversupply in both the US Gulf and highways ports, putting pressure on the rates as you've seen during this quarter, which should normalize, as mentioned, supply, sub-salt, off-rate and freight margin can be volatile and is subject to a wide range of factors that may influence short-term freight rates. But we also have a number of strong cyclical lows. Security affects us in our favor, a warmer spring climate in North America will contribute to more LPG supply at more favorable prices than typically ship anticipation going forward is, therefore, more widening is the west to east, we expect to only 15 remaining newbuildings to deliver this year compared to the 42 that were successfully absorbed last year, we expect the newbuilding deliveries to be upsold based on the forecasted increase in exports.

在 1 月期間，我們交付的新船數量佔 2024 年預期交付量的 29%，使 2012 年第三季的新船供應量穩定成長。巴拿馬運河的擁擠狀況顯著且迅速地下降。本月的影響因素包括透過開普角駁船貨櫃船交通改變指數路線以及巴拿馬運河降雨量增加。不幸的是，最初，這將在美國海灣和高速公路港口造成暫時的供應過剩，對費率造成壓力，正如您在本季度所看到的那樣，如上所述，供應、鹽下、折扣費率和運費應該會正常化保證金可能會波動，並受到可能影響短期運費的多種因素的影響。但我們也有一些強烈的周期性低點。安全對我們有利，北美溫暖的春季氣候將以比通常船舶預期更有利的價格提供更多液化石油氣供應，因此，從西到東的範圍進一步擴大，我們預計只剩下 15 艘新造船與去年成功吸收的42 艘相比，今年交付的新船將根據預計的出口成長而增加銷售。

We continue to see LBC take market share from other fuel sources and intellectually for significant growth in propane dehydration as incredibly intense. I expected particularly in Asia. Panama Canal congestion issues are far from solved. Daily transit numbers are still 10 currencies less per day than in July 23, and it's only expected to revert to the normal levels during the summer. The routing of VLCCs and other segments back towards the Panama Canal will again increase the congestion. And in addition to the VLCC newbuildings, there's expected delivery of 73 LNG. and 109 new Panamax containerships in 2024. This will increase the demand for passenger traffic analysis and we don't expect congestion to return and to be the norm rather than the exception in the canal, we already reassures and pay from your disease, thus expected to become more pronounced in 2024 due to the uncertainties of forecasting the Panama Canal transits and costs. Thus, we do remain positive on the medium to long-term prospects for our business. While acknowledging that short term volatility is ever-present.

我們繼續看到 LBC 從其他燃料來源奪取市場份額，並且丙烷脫水的顯著增長令人難以置信。我預計尤其是在亞洲。巴拿馬運河擁擠問題遠未解決。每日運輸量仍比 7 月 23 日減少 10 個幣種，預計僅在夏季才會恢復到正常水平。VLCC 和其他航段返回巴拿馬運河的路線將再次加劇擁塞。除了 VLCC 新造船外，預計還將交付 73 艘液化天然氣。 2024年將新增109艘巴拿馬型貨櫃船。這將增加對客運交通分析的需求，我們預計擁堵不會再次出現，並且會成為運河的常態而不是例外，我們已經放心並從您的疾病中付出代價，因此預計2024 年擁堵將變得更加明顯，因為預測巴拿馬運河過境和成本的不確定性。因此，我們對業務的中長期前景保持樂觀。同時承認短期波動始終存在。

With that, I'll pass you over to Mr. Jean liqueurs.

接下來，我將把您交給讓‧利口酒先生。

Thank you very much, Tim. At Dorian LPG, we firmly believe that we should be part of and provide long-term solutions to the world's decarbonization objectives and goals. Our investment in scrubbers continues to derive strong returns. Our average daily net savings over the quarter on our scrubber vessels stood at about $3,000 per day or about $3.4 million for the quarter.

非常感謝你，提姆。在 Dorian LPG，我們堅信我們應該成為世界脫碳目標的一部分並為其提供長期解決方案。我們對洗滌器的投資持續獲得豐厚的回報。本季我們的洗滌器船平均每日淨節省約為 3,000 美元，即本季約為 340 萬美元。

Fuel differentials between high-sulfur fuel oil and low-sulfur fuel oil averaged about $202 in the last quarter of 2023. The pricing differential of the LPG as fuel versus fuel oil, low sulfur fuel oil, stood at about $183 per metric ton, which was helpful for dual-fuel engine vessels when operating with LPG.

2023 年最後一個季度，高硫燃油和低硫燃油之間的平均燃油價差約為 202 美元。液化石油氣作為燃料與燃油（低硫燃油）的價差約為每噸 183 美元，這對於使用液化石油氣運營的雙燃料引擎船舶很有幫助。

We now have a total of 14 scrubber fitted vessels and one chartered-in vessel. And we plan to retrofit another vessel with a scrubber unit in the second quarter of 2020 for the installations of energy-saving devices and the silicon, how coatings to our vessels have provided significant performance improvements in fuel savings, reduction of the fleet CO2 emissions and improved CAIV-T beside our capital, our vessel Captain John NP, which was originally built as a VLGCVLAC., as I now called, we are upgrading some of our vessels to carry ammonia as it is quite feasible for a good portion of the workplace to carry out such outbreaks.

我們現在共有 14 艘配備洗滌器的船舶和一艘租用的船舶。我們計劃在 2020 年第二季度改造另一艘帶有洗滌器裝置的船舶，以安裝節能設備和矽，我們船舶的塗層如何在節省燃料、減少船隊二氧化碳排放和在我們的首都旁邊改進了CAIV-T，我們的船Captain John NP，最初是作為VLGCVLAC 建造的。正如我現在所說，我們正在升級我們的一些船隻以運載氨，因為這對於工作場所的很大一部分來說是相當可行的進行此類爆發。

The EU emissions trading system that came into effect in January 1, 2024 is applicable to all ships, calling it a few ports shipping companies will surrender their two year 2024. You allowances latest by September 2025 and every year thereafter. And it will reflect the CO2 emissions while their vessels were trading in EU waters. In line with end user pays principle the cost of complying with the EUETS established by the owner to the time charter who is ultimately responsible for the purchase and transfer of the monthly fee you allowances to the owners account for spot voyages. We expect the new allowances to be added to the freight invoice in line with the end users base grew.

2024年1月1日生效的歐盟排放交易制度適用於所有船舶，表示少數港口航運公司將交出2024年的兩年。您最晚可以在 2025 年 9 月之前以及此後每年獲得津貼。它將反映他們的船隻在歐盟水域進行貿易時的二氧化碳排放量。根據最終用戶支付原則，遵守船東制定的期租合約的 EUETS 的費用，船東最終負責購買並將每月的費用轉移到船東即期航次的帳戶上。我們預計隨著最終用戶群的成長，新的補貼將添加到貨運發票中。

In continuation of Julian's commitment to sustainability and improving the company's greenhouse gas profile, we have recently invested into companies to seek solutions to climate issues from carbon and methane emissions. Io NADA is planning to market a compact modular Carbon Capture System for small and mid-sized carbon emitters that would be applicable to many industries, including marine applications.

為了繼續朱利安對永續發展和改善公司溫室氣體排放的承諾，我們最近投資了一些公司，尋求解決碳和甲烷排放氣候問題的方法。Io NADA 計劃向中小型碳排放者推出緊湊型模組化碳捕獲系統，該系統將適用於許多行業，包括海洋應用。

The fact that technology claims 30% better efficiency than conventional carbon capture technologies as it works with a large array of hollow fiber contact membranes of absorbent solutions, achieving about 90% capture of carbon dioxide in post-combustion flue gases.

事實上，該技術聲稱比傳統碳捕獲技術高出 30% 的效率，因為它與吸收劑溶液的大量中空纖維接觸膜配合使用，可捕獲燃燒後煙氣中約 90% 的二氧化碳。

The second is Avalon, which focuses on the avoidance of methane gas emissions from waste resources such as landfill gas, biogas and waste biomass. These emissions, instead of being granted or burned on site are converted into high value, carbon negative and carbon neutral fuels like bio LNG buyer and PG. green methanol and green ammonia. The modular and scalable technology can be situated at methane emission size where it can be transformed into high quality syngas and after treatment consolidated as ever to the energy moving and ideation industries.

第二個是Avalon，專注於避免垃圾掩埋氣、沼氣和廢棄生物質等廢物資源的甲烷氣體排放。這些排放物不是被授予或在現場燃燒，而是被轉化為高價值、碳負和碳中性燃料，如生物液化天然氣買家和PG。綠色甲醇和綠色氨。模組化和可擴展的技術可以適應甲烷排放量，將其轉化為高品質的合成氣，並進行後處理，一如既往地整合到能源運輸和創意產業。

Finally, our recent new building contract to build a new VOGCVLAC. at handwashing yard in South Korea is in line with our commitment to employ capital where we see commercial and financial opportunities for investors. We believe that the future green hydrogen economy will largely depend on large quantities of ammonia, applying the and dedicated vessels beside earning good economic returns and such trades. We also firmly believe that we should be caught up and provide long-term solutions to the world's decarbonization objectives and goals.

最後，我們最近簽訂了建造新 VOGCVLAC 的新建築合約。韓國洗手場的建設符合我們在為投資者看到商業和金融機會的地方利用資本的承諾。我們認為，未來的綠氫經濟在很大程度上依賴大量的氨，應用氨和專用船除了獲得良好的經濟回報和這樣的貿易。我們也堅信，我們應該迎頭趕上，為世界脫碳目標和目標提供長期解決方案。

And now I would like to pass it over to John Hadjipateras for the closing comments and questions.

現在我想將其交給約翰·哈吉帕特拉斯（John Hadjipateras）進行總結評論和提問。

Thank you very much, John. We're happy to take questions okay. Fine. Who cares to ask them, please?

非常感謝你，約翰。我們很樂意回答問題。美好的。請問誰願意問他們？

Thank you. (Operator Instructions) Thank you. Omar Nokta, Jefferies.

謝謝。（操作員說明）謝謝。奧馬爾諾克塔，傑弗里斯。

Thank you, guys. Good morning. Congrats, obviously on a very strong and I guess record quarter and Ted, I just wanted to ask if you could repeat maybe that the guidance figure you mentioned for the bookings to date, did you say it was $100,000 for 60% of the quarter?

感謝你們。早安.恭喜，顯然這是一個非常強勁的季度，我想是創紀錄的季度，特德，我只是想問你是否可以重複一下你提到的迄今為止預訂的指導數字，你是否說過該季度60%的時間為100,000 美元？

Yeah. That's correct, Omar. In excess of $100,000 in an excess of 60% of the days.

是的。沒錯，奧馬爾。超過 60% 的天數超過 10 萬美元。

And that includes the TCEs.

其中包括傳統文化表現。

That includes the full TCEs.

這包括完整的傳統文化表現。

Okay. All right. Thank you. And then I just wanted to ask maybe and I know, Tim, you touched on this, but obviously last year was it was it was a very, very strong year for VLGCs, you had a big jump in U.S. exports had the Panama Canal, which really all that offset the newbuildings. And as you mentioned, that the fleet was fully absorbed and you know so far, things have corrected over the past few weeks and perhaps look to maybe overshot to the downside and especially in relation to where say the low point was at this time last year, what do you see as driving the pullback in rates? And when can we start to expect things to turn around for right.

好的。好的。謝謝。然後我只是想問也許，我知道，蒂姆，你談到了這一點，但顯然去年對於超大型液化天然氣運輸船來說是非常非常強勁的一年，巴拿馬運河使美國出口大幅增長，這確實抵消了新建築的影響。正如您所提到的，機隊已完全被吸收，您知道到目前為止，情況在過去幾週內已經得到糾正，也許看起來可能過度下行，特別是相對於去年這個時候的低點而言，您認為是什麼推動了利率的回檔？我們什麼時候才能開始期待事情會好轉呢？

Tim? Yes, you asked Tim so I'll let him add. I mean, we have the same answer anyways.

提姆？是的，你問了提姆，所以我會讓他補充。我的意思是，無論如何我們都有相同的答案。

Yes. So I mean, I mean, you're right, yes, we have a lower point now than the and the drop of last year. And we are we're kind of seeing this drop always in the first quarter at some point. But this year was it was very a quick and dramatic, but also coming from the exceptionally high point. So let's say the stars were aligned in one direction and now they are in the other direction.

是的。所以我的意思是，我的意思是，你是對的，是的，我們現在的水平比去年的下降還要低。我們總是在第一季的某個時候看到這種下降。但今年的發展非常迅速且富有戲劇性，而且還來自於異常高點。假設星星原來在一個方向上排列，現在它們在另一個方向上。

I think that that what we see is posing an overreaction. And as I mentioned in the end, I think we will see U.S. inventory still a very, very high. So even with a cold winter would not, Craig was saying where is as you have seen the whole of the US running out of gas. So I think the pricing we'll we'll align again quickly as soon as the worst cold is over. And also one of the other factors is the Panama Canal, which we see every year that that after the festive season in the U.S. or the the number of transits a decline and the continuous, especially for the container business that they are less, especially a pausing in January, up to the to the Chinese holiday.

我認為我們所看到的反應過度了。正如我最後提到的，我認為我們將看到美國庫存仍然非常非常高。因此，即使在寒冷的冬天也不會，克雷格說的是，就像你所看到的整個美國的天然氣耗盡一樣。因此，我認為一旦最嚴重的寒冷結束，我們很快就會再次調整定價。還有一個因素就是巴拿馬運河，我們每年都會看到，美國的節日過後或過境的數量會持續下降，特別是貨櫃業務，特別是貨櫃業務，特別是貨櫃業務。一月暫停，直到中國假期。

So we see also that situation as a temporarily blip, and we think that we will return to being a congestion is being being the norm rather than the exceptions and the as John mentioned, more more newbuildings on energy and containers. And we see this coming and we still see the chances are still way lower than it was last year. The number of tranches available and the -- and if you think that the new panels are, they only takes around several a day transit. So if you add 100 and -- there's a 170-some ships are all if you have the real disease, even though almost 200 ships more for the back end user come out next year and many of them is that is a main trade route, and we see these were congestions coming back.

因此，我們也認為這種情況只是暫時現象，我們認為壅塞將成為常態，而不是例外，正如約翰所提到的，更多的能源和貨櫃新建築。我們看到這種情況即將發生，但我們仍然看到機會仍然比去年低得多。可用的批次數量以及 - 如果您認為新面板是，它們每天只需要大約幾次運輸。因此，如果你添加 100 艘，如果你患有真正的疾病，那麼就有 170 艘左右的船隻，儘管明年將為後端用戶推出近 200 艘船隻，其中許多是主要貿易路線，我們看到擁堵又回來了。

So it was, I think, to your question, when is it? When will we see a return on. We think we think pretty soon within this corridor, we will see this line because I think it's been in over overshot on the downside. So we do see these things correcting themselves probably coming into the holidays in China soon. So that always put a little bit of a damper on the market. And also there there are some some cargoes unsold underwater, also Iranian tons that are there seems to be a problem to clear. So if you could take a little while before we see that. Yes, the bounce-back on percentage within this quarter, we do expect this to correct.

我想，這就是你的問題，什麼時候？我們什麼時候才能看到回報。我們認為我們很快就會在這個走廊內看到這條線，因為我認為它在下行方面已經過衝了。因此，我們確實看到這些事情可能很快就會在中國的假期中自行糾正。因此，這總是會為市場帶來一些阻礙。還有一些水下未售出的貨物，還有伊朗噸的貨物，似乎有一個需要清理的問題。所以，在我們看到這一點之前，請您花點時間。是的，本季百分比的反彈，我們確實預計這種情況會得到糾正。

Thanks, Tim. Thanks. Thanks. I will just add that we can never really tell which quarter it's going to happen. We can give you. What we check is guidance for where and average for the rest of the year or whatever. But and hopefully they will the market will react.

謝謝，蒂姆。謝謝。謝謝。我想補充一點，我們永遠無法真正知道它會在哪個季度發生。我們可以給你。我們檢查的是今年剩餘時間或其他時間的地點和平均值的指導。但希望市場能夠做出反應。

And the question is when it bounces how well it bounces. So as I said, I think before when the market starts falling, they kind of forget where to stop. So so I think we're going to hit bottom quickly quickly and then bounce back, but from where they are, you don't know, however, you have almost done. You were looking for targets. Yes.

問題是當它反彈時，它的反彈效果如何。正如我所說，我認為在市場開始下跌之前，他們有點忘記在哪裡停止。因此，我認為我們很快就會觸底，然後反彈，但從它們的位置來看，你不知道，但是，你幾乎已經完成了。你正在尋找目標。是的。

No, that's very helpful. And that makes sense, John, what you just said, and obviously, Tim, very, very good color. Appreciate you kind of going into detail there. And then just a couple of more for me and I'll turn it over maybe just first the necessary. Next question is just on the Red Sea. Clearly, it's been very, very topical and front and center really over the past few weeks, how would you size up the impact of what's going on in the Red Sea with the diversion? How do you size that impact on the VLGC trade day in comparison to what we've been seeing or have seen in the Panama Canal last year.

不，這非常有幫助。這是有道理的，約翰，你剛才說的，顯然，提姆，顏色非常非常好。感謝您在那裡詳細介紹。然後再給我幾個，我會把它翻過來，也許首先是必要的。下一個問題是關於紅海的。顯然，在過去的幾周里，這確實是一個非常非常熱門的話題，您如何評估紅海改道所造成的影響？與我們去年在巴拿馬運河所看到的情況相比，您如何衡量對 VLGC 交易日的影響？

It's not so obvious Omar because the cause and the trade through that can now through the Suez Canal was almost kind of caused by the congestion who were in Panama, also the um and so the Suez Canal itself, I'm not sure the Red Sea Freight I had that is the main the main VLGC traded out of the Red Sea is out of out of Jordan and Jordan, just sorry, not out of Jordan out of Saudi Arabia, Yanbu and Jordan has absorbed some of the cargoes that would otherwise have gone. He's from Gabon, and that has displaced some cargoes that would have come from the state. So that is a negative on that on the ton-mile.

奧馬爾，這不是那麼明顯，因為現在通過蘇伊士運河的原因和貿易幾乎是由巴拿馬的擁堵造成的，還有蘇伊士運河本身，我不確定紅海我的貨運量是從紅海出口的主要VLGC是從約旦和約旦出口的，只是抱歉，不是從沙烏地阿拉伯出口到約旦，延布和約旦已經吸收了一些本來可以的貨物走了。他來自加蓬，這使得一些本應來自該國的貨物流離失所。所以這對噸英里來說是一個負面影響。

On the other hand, Saudi slowed the growth, the loading of the cargoes from Jordan to add it to the rest of the Nora, which probably won't happen. So that the so the total number of ships coming out of the out of the out of the Red Sea was, I think, four to five a month out of Yanbu representing about 30% of the exports from Saudi Arabia. So it's not it's because they're in a flux. I don't think it's easy to predict what the eventual impact of the of the Yum.

另一方面，沙烏地阿拉伯放慢了增長速度，從約旦裝載貨物，將其添加到諾拉的其餘部分，這可能不會發生。因此，我認為每月從延布駛出紅海的船隻總數為四到五艘，約佔沙烏地阿拉伯出口的 30%。所以這並不是因為他們處於不斷變化的狀態。我認為預測百勝集團的最終影響並不容易。

Hostilities in that region will be I mean, it's not it now that it is value that I don't know that now I appreciate you are attempting to at or at least a summarizing all that, that's helpful context as well. Thanks, Dan. And then maybe just a quick final one for me. Just on the the new building.

我的意思是，該地區的敵對行動將是，現在我不知道它是否有價值，現在我很欣賞您正在嘗試或至少總結所有這些，這也是有用的背景。謝謝，丹。然後對我來說也許只是最後一個快速的。就在新大樓上。

And just kind of thinking about John and Chris, your comments about outfitting the existing fleet to carry ammonia. I guess just one question on that would be what does the cost look like to upgrade for ammonia? And then also in terms of the new building, is there is there a price difference in ordering of VLAC. versus a VLGC and maybe just I guess for multiple questions, but what's the difference between that VLAC. and a VLGC, I guess going forward?

想想約翰和克里斯，你們關於裝備現有船隊運送氨的評論。我想只有一個問題是升級氨的成本是多少？另外，就新大樓而言，VLAC 的訂購是否有價格差異。與 VLGC 相比，也許只是我對多個問題的猜測，但 VLAC 之間有什麼區別。還有一艘 VLGC，我想未來會怎樣？

Yes, Omar. it is it is a cost that although a number of ships is going to be quite low, but we are doing we have been looking into this for some years now. And we think that it is it significantly less than $5 million and probably even lower than that when it is amortized over a number of ships. So it is a it is something that is, let's say it takes time, but it is not a significant cost and to carry out those conversions.

是的，奧馬爾。雖然船舶數量相當低，但我們正在這樣做，我們已經研究這個問題好幾年了。我們認為它遠低於 500 萬美元，甚至可能低於多艘船舶攤銷後的水平。因此，我們可以說，這需要時間，但執行這些轉換的成本並不高。

Omar, we're mindful of that because in our effort, as it applies to our not luxury, but some of our chefs. It also applies to a good number of the world fleet, so some people, but we shouldn't get too carried away with new building dedicated ammonia carriers want a good part of the fleet. The existing fleet of VLGCs could be, you know, maybe less efficient than a new ship, but they could still carry ammonia with some modifications and upgrade.

奧馬爾，我們注意到這一點，因為在我們的努力中，它適用於我們的不是奢侈品，而是我們的一些廚師。它也適用於世界上很多船隊，所以有些人，但我們不應該對新建造的專用氨運輸船太著迷，想要船隊的很大一部分。您知道，現有的 VLGC 船隊的效率可能不如新船，但經過一些修改和升級，它們仍然可以運載氨。

Austin Avago, Fearnley Securities.

奧斯汀阿瓦戈，費恩利證券。

Hey, guys. Just a quick question from me. As you just discussed, your rates have been quite high over the last couple of months. And this winter or some astonishing are astonishingly high. But you know, you booked $91,000 roughly on the spots and pool for the fourth quarter. But again, that's not really up at the highs as we saw spot rates go to $140,000. And now you're talking about the $100,000, which I guess makes sense as ship owners take from coverage on the way up. But my question is now with spot rate limiters now of the low cash breakeven levels and close to OpEx, what kind of levels are you fixing at today and that doesn't work differently on the way down as well?

大家好。我只是問一個簡單的問題。正如您剛才所討論的，過去幾個月您的費率相當高。而今年冬天還是有些驚人的高得驚人。但你知道，你在第四季度的場地和泳池上預訂了大約 91,000 美元。但同樣，當我們看到即期匯率升至 14 萬美元時，這並沒有真正達到高點。現在你談論的是 10 萬美元，我認為這是有道理的，因為船東可以從保險中收取費用。但我的問題是，現在現貨利率限制器的現金損益平衡水平較低且接近營運支出，您今天將固定在什麼樣的水平，並且在下降過程中不會產生不同的作用？

Well, both I'd say a couple of things. First of all, just to be clear on the results that we mentioned going forward. There is a measure of time charter ships in there. What's your which are lower the spot, the spot market rates that are booked in that forward number, they're very attractive. And as for current fixing like, that's pretty commercially sensitive information. We, as a general matter, don't really comment on it. But Tim, let's get a little bit more. He may buy, say in general when we've thought when he has described this strategy does and look, our guys are been proven to be pretty good at figuring out when cargoes are going to be available and how many ships are going to be available to meet the lake in and kind of flexing our planning around that Tim, if you want to add anything to that feel feel free or not.

好吧，我想說幾件事。首先，我們要先明確我們所提到的未來的結果。那裡有大量的定期租船。您的現貨價格較低，遠期號碼預訂的現貨市場價格非常有吸引力。至於當前的修復情況，這是相當商業敏感的資訊。一般來說，我們不會對此發表評論。但是蒂姆，讓我們了解更多。他可能會購買，一般來說，當我們想到當他描述了這個策略時，我們的人被證明非常善於計算貨物何時可用以及有多少艘船可用與湖相遇，並圍繞蒂姆調整我們的計劃，如果您想添加任何內容，請隨意。

Yes, yes. You can say that the drop was was pretty quick. So only things that has been faced was kind of like what was in there in the front. So if you take a couple on the way down, but is actually we had six pretty far forward already so so we didn't have much to fix in the fiction window and when the market drops. So so most of our positions Conch comes only available more than a dozen months ahead from now. So so as the market is has been dropping, then people doesn't picks up far ahead. So we're not really that much of the fiction window yet. So we'll see if it turns around before we get there. But yes, thanks again.

是的是的。可以說下降得相當快。所以只有面對的事情才有點像前面的事情。因此，如果你在下跌的過程中採取一些措施，但實際上我們已經有六個已經很遠了，所以我們在小說窗口和市場下跌時沒有太多需要修復的地方。因此，我們的大部分職位海螺只能在未來十幾個月後才能提供。因此，當市場一直在下跌時，人們就不會遙遙領先。所以我們還沒有真正進入虛構的窗口。所以我們會在到達那裡之前看看它是否會扭轉。但是，是的，再次感謝。

And just your guidance or, you know, fixing window now in the market in general, is that early March our where are we now?

只是您的指導，或者您知道，現在整個市場的修復窗口，三月初我們現在在哪裡？

(multiple speakers) I mean, the way was called yourselves unconnected women, I'm sorry, but we don't we don't want to go too much into them. That's something that they like and they can't handle.

（多個發言者）我的意思是，有人稱你們自己為無連結的女性，我很抱歉，但我們不這樣做，我們不想過多地關注她們。這是他們喜歡但無法處理的事情。

It's commercially sensitive.

這是商業敏感的。

Thank you. We've reached the end of the question-and-answer session, and I'll now turn the call over to John Hadjipateras for closing remarks.

謝謝。問答環節已經結束，現在我將把電話轉給約翰·哈吉帕特拉斯（John Hadjipateras）做總結發言。

Thank you, Rob. Thank you for your questions. And my are to a value of the other questioners. Have a good quarter in February and see you next time.

謝謝你，羅布。謝謝您的提問。我對其他提問者的價值觀表示贊同。祝您二月過得愉快，下次再見。

This will conclude today's conference. You may now disconnect your lines at this time and have a wonderful day.

今天的會議到此結束。您現在可以斷開線路並度過美好的一天。