Dorian LPG Ltd (LPG) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Dorian LPG second-quarter 2026 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. I would now like to turn the conference over to Ted Young, Chief Financial Officer. Thank you. Mr. Young, please go ahead.

早安，歡迎參加 Dorian LPG 2026 年第二季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。此外，今天電話會議的即時音訊網路直播可在Dorian LPG的網站www.dorianlpg.com上收聽。現在我將把會議交給財務長Ted Young。謝謝。楊先生，請繼續。

Thank you, Chelsea. Good morning, everyone, and thank you all for joining us for our second-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 Tim Hansen, Chief Commercial Officer. As a reminder, this conference call webcast and a replay of this call will be available through November 13, 2025. 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.

謝謝你，切爾西。各位早安，感謝各位參加我們2026年第二季業績電話會議。今天與我一同出席的有：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。再次提醒，本次電話會議的網路直播和回放將保留至 2025 年 11 月 13 日。我們今天發表的許多言論都包含基於當前預期的前瞻性陳述。這些陳述通常與「期望」、「預期」、「相信」等字眼或類似的表達未來期望的字詞連結在一起。雖然我們認為這些前瞻性聲明是合理的，但我們無法向您保證任何前瞻性聲明都會被證明是正確的。

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風險、不確定性及其他因素以及總體經濟狀況的影響。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錯誤的，則實際結果可能與我們今天表達的結果有重大差異。

Additionally, let me refer you to our unaudited results for the period ended September 30, 2025, 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. I also encourage you to review the investor highlights posted this morning as we go through our remarks. With that, I'll turn over the call to John Hadjipateras.

此外，請允許我向您推薦我們截至 2025 年 9 月 30 日的未經審計的業績報告，該報告已於今天上午以 10-Q 表格的形式提交。此外，請參閱我們先前提交的 10-K 表格文件，其中列出了可能導致實際結果與這些前瞻性聲明有重大差異的風險因素。在我們發言的同時，我也鼓勵大家回顧一下今天早上發布的投資人要點。接下來，我將把電話交給約翰·哈吉帕特拉斯。

Thank you, Ted. Good morning, and thank you for joining Ted, John, Tim, and me. My colleagues will provide you with detailed comments on our financial results, our market outlook, and our emissions reduction and operational progress. First, I'd like to highlight the following. Our dividend declared today of $0.65 per share totaling $27.8 million reflects our commitment to returning capital to shareholders in a manner that is disciplined and aligned with market conditions. This will be our 17th dividend payment, bringing total dividends distributed to over $695 million and total capital of almost $925 million returned to shareholders. The VLGC market improved in the third calendar quarter.

謝謝你，泰德。早安，感謝各位與我、Ted、John、Tim 一起參與討論。我的同事將向您詳細介紹我們的財務表現、市場前景以及減排和營運進度。首先，我想重點強調以下幾點。我們今天宣布派發每股 0.65 美元的股息，總計 2,780 萬美元，這反映了我們致力於以嚴謹且符合市場狀況的方式向股東返還資本的承諾。這將是我們第 17 次派發股息，使已派發的股息總額超過 6.95 億美元，返還給股東的總資本接近 9.25 億美元。VLGC市場在第三季有所改善。

The Baltic Index won averaged $68,000 per day, up from $48,000 in the second quarter and $33,000 in the first quarter, more than doubling from the start of the year. The index peaked at just under $80,000 per day in mid-August and then eased back towards the mid-$50,000s by the end of September. Global seaborne LPG liftings made a record high at 37.21 million tonnes, underpinned by record quarterly exports from North America and from Saudi Arabia.

波羅的海指數平均每天獲利 68,000 美元，高於第二季的 48,000 美元和第一季的 33,000 美元，比年初翻了一番還多。該指數在 8 月中旬達到每日近 8 萬美元的峰值，然後在 9 月底回落至 5 萬美元左右。全球海運液化石油氣起運量創歷史新高，達到 3,721 萬噸，主要得益於北美和沙烏地阿拉伯創紀錄的季度出口量。

We believe that modern fuel-efficient VLGCs like ours are well positioned to benefit from the constructive freight environment. Tim will elaborate on the fundamentals driving the VLGC market and our outlook. On the operational side, we are almost done with 10 of our 12 dry dockings planned for 2025. This year, we had an unusually large number of dry docks and our -- as our ships reach their 5- and 7.5-year docking cycles. During the quarter, we also published our 2024 corporate responsibility report. John Lycouris will provide an update on the progress made in our docking program and ammonia retrofits. And Ted will now present our quarterly financial overview. Ted?

我們相信，像我們這樣的現代化節能型超大型液化氣船能夠很好地受益於良好的貨運環境。Tim 將詳細闡述推動 VLGC 市場發展的基本因素以及我們的展望。在營運方面，我們計劃在 2025 年進行的 12 次乾船塢維修中，已經接近完成 10 次。今年，我們的乾船塢數量異常多，因為我們的船隻達到了 5 年和 7.5 年的進塢週期。本季度，我們也發布了 2024 年企業社會責任報告。John Lycouris 將介紹我們的對接計劃和氨改造專案的最新進展。接下來，Ted 將為大家介紹我們的季度財務概覽。泰德？

Thanks. Today, I'll focus on our unaudited second-quarter results, capital allocation, and our financial position and liquidity, the discussion of our second quarter results, you may wish -- you may find it useful to refer to the investor highlight slides posted this morning on our website. I 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 these terms. Looking at our second-quarter chartering results, we achieved TCE revenue per available day of $53,725, which reflected the strong rate environment.

謝謝。今天，我將重點介紹我們未經審計的第二季業績、資本配置以及我們的財務狀況和流動性。關於第二季業績的討論，您可能希望——您可能會發現參考今天早上發佈在我們網站上的投資者亮點幻燈片很有用。我提醒各位，我的發言中將涉及一些術語，例如 TCE、可用天數和調整後的 EBITDA。請查閱我們提交的文件以了解這些術語的定義。從我們第二季的租船業績來看，我們實現了每日可用租金收入 53,725 美元，這反映了強勁的租金環境。

Interestingly, each month's TCE during the quarter was sequentially better than the prior months, again, underscoring the favorable market dynamics. We generated over $30 million in free cash flow to equity during the quarter. As our entire spot trading program is conducted through the Helios Pool, Helios's reported spot results are the best measure of our spot-chartering performance. For the September 30 quarter, the Helios Pool earned a TCE of $53,500 per day for its spot and COA voyages.

有趣的是，本季每個月的 TCE 都比前幾個月有所改善，再次凸顯了有利的市場動態。本季我們為股權創造了超過 3000 萬美元的自由現金流。由於我們所有的現貨交易計劃都是透過 Helios 交易池進行的，因此 Helios 公佈的現貨交易結果是衡量我們現貨租船業績的最佳指標。截至 9 月 30 日的季度，Helios Pool 的現貨和 COA 航次的 TCE 為每天 53,500 美元。

On page 4 of our investor highlights material, you can see that we have two Dorian vessels on time charter within the pool, indicating spot exposure of about 90% for the 30 vessels in the Helios Pool. Turning to the quarter ending December 31, 2025, we currently estimate that we have fixed just over 75% of the fixable days in the quarter at a TCE of about $57,000 per day. The rate includes both spot fixtures and time charters in the Helios pool only. Given the difficulty in predicting loading rates, which has a huge effect on revenue recognition, dysport options in some charters and the complexity of some of our COAs, these estimates we quote during these calls and the rates actually realized can vary.

在我們的投資者重點資料第 4 頁中，您可以看到我們有兩艘 Dorian 型船舶在資金池中以定期租船方式運營，這表明 Helios 資金池中的 30 艘船舶的現貨風險敞口約為 90%。展望截至 2025 年 12 月 31 日的季度，我們目前估計，我們已經確定了該季度可確定天數的 75% 以上，每日 TCE 約為 57,000 美元。該價格僅包含 Helios 船隊內的即期租船和定期租船。鑑於預測裝載率的難度（這對收入確認有很大影響）、某些包機中的運輸選擇權以及我們一些 COA 的複雜性，我們在這些電話會議中給出的這些估計值與實際實現的費率可能會有所不同。

Daily OpEx for the quarter was $9,474, excluding dry docking-related expenses, which was down over 6% from the prior quarter's $10,108. Virtually all major cost categories declined, which was certainly a good effort by our technical management team. Our time charter in expense for our TCN vessels came in at $13.7 million or slightly less than $30,000 per day. The quarter's TCN expense reflected the addition of the Crystal Asteria at the end of June, while the BW Tokyo entered on the last day of the quarter to minimal P&L effect. For the December quarter, we estimate TCE expense to be approximately $18 million, reflecting full-quarter contribution from the Crystal Asteria in the BW Tokyo.

本季每日營運支出為 9,474 美元，不包括乾船塢相關費用，比上一季的 10,108 美元下降了 6% 以上。幾乎所有主要成本類別都下降了，這無疑是我們技術管理團隊的一項出色工作。我們TCN船舶的定期租船費用為1,370萬美元，即每天略低於3萬美元。本季的 TCN 費用反映了 6 月底 Crystal Asteria 的加入，而 BW Tokyo 在本季最後一天加入，對損益表的影響微乎其微。我們預計 12 月季度的 TCE 支出約為 1800 萬美元，反映了 BW Tokyo 的 Crystal Asteria 在整個季度的貢獻。

Total G&A for the quarter was $12 million and cash G&A, that's G&A excluding non-cash compensation expense, was about $7 million, reflecting our core G&A. We had noted last quarter that we expected an approximately $3 million increase in stock comp expense due to the share grants made during the quarter. That will not recur for the rest of the year. Our reported adjusted EBITDA for the quarter was $85.7 million. Total cash interest expense for the quarter was $7 million, of which we capitalized about $600,000. Our current debt cost is about 5.1%, reflecting the heavily hedged and fixed nature of our various pieces of debt. September 30, 2025, we reported $268.4 million of free cash, which was down about $10 million from the prior quarter, largely due to the payment of the new building installment in September.

本季總一般及行政費用為 1,200 萬美元，現金一般及行政費用（即不包括非現金薪酬支出的一般及行政費用）約為 700 萬美元，反映了我們的核心一般及行政費用。我們上個季度曾指出，由於本季授予的股份，預計股票補償費用將增加約 300 萬美元。今年餘下的時間裡，這種情況不會再發生。本季度報告的調整後 EBITDA 為 8,570 萬美元。本季現金利息支出總額為 700 萬美元，其中約 60 萬美元已資本化。我們目前的債務成本約為 5.1%，這反映了我們各種債務的高度對沖和固定性質。截至 2025 年 9 月 30 日，我們報告自由現金流為 2.684 億美元，比上一季減少了約 1000 萬美元，這主要是由於 9 月份支付了新建築的分期付款。

As John touched on and as we disclosed this morning, we will pay a $0.65 per share irregular dividend or roughly $28 million in total on or about December 2 to shareholders of record as of November 17. With a debt balance at quarter end of $530 million, our debt to total book capitalization stood at 33.2% and net debt to total cap at 16.4%. With an undrawn $50 million revolver and a $100 million accordion feature in our existing loan agreement, strong free cash balance and one debt-free vessel, we feel well capitalized for fleet growth and renewal or for whatever challenges may arise. During the prior quarter, we completed three docking -- dry dockings and anticipate two more dry dockings during November and December. That will complete the dry docking program for our 2015 built vessels.

正如約翰所提到的，也正如我們今天早上所揭露的那樣，我們將於 12 月 2 日左右向 11 月 17 日登記在冊的股東支付每股 0.65 美元的非常規股息，總計約 2800 萬美元。截至季末，我們的債務餘額為 5.3 億美元，債務與帳面資本總額之比為 33.2%，淨債務與總資本之比為 16.4%。我們擁有 5,000 萬美元的未提取循環信貸額度，現有貸款協議中還有 1 億美元的增額條款，加上充裕的自由現金流和一艘無債務船舶，我們感覺資金充足，足以應對船隊增長和更新，以及可能出現的任何挑戰。上一季度，我們完成了三次塢修——乾船塢維修，預計在 11 月和 12 月還將進行兩次乾船塢維修。這將完成我們2015年建造船舶的乾船塢檢修計畫。

Also, in addition to the new building payment we made in September, we will make an additional roughly $12 million payment during the quarter ending December 31, 2025. The irregular dividend declared last week brings to $16.95 per share in irregular dividends that we have paid since September 2021. Again, some investors and analysts like to suggest that these dividends are no longer irregular. We underscore that they are indeed irregular and subject to the discretion of our Board.

此外，除了我們在 9 月支付的新建築款項外，我們還將在截至 2025 年 12 月 31 日的季度內額外支付約 1,200 萬美元。上週宣布的非常規股息使我們自 2021 年 9 月以來支付的非常規股息總額達到每股 16.95 美元。一些投資人和分析師再次指出，這些股利不再是定期發放的。我們強調，這些確實屬於不規範做法，並由董事會酌情決定。

VLGC rates are not regular and neither is the geopolitical environment, as recent weeks have shown. And thus, we don't think our dividend policy should be either. Looking at our dividends in a more traditional context, our net income since June 30, 2021, that's the quarter immediately prior to our first irregular dividend, has been cumulatively about $700 million. While including the dividend to be paid next month, we have returned approximately $695 million in dividends in total to our shareholders, and cumulatively, including share buybacks and our open-market tender offer, over $925 million. We will continue to maintain a steady balance between dividends, deleveraging, and fleet investment. With that, I'll pass it over to Tim Hansen.

VLGC 的發射率並不穩定，地緣政治環境也同樣不穩定，最近幾週的情況就證明了這一點。因此，我們認為我們的股利政策也不應該如此。從更傳統的角度來看我們的股息，自 2021 年 6 月 30 日（即我們首次派發非常規股息的前一個季度）以來，我們的淨收入累計約為 7 億美元。算上下個月將要支付的股息，我們總共已向股東返還了約 6.95 億美元的股息，累計返還了超過 9.25 億美元的股息，其中包括股票回購和公開市場要約收購。我們將繼續在股息、去槓桿化和船隊投資之間保持穩定的平衡。接下來，我將把麥克風交給提姆·漢森。

Thank you, Ted. Good day, everyone. The quarter ending September 30, 2025, saw an average freight market improvement compared to the quarter prior with less volatility. VLGC market fundamentals remained firm through the quarter with a high-inventory build in the United States, keeping on Belvieu prices attractive for Far East importers and supporting the West to East arbitrage. US monthly exports of LPG and VLGCs were in the 4.6 million to 5.1 million tonnes per month range, an improvement on the quarter prior.

謝謝你，泰德。大家好。截至 2025 年 9 月 30 日的季度，貨運市場平均狀況較上一季有所改善，波動性降低。本季 VLGC 市場基本面保持堅挺，美國庫存量居高不下，使得 Belvieu 的價格對遠東進口商具有吸引力，並支撐了西向東的套利。美國液化石油氣和超大型液化氣船的月出口量在每月 460 萬至 510 萬噸之間，比上一季有所改善。

Middle East VLGC exports for the quarter also improved compared to the quarter prior, growing by about 200,000 metric tonnes for the third calendar quarter. The VLGC market fundamentals were impacted in the third calendar quarter by two factors, one was positive for freight and one negative. The very positive factor was a sudden spike in Panama congestions and a subsequent increase in auction fees to transit that was seen from the end of July to early August.

與上一季相比，中東 VLGC 出口量在本季也有所改善，第三季增加了約 20 萬公噸。第三季度，VLGC市場基本面受到兩個因素的影響，一個因素對貨運有利，一個因素不利。非常正面的因素是巴拿馬交通壅塞突然加劇，接著從 7 月底到 8 月初，過境拍賣費用也隨之增加。

Although the increased congestion added cost to the industry and complicated voyage spendings, delays absorbed capacities from the market and prompted more VLGCs to ballast via the Cape of Good Hope to the US Gulf, tightening vessel supply for the loading in September and October. Although a definite answer to why the Panama Canal saw sudden congestion remains elusive, several market commentators have suggested that front loading on container ships prior to the tariffs coming into effect.

雖然壅塞加劇增加了產業成本，也使航次支出更加複雜，但延誤吸收了市場運力，並促使更多超大型液化氣船透過好望角向美國墨西哥灣進行壓載，導致 9 月和 10 月的裝載船舶供應緊張。儘管巴拿馬運河突然出現擁擠的原因尚無定論，但一些市場評論員認為，這是由於在關稅生效前貨櫃船提前裝載貨物所致。

The factor pressuring the VLGC market was brought about by actions or reactions on repositioning vessels for those preparing for the US port service fees effective on October 14. Around the start of September, VLGC owners and operators considering the risk of being deemed related to China by USTR Section 301 regulations with tonnage in ballast to the US load ports began to discount freight to ensure lock in cargoes that would allow the vessel to load and sail from the US before October 14.

給 VLGC 市場帶來壓力的因素是，那些為應對 10 月 14 日生效的美國港口服務費而進行船舶重新定位的船舶所採取的行動或反應。9 月初，考慮到超大型液化氣船 (VLGC) 船東和運營商可能會因美國貿易代表辦公室 (USTR) 第 301 條款規定，將壓載噸位的船舶認定為與中國有關聯，而這些船舶又駛往美國裝貨港，他們開始降低運費，以確保鎖定貨物，從而使船舶能夠在 10 月 14 日之前啟航。

The discount offers put a downward pressure on the West to East freight market. Meantime, the same owners, and operators also stopped ballasting more ships towards the US Gulf, and those vessels added VLGC supply to the Middle East and the increased supply imbalance the market in the East. If the second quarter tested the resilience of the LPG market fundamentals, the third quarter reaffirmed that it was not a one-off. Export from the United States continue to flow to a more diverse range of import countries, and Chinese importers were able to find some alternative to cover the reduced imports from the United States. The spike in Panama Canal congestion demonstrated the tight supply-demand balance for VLGCs when geopolitical factors are not complicating the picture.

折扣優惠給東西向貨運市場帶來了下行壓力。同時，同樣的船東和營運商也停止向美國墨西哥灣運送更多船舶壓載，這些船舶增加了中東地區的超大型液化氣船供應，加劇了東方市場的供需失衡。如果說第二季考驗了液化石油氣市場基本面的韌性，那麼第三季則再次證明，這並非一次性事件。美國出口產品繼續流向更多元化的進口國家，中國進口商也找到了一些替代方案來彌補美國進口的減少。巴拿馬運河擁擠的激增表明，在地緣政治因素不影響的情況下，超大型液化氣船的供需平衡非常緊張。

And when a geopolitical or external factor causes shocks, we have seen the VLGC players respond to this with agility. The quarter ending September 30, 2025, continued the improvement in freight from the quarter prior, with both East and West markets up about 28%. The delivery schedule of newbuilding remains limited for the rest of the year, and the agility of the VLGC markets demonstrate an ability to capture upsides that may appear going forward. Furthermore, although the disruptive factor of fees added freight-positive inefficiencies to the market, the later that we post the fees together with the seeming relaxation in trade tensions between the US and China, we believe, will be supportive for the fundamentals of the LPG and VLGC freight markets going forward. With that, I'll pass it over to John Lycouris.

當地緣政治或外部因素造成衝擊時，我們看到超大型石油公司（VLGC）的參與者能夠迅速做出反應。截至 2025 年 9 月 30 日的季度，貨運量延續了上一季的改善勢頭，東部和西部市場均成長了約 28%。今年剩餘時間裡，新造船的交付計畫仍然有限，而超大型液化氣船市場的靈活性表明，它有能力抓住未來可能出現的上漲機會。此外，雖然費用的干擾因素為市場帶來了貨運方面的低效，但我們相信，費用公佈時間越晚，加上中美貿易緊張局勢的緩和，將有利於液化石油氣和超大型液化氣船貨運市場的基本面。接下來，我將把麥克風交給約翰‧萊庫里斯。

Thank you, Tim. At Dorian LPG, we are committed to continually enhancing energy efficiency and promoting the sustainability of both our operations and our vessels. Our scrubber vessel savings for the second fiscal quarter of '26 amounted to $1,363,000 or about $1,140 per calendar day, per vessel, net of all scrubber operating expenses. Overall savings were affected this quarter due to the dry docking of several vessels and the heightened market volatility, stemming from global tariff announcements and geopolitical uncertainties.

謝謝你，提姆。在 Dorian LPG，我們致力於不斷提高能源效率，並促進我們營運和船舶的永續發展。2026 年第二財季，我們的洗滌器船舶節省了 1,363,000 美元，或每艘船舶每天節省約 1,140 美元，扣除所有洗滌器運營費用後。由於多艘船舶進塢維修以及全球關稅公告和地緣政治不確定性導致市場波動加劇，本季整體節省金額受到影響。

Fuel differentials between high-sulfur fuel oil and very low-sulfur fuel oil averaged $74 per metric tonne, while the differential of LPG as fuel versus the very low-sulfur fuel oil stood at about $132 per metric tonne, making LPG economically attractive for our dual-fuel vessels. We now operate 16 scrubber-fitted vessels and 5 dual-fuel LPG vessels. During the current quarter, two vessels are undergoing special survey and dry docking, including one that is also being upgraded for the carriage of ammonia cargoes. Since the beginning of the calendar year, 10 vessels were successfully completed with their special survey and dry docking, and this reflects our continued commitment to maintaining a modern, efficient, and environmentally adaptable fleet. Our dry docking program for 2015-built vessels is now -- will be largely complete by the end of this calendar year. Driven by stronger market conditions in 2025, vessels in ballast generally operated at higher speeds compared to 2024.

高硫燃料油與極低硫燃料油之間的燃料差價平均為每公噸 74 美元，而液化石油氣作為燃料與極低硫燃料油之間的差價約為每公噸 132 美元，這使得液化石油氣對我們的雙燃料船舶來說具有經濟吸引力。我們目前營運 16 艘配備洗滌器的船舶和 5 艘雙燃料液化石油氣船舶。本季有兩艘船舶正在進行特殊檢驗和乾船塢維修，其中一艘船舶也正在進行升級改造，用於運輸氨貨物。自年初以來，已有 10 艘船舶順利完成了特殊檢驗和乾船塢維修，這體現了我們持續致力於維護一支現代化、高效且適應環境的船隊。我們對 2015 年建造的船舶的乾船塢維修計劃現在——將在今年年底前基本完成。受 2025 年更強勁的市場環境推動，載重船舶的運作速度普遍高於 2024 年。

Despite the increase in speed, which typically has an adverse effect on CII ratings, the DLPG fleet remains well within compliance limits. The installation of energy-saving devices, the application of premium hull coatings, and continuous performance monitoring, combined with operational enhancements, have significantly improved the emission profile of our fleet. Forecast extending through 2030 based on the IMO's revised CII reduction targets, indicate that our fleet is well positioned to maintain compliance and continue demonstrating strong environmental performance. CII is the Carbon Intensity Index, which assesses the operational efficiency of our vessels and their contribution to greenhouse gas emissions.

儘管速度有所提高，這通常會對 CII 評級產生不利影響，但 DLPG 車隊仍然完全符合合規限制。節能裝置的安裝、優質船體塗層的應用以及持續的性能監測，再加上運作方面的改進，顯著改善了我們船隊的排放狀況。根據國際海事組織修訂的碳排放指標減排目標，到 2030 年的預測表明，我們的船隊完全有能力保持合規性，並繼續展現出強勁的環境績效。CII 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。

At Dorian, we leverage advanced digital platforms and dashboards to drive performance and efficiency. Enhanced data validation and engine analytics support optimized operations and result in energy savings. The fleet remains fully compliant with evolving emission frameworks, including EU ETS, CII, EEXI and FuelEU Maritime. And our fleet performance team works closely with chartering to optimize fuel consumption during the voyages. The average fleet AER for the third quarter of 2025 was 9.3% lower than the IMO required target for 2025.

在 Dorian，我們利用先進的數位平台和儀錶板來提高績效和效率。增強的數據驗證和引擎分析有助於優化運營，從而節省能源。該船隊完全符合不斷發展的排放框架，包括歐盟排放交易體系 (EU ETS)、碳排放交易體系 (CII)、歐盟排放排放標準 (EEXI) 和歐盟海事燃料標準 (FuelEU Maritime)。我們的船隊性能團隊與租船部門緊密合作，以優化航行期間的燃油消耗。2025 年第三季的平均船隊 AER 比 IMO 要求的 2025 年目標低 9.3%。

AER is the annual efficiency ratio metric, which calculates the carbon intensity of our vessels operations. The one-year postponement of the IMO's decision to implement the net zero framework does not change Dorian's commitment to invest in fuel efficiency, improve performance, and decrease greenhouse gas emissions. This delay may heighten regulatory uncertainty and reinforce reliance on regional schemes, further fragmenting the global regulatory landscape. We are confident that our company and fleet are well equipped and fully prepared to meet any regulatory challenges ahead. And now I would like to pass it over to John Hadjipateras for his comments.

AER 是年度效率比率指標，用於計算我們船舶營運的碳排放強度。國際海事組織推遲一年實施淨零排放框架的決定，並不會改變多里安號致力於投資提高燃油效率、改善性能和減少溫室氣體排放的承諾。這項延誤可能會加劇監管的不確定性，並加強對區域方案的依賴，進一步加劇全球監管格局的片段化。我們有信心，公司和車隊裝備精良，並已做好充分準備，迎接未來任何監管方面的挑戰。現在我想把麥克風交給約翰‧哈吉帕特拉斯，請他發表意見。

Thank you, John, and Tim and Ted. Chelsea, we can open for questions. If anyone has to ask any questions, we're here.

謝謝約翰、提姆和泰德。切爾西，我們可以開始提問了。如有任何疑問，歡迎隨時諮詢。

(Operator Instructions) Omar Nokta, Jefferies.

（操作說明）奧馬爾諾克塔，傑富瑞。

Thank you. Hi, guys, good morning. Nice quarter, obviously, in terms of how much stronger your realized rate has come up, especially relative to the past maybe four or five quarters. But just wanted to get a sense, the overall rate of, say, $53,000, $54,000 was a bit lower than what we were thinking. And just wanted to ask, I know, Ted, you do a very good job of giving us sort of the bookings on the bookings to date each quarter. If I recall, you had gotten something over $60,000 for 70% of the quarter last time around. And just wanted to get a sense of what caused the final figure to be lower. Because it looked like VLGC spot rates remained fairly firm. Was it just simply an accounting treatment? Is it low to discharge, the dry docks? Any color you're able to give would be helpful.

謝謝。大家好，早安。顯然，本季業績不錯，實質殖利率大幅上升，尤其與過去四、五個季度相比更是如此。但只是想了解一下情況，比如說，53,000美元、54,000美元的總費率比我們預想的要低一些。我只是想問一下，我知道，泰德，你每個季度都做得很好，給我們提供了截至目前的預訂情況。如果我沒記錯的話，上次你拿到了超過 6 萬美元的季度收入，佔該季度的 70%。我只是想了解一下導致最終數字偏低的原因。因為看起來VLGC現貨價格依然相當堅挺。這僅僅是會計處理手段嗎？幹船塢的卸貨量低嗎？您提供的任何顏色資訊都將對我們有所幫助。

Yeah. We'll do that. I'll let Ted expand on it, obviously. But it is -- really, the discrepancy was from timing and in terms of -- we obviously try to give you the best. And when we give the guidance, it is -- it reflects what we have booked. But there are often timing discrepancies arising from more off-hire days sometimes, later loadings, slippage from one quarter into the next. Ted, you take it.

是的。我們會這麼做。當然，我會讓泰德來詳細闡述。但實際上，差異在於時間安排，至於其他方面——我們當然會盡力為您提供最好的服務。當我們給出建議時，它反映的是我們已經預訂的內容。但由於停租天數較多、裝載時間較晚、季度之間銜接等原因，常會出現時間上的差異。泰德，你來拿。

Okay. Yeah. I mean, I think, Omar, obviously, we were we're aware of the delta versus guidance. And like John said, a bit of load to discharge accounting based on timing. Look, there's dysport options, as you know, in our sector. And so our guys, we book things based on what we know at the time. And if the charter changes his mind, that can change the -- what we realized during the quarter. And also, the dry docking days affect the -- clearly, not only the amount of revenue, but obviously drives -- that has an effect on the TCE rate as well. So we're -- like John said, we're always -- we try to give the best information. We didn't quite work out as well this quarter. But again, with the end of the dry docking program largely, we feel like the guidance that we just gave should be much more on target for the coming quarter or the current quarter.

好的。是的。我的意思是，奧馬爾，顯然，我們都知道與預期之間的差距。正如約翰所說，根據時間安排，需要進行一些負荷卸載的會計。你看，如你所知，在我們這個行業裡，有多種注射用軟組織藥物可供選擇。所以，我們團隊會根據當時掌握的資訊來安排行程。如果章程改變了他的想法，那可能會改變——我們在本季所認識到的情況。此外，乾船塢維修天數顯然不僅會影響收入，而且顯然會影響 TCE 率。所以，就像約翰說的那樣，我們總是盡力提供最好的資訊。這一季我們的業績不太理想。但是，隨著乾船塢改造計畫基本上結束，我們感覺我們剛剛給出的業績指引應該更符合下一季或當季的實際情況。

Okay. All right. So it sounds like a bit of a one-off with a few moving different factors last time around. So the $57,000, I think, that you gave us earlier that all else equal, that should be a fairly good barometer of what to expect for --

好的。好的。所以聽起來像是上次發生的一些不同因素所造成的個別事件。所以，我認為你之前提到的57,000美元，在其他條件相同的情況下，應該可以很好地反映出預期收益。--

We believe so, Omar, yeah.

我們也這麼認為，奧馬爾，是的。

Okay. Great. And then maybe just a second question or a follow-up. We've been seeing here spot rates have really got a bit of momentum here. And it's maybe at a unique time, I guess, on the calendar. It seems like we're heading into the part of the seasonality where things start to come off and it put downward pressure on rates, and now we're seeing things pick up. Are you able to give a perspective on what's behind this latest move?

好的。偉大的。然後或許還會有一個後續問題或一個後續問題。我們看到，即期匯率目前確實呈現上漲動能。而且，我想，這或許是日曆上一個特別的時間點。看來我們正進入季節性衰退期，經濟開始下滑，利率面臨下行壓力，而現在我們看到經濟開始回升。您能否就此次最新舉措背後的原因談談您的看法？

Yes. Tim?

是的。提姆？

Yeah. I think there is a lot of wait-and-see here before US and China met in Korea. So I think there was like an end or hold on fixing activity, where you saw the rates drop until recently and then it's kind of catching up. So people are really waiting for this to kind of at least have some direction what the trade disputes or agreements was going to be. And then, of course, also the postponement of the port fees have put like a relief to the market and gave people some room to work and some at least a horizon where they can take decisions going further forward. So on top of the -- coming into the winter, then this helped activity to kickstart again. Okay. Very good, thank you. Thanks, Tim. Ted and John, thank you as well.

是的。我認為在美中兩國於韓國會晤之前，雙方都將處於觀望狀態。所以我覺得之前利率調整活動好像停止或暫停了，利率一直下降，直到最近才開始回升。所以大家都在等待，希望能至少了解貿易爭端或協議的走向。當然，港口費的延期也為市場帶來了一絲喘息之機，讓人們有了一些工作空間，也至少讓他們有了一個可以做出未來決策的前景。因此，在冬季來臨之際，這也有助於活動再次啟動。好的。非常好，謝謝。謝謝你，提姆。泰德和約翰，也謝謝你們。

Thank you very much, Omar.

非常感謝你，奧馬爾。

Thanks, Omar.

謝謝你，奧馬爾。

(Operator Instructions) And at this time, there are no further questions in the queue.

（操作員指示）目前佇列中沒有其他問題了。

Thank you, Chelsea. Thank you, everyone. And Omar, thanks for your questions, and we look forward to picking up again next quarter. Thank you. Bye-bye.

謝謝你，切爾西。謝謝大家。奧馬爾，感謝你的提問，我們期待下個季度繼續交流。謝謝。再見。

Thank you, ladies, and gentlemen. This concludes today's program, and we appreciate your participation. You may disconnect at any time.

謝謝各位女士、先生。今天的節目到此結束，感謝各位的參與。您可以隨時斷開連線。