Dorian LPG Ltd (LPG) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Dorian LPG first-quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. 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 2026 年第一季財報電話會議。此時，所有參與者都處於只聽模式。正式演講之後將有一個簡短的問答環節。提醒一下，本次會議正在錄製中。此外，您可以在 Dorian LPG 的網站 www.dorianlpg.com 上觀看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。楊先生，請繼續。

Thank you, Leo. Good morning, everyone, and thank you all for joining us for our first quarter 2026 results conference call. With me today are John Hadjipateras, Chairman, President, and CEO of Dorian LPG Limited; John Lycouris, Head of Energy Transition; and Taro Rasmussen, Vice President of Chartering. As a reminder, this conference call webcast and a replay of this call will be available through August 8, 2025.

謝謝你，Leo。大家早安，感謝大家參加我們的 2026 年第一季業績電話會議。今天與我一起出席的還有 Dorian LPG Limited 董事長、總裁兼執行長 John Hadjipateras、能源轉型主管 John Lycouris 和租船副總裁 Taro Rasmussen。提醒一下，本次電話會議網路直播和重播將持續到 2025 年 8 月 8 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.

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。

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 period ended June 30, 2025, that were filed this morning on Form 8-K. We expect to file our 10-Q on August 5, 2025. In addition, please refer to our previous filings on Forms 10-K, where you'll find risk factors that could cause actual results to differ materially from these forward-looking statements. Finally, I would 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 6 月 30 日的季度未經審計的業績。我們預計將於 2025 年 8 月 5 日提交 10-Q 報表。此外，請參閱我們先前提交的 10-K 表格，其中列出了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。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。

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)。

Hello, and thanks for joining us. My colleagues, Ted, John, and Taro, will provide you with detailed comments on our financial results, our emission reduction and operational progress, and our market outlook. But first, I'd like to highlight the following.

您好，感謝您加入我們。我的同事 Ted、John 和 Taro 將為您提供有關我們的財務表現、減排和營運進展以及市場前景的詳細評論。但首先，我想強調以下幾點。

Our dividend of $0.60 per share, totaling $25.6 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 will be our 16th dividend payment, bringing total dividends distributed to over $665 million and total capital of more than $900 million returned to shareholders.

我們的股息為每股 0.60 美元，總計 2560 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。這將是我們的第 16 次股息支付，使派發的股息總額超過 6.65 億美元，返還給股東的總資本超過 9 億美元。

In the second quarter of the year, the market proved resilient. Freight risk strengthened, supported by healthy arbitrage economics and geopolitical tensions in the Middle East. Uncertainty caused by tariff escalation displaced ships from the US Gulf to the Middle East and sent more cargoes to India. While a US-mediated seize fire between Israel and Iran in late June brought some stability, charter has remained cautious.

今年第二季度，市場表現出了韌性。受健康的套利經濟和中東地緣政治緊張局勢的支撐，貨運風險增強。關稅升級造成的不確定性導致船隻從美國墨西哥灣流向中東，並將更多貨物運往印度。儘管 6 月底在美國斡旋下以色列和伊朗爆發衝突，帶來了一些穩定，但查特仍然保持謹慎。

US LPG exports continue their multiyear growth -- growth trend facilitated by ongoing expansion of US fractionation plants and export terminal capacity as well as high NGL output. Middle Eastern exports were also higher following the partial unwinding of OPEC+ quotas and increased production from new regional gas projects. Taro will elaborate on the fundamentals of the VLGC market and on our outlook.

美國液化石油氣出口延續多年成長動能－成長趨勢得益於美國分餾廠和出口終端產能的不斷擴張以及高液化天然氣產量。隨著 OPEC+ 配額部分解除以及新區域天然氣專案產量增加，中東出口也增加。Taro 將詳細闡述 VLGC 市場的基本面以及我們的展望。

On the operational side, we completed 10 of our 12 dry dockings planned for 2025. John L will provide an update on our initiatives and our decision to convert some of our VLGCs to facilitate the carriage of ammonia.

在營運方面，我們完成了 2025 年計畫的 12 次乾船塢工程中的 10 次。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。

I'll now pass you on to Ted for our quarterly financial overview.

現在我將把我們的季度財務概覽轉交給泰德。

Thanks, John. My comments today will focus on our unaudited first-quarter results, our financial position, liquidity and of course, capital allocation. For the discussion of our first-quarter results, you may find it useful to refer to the investor highlight slides posted this morning on our website. Remember that my remarks will include terms such as TCE, available days, and adjusted EBITDA. Please refer to our filings for the definitions of these terms.

謝謝，約翰。我今天的評論將集中在我們未經審計的第一季業績、財務狀況、流動性以及資本配置。對於我們第一季業績的討論，您可能會發現參考今天早上在我們網站上發布的投資者重點幻燈片很有用。請記住，我的評論將包括 TCE、可用天數和調整後的 EBITDA 等術語。請參閱我們的文件以了解這些術語的定義。

Looking at our first quarter chartering results, we reported a TCE per available day of $39,726, which was a good result despite our heavy dry dock schedule during the quarter that resulted in some 195 days that were not available for revenue generation. I would note that our June results were much stronger than the previous two months, which is indicative of the stronger market environment in which Taro will elaborate.

從我們第一季的租船結果來看，我們報告的每可用日 TCE 為 39,726 美元，儘管本季度我們的乾船塢調度繁忙，導致約 195 天無法用於創收，但這仍然是一個不錯的結果。我想指出的是，我們六月的業績比前兩個月好得多，這表明市場環境更加強勁，Taro 將對此進行詳細說明。

Also, the Q1 results were sequentially stronger than the March 31 quarter. The Helios Pool reported spot rates for the quarter of about $37,700 and approximately $38,900 across the pool, underscoring the strength of our charter out portfolio in the pool. On page 4 of our investor highlights materials, you can see that we have two Dorian vessels on time charter within the pool, indicating spot exposure of just over 93% for the 29 vessels in the pool.

此外，第一季的業績比 3 月 31 日當季的業績更強勁。Helios Pool 報告本季現貨運費約為 37,700 美元，整個油池的現貨運費約為 38,900 美元，凸顯了我們在該油池中的租船組合的實力。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兩艘 Dorian 船舶按期租賃，這表示池中 29 艘船舶的現貨敞口略高於 93%。

The forward bookings for the quarter ending September 30, 2025, reflect a strong increase in rates since late May into June. We currently estimate that we have fixed approximately 70% of the pool's fixable days in the quarter at a TCE in excess of $67,000 per day. The rate includes spot fixtures and time charters in the pool. As you know, loading dates disc port options and COAs can all cause the estimates we quote during these calls and the rates actually realized to vary.

截至 2025 年 9 月 30 日的季度遠期預訂量反映出自 5 月下旬至 6 月以來費率的強勁增長。我們目前估計，本季我們已將礦池中約 70% 的可修復天數以每天超過 67,000 美元的 TCE 進行修復。此費率包括池中的現貨租賃和定期租賃。如您所知，裝載日期、光碟端口選項和 COA 都可能導致我們在這些通話中引用的估價與實際實現的費率有所不同。

Daily OpEx for the quarter was $10,108 excluding dry docking related expenses, which was down marginally -- meaningfully rather from the March quarter's $11,001. Spares and stores costs led to decline. This quarter saw an over $1,300 per day difference between reported OpEx that includes expense dry docking amounts and our preferred measure of OpEx that excludes those costs. The non-capitalized dry-docking expenses totaled about $2.6 million and equated to $0.06 per share for the quarter.

本季每日營運支出為 10,108 美元（不含乾船塢相關費用），與 3 月季度的 11,001 美元相比略有下降，但幅度相當大。備件和庫存成本導致下降。本季度，報告的包含乾船塢費用的營運支出與我們首選的不包括這些費用的營運支出衡量標準之間每天的差異超過 1,300 美元。本季非資本化的乾船塢費用總計約 260 萬美元，相當於每股 0.06 美元。

Our time charter in expense for the four TCE vessels came in right around $29,000 per day, which compares favorably to our fleet-wide TCE for the quarter, showing the profitability of our charter-in program. Dorian recently chartered in the Crystal Osteria, a dual field VLGC that will trade in the Helios Pool. Going forward, we anticipate the quarterly TCN expense will be approximately $14 million, $15 million.

我們四艘 TCE 船舶的定期租船費用約為每天 29,000 美元，與我們本季度全船隊的 TCE 相比，這一費用較為有利，表明我們的租船計劃具有盈利能力。Dorian 最近租了 Crystal Osteria，這是一艘雙油田 VLGC，將在 Helios Pool 進行交易。展望未來，我們預計季度 TCN 費用將約為 1400 萬美元至 1500 萬美元。

Total G&A for the quarter was affected by bonuses booked during the quarter of $8.3 million or $0.19 a share. Excluding the bonuses and the non-cash compensation expense, cash G&A was around $6.5 million. For the September 30 quarter, we estimate that non-cash compensation expense will increase by roughly $3 million over this quarter to reflect the impact of new share grants. Again, that amount is only for the coming quarter. Our reported adjusted EBITDA for the quarter was $38.6 million. But adjusting further for the bonuses and the expense dry docking amounts, it would have been $49.5 million.

本季的一般及行政支出總額受到當季登記獎金的影響，金額為 830 萬美元，即每股 0.19 美元。不包括獎金和非現金薪酬費用，現金 G&A 約為 650 萬美元。對於 9 月 30 日當季，我們估計非現金薪酬支出將比本季增加約 300 萬美元，以反映新股授予的影響。再次強調，該金額僅適用於下一季。我們報告的本季調整後 EBITDA 為 3860 萬美元。但在進一步調整獎金和乾船塢費用後，數字將達到 4,950 萬美元。

Total cash interest expense for the quarter was $7.1 million, which is marginally down sequentially from the prior quarter. And you should note that we capitalized $500,000 of interest expense on our new building, which reduced the amount on the face of the P&L. Principal amortization remains steady.

本季現金利息支出總額為 710 萬美元，較上一季略有下降。您應該注意到，我們將新大樓的 50 萬美元利息費用資本化，這減少了損益表上的金額。本金攤銷維持穩定。

As John mentioned, looking ahead, our dry dock program is largely complete, although we expect to dry dock two more vessels this quarter. Total dry-docking costs for those two vessels and remaining costs for dockings completed in the April-June quarter are expected to be between $6.5 million and $7 million. We currently estimate that roughly a third of that amount will be expensed as OpEx. After that, we only have shorter in-water surveys to complete. Also, we do have two remaining progress payments on our new building in September and December 2025, each roughly $12 million.

正如約翰所提到的，展望未來，我們的乾船塢計劃已基本完成，儘管我們預計本季將再乾船塢兩艘船。這兩艘船的乾船塢總成本以及 4 月至 6 月季度完成的入塢剩餘成本預計在 650 萬至 700 萬美元之間。我們目前估計，其中大約三分之一將作為營運支出。之後，我們只需完成較短的水下調查。此外，我們新大樓還有兩筆進度款，分別於 2025 年 9 月和 12 月支付，每筆約 1,200 萬美元。

At June 30, 2025, we reported $278 million of free cash. Cash flow during the quarter was affected by our dry docking cash outlays and the foregone revenue, but we still finished with a very healthy cash balance. As disclosed this morning, we're paying a regular dividend of $0.60 per share or roughly $25.6 million in total on or about August 27 to shareholders of record as of August 12. Including this dividend, we've returned over $900 million in cash through dividends of self-tender offer and open market repurchases.

截至 2025 年 6 月 30 日，我們報告的自由現金為 2.78 億美元。本季的現金流受到乾船塢現金支出和放棄的收入的影響，但我們仍然保持著非常健康的現金餘額。正如今天早上所披露的那樣，我們將於 8 月 27 日左右向 8 月 12 日登記在冊的股東支付每股 0.60 美元的定期股息，總額約為 2560 萬美元。包括這筆股利在內，我們透過自我要約收購和公開市場回購的股利已經返還了超過9億美元的現金。

With a debt balance at quarter end of $543.5 million, our debt to total book capitalization stood at 34.4% and our net debt to total cap at 16.8%. We have well-structured and attractively priced debt capital with an all-in cost of about 5.1%, an undrawn $50 million revolver, and one debt-free vessel. Coupled with our strong free cash balance, we have a comfortable measure of financial liquidity. We expect our cash cost per day for the coming year to be approximately $26,000 per day, excluding the remaining capital expenditures for dry docking and the progress payments on our new building.

本季末的債務餘額為 5.435 億美元，我們的債務與帳面資本總額比為 34.4%，淨債務與資本總額之比為 16.8%。我們擁有結構良好、價格誘人的債務資本，總成本約為 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。加上我們強大的自由現金餘額，我們擁有充足的財務流動性。我們預計來年每天的現金成本約為 26,000 美元，不包括乾船塢的剩餘資本支出和新建築的進度付款。

Including a regular dividend to be paid this month, we have paid over $665 million of dividends and have generated net income of $652 million over the same time period. Our Board's current earnings, our near-term cash forecast, future investment needs in the overall market environment among a number of factors in making its determination at the appropriate level, if any, for our dividends. The $0.60 per share dividend reflects a constructive market view, reflecting our forward bookings, the more limited impact of dry dockings and a somewhat more stable global trade environment.

包括本月支付的定期股息在內，我們已支付超過 6.65 億美元的股息，並在同一時期產生了 6.52 億美元的淨收入。我們的董事會將考慮當前的收益、近期現金預測、整體市場環境中的未來投資需求等多種因素來決定我們的股息的適當水平（如果有的話）。每股 0.60 美元的股息反映了積極的市場觀點，反映了我們的遠期預訂、幹船塢的影響更為有限以及全球貿易環境更為穩定。

We continue to be on the lookout for fleet renewal opportunities, and we'll be judicious with our free cash flow, working to balance shareholder distributions, debt reduction, and fleet investment.

我們將繼續尋找船隊更新的機會，並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 over to Taro Rasmussen.

接下來，我將把發言權交給 Taro Rasmussen。

Thank you, Ted, and good day, everybody, and thank you for dialing in. The quarter ending June 30, 2025, witnessed dramatic impacts from the geopolitical situation for some weeks, but mostly saw a steady rise in freight markets. The primary geopolitical factor creating freight market volatility, albeit briefly, was the announcement of near global tariffs by the United States.

謝謝你，泰德，大家好，謝謝你撥入電話。截至 2025 年 6 月 30 日的季度，地緣政治局勢在數週內產生了巨大影響，但貨運市場總體上保持穩步增長。造成貨運市場波動的主要地緣政治因素（儘管持續時間很短）是美國宣布的近乎全球性的關稅。

Bonding campaigns in the Middle East had several consequences but did not rattle the VLGC market to the extent of Liberation Day. Middle East hostilities did restrict willingness of several VLGC players to call Middle East load ports, and the restricted Red Sea transit has kept longer vessel transits in place. VLGC market fundamentals remained firm despite the external impacts of tariffs and hostilities. NGL production in the United States continued to grow and the inventory build season began as expected.

中東地區的債券發行活動產生了一些影響，但並未對超大型液化天然氣運輸船市場造成像解放日那樣大的震動。中東的敵對行動確實限制了幾家 VLGC 參與者停靠中東裝貨港的意願，而紅海運輸的限制也使得船舶運輸時間更長。儘管受到關稅和敵對行為等外部影響，VLGC 市場基本面依然穩固。美國NGL產量持續成長，庫存累積季節如預期開始。

Other than a two-week period following the tariff tit for tat, increased supply of LPG lowered Mont Belvieu prices and supported an open west to east arbitrage. US exports of LPG on VLGCs remained stable for the quarter with monthly exports in the 4.6 million to 4.8 million tons per month range. Middle Eastern exports continued in line with forecasts, and LPG as a commodity continued to find outlets in the Far East despite some rumblings about petchem profitability.

除了關稅針鋒相對後的兩週時間外，液化石油氣供應的增加導致蒙特貝爾維尤的價格下降，並支持了西向東的套利。本季美國超大型液化石油氣運輸船的液化石油氣出口維持穩定，每月出口量在 460 萬噸至 480 萬噸之間。中東出口繼續符合預期，儘管對石化產品的盈利能力存在一些擔憂，但液化石油氣作為一種大宗商品繼續在遠東地區找到銷路。

With benefit of some perspective, several things are notable. Firstly, the April 2 announcement of tariffs jilted many markets. The VLGC freight markets saw approximately a halving in the Baltic indices within four days. The correction was likewise swift with most losses recovered within the next five working days.

從某個角度來看，有幾件事值得注意。首先，4月2日宣布的關稅令許多市場感到震驚。超大型氣體運輸船 (VLGC) 貨運市場在四天內見證了波羅的海指數下跌了約一半。調整同樣迅速，大部分損失在接下來的五個工作天內恢復。

Secondly, the VLGC market reacted quickly to the shock, enabling the recovery in freight rates. Chinese LPG imports over the quarter were in line with expectations despite a dramatic fall in US origin product. The average monthly import of US origin LPG in China was about 500,000 metric tons over the quarter compared to the average monthly import of about 1.5 million tons in the eight preceding months back to August 2024. Imports of US origin product duly increased in various other countries such as Japan and India.

其次，VLGC市場對衝擊反應迅速，帶動運價回升。儘管美國液化石油氣進口量大幅下降，但本季中國液化石油氣進口量仍符合預期。本季度，中國平均每月進口約 50 萬公噸美國液化石油氣，而截至 2024 年 8 月的八個月平均每月進口量約為 150 萬噸。日本和印度等其他國家對美國原產產品的進口量也相應增加。

The end June-July period typically sees low on activity with lower freight rates. This has not been the case in 2025. Adaptability by the VLGC industry and reaction to the tariffs likely preserved market profitability, helped by the inefficiencies arising from the need to recalibrate trade flows. Increasing tensions in the Middle East through June also contributed to a steady, but firming freight market during the quarter. With the risk of direct hostilities increasing, fewer vessel operators were competing for Middle East cargoes.

6 月底至 7 月底期間，航運活動通常較少，運費也較低。2025 年的情況已不再如此。超大型氣體運輸船產業的適應性和對關稅的反應可能保留了市場獲利能力，這得益於重新調整貿易流量所帶來的低效率。6 月中東地區緊張局勢加劇也導致本季貨運市場保持穩定但堅挺。隨著直接敵對行動風險的增加，競爭中東貨物的船舶營運商越來越少。

Furthermore, the Red Sea sailing passage was again unsafe for almost all vessels after a period of looking realistic. In January through May, four to five VLGCs transited the Red Sea late in a month, but only one in June. This inefficiency added ton miles to US, Algerian, and Red Sea LPG exports. Lastly, the exemption of restrictions on ethane exports from the US to China meant that ethane carriers did not need to enter the VLGC market.

此外，經過一段時間的現實考驗後，紅海航行通道對幾乎所有船隻來說都再次變得不安全。1 月至 5 月期間，有 4 至 5 艘 VLGC 在月底穿越紅海，但 6 月只有 1 艘。這種低效率導緻美國、阿爾及利亞和紅海液化石油氣出口的噸英里數增加。最後，美國對華乙烷出口限制的豁免意味著乙烷運輸船無需進入VLGC市場。

Despite the brief shock to the freight market following the announcement of tariffs, the quarter ending June 30, 2025, avoided the otherwise seasonal summer low. The Eastern market improved about 46% over the quarter and the Western market improved almost 16%. Expectations for the rest of the year furthermore remain positive with a limited delivery schedule of new builds and roughly 13% capacity expansion at US Gulf terminals.

儘管關稅公佈後貨運市場受到短暫衝擊，但截至 2025 年 6 月 30 日的季度避開了夏季季節性低谷。本季東部市場成長約 46%，西部市場成長近 16%。由於新建船舶交付時間表有限且美國墨西哥灣碼頭的產能擴張幅度約為 13%，因此對今年剩餘時間的預期依然樂觀。

Thank you. I will now pass over to Mr. John Lycouris.

謝謝。現在我將把發言權交給約翰‧萊庫里斯先生。

Thank you, Taro. At Dorian LPG, we are committed to continually enhancing our energy efficiency and promoting the sustainability of both our operations and our vessels.

謝謝你，太郎。在 Dorian LPG，我們致力於不斷提高能源效率並促進我們的營運和船舶的可持續性。

Our scrubber vessel savings for the first fiscal quarter of 2026 amounted to $961,000 or $813 per calendar day, net of all scrubber operating expenses. The savings were impacted by the dry docking of several vessels during this quarter, as well as by the market volatility caused by global tariff announcements and geopolitical events. Fuel differentials between high sulfur fuel oil and low sulfur fuel oil averaged $55 per metric ton, while the differential of LPG as fuel versus low sulfur fuel oil stood at $71 per metric ton, making LPG economically attractive for our dual fuel vessels.

扣除所有洗滌器營運費用後，我們在 2026 財年第一季的洗滌器節省金額為 961,000 美元或每天 813 美元。本季多艘船舶進入乾船塢，以及全球關稅公告和地緣政治事件引發的市場波動，都對節省產生了影響。高硫燃料油和低硫燃料油之間的燃料差價平均為每公噸 55 美元，而液化石油氣作為燃料與低硫燃料油的差價為每公噸 71 美元，這使得液化石油氣對我們的雙燃料船舶具有經濟吸引力。

We now operate 16 scrubber-fitted vessels and 5 dual fuel LPG vessels. Since the start of this calendar year, we completed 10 vessels, special survey, combined with their dry docking. We have a further two vessel schedule for special survey and dry dock in the fourth quarter of 2025. There are four vessels that had dry dock last year during the third and fourth quarters of 2024, which are now due to past special survey within this calendar year.

我們目前營運 16 艘裝有洗滌器的船隻和 5 艘雙燃料液化石油氣船。自今年年初以來，我們已完成 10 艘船舶的特別檢驗及乾塢檢修。我們還有另外兩艘船計劃於 2025 年第四季進行特別檢驗和乾船塢維修。去年有四艘船舶在 2024 年第三季和第四季進入乾船塢，現在需要在本日曆年內進行過去的特別檢驗。

This dry docking program was structured to ensure that all necessary pairs, class surveys and retrofits were consolidated within the vessels mandated special survey and dry dock period. The approach minimizes the risk of vessels requiring scheduled dockings at a later time.

此乾船塢計畫旨在確保所有必要的對接、船級檢驗和改裝都在船舶規定的特別檢驗和乾船塢期間內完成。這種方法最大限度地降低了船舶需要延遲預定停靠時間的風險。

Continuous monitoring of vessel performance has allowed the emerging issues to be addressed proactively during scheduled dry dockings, reducing the likelihood of future interruptions. It ensures technical and operational continuity with optimized fleet reliability throughout the year.

透過持續監控船舶性能，可以在預定的乾船塢期間主動解決新出現的問題，從而降低未來中斷的可能性。它確保了全年技術和營運的連續性，並優化了車隊的可靠性。

As previously reported, the third VLGC vessel to carry ammonia cargo is planned to be upgraded during its dry docking slot in the fourth quarter of 2025. Once this last vessel is completed, five VLGC vessels in our Dorian LPG fleet will be able to carry ammonia cargoes, which includes our new building VLGC/VLAC vessel, which delivers in 2026. We believe the ammonia cargo capability upgrade enhances the fleet's commercial optionality and its readiness for employment when the first ammonia projects developed and the large ammonia cargo markets are established.

據先前報道，第三艘運載氨氣貨物的VLGC船計劃於2025年第四季在幹船塢期間進行升級。一旦這最後一艘船完工，我們 Dorian LPG 船隊中的五艘 VLGC 船將能夠運載氨氣貨物，其中包括我們新建造的 VLGC/VLAC 船，該船將於 2026 年交付。我們相信，氨貨運能力的升級將增強船隊的商業選擇性，並在首批氨項目開發和大型氨貨運市場建立後提高其投入使用的準備程度。

I noted that fleet AER for the second quarter of 2025 was 8.5% better than the IMO 2025 target. We expect further improvement in the third quarter and fourth quarters as the dry dockings and the installation of energy saving devices on recently completed vessels are fully reflected. AER is the annual efficiency ratio metric, which calculates the carbon intensity of our vessels' operations.

我注意到，2025 年第二季的船隊 AER 比 IMO 2025 年目標高出 8.5%。我們預計第三季和第四季情況將進一步改善，因為乾船塢和最近完工的船舶上節能裝置的安裝將得到充分體現。AER 是年度效率比率指標，用於計算我們船舶營運的碳強度。

The Dorian LPG fleet exceeds the IMO's EEXI and CII regulations. CII in particular, is the carbon intensity index, which assesses the operational efficiency of our vessels and their contribution to greenhouse gas emissions. An in-house developed decarbonization planning tool models IMO CII ratings, EU, and IMO regulatory scenarios across our fleet by incorporating projected EST installations, alternative fuel mixes, and differing operational profiles.

Dorian LPG 船隊超過了國際海事組織的 EEXI 和 CII 規定。特別是 CII，它是碳強度指數，用於評估我們船舶的營運效率及其對溫室氣體排放的貢獻。內部開發的脫碳規劃工具透過結合預期的 EST 安裝、替代燃料組合和不同的營運概況，為我們船隊的 IMO CII 評級、EU 和 IMO 監管情境建模。

Finally, we have developed a compliance cost planner for ETS, FuelEU, and the IMO net zero frameworks. This tool enables real-time forecasting of compliance costs, penalties, and cargo level impacts, supporting the creation of decarbonization strategies, both at the vessel level and across the fleet. Our continued focus on energy and emission savings reflects our belief that environmental responsibility aligns with long-term value creation for our shareholders.

最後，我們為 ETS、FuelEU 和 IMO 淨零框架開發了合規成本規劃器。該工具可即時預測合規成本、罰款和貨物水準影響，以支援制定船舶和整個船隊的脫碳策略。我們持續關注能源和排放節約，反映了我們的信念：環境責任與為股東創造長期價值一致。

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

現在我想把發言權交給約翰‧哈吉帕特拉斯，請他發表最後的評論。

Thank you very much. Thank you for everyone who's checked in today. I don't think we have any questions. So if we don't, I'll leave you with it and wish you a happy rest of the summer. Until next time.

非常感謝。感謝今天簽到的所有人。我認為我們沒有任何問題。所以如果我們不這樣做，我會把它留給你，並祝你度過一個快樂的夏天。直到下一次。

And pardon the interruption, gentlemen. We do have a question. (Operator Instructions) Omar Nokta, Jefferies.

先生們，請原諒我的打擾。我們確實有一個問題。（操作員指示）奧馬爾諾克塔 (Omar Nokta)，傑富瑞 (Jefferies)。

Thank you. Sorry about that. I hit star one too late in the call. Thanks for the update. I did have a couple of questions, just a bit more on the macro side of the business.

謝謝。很抱歉。我在通話中按星號太晚了。感謝您的更新。我確實有幾個問題，只是關於業務的宏觀方面。

Clearly, the market's gotten quite a bit stronger. I just wanted to ask, and you touched on this in your comments earlier. But just when we think about how the second quarter developed, there was obviously quite erratic (inaudible) tariffs, but we didn't just recover in terms of VLGC spot rates; they have actually really strengthened and it's almost like things have kick-started into high gear.

顯然，市場已經變得更加強勁。我只是想問一下，您之前在評論中提到了這一點。但當我們思考第二季度的發展時，顯然存在相當不穩定的（聽不清楚）關稅​​，但我們不只是在 VLGC 現貨價格方面有所恢復；它們實際上確實有所增強，幾乎就像事情已經開始進入高速發展階段。

And when we compare to, say, last year where you're earning basically double -- last year's spot rate at this time. Could you maybe just give a sense of what's driving this market? What has really propelled it from where it was earlier this year?

當我們與去年進行比較時，你的收入基本上是去年同期現貨價格的兩倍。能否簡單介紹一下推動這個市場發展的因素？是什麼真正推動了它從今年早些時候的狀態發展到現在？

Sure. Happy to, Omar, and very happy to hear your voice. I was kidding -- I was hoping that we'd hear you. I'm going to give you Taro to answer your question because I think he can make the case and give you on the field feedback better than I can.

當然。很高興，奧馬爾，很高興聽到你的聲音。我開玩笑的——我希望我們能聽到你的聲音。我會讓 Taro 來回答你的問題，因為我認為他可以比我更好地闡述觀點並提供現場回饋。

Thank you, John. Thank you for the question, Omar. I believe the answer lies in the fundamentals primarily with the strength of the US's ability to produce NGLs and get it exported. Is it different to last year? Well, it's the growth and it shows that the balance in the market is easily made positive with incremental growth and long may that continue.

謝謝你，約翰。謝謝你的提問，奧馬爾。我認為答案在於基本面，主要是美國生產天然氣液體並出口的能力。和去年有什麼不同嗎？嗯，這是成長，它表明市場平衡很容易透過增量成長實現正成長，而且這種情況可能會持續很長時間。

And I think it's a very healthy reflection of the wider market that using experiences from the past whenever there's been trade barriers between the US and China, that industry players were able to reflect on past learnings, adapt them, and get trade going back to normal as soon as possible, made all of this possible. Because if the trade flows could not realign, et cetera, you wouldn't be able to take advantage of the healthy fundamentals. And the last point I would make on your Red Sea question, the Red Sea transit difficulties that have escalated this year at various points, they have helped lengthen ton miles. I hope that answers your question.

我認為這是對更廣泛市場的非常健康的反映，利用過去的經驗，每當中美之間出現貿易壁壘時，行業參與者都能夠反思過去的經驗教訓，加以調整，並儘快恢復正常的貿易，從而使所有這一切成為可能。因為如果貿易流不能重新調整等等，你就無法利用健康的基本面。關於紅海問題，我要說的最後一點是，今年紅海運輸困難升級，這導致運輸里程延長。我希望這能回答你的問題。

No, thank you. It does. It does provide some good context. And I guess, maybe perhaps somewhat related, if it gets perhaps a bit more complex. But just generally, when we think about the US export arb, it feels like the freight rate is capturing the lion's share of that arb versus a year ago where it was getting a much smaller piece. What do you think has kind of changed? If you can point to it, that's allowed the freight part to capture such a much wider part of the export spread.

不，謝謝。確實如此。它確實提供了一些很好的背景。我想，如果它變得更複雜一些，那麼也許有些相關。但總的來說，當我們考慮美國出口套利時，感覺運費佔據了套利的最大份額，而一年前它所佔的份額要小得多。您認為發生了哪些變化？如果你能指出這一點，那麼貨運部分就能佔據出口價差的更大份額。

Yes. There was the increased capacity -- terminals. But Taro, can you elaborate?

是的。終端容量有所增加。但是 Taro，可以詳細說明一下嗎？

Yes. I think the last year was, in many ways, an anomaly. It's been several years since we had seen such capability and strength in the terminals to absorb more value of the arbitrage. That was, I would argue, driven partly last year due to reaction to weather phenomenon and the knock-on effects of delays that hurricanes leading to -- or and then concurrently, up and bid tugboats in the Houston Ship Channel, et cetera. So it was unique factors with a long trail of effect. This year has been more driven by other external factors in other parts of the world and political in nature and geopolitics. And perhaps not the full explanation to a very good question, but I hope it helps.

是的。我認為去年在很多方面都是一個異常現象。我們已經好幾年沒有看到終端擁有如此強大的能力和實力來吸收更多的套利價值了。我認為，這在一定程度上是由於去年對天氣現象的反應以及颶風造成的延誤的連鎖反應——或者同時導致休士頓航道拖船的競標等等。因此，這是具有長期影響的獨特因素。今年更多地受到世界其他地區的其他外部因素以及政治和地緣政治的影響。也許這不是對一個很好的問題的完整解釋，但我希望它有所幫助。

I just would point out, Omar, that just as Taro touched on, terminalling fees were way down year over year.

奧馬爾，我只是想指出，正如塔羅所提到的，終端費用逐年下降。

And that's, I guess, the function of the expansion.

我想，這就是擴充的功能。

Taro, do you want to?

太郎，你想嗎？

Expansion of the terminal capacity, yes. Yes.

是的，擴大終端容量。是的。

Yes. With more coming online this year, yes.

是的。是的，今年會有更多內容上線。

Got it. Thank you. And final one, you mentioned the ethane part of the market, which obviously isn't necessarily LPG. But with that ethane now moving, there was a concern initially that ethane would maybe -- those ethane carriers would go into other markets.

知道了。謝謝。最後，您提到了乙烷市場部分，顯然它不一定是液化石油氣。但隨著乙烷的流動，最初有人擔心乙烷運輸船可能會進入其他市場。

What do you think -- if we were to fall into an issue where ethane in the US can't be moved and those ships now are looking for business. What do you think is more likely that they go into the VLGC trade or is it that they would make it -- try to make their way to the LNG trade? Have you thought about that or any way to kind of think about which way that those ships would go if we get into that type of market?

您認為如果我們陷入美國的乙烷無法運輸的問題，而這些船隻現在正在尋找業務，那該怎麼辦？您認為他們更有可能進入 VLGC 貿易領域，還是嘗試進入 LNG 貿易領域？您是否考慮過這個問題，或者如果我們進入那種市場，這些船會走向何方？

I think we look at them as an overhang in the -- if the ethane trade for some reason, were stopped, they would be entering the VLGC market. And that's the way we've looked at it. I haven't got any sense that they would go into LNG. I don't think they're capable of doing it. But we're also kind of confident that it won't happen because it's too much of our exports are being absorbed by China and too much of China's. And almost all of every that China gets has to come from us. So I don't think it will be -- it's going to happen.

我認為我們將它們視為一種懸而未決的問題——如果乙烷貿易由於某種原因停止，它們就會進入 VLGC 市場。這就是我們看待這個問題的方式。我沒有任何感覺他們會進入液化天然氣領域。我認為他們沒有能力做到這一點。但我們也確信這種情況不會發生，因為我們的出口太多被中國吸收，而中國的出口也太多。中國得到的幾乎所有東西都必須來自我們。所以我不認為這會發生——這會發生。

But if it did, it was any reason, that was already the talk that -- there may be -- we may see some ships kind of creeping into our business. Also, the turn -- I mean, if you did it, then you have to get back into ethane. It's not -- you can't just keep going back for ethane to LPG. I mean, you can go from LPG to ethane -- sorry, from ethane to LPG easily, but not the other way around.

但如果確實如此，無論出於何種原因，人們都已經在談論——可能——我們可能會看到一些船隻悄悄進入我們的業務。另外，轉彎——我的意思是，如果你這樣做了，那麼你必須回到乙烷中。事實並非如此——你不能只是不斷地將乙烷轉化為液化石油氣。我的意思是，你可以從液化石油氣轉化為乙烷——抱歉，從乙烷轉化為液化石油氣很容易，但反過來不行。

Okay. Thanks for that explanation. And thanks, guys, for the detail and update. I'll turn it back.

好的。謝謝你的解釋。謝謝大家提供的詳細資訊和更新。我會把它轉回去。

Thank you, and it appears that we have no further questions at this time.

謝謝，目前看來我們沒有其他問題了。

Okay. Well, thank you all again. Thank you, Omar, and have a good rest of the summer.

好的。好吧，再次感謝大家。謝謝你，奧馬爾，祝你有個愉快的夏天。

This does conclude today's conference. You may now disconnect. Everyone, have a great day.

今天的會議到此結束。您現在可以斷開連線。祝大家有個愉快的一天。

Thank you, Mr. Leo.

謝謝你，利奧先生。