Dorian LPG Ltd (LPG) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Dorian LPG fourth quarter and full-year 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.

早安，歡迎參加 Dorian LPG 2025 年第四季和全年財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。此外，Dorian LPG 網站（www.dorianlpg.com）提供今天電話會議的現場音訊網路直播。

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

現在我想將會議交給財務長泰德楊 (Ted Young)。謝謝你，楊先生。請繼續。

Thank you, Mickey. Good morning, everyone, and thank you all for joining us for our fourth-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. As a reminder, this conference call webcast and a replay of this call will be available through May 29, 2025.

謝謝你，米奇。大家早安，感謝大家參加我們的 2025 年第四季業績電話會議。今天與我一起的還有 Dorian LPG Limited 董事長、總裁兼執行長 John Hadjipateras；能源轉型主管 John Lycouris；以及首席商務長 Tim Hansen。提醒一下，本次電話會議網路直播和重播將持續到 2025 年 5 月 29 日。

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 express today.

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、相信或類似的表示未來期望的詞語來表示。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將被證明是正確的。這些前瞻性陳述受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個或多個成為現實，或者基本假設或估計被證明是不正確的，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 quarterly and annual periods ended March 31, 2025, that were filed this morning on Form 8-K. In addition, please refer to our previous filings on Forms 10-K and 10-Q where you'll find risk factors that could cause the actual results to differ materially from those forward-looking statements. Also, please note that we expect to file our full 10-K no later than May 30, 2025. Finally, I'd encourage you to review the investor highlight slides posted this morning on our website.

此外，請容許我向您介紹我們今天上午以 8-K 表格形式提交的截至 2025 年 3 月 31 日的季度和年度未經審計的業績。此外，請參閱我們先前提交的 10-K 和 10-Q 表格，其中列出了可能導致實際結果與前瞻性陳述有重大差異的風險因素。另請注意，我們預計將於 2025 年 5 月 30 日之前提交完整的 10-K 表格。最後，我鼓勵您查看今天早上在我們網站上發布的投資者重點幻燈片。

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

說完這些，我將把電話轉給約翰‧哈吉帕特拉斯 (John Hadjipateras)。

Good morning, and thank you for joining us. My colleagues, Ted, John, and Tim will provide you with detailed comments on our financial results, our sustainability and operational progress, and our market outlook. First, I'd like to highlight the following. Our dividend of $0.50 per share totaling $21.3 million reflects our commitment to returning capital to shareholders in a manner that's aligned with market conditions and our policy of distributing earnings prudently. This past fiscal year, we paid over $155 million in dividends.

早安，感謝您加入我們。我的同事 Ted、John 和 Tim 將為您提供有關我們的財務業績、可持續性和營運進展以及市場前景的詳細評論。首先，我想強調以下幾點。我們的每股股利為 0.50 美元，總計 2,130 萬美元，反映了我們致力於以符合市場條件的方式向股東返還資本的承諾以及我們審慎分配收益的政策。上個財政年度，我們支付了超過 1.55 億美元的股息。

So far in 2025, freight rate movements have been dramatic. While traders grappled with the tariff announcements and the fact that for a time, it became uneconomic to export US LPG to China, the market quickly assessed the ability of the Middle East and Canada to replace US funds. Through this, US exports remained strong with more than 300 VLGCs loading more than 14 million tonnes in the last quarter. US LPG specifications are particularly attractive for Chinese PDH plants.

截至 2025 年，運費變動劇烈。當交易商努力應對關稅公告以及一度將美國液化石油氣出口到中國變得無利可圖的事實時，市場迅速評估了中東和加拿大取代美國資金的能力。由此，美國出口保持強勁，上個季度有超過 300 艘超大型氣體運輸船裝載了超過 1,400 萬噸貨物。美國 LPG 規格對於中國 PDH 工廠來說尤其具有吸引力。

As you will hear from Tim, we believe that increased production in the US and the Middle East and US terminal expansion, combined with just nine new buildings for the rest of the year will support a balanced freight market and healthy earnings for 2025. We are confident in the long-term fundamentals of LPG demand, which are underpinned by growing petrochemical and residential consumption, particularly in Asia and by infrastructure expansions in the US which will support steady growth in NGL output.

正如蒂姆所說，我們相信，美國和中東地區的產量增加以及美國航站樓的擴建，加上今年剩餘時間內僅新建 9 座建築，將支持 2025 年貨運市場的平衡和健康的盈利。我們對液化石油氣需求的長期基本面充滿信心，這種需求受到石化和居民消費不斷增長（尤其是亞洲）以及美國基礎設施擴張的支撐，這將支持天然氣液體產量的穩定增長。

Moving to the operational side of our business, we are progressing our investments in quick payback energy-saving devices and performance optimization. We have eight dry dockings planned for this year. John L. will provide an update on our initiatives and our decision to convert some of our VLGCs to facilitate the carriage of ammonia.

在業務運營方面，我們正在推動對快速回報節能設備和性能優化的投資。我們計劃今年進行八次乾船塢作業。John L. 將介紹我們的舉措以及我們改裝部分 VLGC 以方便運輸氨的決定。

And now I'd like to pass it over to our CFO, Ted Young, for our quarterly financial overview.

現在我想將季度財務概覽交給我們的財務長 Ted Young。

Thanks, John. My comments this morning will focus on capital allocation, our financial position and liquidity, and our unaudited fourth quarter results. At March 31, 2025, we reported $317 million free cash, which was sequentially up from the previous quarter. Cash flow from operations more than doubled from $24 million to $50.3 million quarter over quarter, and we generated $10 million from the maturity of some bond holdings, all of which gave us enough cash flow to support our dividend, a progress payment on our new building made in January, and our quarterly debt amortization. Thus, in spite of significant outflows, we still managed a modest increase in cash.

謝謝，約翰。我今天早上的評論將集中在資本配置、我們的財務狀況和流動性以及我們未經審計的第四季度業績。截至 2025 年 3 月 31 日，我們報告的自由現金為 3.17 億美元，較上一季成長。經營活動產生的現金流環比增長了一倍多，從 2400 萬美元增至 5030 萬美元，並且我們從部分債券到期中獲得了 1000 萬美元，所有這些都為我們提供了足夠的現金流來支持我們的股息、一月份新大樓的進度款以及季度債務攤銷。因此，儘管出現大量資金流出，我們仍然實現了現金的小幅成長。

As disclosed two weeks ago, we will pay an irregular dividend of $0.50 per share or roughly $21 million in total on or about May 30, 2025 to shareholders of record as of May 16. Including this dividend, we have returned approximately $875 million in cash through dividends, a self-tender offer, and open market repurchases since our IPO. With the debt balance at quarter end of $557.4 million, our debt to total book capitalization stood at 34.8% and net debt to total capitalization at 15%. We have well structured and attractively priced debt capital with a current all-in cost of about 5.1%, an undrawn $50 million revolver and one debt-free vessel.

正如兩週前披露的那樣，我們將在 2025 年 5 月 30 日左右向 5 月 16 日登記在冊的股東支付每股 0.50 美元或總計約 2100 萬美元的不定期股息。包括這筆股利在內，自首次公開發行以來，我們已透過股利、自我要約收購和公開市場回購返還了約 8.75 億美元現金。本季末的債務餘額為 5.574 億美元，債務與帳面資本總額之比為 34.8%，淨債務與總資本總額之比為 15%。我們擁有結構良好、價格誘人的債務資本，目前全成本約為 5.1%，未提取的 5,000 萬美元循環信貸額度和一艘無債務船舶。

Coupled with our strong free cash balance, we have a comfortable measure of financial flexibility. Looking ahead, we expect our cash cost per day for the coming year to be approximately $26,000 per day excluding capital expenditures for dry docking and progress payments on our new building. For the discussion of our fourth-quarter results, you may also find it useful to refer to the investor highlight slides posted this morning on our website. I would 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.

加上我們強大的自由現金餘額，我們擁有相當充足的財務彈性。展望未來，我們預計來年每天的現金成本約為 26,000 美元，不包括乾船塢的資本支出和新建築的進度付款。對於我們第四季度業績的討論，您可能還會發現參考我們網站上今天早上發布的投資者重點幻燈片很有用。我還要提醒您，我的評論將包括許多術語，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。

Looking at our fourth-quarter chartering results. Given the fact that our entire spot trading program is conducted through the Helios Pool, its reported spot results are the best measure of our spot chartering performance. For the March 31 quarter, the Helios Pool earned a TCE per day for its spot and COA voyage of $29,800 reflecting the more challenging LPG product environment during the quarter, which Tim will get into more in his remarks.

查看我們第四季的租船結果。鑑於我們的整個現貨交易計劃都是透過 Helios Pool 進行的，其報告的現貨結果是衡量我們現貨租船業績的最佳指標。截至 3 月 31 日當季，Helios Pool 的現貨和 COA 航次每日收入為 29,800 美元，反映出本季度 LPG 產品環境更具挑戰性，Tim 將在他的講話中對此進行更詳細的闡述。

Our available days were also affected by a relatively heavy drydocking schedule. The overall TCE result for the pool of 33,200 per day reflects the strong time charter out portfolio in the pool. On page 4 of our investor highlights material, you can see that we have three Dorian vessels on time charter within the pool indicating spot exposure of just over 89% for the 28 vessels in the Helios Pool.

由於乾船塢作業安排相對較緊，我們的可用時間也受到影響。該聯營體每天的 TCE 整體結果為 33,200，反映出聯營體中強勁的定期租船組合。在我們的投資者重點資料第 4 頁上，您可以看到我們在池內有三艘 Dorian 船舶按期租用，這表明 Helios 池中 28 艘船舶的現貨敞口略高於 89%。

Dorian's reported TCE revenue per available day was about $35,300 per day. This rate was marginally lower than the prior quarter's results, again, reflecting the challenging LPG product market. However, forward bookings for the quarter ending June 30, 2025, are more promising. We currently estimate that we have fixed 79% of the pools available days in the quarter at a TCE of roughly $42,000 per day. The rate includes both spot fixtures and time charters in the Helios Pool.

Dorian 報告的每日 TCE 收入約為 35,300 美元。這一比率略低於上一季的結果，再次反映出液化石油氣產品市場充滿挑戰。不過，截至 2025 年 6 月 30 日的季度的預訂情況更為樂觀。我們目前估計，本季 79% 的可用池天數已固定為每天約 42,000 美元的 TCE。該費率包括 Helios Pool 的現貨租賃和定期租賃。

Given the difficulty in predicting loading rates, which obviously have a huge effect on revenue recognition, this port options and some charters, and the fact that some of our COAs are priced on average Baltic rates, the estimates we quote during these calls on the rates actually realized can vary. Daily OpEx for the quarter was $11,000 a day, excluding dry-docking related expenses, which was up from the prior quarter. Crew and spare and storage costs were both up.

鑑於預測裝載率的難度（這顯然對收入確認、港口選擇和一些租船合約有很大影響），以及我們的一些 COA 是以波羅的海平均運費定價的，因此我們在這些停靠期間對實際實現的運費的估計可能會有所不同。本季每日營運支出為 11,000 美元（不含乾船塢相關費用），高於上一季。船員、備件和儲存成本均上漲。

This quarter also saw nearly $1,000 a day difference between reported OpEx that includes expense dry-docking amounts, and our preferred measure of OpEx that excludes those costs. Those noncapitalized dry docking expenses totaled about $3.2 million and equated to $0.07 per share for the quarter. Our time charter expense for the four time charter in vessels came in at about $10.3 million or about $28,600 per time charter in day. Thus, those vessels contributed positively to our quarterly profits.

本季度還發現，包括費用乾船塢金額在內的報告營運支出與我們首選的不包括這些成本的營運支出衡量標準之間每天相差近 1,000 美元。這些非資本化的乾船塢費用總計約 320 萬美元，相當於本季每股 0.07 美元。我們四艘船舶的定期租船費用約為 1,030 萬美元，或每天約 28,600 美元。因此，這些船舶對我們的季度利潤做出了積極貢獻。

Total G&A for the quarter was $8.3 million, and cash G&A, which is G&A excluding noncash compensation expense, was about $6.8 million. This amount contained about $800,000 of statutory accruals which puts our core G&A at around $6 million, more in line with our typical levels. That $800,000 was worth about $0.02 per share. Our reported adjusted EBITDA for the quarter was $36.6 million. Total cash interest expense for the quarter was $6.7 million, which is down sequentially from the prior quarter.

本季的總 G&A 為 830 萬美元，現金 G&A（即不包括非現金薪酬費用的 G&A）約為 680 萬美元。這筆金額包含約 80 萬美元的法定應計費用，這使得我們的核心一般及行政費用約為 600 萬美元，更符合我們的典型水平。這 80 萬美元價值約為每股 0.02 美元。我們報告的本季調整後 EBITDA 為 3,660 萬美元。本季現金利息支出總額為 670 萬美元，較上一季下降。

Note that we capitalized approximately $425,000 of interest related to our new building during the quarter. Principal amortization remained steady at around $13 million. For the current fiscal year ending March 2026, we expect to drydock eight of our vessels for which we have budgeted approximately $12 million, excluding off-hire time. Days and dry dock should be consistent with our disclosures, namely around 25 days per vessel.

請注意，本季度我們已將與新建築相關的約 425,000 美元利息資本化。本金攤銷維持穩定在 1,300 萬美元左右。在截至 2026 年 3 月的當前財政年度，我們預計將有 8 艘船舶進入乾船塢，預算約為 1,200 萬美元（不包括停租時間）。天數和乾船塢時間應與我們的揭露一致，即每艘船約 25 天。

Also, we have two progress payments on our new building in September and December 2025, each of roughly $12 million. The regular dividend declared at the beginning of the month of $0.50 per share brings to $15.70 per share in regular dividends that we have paid since September 21. The modest reduction of the dividend versus the prior quarter is consistent with our previous discussions around the topic. It reflects a balanced mix between results and the long-term needs and prospects of the business.

此外，我們將於 2025 年 9 月和 12 月支付新大樓的兩筆進度款，每筆約 1,200 萬美元。加上月初宣布的每股 0.50 美元的常規股息，自 9 月 21 日以來我們已支付的每股 15.70 美元的常規股息。與上一季相比，股息的小幅減少與我們之前圍繞該主題的討論一致。它反映了業績與企業長期需求和前景之間的平衡。

Obviously, recent rate gyrations underscore the range of variables that affect our business, weather, terminaling fees, global petrochemical demand, and global trade policies, just to name a few. Including the regular dividend to be paid this month, we paid over $640 million of dividends and have generated net income of $641 million over the same time period, i.e., back to June 30, 2021.

顯然，最近的利率波動凸顯了影響我們業務的一系列變量，包括天氣、終端費、全球石化需求和全球貿易政策等等。包括本月支付的定期股息在內，我們支付了超過 6.4 億美元的股息，並在同一時期（即截至 2021 年 6 月 30 日）產生了 6.41 億美元的淨收入。

Our Board weighs current earnings, our current near-term cash forecast, future investment needs, and the overall market environment among a number of factors in making its determination of the appropriate level, if any, for our dividends. The $0.50 per share dividend reflects a constructive market view considering last quarter's earnings and our heavy dry dock schedule this past year and for the coming year. In addition, the dividend decision was made before the conclusion of the most recent US-China trade talks. We continue to be on the lookout for fleet renewal opportunities and will be judicious with our free cash flow, working to balance shareholder distributions, debt reduction, and fleet investment.

我們的董事會將權衡當前收益、當前近期現金預測、未來投資需求以及整體市場環境等多種因素，以確定適當的股息水平（如果有）。每股 0.50 美元的股息反映了市場對上一季收益以及我們去年和明年的繁重乾船塢計劃的建設性看法。此外，該股息決定是在最近一次中美貿易談判結束之前做出的。我們將繼續尋找船隊更新機會，並將明智地利用我們的自由現金流，努力平衡股東分配、債務削減和船隊投資。

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

說完這些，我將把它交給蒂姆·漢森 (Tim Hansen)。

Thank you, Ted, and good day, everyone. At the start of the quarter ending March 31, the freight market kept its momentum from last December. Activity remains strong in the East with the Indian PSU actively covering general requirements. And in the West, charters quickly returned post holidays to secure first-half February liftings out of the US Gulf at rates in the low 110s on the BLPG 3 routes, Houston to Chiba, which equals some TCE in the mid- to high -- mid- to high-40s a day.

謝謝你，泰德，大家好。截至 3 月 31 日的本季初，貨運市場維持了去年 12 月以來的成長動能。東部地區的活動依然強勁，印度 PSU 積極滿足一般需求。在西部，假期過後，租船船隻迅速返回，確保在 2 月上半月以 110 多美元/天的運價從 BLPG 3 航線（休斯頓至千葉）卸貨，從美國墨西哥灣運出，相當於每天 40 多美元/天的 TCE 中高水平。

The rates trended upwards at the end of '24, and the typical winter spike was yet to materialize. Thus, there was expectations of further gains. However, in the second week of January, a cold spell in the US Gulf course charters to pose board fixing, being aware of disruptions such as Texas freeze in prior years, and recent terminal delays experienced last summer.

24 年底費率呈上升趨勢，但典型的冬季高峰尚未出現。因此，人們預期該股將進一步上漲。然而，1 月的第二週，美國墨西哥灣航線租船遭遇寒流，對航運造成了影響，人們意識到前幾年德克薩斯州的嚴寒天氣以及去年夏天發生的碼頭延誤等影響。

Sudden tightening in the Panama Canal with auction fees spiking to $500,000 added to further strain on the voyage planning. Repeated cold spells in the US drove out domestic LPG demand, leading to a rise in them on LPG price. In meantime, seasonally warm weather and subdued petrochemical demand in Asia narrowed the arbitrage, tightening the terminal fees and freight rates. With no spot activity, rates began to soften on sentiment.

巴拿馬運河突然收緊，拍賣費飆升至 50 萬美元，進一步給航行計畫帶來壓力。美國持續的寒流抑制了國內液化石油氣的需求，導致液化石油氣價格上漲。同時，亞洲季節性溫暖天氣和石化需求低迷縮小了套利空間，導致碼頭費和運費收緊。由於沒有現貨活動，利率開始因市場情緒而走軟。

With February exports down with about 1 million worldwide with 300,000 in the East and about 700,000 out of the US and no US productivity for the second-half February liftings, plus we mentioned on certain Panama transit costs, more owners started to ballast from Asia towards Middle East, Gulf or via Cape to the US Gulf, putting pressure on the Middle East Gulf rates and increasing the vessels' availability.

由於 2 月全球出口量下降至約 100 萬艘，其中東部出口量為 30 萬艘，美國出口量約為 70 萬艘，而且 2 月下半月美國沒有出口，再加上我們提到的巴拿馬運輸成本，更多船東開始從亞洲向中東、墨西哥灣或經好望角向美國墨西哥灣壓艙，這給中東墨西哥灣的運價帶來的壓力，這給中東了可用性。

Due to limited US activity, vessel availability gradually increased and freight rate continued to decline. By mid-February, earnings on a modern nonscrubber vessel have dropped from the high $40,000 a day in early January to low $20,000 a day in both the East and West market. Activity eventually resumed, stabilizing the rates and these levels -- at these levels before recovery began in early March as certain fixtures by mid-March, driven by a tightening position list led to a sharp rebound in ending the quarter with earnings back in the mid- to high $40,000 per day range.

由於美國活動有限，船隻可用性逐漸增加，運費持續下降。到 2 月中旬，東方和西方市場的現代化無脫硫裝置船舶的收益已從 1 月初的每天 40,000 美元高點降至每天 20,000 美元低點。活動最終恢復，穩定了費率和這些水平 - 在 3 月初開始復蘇之前一直處於這些水平，因為 3 月中旬，在緊縮的倉位清單的推動下，某些固定裝置導致本季度末出現大幅反彈，收益回到了每天 40,000 美元的中高水平。

The quarterly average spot earnings were settled around $30,000 a day, reflecting a balanced market. This was despite the absence of a typical winter demand in both -- in the East in both Q4 and Q1. The US cold snaps, as mentioned, February export did elevate feedstock costs railing on PDH and petrochem margins and a narrow arbitrage plus a high oil and gas market volatility amidst the tariff announcement by the US administration.

每季平均現貨收益約為每天 3 萬美元，反映出市場平衡。儘管第四季和第一季東部地區均沒有出現典型的冬季需求，但情況仍然如此。如前所述，美國 2 月的寒流確實推高了原料成本，影響了 PDH 和石化產品的利潤率，套利空間縮小，在美國政府宣布加徵關稅的情況下，石油和天然氣市場波動性較大。

Reciprocal tariffs by China announced in Q1 '25 did not initially include LPG imports from the US to China, but spurs are cautioners by charters for committing too far ahead with the ever-changing tariff announcement and the flexibility of China, including LPG in the reciprocal tariffs again.

中國在 2025 年第一季宣布的互惠關稅最初並不包括從美國進口的液化石油氣，但隨著關稅公告不斷變化，以及中國的靈活性，租船人警告不要做出過分的承諾，再次將液化石油氣納入互惠關稅中。

US LPG production hit another quarterly record in the first quarter of '25 producing 0.5 million tonnes above the previous quarter. Despite US LPG exports falling from 5.6 million tonnes in January to 4.9 million in February, the quarterly export has shown to be the highest on record for Q1, and it is the third highest on records per quarter overall.

2025 年第一季，美國液化石油氣產量再創季度紀錄，較上一季增加 50 萬噸。儘管美國液化石油氣出口量從 1 月的 560 萬噸下降至 2 月的 490 萬噸，但該季度出口量仍創下第一季歷史新高，並且是季度出口量第三高紀錄。

In addition to the first quarter updates, by early April, the trade war continued to escalate. China included LPG and ethane in the reciprocal tariffs. This caused a huge shock to the LPG market causing freight rates to collapse from approximately $40,000 a day down to OpEx level virtually overnight. Two traders relet their vessels at roughly $40 per tonne below the last tonne levels on the Houston-Chiba route, reflecting the expectation of immediate market disruptions.

除了第一季的更新之外，到4月初，貿易戰持續升級。中國將液化石油氣和乙烷納入互惠關稅範圍。這給液化石油氣市場帶來了巨大的衝擊，導致運費幾乎在一夜之間從每天約 4 萬美元暴跌至營運成本水準。兩家貿易商以比休士頓-千葉航線上最後一噸價格低約每噸 40 美元的價格重新出租了他們的船隻，這反映出市場即將出現混亂的預期。

However, within a week, the market stabilized and freight rate rebounded to a more sustainable level, although still below the highs seen at the end of first quarter. While these rising tariffs effectively prevented direct LPG trade from US to China, the market anticipated a repeat of the 2019 trade war pattern with China sourcing replacement volumes from alternative regions, although substituting the entire Chinese to US -- Chinese US originated volumes would be difficult and could cause some demand destruction.

然而，一週之內，市場趨於穩定，運費反彈至更可持續的水平，儘管仍低於第一季末的高點。雖然這些不斷上漲的關稅實際上阻止了美國與中國的液化石油氣直接貿易，但市場預計2019年的貿易戰模式將重演，中國將從其他地區採購替代量，儘管用美國替代所有來自中國的液化石油氣將是困難的，並可能導致一些需求破壞。

The shift in trade lanes happened quickly and led to inefficiencies and increased ton-mile demand as also seen in the previous trade war, this time to a larger extent due to the large volumes to be substituted and the limitations of such available alternative volumes. The Mount Value prices declined rapidly along other energy markets, making US LPG increasingly competitive as an absolute substitute for non-Chinese PDH units and for steam crackers. This shift supported demand outside China. While the concerns being that the Chinese PDH demand destruction might lead to rising US inventories, especially in a post-winter period.

貿易航線的轉變發生得很快，導致了效率低下和噸英里需求增加，就像上次貿易戰中出現的情況一樣，這次的轉變在更大程度上是由於需要替代的貨運量巨大，而可用的替代貨運量有限。與其他能源市場一樣，Mount Value 價格也迅速下跌，使得美國 LPG 作為非中國 PDH 裝置和蒸汽裂解裝置的絕對替代品的競爭力日益增強。這種轉變支持了中國以外的需求。然而人們擔心的是，中國PDH需求的下降可能會導緻美國庫存增加，尤其是在冬季過後。

The improved price competitiveness of US LPG helps sustain export flows. The key question was whether the increased ton-mile demand elsewhere would be sufficient to offset the loss in Chinese volume. In the short term, it did. This dynamic was quickly overtaken by development in the US to China trade policy.

美國液化石油氣價格競爭力的提升有助於維持出口流量。關鍵問題是，其他地方增加的噸英里需求是否足以抵消中國運輸量的損失。從短期來看，確實如此。這項動態很快就被美國對華貿易政策的發展所取代。

Tariffs will temporarily reduce at least from the critical levels of 245 and 225 respectively, for a 90-day period with a 10% Chinese import tax on US LPG production. Notably, even this tariff -- this lower tariffs level was enough to alter the trade float in 2019. Today, we have a high established EP price and a low value price we suggest that US cargos may remain competitive on a landfill price basis into China despite the tax.

關稅將至少暫時從245和225的臨界水準降低90天，中國將對美國液化石油氣生產徵收10%的進口稅。值得注意的是，即使是這種較低的關稅水準也足以改變 2019 年的貿易浮動。今天，我們有一個較高的既定EP價格和較低的價值價格，我們認為，儘管徵收了稅款，但美國貨物在進入中國的填埋價格基礎上仍可能保持競爭力。

As negotiation continues, the market has regained balance and has been trending onwards since the tariff reduction. While the potential impact of future trade tensions remains uncertain, we are positive in our outlook for the market in 2025. US production and exports are set to increase, supported by terminal capacity expansions scheduled in the second half of the year, alongside Asia continuing to drive growth with new PDH plants coming online in China and sustained competitiveness of propane and butane versus naphtha in both East and West, increasing the overall demand. Additional support comes from a Panama Canal at the moment operating at maximum efficiency does a limited downside and limited newbuilding deliveries, as mentioned by John in 2025.

隨著談判的繼續，市場已經恢復平衡，並且自關稅降低以來一直呈上升趨勢。儘管未來貿易緊張局勢的潛在影響仍不確定，但我們對 2025 年的市場前景持樂觀態度。美國的產量和出口量預計將會增加，這得益於下半年計劃進行的終端產能擴張，同時亞洲將繼續推動增長，中國新的 PDH 工廠將上線，東西方丙烷和丁烷與石腦油的競爭力將持續增強，從而增加總體需求。另外，巴拿馬運河目前以最高效率運營，因此下行壓力有限，新船交付量也有限，正如約翰在 2025 年所提到的。

This contributes to a favorable supply-demand balance.

這有助於實現良好的供需平衡。

With that, I will pass over to Mr. John Lycouris.

接下來，我將把發言權交給約翰‧萊庫里斯先生。

Thank you, Tim. At Dorian LPG, we are committed to continuously improving energy efficiency and advancing the sustainability of our operations and our vessels. We've maintained a daily focus on optimizing vessel operational efficiency, whether on the way or import while continuously incorporating insights from our crew to ensure comprehensive performance monitoring, we leverage both proprietary tools and third-party platforms to assess the efficiency of the hall, main engine, auxiliary engines, boilers and the integrity of data quality.

謝謝你，提姆。在 Dorian LPG，我們致力於不斷提高能源效率並推動我們的營運和船舶的可持續性。我們每天都致力於優化船舶營運效率，無論是在航行途中還是進口途中，同時不斷吸收船員的意見，以確保全面的性能監控，我們利用專有工具和第三方平台來評估大廳、主發動機、輔助發動機、鍋爐的效率和數據品質的完整性。

Our performance is assessed by monitoring frictional resistance with careful consideration of trim and speed optimization. We consistently monitor and clean the how and propeller to optimize performance and minimize overall fuel consumption. We conduct regular monitoring of the main engine, auxiliary engines and boiler focusing on performance metrics such as utilization, power loads and lubrication efficiency.

我們透過監測摩擦阻力並仔細考慮調整和速度優化來評估性能。我們持續監控和清潔引擎和螺旋槳，以優化性能並最大限度地降低整體燃料消耗。我們定期對主機、輔機和鍋爐進行監控，並專注於使用率、功率負載和潤滑效率等效能指標。

Our scrubber vessel savings for the first quarter of 2025 amounted to $1.37 million or about $1,174 per calendar day per vessel, net of all scrubber operating expenses. Fuel differentials between high sulfur fuel oil and very low sulfur fuel oil averaged $67 per metric ton, while the differential of LPG as fuel versus the very low sulfur fuel oil stood at about $93 per metric ton, making LPG economically attractive for our dual fuel and vessels.

扣除所有洗滌器營運費用後，2025 年第一季我們的洗滌器船節省費用為 137 萬美元，即每艘船每天節省約 1,174 美元。高硫燃料油和極低硫燃料油之間的燃料差價平均為每公噸 67 美元，而液化石油氣作為燃料與極低硫燃料油的差價約為每公噸 93 美元，這使得液化石油氣對我們的雙燃料和船舶具有經濟吸引力。

We now operate 16 scrubber-fitted vessels and 4 dual-fuel LPG vessels. We have now completed the second VLGC vessel upgrade to carry ammonia cargo, and the third vessel is planned to be upgraded during its dry docking in the fourth quarter of 2025. Once this last vessel is completed, 4 VLCC vessels in our Dorian LPG fleet will be able to carry ammonia cargoes in addition to our new building VLGC BLAC vessels delivering in 2026. We believe that the cargo fitness upgrades to include the ammonia cargo capability, enhance the fleet's commercial optionality and readiness for employment when the first ammonia projects developed and when the large ammonia cargo markets are established.

我們目前營運 16 艘裝有洗滌器的船隻和 4 艘雙燃料液化石油氣船。目前，我們已經完成了第二艘 VLGC 船的升級，以運載氨氣貨物，第三艘船計劃於 2025 年第四季在乾船塢期間進行升級。一旦這最後一艘船完工，我們 Dorian LPG 船隊中的 4 艘 VLCC 船將能夠運載氨氣貨物，此外我們新建的 VLGC BLAC 船將於 2026 年交付。我們相信，包括氨貨運能力在內的貨運適航升級將增強船隊的商業選擇性和在首批氨項目開發和大型氨貨運市場建立時的就業準備。

At MEPC 83 during April 2025, member state finalized and approved the draft legal text for the IMO net 0 framework. As part of the IMO's midterm greenhouse gas reduction measures to be added as a new chapter 5 to MARPOL Annex VI. Key features includes a mandatory well to wake greenhouse gas fuel intensity standard, which is called GFI, effective first of January 2028.

2025 年 4 月，在 MEPC 83 上，成員國最終確定並批准了 IMO net 0 框架的法律文本草案。作為國際海事組織中期溫室氣體減量措施的一部分，將作為新的第5章加入《防污公約》附則VI。主要特點包括強制性的溫室氣體燃料強度標準（稱為 GFI），自 2028 年 1 月 1 日起生效。

Two, due compliance tiers are based in a direct with annual tightening reduction factors through 2035. Three, remedial units at USD100 per ton for every CO2 equivalent unit and USD380 per ton for each carbon CO2 equivalent units Tier 2 for compliance shortfalls payable into the IMO Net-Zero fund. That's number 4. Credits of overcompliance aiming to accelerate zero and near-zero carbon fuel uptake. We get implementation and verification guidelines for the IMO Net-Zero framework are due to be finalized in mid-2025 ahead of former Dutch at the extraordinary MEPC session to be scheduled in October 2025.

二、到期合規等級以直接為基礎，直至 2035 年每年都會有緊縮削減因素。三、補救單位，每二氧化碳當量單位 100 美元/噸，每碳二氧化碳當量單位 380 美元/噸，第 2 級，用於支付國際海事組織淨零排放基金的合規不足。這是第四個。超額遵守信用旨在加速零碳和近零碳燃料的吸收。我們獲得的 IMO 淨零排放框架實施和驗證指南將於 2025 年中期完成，比荷蘭在 2025 年 10 月舉行的 MEPC 特別會議上確定的指南提前。

The IMO committee also adopted resolution MEPC 400 which sets out annual CII reduction factors relative to the 2019 reference line at 13 5/8 in 2027, increased incrementally by 25% each year to reach 21.5% in 2030 compared to the 2019 reference.

國際海事組織委員會也通過了MEPC 400號決議，規定2027年相對於2019年參考線的年度CII削減係數為13 5/8，每年遞增25%，到2030年達到2019年參考線的21.5%。

Our continued focus on energy and emission savings reflects our belief that our environmental responsibility are aligned with long-term value creation for our shareholders.

我們持續關注能源和排放節約，這反映了我們的信念：我們的環境責任與為股東創造長期價值是一致的。

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

現在我想把發言權交給約翰·哈吉帕特拉斯 (John Hadjipateras) 來做最後的評論。

Thank you all, Taro, John, Tim and Ted. Nick, we can open up for questions. .

謝謝大家，Taro、John、Tim 和 Ted。尼克，我們可以開始提問了。。

(Operator Instructions)

（操作員指示）

Omar Nokta, Jefferies.

奧馬爾·諾克塔（Omar Nokta），傑富瑞集團。

I wanted to just ask a bit about the volatility that we've been seeing in the VLGC market. Obviously, there's always volatility that just seems to be much more extreme perhaps recently. But One thing is clearly the spot rates have exceeded many expectations. And right now, we're in over 50,000 a day, it seems on the spot market. Ted, you mentioned you booked 79% of the quarter at $42,000.

我想問一下我們在 VLGC 市場看到的波動。顯然，波動總是存在的，只是最近似乎變得更加極端。但有一點顯然是現貨價格已經超出了許多人的預期。目前，現貨市場上的每日交易量似乎超過 50,000 筆。泰德，你提到你本季的預訂量為 79%，總額為 42,000 美元。

It seems that the rates are basically much stronger than anticipated. Could you maybe -- I know, Tim, you talked about this a little bit, but could you talk about what's driving this market strength here recently? And is this sort of -- are there any kind of trade pattern changes that have evolved out of what happened in April between China and the US? Can you just give a bit more context as to what's driving this latest upswing?

看起來利率基本上比預期的要高得多。也許——我知道，蒂姆，你談論了一點這個，但你能談談最近是什麼推動了市場強勁增長嗎？那麼，四月中美之間發生的事件是否會導致貿易模式發生某種變化？您能否再多介紹一下推動這項最新上漲的因素？

Thank you. Thanks for the question, Omar. I think Ted -- I mean, sorry, I think Tim is best positioned to answer you this. He is on the front line. And obviously, it's something on everybody's mind.

謝謝。謝謝你的提問，奧馬爾。我認為泰德——我的意思是，抱歉，我認為蒂姆最適合回答你這個問題。他身處前線。顯然，這是每個人都在考慮的事情。

So Tim, can you take it, please?

那麼蒂姆，你能接受嗎？

Yeah. Omar, as you said, it has gone up quite a lot lately. I mean, we see that tightening that we still see these trade flows had that altered when the high tariff was in place and China put on the statutory tariffs. So we're still seeing a lot of cargoes going from the US to India and to Southeast Asia.

是的。奧馬爾，正如你所說，最近它漲了不少。我的意思是，我們看到，當實施高關稅和中國徵收法定關稅時，這些貿易流量已經改變了。因此，我們仍然看到大量貨物從美國運往印度和東南亞。

So that, of course, gives a lot of ton miles. So I think there's still a balance between whether it makes sense to swap the tonnes or from -- and with a 10% tax whether it makes sense to use US origins into China or whether it's better to take and supplement out of AG.

因此，這當然會產生很多噸英里。因此，我認為，在交換噸位或從——以及徵收 10% 的稅款之間是否有意義之間仍然存在平衡，是將美國原產地產品帶入中國更有意義，還是最好從 AG 中取出並補充。

So there doesn't seem to be demand construction, but some of the cargoes are still going the longer route around the Cape to Southeast Asia and to India, particularly. And that also means that you have more than miles out of the AG when they go to China, which would normally go for example, to India.

因此似乎沒有需求建設，但一些貨物仍然通過好望角前往東南亞和印度等較長的路線。這也意味著，當他們前往中國時，你會距離 AG 超過數英里，而他們通常會前往印度。

So on top of that, I mean, the reduction is still very strong, and we have -- before we talked about tariffs expected a strong year of 2025 and which -- which has seemed to be a little bit forgotten in all the noise on the tariff trade. But we have -- I mean 2025 was predicted to be relatively tight compared to '24 with a limited newbuilding deliveries. And you can say that the previous little jump in newbuilding deliveries have been absorbed now from '23-'24 and production is still quite high.

因此，最重要的是，降幅仍然非常強勁，而且我們在談論關稅之前預計 2025 年將是強勁的一年，但在關稅貿易的喧囂中，這一點似乎被人們遺忘了。但我們的意思是，預計 2025 年與 2024 年相比會相對緊張，因為新船交付量有限。可以說，先前新船交付量的小幅增長已被 23 至 24 年間所吸收，而且產量仍然相當高。

Plus as John mentioned also, you do have a lot of drydocking coming this year and even more next year. So -- so we did have kind of a firm outlook for '25 already. And yes, with the change in trade routes, that has definitely helped, especially as we haven't seen any destruction of demand here in China.

另外，正如約翰所提到的，今年將有許多船舶進入乾船塢，明年將有更多船舶進入乾船塢。所以——我們對 25 年的前景確實已經有了堅定的展望。是的，貿易路線的改變確實有所幫助，特別是因為我們沒有看到中國的需求受到任何破壞。

Yes, sorry, go ahead.

是的，抱歉，請繼續。

No, I was going to say, even at the best of times, it's very difficult to kind of make a projection on rates. But right now, it's even more. But we all else, things are staying the way they are, which they really do. We feel that these rates are sustainable.

不，我想說的是，即使在最好的情況下，對利率做出預測也是非常困難的。但目前，情況更是如此。但對我們所有人來說，事情都保持原樣，事實也確實如此。我們認為這些利率是可持續的。

Yeah, yeah. Got it. And so I guess maybe just kind of on that, you talked a bit about the kind of the reshuffling perhaps of a vessel capacity kind of moving into different trade routes. You have a longer ton mile.

是啊是啊。知道了。所以我想也許就這一點而言，您談到了船舶運力的重新調整，轉移到不同的貿易航線。您的噸英里數更長。

Since this US-China trade deal over the kind of beginning of last week, have you seen kind of like a flood of inquiry or a flood of fixtures on the part of Chinese buyers again? Have you seen a noticeable pickup? Or are these trade lanes kind of perhaps becoming more saturated and how they've been developing in the past several months.

自從上週初達成中美貿易協議以來，您是否再次看到中國買家出現大量詢價或簽約的情況？您是否看過明顯的回升？或者這些貿易航線可能已經變得更加飽和，以及它們在過去幾個月中是如何發展的。

Tim?

提姆？

Yeah. I think it seems to have kind of settled now. I mean, when you have the high 45% to 25% tariffs, definitely, we didn't see any US going into China now. I think you we do towards balance.

是的。我認為現在一切似乎都穩定下來了。我的意思是，當關稅高達 45% 到 25% 時，我們肯定看不到任何美國產品進入中國。我認為我們確實在朝著平衡的方向發展。

But it seems to have already shifted and and people seem content to keep selling to India. I guess also expectation of things could change again.

但情況似乎已經發生了變化，人們似乎滿足於繼續向印度銷售。我想對事物的期望也可能會再次改變。

So as long as it's on balancess, you could say, it was immaterial, whether you go one or the other places. You will probably still try to place US tonnes outside China just to make sure that no surprises bring upon you. So we have seen a change in the trade routes and also the way that Indians import have taken advantage of the US-China trade war.

因此，只要保持平衡，您就可以說，無論您去一個地方還是另一個地方，都無關緊要。您可能仍會嘗試將美國貨物放置在中國境外，以確保不會發生任何意外。因此，我們看到貿易路線發生了變化，印度的進口方式也利用了中美貿易戰。

Got it. Okay. And then a final one. I think, Ted, you may have mentioned in your opening comments the side amount of dividend was made before the China US trade talks.

知道了。好的。然後是最後一個。泰德，我想你可能在開場白中提到過，在中美貿易談判之前支付了一定數額的股息。

Is that perhaps maybe a hint that you're more comfortable with something different, something higher, perhaps, especially given the rate improvement we've seen recently?

這是否暗示您更願意接受一些不同的東西，一些更高的東西，尤其是考慮到我們最近看到的利率提高？

I wouldn't want to commit, the Board or anybody. I just think that, obviously, it did change things, as you just talked about. And so the Board made the decision with the best information available at the time. And I wanted folks to have the benefit of understanding that. And how the Board at its discretion decides to evaluate the environment when the next meets, we'll see.

我不想對董事會或任何人做出承諾。我只是認為，顯然它確實改變了一些事情，正如你剛才所說的。因此，董事會根據當時掌握的最佳資訊做出了決定。我希望大家能夠理解這一點。我們將拭目以待，看看董事會在下次會議時將如何自行決定評估環境。

But obviously, it is a better rate outlook, as John said. But as John also said, things rarely stay the same. So we shall see.

但顯然，正如約翰所說，這是一個更好的利率前景。但正如約翰所說，事情很少會保持不變。我們將拭目以待。

We show no further questions at this time. I will turn the call back to management for closing remarks.

目前我們沒有其他問題。我將把電話轉回給管理階層，請他們作最後發言。

Thank you, Nikki, for running a good show for us. And thank you, Omar, as always for your difficult and incisive questions, and have a good summer. Talk to you in late July or early August. .

謝謝你，Nikki，為我們帶來一場精彩的表演。奧馬爾，一如既往地感謝您提出的尖銳而艱鉅的問題，祝您度過一個愉快的夏天。七月底或八月初再跟你聊。。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。