Dorian LPG Ltd (LPG) 2025 Q2 法說會逐字稿

Please stand by your program is about to begin.

請稍候，您的節目即將開始。

Hello, and welcome to the Dorian LPG second-quarter 2025 earnings conference Call. (Operator Instructions) As a reminder, this conference is being recorded. Additionally, a live audio webcast of today's conference call is available on Dorian LPG's website, which is www.dorianlpg.com.

您好，歡迎參加 Dorian LPG 2025 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。此外，今天電話會議的現場音訊網路廣播可在 Dorian LPG 網站 www.dorianlpg.com 上觀看。

I would now like to 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, Nikki. Good morning, and thank you all for joining us for our second-quarter 2025 results conference call. With me today are John Hadjipateras, Chairman, President, and CEO of Dorian LPG Limited; John Lycouris, Head of Energy Transition; and Tim Hansen, Chief Commercial Officer.

謝謝你，妮基。早安，感謝大家參加我們的 2025 年第二季業績電話會議。今天與我在一起的有 Dorian LPG Limited 董事長、總裁兼執行長 John Hadjipateras； John Lycouris，能源轉型主管；提姆·漢森，首席商務官。

As a reminder, this conference call webcast and a replay of this call will be available through November 7, 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.

謹此提醒，本次電話會議網路直播和本次電話會議的重播將持續到 2024 年 11 月 7 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。

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 express today.

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所表達的結果有重大差異。

Additionally, let me refer you to our unaudited results for the period ended September 30, 2024, that were filed this morning on Form 10-Q. In addition, please refer to our previous filings on Form 10-K, where you'll find risk factors that could cause actual results to differ materially from these forward-looking statements.

此外，請容許我向您介紹我們截至 2024 年 9 月 30 日的未經審計的業績，該業績於今天上午以 10-Q 表格形式提交。此外，請參閱我們先前提交的 10-K 表，其中您會發現可能導致實際結果與這些前瞻性陳述有重大差異的風險因素。

With that, I'll turn over the call to John Hadjipateras.

這樣，我會將電話轉給約翰‧哈吉帕特拉斯 (John Hadjipateras)。

Good morning, and Happy Halloween. Thank you for joining us. Our Board continues to be committed to returning value to our shareholders while retaining commercial flexibility, ensuring a strong balance sheet, and the ability to invest in optimization and decarbonization initiatives. This is reflected in our capital allocation policy under which after paying out our recently declared dividend of $1 per share, we will have returned over $820 million to our shareholders since our IPO.

早上好，萬聖節快樂。感謝您加入我們。我們的董事會持續致力於為股東回報價值，同時保持商業靈活性，確保強大的資產負債表以及投資於優化和脫碳計畫的能力。這反映在我們的資本配置政策中，根據該政策，在支付最近宣布的每股 1 美元股息後，自 IPO 以來，我們將向股東返還超過 8.2 億美元。

We had a solid quarter despite a freight market, which felt the brunt of weather-related disruptions on LPG exports. For the quarter ending September 31, our EBITDA was $46.2 million and net income was $9.4 million. Our net debt to total capitalization remains at about 14%. We feel well positioned to take advantage of opportunities for investments. Ted will give you details and answers to any questions you may have on our quarter's financial results.

儘管貨運市場受到天氣相關的液化石油氣出口中斷的影響，但我們的季度表現仍然穩健。截至 9 月 31 日的季度，我們的 EBITDA 為 4,620 萬美元，淨利潤為 940 萬美元。我們的淨債務佔總資本的比例維持在 14% 左右。我們感覺自己處於有利位置，可以利用投資機會。泰德將為您提供有關我們季度財務業績的任何問題的詳細資訊和答案。

VLGC freight rates started the quarter on a high note, but this initial strength was followed by a period of softening through mid-quarter. Despite a very healthy arbitrage between US and Asian LPG prices, the VLGC freight market was hit with an unusual combination of forces that created temporary length in the market and weighed on rates. Tim will provide you greater details in his comments.

VLGC 運價在本季開始時就處於高位，但在最初的強勢之後，整個季度中期出現了一段疲軟的時期。儘管美國和亞洲液化石油氣價格之間存在非常健康的套利，但超大型液化天然氣貨運市場受到了不同尋常的綜合力量的打擊，導致市場暫時停滯並打壓了運價。蒂姆將在他的評論中為您提供更多詳細資訊。

We're optimistic about near and midterm market prospects ahead of seasonally strong winter period. Recent volatility illustrates that the market is near equilibrium where disruptions caused sharp and up-and-down moves. In the short term, the Canal is likely to gain more traffic from container and LNG ships in the coming months. And an example of a midterm positive is terminal expansion projects, the first of which is slated to finish in the second half of 2026, and subsequent two years will provide ample capacity to accommodate production and export growth.

在季節性強勁的冬季到來之前，我們對近期和中期的市場前景持樂觀態度。最近的波動顯示市場接近平衡，幹擾導致劇烈的上下波動。短期來看，未來幾個月運河可能會獲得更多貨櫃船和液化天然氣船的運輸。中期正面的一個例子是碼頭擴建項目，第一個項目預計於 2026 年下半年完成，隨後兩年將提供充足的產能來適應生產和出口成長。

The Helios LPG pool is performing well, and our mix of scrubber LPG dual fuel and Panamax VLGCs allows us to take advantage of favorable fuel prices and to offer commercial flexibility to our customers. We have one VLGC VLAC delivering in 2026 and will retrofit some of our existing ships to be able to carry ammonia. We already have the Captain John NP on the water, which is fully ammonia capable. Our feeling is that the current order book is sufficient, and further ordering needs to be restrained until the green ammonia trade develops.

Helios 液化石油氣池表現良好，我們的洗滌器液化石油氣雙燃料和巴拿馬型 VLGC 的組合使我們能夠利用有利的燃料價格，並為我們的客戶提供商業靈活性。我們有一艘 VLGC VLAC 將於 2026 年交付，並將改造我們的一些現有船舶，使其能夠運載氨。我們已經在水面上安裝了 Captain John NP，它完全具有氨能力。我們的感覺是，目前訂單充足，在綠氨貿易發展之前，進一步的訂單需要受到限制。

We are pleased to announce the addition of an eighth Board member. Mr. Mark Ross earlier stepped down -- earlier this year, stepped down from his position as President of Chevron Shipping after nine years in that role and 34 years at Chevron. Mark's knowledge of the global energy and shipping markets will contribute a valuable perspective, and we are proud to welcome him to the Dorian team. As always, I acknowledge our dedicated seafarers and shoreside staff whose hard work and dedication make our results possible.

我們很高興地宣布增加第八位董事會成員。馬克·羅斯先生早些時候辭職——今年早些時候，他辭去了雪佛龍航運公司總裁的職務，此前他已擔任雪佛龍航運公司總裁九年，並在雪佛龍公司工作了34 年。馬克對全球能源和航運市場的了解將提供寶貴的視角，我們很自豪地歡迎他加入 Dorian 團隊。一如既往，我感謝我們敬業的海員和岸上工作人員，他們的辛勤工作和奉獻精神使我們的成果成為可能。

And now I'd like to hand over to Ted.

現在我想把時間交給泰德。

Thanks. My comments today will focus on capital allocation, our financial position and liquidity, and our unaudited second-quarter results. At September 30, 2024, we reported $348.6 million of free cash, which was virtually flat from the previous quarter. Cash flow for the quarter reflected the $42.8 million irregular dividend, which implies cash flow to equity of $44 million. As disclosed last week, we will pay another $1 per share as an irregular dividend or roughly $43 million in total on or about November 25, 2024, to shareholders of record as of November 5.

謝謝。我今天的評論將重點放在資本配置、我們的財務狀況和流動性，以及我們未經審計的第二季業績。截至 2024 年 9 月 30 日，我們報告的自由現金為 3.486 億美元，與上一季幾乎持平。本季現金流反映了 4,280 萬美元的不規則股息，這意味著股本現金流為 4,400 萬美元。正如上週所揭露的，我們將在 2024 年 11 月 25 日左右向截至 11 月 5 日登記在冊的股東額外支付每股 1 美元的不定期股息，總計約 4,300 萬美元。

The debt balance at quarter end of $583.7 million, our debt to total book capitalization stood at 34.9%, and with our strong cash balance, net debt to total cap at 13.4%. We're well structured and attractively priced debt capital. Our current all-in debt cost, by the way, is about 4.7%, an undrawn $50 million revolver, and one debt-free vessel. Coupled with our strong free cash balance, we have a comfortable measure of financial flexibility. We expect our cash cost per day for the remainder of the coming year to be approximately $26,000 per day, excluding capital expenditures for dry docking and scrubbers.

季度末的債務餘額為 5.837 億美元，債務佔總帳面資本的 34.9%，由於現金餘額強勁，淨債務佔總上限的 13.4%。我們的債務資本結構良好且定價極具吸引力。順便說一句，我們目前的總債務成本約為 4.7%，包括一支未動用的 5,000 萬美元左輪手槍和一艘無債務船。加上我們強大的自由現金餘額，我們擁有良好的財務彈性。我們預計來年剩餘時間內每天的現金成本約為 26,000 美元，不包括乾船塢和洗滌器的資本支出。

For the discussion of our second-quarter results, you may find it useful to refer to the investor highlight slides posted this morning on our website. I'd also remind you that my remarks will include a number of terms such as TCE, available days, and adjusted EBITDA. Please refer to our filings for the definitions of those terms.

對於我們第二季業績的討論，您可能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。我還想提醒您，我的評論將包括一些術語，例如 TCE、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。

I'd also like to point out that we have slightly amended our disclosures around fleet employment. Specifically, we've amended our definition of available days to reflect unscheduled off-hire, which was formerly picked up in the calculation of operating days. We now define available days as calendar days minus scheduled and unscheduled off-hire. This approach is consistent with how the Helios pool reports and is more consistent with industry practice. We will no longer report operating days.

我還想指出，我們稍微修改了有關機隊僱用的披露。具體來說，我們修改了可用天數的定義，以反映計劃外停租的情況，而以前在計算營業天數時會考慮到這一點。我們現在將可用天數定義為日曆天數減去計劃和非計劃停租天數。這種方式與Helios礦池的報告方式一致，也更符合業界慣例。我們將不再報告營業日。

Turning to our second-quarter chartering results, we achieved TCE revenue per available day of about $37,000, so sequentially lower than the prior quarter's results. The TCE still allowed us to generate over $40 million in free cash flow to equity for the quarter. As our entire spot trading program is conducted through the Helios Pool, its spot results that are reported are the best measure of our spot chartering performance.

談到我們第二季的包機結果，我們實現了每個可用日的 TCE 收入約 37,000 美元，因此連續低於上一季的結果。TCE 仍然使我們能夠在本季度產生超過 4000 萬美元的股本自由現金流。由於我們的整個現貨交易計劃是透過 Helios Pool 進行的，因此報告的現貨結果是衡量我們現貨租船績效的最佳衡量標準。

For the September 30 quarter, the Helios pool earned a TCE of $38,019 per day for its spot and COA voyages. On page 4 of our investor highlights material, 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 80% of the 30 vessels in the pool.

在 9 月 30 日的季度，Helios 池的現貨和 COA 航次每天獲得的 TCE 為 38,019 美元。在我們的投資者重點資料第 4 頁上，您可以看到我們池內有 5 艘定期租用的 Dorian 船舶，加上一艘 MOL Energia 船舶，顯示池中 30 艘船舶中約 80% 的現貨敞口。

Turning to the quarter ending December 31, 2024, we currently estimate that we have fixed just over 60% of the available days in the quarter at a TCE in excess of $40,000 per day. That rate includes both spot fixtures and time charters in the Helios pool only. Given the difficulty in predicting loading dates, which obviously have a huge effect on revenue recognition, disport options in some charters and the fact that our COAs are priced on average Baltic rates, the estimates we quote during these calls and the rates actually realized can vary.

談到截至 2024 年 12 月 31 日的季度，我們目前估計該季度超過 60% 的可用天數固定為每天超過 40,000 美元的 TCE。此費率僅包括 Helios 池中的現貨賽程和期租。鑑於預測裝載日期的困難（這顯然對收入確認、某些租船中的運輸選項產生巨大影響）以及我們的COA 是按波羅的海平均費率定價的事實，我們在這些電話會議中引用的估計值和實際實現的費率可能會有所不同。

Daily OpEx for the quarter was $9,767, excluding dry-docking-related expenses, which was down meaningfully from the prior quarter's $10,618. Spares and stores and repairs and maintenance line items led the decrease. Our time charter in expense for the TCE vessels came in at $9.9 million or slightly less than $29,000 per day. Thus, those vessels contributed nicely to our quarterly profits. Total G&A for the quarter was $16.5 million and cash G&A, that's G&A excluding non-cash compensation expense, was $10.5 million.

本季的每日營運支出為 9,767 美元，不包括乾塢相關費用，較上一季的 10,618 美元大幅下降。備件和商店以及維修和保養項目導致下降。我們的 TCE 船舶期租費用為 990 萬美元，即每天略低於 29,000 美元。因此，這些船舶為我們的季度利潤做出了很好的貢獻。該季度的總管理及行政費用為 1,650 萬美元，現金管理及管理費用（即不包括非現金補償費用的管理及管理費用）為 1,050 萬美元。

The $10.5 million included $4.1 million of cash bonuses that were paid during the quarter. Thus, our core G&A came in at $6.4 million, which is consistent with prior quarters and our general expectations. The high level of stock compensation expense was largely a function of the price on the grant date, not an increase in shares granted. Our reported adjusted EBITDA was $46.2 million.

這 1050 萬美元包括本季支付的 410 萬美元現金獎金。因此，我們的核心管理費用為 640 萬美元，這與前幾季和我們的整體預期一致。高水準的股票補償費用主要是授予每日價格的函數，而不是授予股票的增加。我們報告的調整後 EBITDA 為 4,620 萬美元。

Cash interest expense for the quarter was $7.1 million, again, reflecting the heavily hedged and fixed nature of our various pieces of debt and our all-in cost of debt of sub 4.7%. For the current fiscal year, we have completed three dry dockings and anticipate dry docking three more of our vessels, including some upgrades. Year-to-date, we have incurred roughly $5 million in cash outlays for dry docking, and we anticipate about $8 million through fiscal year end, which does include some payments for the dry docks already completed. Days in dry dock should be consistent with our disclosures.

該季度的現金利息支出為 710 萬美元，再次反映了我們各種債務的嚴格對沖和固定性質以及我們低於 4.7% 的總債務成本。在本財年，我們已經完成了三艘乾船塢，並預計將另外三艘船舶進行乾船塢，包括一些升級。今年迄今為止，我們已經為乾船塢支付了大約 500 萬美元的現金支出，預計到財政年度結束時將支出約 800 萬美元，其中包括為已經完成的干船塢支付的一些款項。在幹船塢的天數應與我們揭露的一致。

Although we currently hold a roughly 83% economic interest in Helios, we do not consolidate its P&L or balance sheet accounts, which has the effect of understating our cash and working capital. Thus, we believe it is useful to provide some additional insight in order to give a more complete picture.

儘管我們目前持有 Helios 約 83% 的經濟權益，但我們沒有合併其損益表或資產負債表帳戶，這會導致低估我們的現金和營運資本。因此，我們認為提供一些額外的見解以提供更完整的情況是有用的。

As of Wednesday, October 30, 2024, the pool had roughly $22 million of cash on hand. The irregular dividend declared last week of $1 per share brings to $14.50 per share in regular dividends that we have paid since September 2021. While many investors and analysts like to suggest that these dividends are no longer irregular, we underscore that they are indeed irregular and subject to a variety of factors that our Board considers and always remains at its discretion. The OTC rates are not regular, and thus we don't think our dividend policy should be either.

截至 2024 年 10 月 30 日星期三，該資金池手頭現金約為 2,200 萬美元。上週宣布的每股 1 美元的不定期股息使我們自 2021 年 9 月以來支付的定期股息達到每股 14.50 美元。雖然許多投資者和分析師喜歡認為這些股息不再是不規則的，但我們強調它們確實是不規則的，並且受到我們董事會考慮並始終自行決定的各種因素的影響。場外交易利率並不固定，因此我們認為我們的股利政策也不應該是固定的。

Looking at our dividends in a more traditional context, our net income since June 30, 2021, the quarter immediately prior to our first irregular dividend, has been approximately $612 million. While including the dividend to be paid later this -- next month, we will have returned approximately $590 million of dividends. Note that that amount excludes the $230 million that we've returned through open market stock repurchases and the self-tender offer.

從更傳統的角度來看我們的股息，自 2021 年 6 月 30 日（我們第一次不定期股息之前的季度）以來，我們的淨利潤約為 6.12 億美元。包括今年稍後（下個月）支付的股息，我們將返還約 5.9 億美元的股息。請注意，該金額不包括我們透過公開市場股票回購和自我收購要約返還的 2.3 億美元。

So the $590 million compares favorably to the $612 million. In terms of cash flow to equity, that gap is much wider. Thus, overall, we believe that we maintain a responsible and prudent balance between reinvestment and dividend payouts. We continue to be on the lookout for fleet renewal opportunities, and we'll continue to be judicious with our free cash flow, working to balance shareholder distributions, debt reduction, and fleet investment.

因此，5.9 億美元與 6.12 億美元相比是有利的。就股權現金流而言，這一差距要大得多。因此，總體而言，我們認為我們在再投資和股息支付之間保持負責任和審慎的平衡。我們將繼續尋找機隊更新機會，並將繼續明智地對待我們的自由現金流，努力平衡股東分配、減少債務和機隊投資。

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

說到這裡，我將把它交給提姆漢森。

Thank you, Ted. And good day, everyone. The quarter ending September 30, 2024, saw a freight market challenged by external factors, complicating the product market and the shipping market alike. With the Hurricane Beryl occurring shortly after the Chile repairs of various US Gulf terminals, tropical storm Alberto, and the severe reduction of congestion of the Panama Canal that was seen in May and June, it was an unusual quarter. It showed a wide-open arbitrage, West to East, but little room for the freight market to capitalize. This was due to the length in vessels availability and temporary limited export capacity.

謝謝你，泰德。大家好。截至 2024 年 9 月 30 日的季度，貨運市場受到外部因素的挑戰，使產品市場和航運市場變得更加複雜。智利修復美國海灣各碼頭後不久就發生了颶風貝麗爾、熱帶風暴阿爾貝託以及巴拿馬運河擁堵情況在 5 月和 6 月大幅減少，這是一個不同尋常的季度。它顯示出從西到東的廣泛套利，但貨運市場的資本化空間很小。這是由於船舶可用時間較長和出口能力暫時有限。

According to several brokers, July 2024 saw the lowest count of spot fixtures in the US Gulf for many years. The West to East arbitrage was attractive, but Hurricane Beryl and continued chiller capacity issues at some terminals reduced the slot availability at the terminals for loading. The short supply of spot FOB cargoes saw terminal fees increase dramatically. And resales of cargoes, FOBs also saw large sums exchanged.

據幾位經紀人稱，2024 年 7 月美灣地區的現貨船期數量創下多年來最低。從西到東的套利很有吸引力，但颶風貝裡爾和一些碼頭持續存在的製冷機容量問題減少了碼頭的裝載艙位可用性。現貨FOB貨物供應短缺，導致碼頭費用大幅上漲。以及貨物的轉售，離岸價也發生了大量的交易。

Ultimately, almost 0.5 million tonnes less export was seen in July, delaying the correction that the market wanted to see since June. August saw, however, a new record high for LPG export from the US at about 6 million tonnes going a long way to clearing the backlog of VLGCs that has been building since June. The high level of fixing activity helped push the freight market upwards, but levels were capped by the long list -- by the long position list and aggressive relet of tonnage.

最終，7 月出口量減少了近 50 萬噸，推遲了市場自 6 月以來希望看到的調整。然而，8 月美國液化石油氣出口量創下新高，約 600 萬噸，這對於清理自 6 月以來積壓的 VLGC 來說大有幫助。高水準的固定活動幫助推動貨運市場上漲，但水準受到長單的限制——長頭寸單和激進的噸位轉租。

It was also relets in September that drove the US to Far East VLGC market down to levels not seen since February 2024. The decisions made in September were mostly for October late [hands]. And like we saw in April 2024, it emerged that cargoes on similar late hands be $35 to $40 per metric tonnes apart, depending on time of fixing.

9 月的轉租也導緻美國至遠東 VLGC 市場跌至 2024 年 2 月以來的最低點。9月做出的決定大多是10月下旬的[手]。正如我們在 2024 年 4 月看到的那樣，類似的後期手中的貨物價格為每噸 35 至 40 美元，具體取決於成交時間。

It can only be speculated on what drove some dramatic decision-making in September for those discounting the freight market. But it can be noted that there was uncertainty about how Hurricane Francine would impact the terminals in Texas, and the Arab Gulf to Far East market was very weak at the time.

對於那些對貨運市場打折的人來說，只能推測 9 月是什麼推動了一些重大決策。但值得注意的是，颶風弗朗辛對德州碼頭的影響存在不確定性，而當時阿拉伯灣至遠東市場非常疲軟。

Regarding the Arab Gulf Far East market, it can be noted that for the entirety of the quarter, the focus of the spot market was inquiries by Indian public sector undertaking PSUs. And while the activity was significant for the Indian trade, the data flows to the Far East and makes setting the freight market difficult. At least for all of August and September, the East market traded at significant discounts to the West market.

關於阿拉伯灣遠東市場，值得注意的是，整個季度現貨市場的焦點是印度公共部門承接事業單位的詢價。儘管該活動對印度貿易意義重大，但數據流向遠東，導致貨運市場的設定變得困難。至少在整個8月和9月，東部市場的交易價格明顯低於西部市場。

Though the quarter exposed again the importance of the US Gulf exports for the entire LPG market, the belief in the fundamentals of strong LPG demand in the Far East were never undoubted. North American LPG production continues to grow. And although at times, more of the value within the supply chain can be taken by terminals rather than shipping, opportunities afforded by the US exports also proved sufficient to rebalance the market quickly.

儘管該季度再次暴露了美國海灣出口對整個液化石油氣市場的重要性，但人們對遠東地區液化石油氣強勁需求基本面的信念從未受到質疑。北美液化石油氣產量持續成長。儘管有時供應鏈中的更多價值可以由碼頭而不是航運獲得，但事實證明，美國出口提供的機會足以迅速重新平衡市場。

Our expectations remain positive for VLGC shipping based upon propane remaining the competitive feedstock, additional PDH plant in China, forecast of more export growth from the North America, and potential for seeing an increased congestion in the Panama Canal.

我們對 VLGC 運輸的預期仍然樂觀，因為丙烷仍然是有競爭力的原料，中國有更多的 PDH 工廠，北美出口成長的預測以及巴拿馬運河擁堵可能會加劇。

Thank you. And with that, I will pass it over to Mr. John Lycouris.

謝謝。接下來，我將把它交給 John Lycouris 先生。

Thank you, Tim. In continuation of our commitment to sustainability, Dorian LPG strives to improve the energy efficiency of its vessels with a focus on operational and technical performance while continuing to follow and employ technological advances and innovations as they become commercially available in the marine sector.

謝謝你，提姆。為了繼續致力於永續發展，Dorian LPG 致力於提高船舶的能源效率，並專注於營運和技術性能，同時繼續追蹤和採用海洋領域商業化的技術進步和創新。

Our scrubber vessel savings for the third quarter of 2024 amounted to $2.17 million or about $1,962 per day, net of all scrubber operating expenses. Fuel differentials between high sulfur fuel oil and low sulfur fuel oil averaged at $115 per metric tonne, while the differential of LPG as fuel versus the low sulfur fuel oil stood at about $185 per metric tonne, which is quite advantageous for the dual fuel LPG engine vessels.

在扣除所有洗滌器營運費用後，我們的洗滌器船在 2024 年第三季節省了 217 萬美元，即每天約 1,962 美元。高硫燃油和低硫燃油之間的燃油價差平均為每公噸115美元，而液化石油氣作為燃料與低硫燃油的價差約為每公噸185美元，這對雙燃料液化石油氣發動機相當有利船隻。

The total number of owned vessels fitted with scrubber units in our fleet is now 15 after having retrofitted another vessel in the last calendar quarter during this vessel's regular dry-docking window. The added advantage with scrubber-fitted vessels is their eligibility for future installation of carbon-capture modules. Marinized carbon capture modules present a significant opportunity for decarbonization, and we anticipate their adoption will become necessary in the medium term as greenhouse gas emission regulations tighten significantly in the future.

在上個日曆季度在該船的定期乾船塢窗口期間對另一艘船進行了改造後，我們船隊中配備洗滌器裝置的自有船舶總數現已達到 15 艘。安裝洗滌器的船舶的額外優勢是它們有資格在未來安裝碳捕獲模組。海洋化碳捕獲模組為脫碳提供了重要機會，我們預計，隨著未來溫室氣體排放法規的顯著收緊，它們的採用將在中期內變得必要。

We have also completed the dry docking of two further vessels, including an ammonia as cargo upgrade for one of them. There is another ammonia as cargo upgrade for a vessel planned for dry docking by the end of this year. Upon completion of this last vessel, the Dorian LPG fleet will have three VLGC VLAC vessels capable for ammonia cargoes in the water and one newbuilding to be delivered in 2026.

我們還完成了另外兩艘船的乾船塢，其中包括一艘氨船，用於對其中一艘進行貨物升級。一艘計劃於今年底進乾船塢的船隻還有另一艘氨作為貨物升級。最後一艘船完工後，Dorian LPG 船隊將擁有三艘能夠在水中運輸氨貨物的 VLGC VLAC 船，以及一艘將於 2026 年交付的新船。

We anticipate an intensive schedule of dry dockings this coming year and next for the global VLGC fleet. About 80 VLGCs were built in the 2015-2016 period. Most Dorian LPG vessels were built in 2015. And for those that have not yet dry docked, we would be looking to dry dock and complete their second five-year service cycle early this next year.

我們預計全球 VLGC 船隊今明兩年將進行密集的乾船塢計畫。2015-2016 年期間建造了約 80 艘 VLGC。大多數 Dorian 液化石油氣船建於 2015 年。對於那些尚未乾船塢的公司，我們希望在明年初進行乾船塢並完成他們的第二個五年服務週期。

The MEPC 82 took place at the IMO headquarters in London at the end of September and beginning of October. Some of the significant outcomes of the MEPC 82 were the adoption of amendments to the MARPOL Annex VI to give effect to the Canadian Arctic and the Norwegian CECA's emission control areas for SOx and NOx, and it is expected to enter into force on the March 1, 2026.

MEPC 82 於 9 月底和 10 月初在倫敦 IMO 總部舉行。MEPC 82 的一些重要成果是通過了 MARPOL 附則 VI 的修正案，使加拿大北極和挪威 CECA 的 SOx 和 NOx 排放控制區生效，預計將於 3 月 1 日生效，2026。

There was also progression and refinement of the regulatory text for midterm greenhouse gas measures and scheduling for a further intersectional greenhouse gas working group in February 2025. No formal decisions on future emission regulations were made at this MEPC meeting.

中期溫室氣體措施的監管文本也取得了進展和完善，並安排了 2025 年 2 月成立的進一步跨部門溫室氣體工作小組。本次 MEPC 會議並未就未來排放法規做出正式決定。

The most reliable insight into the likely outcome of the next MEPC 83 in mid-2025 comes from the nature of the ongoing debate at the MEPC 82 floor. That discussion included detailed proposals and increasingly focused options for each of the following elements, which are well to wake and tank to wake for the greenhouse gas fuel intensity. Most of the discussion at the MEPC 82 was converging on a technical and an economic measure for emissions, and the firm agreement for this midterm decarbonization measures is expected at the next MEPC 83 meeting with enforcement starting in 2027.

關於 2025 年中期下屆 MEPC 83 可能結果的最可靠的見解來自 MEPC 82 會議上正在進行的辯論的性質。該討論包括針對以下每個要素的詳細建議和日益集中的選項，這些要素對於溫室氣體燃料強度來說是很好的喚醒和坦克喚醒。MEPC 82 上的大部分討論都集中在排放的技術和經濟措施上，預計在下次 MEPC 83 會議上就中期脫碳措施達成一致，並於 2027 年開始執行。

Wind-assisted propulsion system offers benefits within current and upcoming regulatory frameworks. In particular, vessels equipped with WAPS, this wind-assisted propulsion systems technology, may qualify for the wind reward factor under FuelEU maritime, which effectively lowers the vessel's calculated energy intensity and helps vessels meet emission targets while reducing their overall regulatory costs.

風力輔助推進系統在當前和即將到來的監管框架內提供了優勢。特別是，配備WAPS（這種風力輔助推進系統技術）的船舶可能有資格獲得FuelEU海事項下的風力獎勵係數，這有效降低了船舶的計算能源強度，幫助船舶滿足排放目標，同時降低整體監管成本。

Selecting WAPS technology that is both efficient and straightforward to install and operate can be a pivotal step in the energy transition, delivering a cost-effective path toward reduced emissions and seamless regulatory compliance.

選擇既高效又易於安裝和操作的 WAPS 技術可以成為能源轉型的關鍵一步，為減少排放和無縫監管合規提供經濟高效的途徑。

And now I would like to pass it over to John Hadjipateras for his final comments.

現在我想將其轉交給約翰·哈吉帕特拉斯（John Hadjipateras），請他發表最後的評論。

Thanks, John. Thank you. We can take any questions if anyone has any questions for us. Before we do, I'd like to make -- I'd like to go back on the comment I made about the medium term. Our medium-term optimism amongst other factors is based on two -- big terminal expansions that we can see. I said second half '26, but in fact, the first is coming in the second half of 2025 with Targa and Energy Transfer up to 8 million tonnes and the other one will be Enterprise second-half 2026 with 10 million to 15 million tonnes.

謝謝，約翰。謝謝。如果有人向我們提出任何問題，我們可以回答任何問題。在此之前，我想重申我對中期的評論。除其他因素外，我們的中期樂觀情緒基於兩個——我們可以看到的大型航站樓擴張。我說的是26 年下半年，但事實上，第一個項目將於2025 年下半年推出，Targa 和能源傳輸產量將達到800 萬噸，另一個項目將是2026 年下半年的Enterprise，產量為1000 萬至1500 萬噸。

Nikki, over to you.

妮基，交給你了。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員說明）Omar Nokta，Jefferies。

Thank you. Hey, guys, good morning. A couple of questions from my side. And maybe, John, sort of on your last comments there. And Ted, I know you and I have spoken about this quite a bit, just regarding the VLGC spot rates, what we've been seeing here recently, especially with what's going on with US terminal capacity. Obviously, capacity here near term has been limited. That's causing a jump in spot terminal fees, which in turn is compressing the export arb and putting maybe a cap on freight rates at the moment.

謝謝。嘿，夥計們，早安。我這邊有幾個問題。也許，約翰，你最後的評論。泰德（Ted），我知道你和我已經談論過很多次這個問題，只是關於 VLGC 即期費率，我們最近在這裡看到的情況，特別是美國碼頭容量的變化。顯然，短期內的產能有限。這導致現貨碼頭費用大幅上漲，進而壓縮出口套利，並可能限制目前的運費上限。

The expansion projects that come on next year and then in '26 look like that could start to loosen up and perhaps some of that tightness on the terminal side. So I just wanted to ask maybe -- John, I guess you sort of hinted at it, but you did say some reasons for optimism as that capacity expands.

明年和 26 年進行的擴建項目看起來可能會開始放鬆，也許終端方面的緊張狀況會有所緩解。所以我只是想問——約翰，我想你有點暗示了這一點，但你確實說了一些隨著容量擴大而樂觀的理由。

Do you think that that means we're perhaps in a soft patch for the next few quarters in which VLGC rates maybe not -- they may not capture the historical ratio of that arbitrage? But then once those terminals expand, we can start to see the rates revert to their norms? And when I say norms, norms in relation to the arb.

您認為這是否意味著我們在接下來的幾個季度可能會陷入一段疲軟的時期，而 VLGC 利率可能不會——它們可能無法捕捉到該套利的歷史比率？但是，一旦這些航站樓擴建，我們就可以開始看到費率恢復到正常水平嗎？當我說規範時，規範是與套利相關的。

Yes. I don't really, to be honest. I think that the factors like the efficiency of the Canal transit feature more prominently than the export capacity restriction. So that's kind of what I feel. I think that there's -- with an arb as open as it is, the reason we haven't been able to capture it is more to do with the absence of any kind of inefficiencies in fleet utilization, which is a feature of what we -- that we saw last year to a great extent due to the Panama Canal transits.

是的。老實說，我真的不知道。我認為運河過境效率等因素比出口能力限制更為突出。這就是我的感受。我認為，儘管套利是開放的，但我們未能捕獲它的原因更多地與船隊利用率不存在任何低效率有關，這是我們的一個特點—— - 我們去年看到的情況很大程度上是由於巴拿馬運河的過境造成的。

And I think it's reasonable to expect in the next couple of quarters that the Canal will become less efficient for VLGCs because the demand for transits from LNG and containers will increase. So as much as anyone can guess and it's obviously very difficult to do, I don't think that there's a cap necessarily on that and certainly not because of the terminal capacity.

我認為，可以合理地預期，在接下來的幾個季度中，運河對於 VLGC 的效率將會降低，因為液化天然氣和貨櫃運輸的需求將會增加。因此，正如任何人都可以猜測的那樣，這顯然很難做到，我認為不一定有上限，當然也不是因為終端容量。

Got it. Thanks. That's quite helpful. Appreciate you saying that. And kind of on where we are in the marketplace, I guess we're at that time of the year where US LPG inventories start to maybe level out after building for several months. Do you think that this winter, based off what you're seeing, will bring that same type of seasonality where US consumption rises, leads to higher prices domestically here, also putting pressure on the arb and then impacting rates? Or do you think something is different perhaps this winter. Anything you can talk about there?

知道了。謝謝。這很有幫助。感謝你這麼說。就我們在市場上的位置而言，我想我們正處於一年中的這個時候，美國液化石油氣庫存在經過幾個月的建設後可能開始趨於平穩。根據您所看到的情況，您認為今年冬天是否會帶來美國消費成長的相同類型的季節性，導致國內價格上漲，也會給套利帶來壓力，然後影響利率？或者你認為今年冬天可能會有所不同。有什麼可以聊的嗎？

Well, the weather predictions have been sort of for colder winter here. So that should put a bit of pressure on the arb. And so far, at least, they have been for a kind of moderate -- more moderate winter in Asia, But just as this was revised for here, it can easily be revised for Asia too. So it's kind of betting on the weather, I think, to a large extent, looking for the immediate term. And that's my feeling. I don't know whether -- Tim could add a little more color being on the front lines of the market. Tim, do you want to have a go at it?

嗯，天氣預報顯示這裡的冬天會更冷。所以這應該會給套利帶來一些壓力。至少到目前為止，他們已經為亞洲帶來了​​一種溫和的、更溫和的冬季，但正如針對這裡所做的修改一樣，也可以很容易地針對亞洲進行修改。所以我認為，這在很大程度上是對天氣的押注，是在尋找近期的結果。這就是我的感覺。我不知道蒂姆能否在市場的前線增添一點色彩。提姆，你想嘗試嗎？

Yes. I think, as you say, the weather and the Panama Canal are really the two most important things. So we haven't -- I mean, we have a very warm weather in the East right now. So the urgency for stocking up for the winter have not really started yet, but that could change very quickly. I mean, as you said, there was a prediction it was going to be warmer in the East than usual. But the latest we saw was another analyst saying that it was going to be colder.

是的。我認為，正如你所說，天氣和巴拿馬運河確實是最重要的兩件事。所以我們還沒有——我的意思是，我們東部現在的天氣非常溫暖。因此，冬季備貨的緊迫性尚未真正開始，但這種情況可能很快就會改變。我的意思是，正如你所說，有預測東部地區的氣溫將比平常溫暖。但我們最新看到的是另一位分析師表示天氣將會更冷。

So again, the sentiment can change very, very quickly in the East. And when there's a pull on the East, the [half] will adjust itself to open that up even if the US prices also go up. And we have seen big inventories in the US. So I don't think that the US prices will -- there will be no panic in the US to withstand the exports. So we expect maximum exports to the East still and with the production sufficient product to satisfy the US market, albeit the inland prices may go up a bit. So really, the shipping market depends on the -- on the pull from the East and especially the Panama Canal.

同樣，在東方，人們的情緒可能會非常非常快速地改變。當東方受到拉動時，即使美國價格也上漲，[一半]也會自行調整以開放該地區。我們看到美國有大量庫存。因此，我認為美國的價格不會——美國不會出現恐慌來承受出口。因此，我們預計對東方的最大出口仍然存在，並且生產足夠的產品來滿足美國市場，儘管內陸價格可能會略有上漲。因此，實際上，航運市場取決於東方，尤其是巴拿馬運河的拉力。

Okay. Thanks, Tim. And then just the final one for me. And Ted, I think you did mention it, but can you just remind -- say it again, sorry, just the bookings that have been covered thus far and then just what those refer to?

好的。謝謝，蒂姆。然後對我來說就是最後一件事。特德，我想你確實提到過這一點，但你能否提醒一下——抱歉，再說一遍，只是到目前為止已經涵蓋的預訂，以及這些預訂指的是什麼？

Yes. So for this current quarter, the one ending December 31, 2024, we estimate that we have fixed just over 60% of the available days at a TCE in excess of $40,000 per day. That's only for the Helios pool, and that includes both spot fixtures, time charters, and estimates for the COAs.

是的。因此，對於本季（即截至 2024 年 12 月 31 日的季度），我們估計已將超過 60% 的可用天數固定為每天超過 40,000 美元的 TCE。這僅適用於 Helios 池，其中包括現場賽程、時間表和 COA 估算。

Okay, perfect. Okay. Thanks, Ted. Thanks, guys. I'll turn it over.

好的，完美。好的。謝謝，泰德。謝謝，夥計們。我會把它翻過來。

Thanks, Omar.

謝謝，奧馬爾。

Thank you, Omar.

謝謝你，奧馬爾。

Climent Molins, Value Investor's Edge.

克萊門特·莫林斯，價值投資者的優勢。

Good morning. Thanks for taking my questions. I wanted to start by asking about the year-to-date decline in exports from the Middle East. To what extent is that attributable to the oil output cuts? And should those be eased going forward? Do you expect Middle Eastern volumes to increase?

早安.感謝您回答我的問題。我想先詢問今年迄今為止中東出口下降的情況。這在多大程度上歸因於石油減產？未來是否應該放寬這些限制？您預計中東的銷量會增加嗎？

The answer to the last point, yes. And yes, they do. The exports of LPG from the Middle East are very related to the output. And so if OPEC+ increase, then we expect -- so it's not a perfect correlation, but there is -- all in all, it's correlated. Sometimes there's some distortions that like Saudi Arabia uses LPG internally. But in general, we would expect if OPEC+ ease, they increase their production, their exports, then we would see more volume of LPG also from the Middle East.

最後一點的答案是，是的。是的，他們確實這麼做了。中東液化石油氣的出口量與產量密切相關。因此，如果 OPEC+ 增產，那麼我們預計——所以這不是完美的相關性，但確實存在——總而言之，它是相關的。有時會有一些扭曲，例如沙烏地阿拉伯內部使用液化石油氣。但總的來說，我們預計，如果歐佩克+放鬆政策，他們增加產量和出口，那麼我們也會看到來自中東的液化石油氣數量增加。

That's helpful. Thank you. I also wanted to ask about the ammonia trade. It will still take a while for this trade to truly, let's say, live up to expectations. But could you talk a bit about the time line you see? When do you expect volumes to start to have a meaningful effect on the overall VLCC trade?

這很有幫助。謝謝。我還想問一下氨貿易的情況。可以說，這筆交易還需要一段時間才能真正達到預期。但你能談談你看到的時間線嗎？您預計運量何時開始對整個 VLCC 貿易產生有意義的影響？

So it's one of those things. The way I look at it is one of those things that's long and coming and then comes suddenly. So at the moment, we are not seeing as much development of green ammonia trade as had generally been expected by the industry, which caused this new building kind of surge in the last 12 months or so.

所以這是其中之一。我看待它的方式是那些漫長而突然到來的事情之一。因此，目前我們並沒有看到綠色氨貿易的發展如業界普遍預期的那樣，這導致了過去 12 個月左右的新建築數量激增。

But there is -- there are prospects for it to develop. There are some projects that are already kind of a little bit beyond the planning stage. And there's more consideration of blue ammonia. So I think that while at the moment we don't have anything that would kind of give us comfort that all the ammonia-capable ships will be carrying ammonia when they're delivered. I think when it happens, it could happen quickly enough to have a positive effect and absorb that tonnage. And that's how we're looking at it at the moment.

但它是有發展前景的。有些項目已經超越了規劃階段。還有更多的是藍色氨的考慮。因此，我認為，雖然目前我們沒有任何東西可以讓我們感到安慰，但所有具有氨能力的船隻在交付時都將攜帶氨。我認為當它發生時，它可能會發生得足夠快，以產生積極的影響並吸收這一噸位。這就是我們目前的看法。

Thanks for the color. That's all for me. Thank you for taking my questions.

謝謝你的顏色。這就是我的全部。感謝您回答我的問題。

Thank you for your questions.

謝謝您的提問。

Thank you. And this will conclude our Q&A session. I will now turn the call over to management for closing remarks.

謝謝。我們的問答環節到此結束。我現在將把電話轉交給管理階層進行總結發言。

Yes. Well, my closing remark is to thank you all. Have a -- we're beginning to enter the holiday season. So hopefully, higher freight rates and everybody have a good time, and see you again in January. Thank you.

是的。好吧，我的結束語是感謝大家。我們即將進入假期季節。希望運價更高，大家玩得開心，一月再見。謝謝。

Thank you. And this will conclude today's call. Thank you all for your participation. And you may disconnect at any time.

謝謝。今天的電話會議到此結束。感謝大家的參與。並且您可以隨時斷開連線。