Navigator Holdings Ltd (NVGS) 2024 Q3 法說會逐字稿

All right. Thank you for standing by ladies and gentlemen and welcome to the Navigator Holdings conference call for the third quarter, 2024 financial results on today's call, we have Mads Peter Zacho, Chief Executive Officer, Gary Chapman, Chief Financial Officer Oeyvind Lindeman, Chief Commercial Officer, and myself, Randy Giveans, Executive Vice President of Investor relations and Business Development in North America. I must advise you that this conference call is being recorded today as we conduct today's presentation, we will be making various forward-looking statements these statements include but are not limited to future expectations, plans and prospects from both a financial and operational perspective and are based on management assumptions, forecasts and expectations as of today's date, November 7th 2024 and are subject to material risks and uncertainties. Actual results may differ significantly from our forward-looking information and financial forecast. Additional information about these factors and assumptions are included in our annual and quarterly reports filed with the Securities and exchange commission with that. I now pass the floor to Mads Peter Zacho. The company's CEO. Please go-ahead Mads.

好的。感謝各位女士、先生們的支持，歡迎參加 Navigator Holdings 電話會議，了解今天的電話會議中有關 2024 年第三季度財務業績的信息，與會者包括首席執行官 Mads Peter Zacho、首席財務官 Gary Chapman、首席商務官 Oeyvind Lindeman 和我本人，即北美投資者關係和業務發展執行副總裁 Randy Giveans。我必須提醒您，今天的電話會議正在錄製中，因為我們進行今天的演示，我們將做出各種前瞻性陳述，這些陳述包括但不限於從財務和運營角度對未來的期望、計劃和前景，並且基於截至今天（2024 年 11 月 7 日）的管理層假設、預測和預期，並受重大風險和不確定性的影響。實際結果可能與我們的前瞻性資訊和財務預測有很大差異。關於這些因素和假設的更多資訊包含在我們向美國證券交易委員會提交的年度和季度報告中。現在我把發言權交給 Mads Peter Zacho。該公司的執行長。請繼續，Mads。

Good morning and thank you for joining this Navigator Gas earnings call for Q3 2024. Please turn to page 3 and to begin with, I will review the key data of our Q3, 2024 performance and then I'll go over the outlook for the rest of the year.

早安，感謝您參加 Navigator Gas 2024 年第三季財報電話會議。請翻到第 3 頁，首先，我將回顧我們 2024 年第三季業績的關鍵數據，然後再回顧今年剩餘時間的展望。

G and Oen and Randy will then bring more detail and analysis in the quarter. We generated more revenues up 3% compared to the same period. This was driven by higher TC rates adjusted EBITA for Q3 came in at $68 million slightly below the $72 million earned in the unseasonably strong Q3 of last year.

G 和 Oen 和 Randy 將在本季度帶來更多細節和分析。與同期相比，我們的收入成長了 3%。這是由於更高的 TC 費率推動的，第三季調整後的 EBITA 為 6800 萬美元，略低於去年異常強勁的第三季的 7,200 萬美元。

The balance sheet is strong with a robust cash position. Even after we repaid on our debt facilities and continue deploying capital into our Ethylene terminal expansion.

資產負債表強勁，現金狀況穩健。即使我們償還了債務，我們仍會繼續向乙烯終端擴建計畫投入資金。

The return of capital continued in Q3 with both the 5¢ fixed dividend and the share buyback up to and in combination 25% of net income.

第三季繼續實現資本回報，包括 5 美分固定股息和股票回購，合計佔淨收入的 25%。

This will continue after the Q3 result in October, we issued $100 million of new unsecured bonds at 7.25%.

這項舉措將在 10 月公佈第三季業績後繼續，我們以 7.25% 的利率發行了 1 億美元的新無擔保債券。

This included the tightest spread of any dollar denominated shipping bond issue in the nordic market. Since 2008 commercially, we continue pushing up TC rates and secured an average Q3 TC rate of just over $29,000 which is 11% higher than the same period last year.

這其中包括北歐市場上所有以美元計價的航運債券發行中息差最小的一次。自 2008 年商業化以來，我們持續提高 TC 費率，並確保第三季平均 TC 費率略高於 29,000 美元，比去年同期高出 11%。

This is remarkable given the somewhat softer market conditions compared to the same quarter of last year, we achieved utilization above 90% in line with our guidance, albeit it was below the 93% that we saw. Same period last year, we are overall pleased with our ability to push up TC rates in a market that was temporarily hit by softer transport demand throughput. At our joint venture, Ethylene export terminal was significantly down at 122,000 tons for the quarter.

考慮到與去年同期相比市場條件略顯疲軟，這一成績非常了不起，我們按照預期實現了 90% 以上的利用率，儘管低於我們所看到的 93%。去年同期，在運輸需求吞吐量暫時疲軟的市場中，我們能夠提高 TC 費率，對此我們總體上感到滿意。在我們的合資企業，本季乙烯出口碼頭大幅下降至 122,000 噸。

This was caused by hurricane Beryl and the following disruption to Ethylene production and inventory levels.

這是由颶風貝麗爾（Beryl）以及隨之而來的乙烯生產和庫存水平的中斷引起的。

The expansion of the terminal continues on track for completion in Q4 2024. With progress payments continuing.

該航站樓的擴建工程繼續按計劃進行，預計將於 2024 年第四季完工。進度付款持續進行。

We have for some time now talked about the significant opportunities lying ahead for Navigator within the transportation of CO2 and clean ammonia. So we're pleased to have announced progress on both fronts within Co2. We've entered into an Mou with Uniper and within ammonia. We committed a small but important investment into 1,008.

我們一段時間以來一直在談論 Navigator 在二氧化碳和清潔氨運輸領域面臨的重大機會。因此，我們很高興宣佈在二氧化碳兩方面都取得了進展。我們已經與 Uniper 以及氨公司簽署了諒解備忘錄。我們對 1,008 進行了一筆雖小但很重要的投資。

None of these will absorb or produce significant cash flows in the near term but both are paving the way for new, potentially very significant markets for Navigator.

雖然這些都不會在短期內吸收或產生大量現金流，但它們都在為 Navigator 開闢新的、潛在的、非常重要的市場鋪平道路。

We remain confident about the outlook for our business for both the near mid and long term.

我們對我們的近期、中期和長期業務前景仍然充滿信心。

We expect that vessel utilization to be higher in Q4 than what we've seen in Q3 and we expect to continue to renew our expiring time charters at higher rates.

我們預計第四季度的船舶利用率將高於第三季度，我們預計將繼續以更高的費率續簽即將到期的定期租船合約。

We'll also have more available vessel days as this year's intensive dry docking program is coming towards the end.

由於今年的密集乾船塢計畫即將結束，我們還將有更多可用的船天數。

We expect the ethylene terminal export volumes to return to near nameplate capacity in Q4 with solid demand for transportation on handysize gas carriers. Older vessels being sold out of international trade and limited supply from new buildings in our segment. We expect that these robust market conditions will continue.

我們預計，由於靈便型氣體運輸船的運輸需求強勁，乙烯終端出口量將在第四季度恢復到接近額定容量。在國際貿易中舊船已經售罄，而我們這個領域的新船供應有限。我們預計這種強勁的市場狀況將會持續下去。

Please turn to page number four on this page. We just want to highlight our consistently improving ranking in the Weber Research ESG scorecard which was just released as you may know the web of scorecard places particular focus on corporate governance, topics like absence of conflict of interest, board, independence and transparency.

請翻到此頁的第四頁。我們只想強調我們在剛發布的韋伯研究 ESG 記分卡中的排名不斷提高，正如您所知，記分卡網絡特別關注公司治理、無利益衝突、董事會、獨立性和透明度等主題。

We are very pleased to be ranked among to be ranked third among the 64 listed companies and many of these are leaders in the segments and also subject to sec regulation as we are. So that means it's a strong benchmark. We are comparing ourselves to going forward. We'll commit ourselves to continue striving for yet higher standards in governance and transparency.

我們非常高興能在64家上市公司中排名第三，其中許多公司都是各自領域的領導者，並且與我們一樣受到證券交易委員會的監管。這意味著它是一個強有力的基準。我們正在將自己與前進進行比較。我們將致力於繼續努力實現更高的治理和透明度標準。

So that was just a summary and with that, I'll just hand it over to you Gary so you can give us a little bit more detail about the financial result. Please go ahead.

這只是一個總結，然後我就把它交給你，加里，這樣你就可以給我們更多關於財務結果的細節。請繼續。

Sure. Thank you mads and welcome everybody. Our third quarter, 2024 financials show another robust result, maintaining our solid trend over many recent quarters. Now jumping straight in on slide 7 following a good operating period adjusted EBITDA was $67.7 million in the third quarter of 2024. Coming from continuing robust charter rates and stable utilization but somewhat offset by marginally lower time charter equivalent rates in this third quarter compared to the second quarter of 2024. As we typically expect due to seasonality results from our terminal, which Ovin will explain shortly and also slightly elevated general and admin costs. Unfortunately, we can't report yet another record quarter this time. But to keep context, we consider the results are still strong and we are already seeing the fourth quarter of this year looking like it will be better than this quarter.

當然。謝謝大家，歡迎大家。我們的 2024 年第三季財務業績再次顯示出強勁的業績，維持了最近多個季度的穩健趨勢。現在直接跳到第 7 張投影片，在良好的營運期之後，2024 年第三季的調整後 EBITDA 為 6770 萬美元。這得益於持續強勁的租船費率和穩定的利用率，但與 2024 年第二季度相比，第三季度的定期租船等值費率略有下降，在一定程度上抵消了這一影響。正如我們通常預期的那樣，由於我們的終端的季節性影響，Ovin 將很快解釋這一點，並且一般和管理成本也會略有增加。不幸的是，我們這次無法再報告創紀錄的季度業績。但從整體來看，我們認為業績仍然強勁，我們已經看到今年第四季的表現將比本季更好。

Then overall, our total operating revenue was $141.8 million in the third quarter of 2024 with a still robust utilization of 90.9% against 91.4% on average for the first two quarters of 2024 and continuing very healthy time charter equivalent rates that were on average $29,079 per day in the third quarter compared to $28,954 per day. On average in the first two quarters of 2024 and up from $26,728 per day for the third quarter of 2023 in this third quarter of 2024 vessel operating expenses were slightly up at $43.5 million compared to the third quarter of 2023. But flat compared to the second quarter of 2024. And depreciation was broadly in line with the previous quarter at $33.3 million and only marginally up compared to the third quarter of 2023.

總體而言，我們的總營運收入在 2024 年第三季為 1.418 億美元，利用率仍然強勁，為 90.9%，而 2024 年前兩個季度的平均利用率為 91.4%，定期租船等值費率繼續保持非常健康的水平，第三季度平均為每天 29,0794 年前 202.4% 2024 年的平均利用率平均為 194 年。2024 年前兩季的平均船舶營運費用為每天 26,728 美元，高於 2023 年第三季的每天 26,728 美元，與 2023 年第三季相比略有增加，為 4,350 萬美元。但與 2024 年第二季相比持平。折舊額與上一季基本持平，為 3,330 萬美元，與 2023 年第三季相比僅略有上漲。

Our general and admin costs of $9.4 million in the third quarter are down compared to the second quarter of 2024 though they were still slightly elevated compared to our run rate as we booked some further nonrecurring costs in the third quarter. Mainly legal costs related to the secondary public offering of $7 million common shares by the BW group. Recalling that we concurrently bought back $3.5 million of those shares which were then canceled our noncash unrealized movements on our non-designated derivative instruments resulted in a further loss in the third quarter of $5.2 million against a loss in the second quarter of 2024 of 1.6 million and a loss of $1 million in the third quarter of 2023. This all being related to movements in the fair market value of our long-term interest rate swaps which affects our net income, but which had no impact on our cash or liquidity. We also reported a noncash unrealized gain on foreign exchange in this third quarter of $3.2 million.

我們第三季的一般和管理費用為 940 萬美元，與 2024 年第二季相比有所下降，但與我們的運行率相比仍略有上升，因為我們在第三季度記錄了一些進一步的非經常性成本。主要是與 BW 集團 700 萬美元普通股的二次公開發行相關的法律費用。回想一下，我們同時回購了 350 萬美元的股票，然後取消了我們未指定衍生工具的非現金未實現變動，導致第三季進一步虧損 520 萬美元，而 2024 年第二季虧損 160 萬美元，2023 年第三季虧損 100 萬美元。這一切都與我們的長期利率互換的公平市場價值變動有關，這會影響我們的淨收入，但對我們的現金或流動性沒有影響。我們也報告第三季的非現金未實現外匯收益為 320 萬美元。

Our income tax line reflects current tax and mainly deferred taxes primarily derived from our investment and share of profits in our fly export terminal at Morgan's Point. And overall net income attributable to stockholders of Navigator holdings limited was $18.2 million with a basic earnings per share of 26¢ an adjusted net income which excludes unrealized gains and losses on derivative instruments and foreign currency being $20.1 million or 29¢ per share.

我們的所得稅項目反映了當前稅額和主要遞延稅額，這些稅額主要來自於我們在摩根角航空出口碼頭的投資和利潤份額。歸屬於 Navigator holdings limited 股東的整體淨收入為 1,820 萬美元，每股基本收益為 26 美分，扣除衍生性工具及外幣未實現損益後的調整後淨收入為 2,010 萬美元，即每股 29 美分。

Ethylene terminal throughput volumes in Q3 2024 were 121,634 tons resulting in a contribution of $2.2 million from our Ethylene terminal joint venture. And as usual, Randy will give some more detail on the terminal shortly.

2024 年第三季乙烯碼頭吞吐量為 121,634 噸，我們的乙烯碼頭合資企業貢獻了 220 萬美元。和往常一樣，蘭迪很快就會提供有關該終端的更多詳細資訊。

Our balance sheet shown on slide 8 remains very strong with a cash and cash equivalent balance of over 100 and $27 million at September 30 2024. This is despite paying out $24.1 million for scheduled loan repayments and share buybacks in the second quarter, $8 million in progress payments for our Eth internal expansion project. And on September 4th 2024 we repaid a further $40 million against one of our revolving credit facilities.

第 8 頁顯示的資產負債表依然強勁，截至 2024 年 9 月 30 日，現金及現金等價物餘額超過 1 億美元及 2,700 萬美元。儘管我們在第二季支付了 2,410 萬美元用於定期貸款償還和股票回購，並為 Eth 內部擴展項目支付了 800 萬美元的進度款，但情況仍然如此。2024 年 9 月 4 日，我們又用一筆循環信貸償還了 4,000 萬美元。

These repaid revolving credit facilities remain available for us to be redrawn. Meaning that our total available liquidity at September 30 2024 was over 100 and $96 million and we currently anticipate further positive cash generation from our operations in the fourth quarter.

這些已償還的循環信貸額度仍然可以供我們重新提取。這意味著截至 2024 年 9 月 30 日，我們的總可用流動資金超過 1 億 9,600 萬美元，並且我們目前預計第四季度我們的營運將進一步產生正現金。

On slide 9, we recently closed two transactions that have helped us to push out some of our debt maturities further improve our liquidity. And at the same time, lower our average cost of debt in August 2024 we entered into a new six year secured term loan and revolving credit facility of up to $147.6 million which was used to refinance our existing March 2019 secured loan facility that was to mature in March 2025 to repurchase on October 29. The Navigator Aurora pursuant to our existing October 2019 sale and leaseback arrangement and also for general corporate and working capital purposes.

在投影片 9 上，我們最近完成了兩筆交易，這幫助我們推遲了部分債務到期，進一步提高了我們的流動性。同時，為了降低我們的平均債務成本，我們在 2024 年 8 月簽訂了一項新的六年期擔保定期貸款和循環信貸安排，金額高達 1.476 億美元，用於再融資我們現有的 2019 年 3 月擔保貸款安排，該貸款安排將於 2025 年 3 月到期，並於 10 月 29 日回購。Navigator Aurora 號根據我們現有的 2019 年 10 月售後回租協議使用，並用於一般公司和營運資金用途。

This new facility in total released just over $43 million in additional liquidity to the company on improved terms over our existing 2019 facility and was fixed at a new lower margin of 100 and 90 basis points compared to the facility that it replaced and which margin is significantly below the margin within the then existing sale and leaseback arrangement.

這項新融資總計為該公司釋放了略高於 4,300 萬美元的額外流動資金，其條款優於我們現有的 2019 年融資，且與其取代的融資相比，其新的利潤率固定在 100 和 90 個基點，且該利潤率遠低於當時現有的售後回租安排中的利潤率。

We're also very pleased to repeat that the margin of 190 basis points includes a sustainability linked adjustment of five basis points, reflecting our continued commitment to concentrating our efforts on the environmental impact of our fleet.

我們也非常高興地重申，190 個基點的利潤率包括與永續性相關的 5 個基點的調整，這反映了我們繼續致力於集中精力解決我們船隊對環境的影響。

Then on October 17th, 2024 the company successfully issued $100 million of new senior unsecured bonds in the Nordic bond market.

隨後於2024年10月17日，該公司在北歐債券市場成功發行了1億美元新的優先無擔保債券。

These new 2024 bonds will mature in October 2029 and bear a fixed coupon of 7.25% per annum. And we used the proceeds to call and cancel our previous 2020 bonds that paid a coupon of 8%. And this call transaction settled on November 1st 2024.

這些新的 2024 年債券將於 2029 年 10 月到期，年固定票面利率為 7.25%。我們利用所得收益贖回並取消了先前支付了 8% 票面利率的 2020 年債券。且該筆看漲交易於2024年11月1日結算。

We then have one debt maturity due in just over one year's time in September 2025 which refinancing is already been planned and which may result in a positive liquidity event for the company again. And we'll provide more updates on this as it progresses on slide. 10, our leverage remains in a strong position and reducing quarter on quarter with net debt to adjusted debt are at 2.3 times for the 12 months to September 30 2024 and our net debt to capitalization was under 32% as of September 30 2024.

然後，我們有一筆債務將於 2025 年 9 月在一年多一點的時間內到期，其再融資已經在計劃中，這可能會再次為公司帶來積極的流動性事件。隨著幻燈片的進展，我們將提供更多更新資訊。10.我們的槓桿率仍然保持強勁，且逐季減少，截至 2024 年 9 月 30 日的 12 個月內，淨債務與調整後債務的比率為 2.3 倍，截至 2024 年 9 月 30 日，我們的淨債務與資本化的比率低於 32%。

We're continuing to reduce our debt with more than $100 million of average annual scheduled debt amortization payments during 2024 through 2027. And with our refinancing work streams, we're also looking to target further reductions in the average cost of our debt.

我們將繼續減少債務，2024 年至 2027 年期間平均每年計劃償還債務攤銷金額超過 1 億美元。透過再融資工作流程，我們也希望進一步降低債務的平均成本。

There remain a couple of cash calls in the fourth quarter of 2024 that total around $63 million for our terminal expansion project that are still scheduled to be paid from cash on hand until potential new financing arrangements are completed, likely in 2025.

2024 年第四季仍有幾次現金催繳，總額約為 6,300 萬美元，用於我們的航站樓擴建項目，這些資金仍計劃以現金支付，直到潛在的新融資安排完成（可能在 2025 年）。

Just to note that there may be some smaller CapEx contributions for the terminal expansion project that end up scheduled in Q1 2025 as project invoices close out. But importantly, noting that Q1 2025 is also when revenues from the capacity expansion are expected to commence on slide. 11, we outline our latest estimated cash break even for 2024 at $20,930 per day, which shows a slight increase per day compared to the previous quarter estimate. But which figure is all in and includes our scheduled debt repayments and our heavier dried up schedule this year.

值得注意的是，航站擴建工程可能會有一些較小的資本支出貢獻，這些貢獻最終將在 2025 年第一季專案發票結清時安排。但重要的是，需要注意的是，2025 年第一季也是產能擴張收入預計開始下滑的時候。11，我們概述了 2024 年現金盈虧平衡的最新預計，為每天 20,930 美元，與上一季的預計相比，每天略有增加。但這個數字都是包括了我們計劃中的債務償還和今年更為繁重的枯竭計劃。

Even considering this our breakeven level relative to today's charter rates, recording our average T CE for the third quarter was $29,079. Provides very substantial headroom for Navigator to generate positive EBITDA throughout the shipping cycle.

即使考慮到我們相對於今天的租船費率的盈虧平衡水平，我們第三季的平均 T CE 仍為 29,079 美元。為 Navigator 在整個航運週期中產生正的 EBITDA 提供了非常可觀的空間。

As usual on the right is our daily OpEx guidance for 2024 across our differing vessel segments ranging from our smaller vessels to our larger more complex ethylene vessels.

像往常一樣，右側是我們 2024 年不同船舶類別的每日營運支出指導，從小型船舶到更大更複雜的乙烯船舶。

And following below is guidance for the fourth quarter of 2024. As well as updates for the full year across vessel OpEx general and admin costs depreciation and net interest expense, all of which are substantially unchanged from the guidance given in our second quarter, 2024 presentation slide 12 outlines our historic quarterly adjusted EBITDA showing this third quarter's steady figure and demonstrating yet again, the very positive and consistent results we've been able to report for many quarters now. And despite a temporary dip in the Ethylene arbitrage this quarter, which oven we will cover shortly, we currently expect our results to continue their trend in the fourth quarter of 2024.

以下是 2024 年第四季的指導。除了全年船舶營運支出、一般和管理費用、折舊和淨利息支出的更新外，所有這些都與我們第二季度給出的指引基本沒有變化，2024 年演示文稿第 12 張幻燈片概述了我們的歷史性季度調整後 EBITDA，顯示了第三季度的穩定數據，並再次證明了我們現在已經能夠報告的非常積極和一致的結果。儘管本季乙烯套利暫時下滑（我們稍後將介紹），但我們目前預計我們的業績將在 2024 年第四季繼續保持這一趨勢。

On the right slide side of slide, 12, we show our historic adjusted EBITDA bar for 2023 our last 12 months adjusted EBITDA and an annualized adjusted EBITDA based on the average of the three quarters results.

在投影片 12 的右側，我們展示了 2023 年的歷史調整後 EBITDA 條、過去 12 個月的調整後 EBITDA 以及基於三個季度結果平均值的年度調整後 EBITDA。

In addition, the Ebitdar bars then to the right provide some sensitivity and illustrate an increase in adjusted EBITDA of approximately $18 million for each $1000 increment in the average time charter equivalent rates per day.

此外，右側的 Ebitdar 條提供了一定的敏感度，表明平均定期租船等價費率每日每增加 1000 美元，調整後的 EBITDA 就會增加約 1800 萬美元。

Then on slide, 13, we have 18 vessels scheduled for dry docking during 2024 of which 12 were completed as at September 30 with an expected total for the 18 vessels of 584 offhire days and total dry docking CapEx estimated to be $31.8 million. All of which as we often say is scheduled fully costed and included in our cash flow plans as we've set out before some further detail on the expected timing and cost of these dried dock is then shown below.

然後在第 13 張幻燈片中，我們計劃在 2024 年期間對 18 艘船舶進行乾船塢作業，其中截至 9 月 30 日已完成 12 艘，預計這 18 艘船舶的停租天數總計 584 天，總幹船塢資本支出估計為 3180 萬美元。正如我們常說的，所有這些都是按計劃進行，完全計入成本，並包含在我們的現金流計劃中，正如我們之前所闡述的那樣，這些乾船塢的預期時間和成本的一些詳細信息如下所示。

Also as we've explained previously, we take our dry dock opportunities to install energy saving technologies on our vessels at a total cost of around $4.8 million in 2024. With many of these technologies having the very short payback period helping us to improve our environmental impact, improve our operating efficiency and gather better data to make further future improvements.

另外，正如我們之前所解釋的那樣，我們利用乾船塢的機會在我們的船上安裝節能技術，到 2024 年的總成本約為 480 萬美元。許多此類技術的回報期都很短，有助於我們改善對環境的影響，提高我們的營運效率，並收集更好的數據以便在未來進一步改進。

On slide 14, we wanted to provide some more color on our recent bond issues. Many of you will know that the bond market today is issuer friendly and with our fourth and previous 2020 bond coming up for maturity in 2025 we decided somewhat opportunistically to refinance that bond early given the terms we believed we could achieve. And as the bond market environment can change abruptly, we were able to mobilize quickly and get to a $100 million book that was oversubscribed with many high quality names eventually settling at a coupon of 7.25%.

在第 14 張投影片上，我們想提供一些有關我們最近的債券發行的更多細節。你們中的許多人都會知道，如今的債券市場對發行人是友好的，而且我們的第四筆也是上一筆 2020 年債券即將於 2025 年到期，考慮到我們相信能夠實現的條款，我們決定提前為該債券進行機會主義的再融資。由於債券市場環境可能突然發生變化，我們能夠迅速動員起來，獲得 1 億美元的超額認購，許多優質債券最終以 7.25% 的票面利率結算。

We issued $100 million of bonds but have $200 million of a borrowing limit, giving us flexibility to potentially draw up to a further $100 million in the future.

我們發行了 1 億美元的債券，但藉款限額為 2 億美元，這使我們可以靈活地在未來再提取 1 億美元。

The bond priced, as man has mentioned with the tightest spread for any US dollar denominated shipping bond in the nordic market since the financial crisis in 2008 at 371 basis points. And we have data to show that point on slide 15 and there are some well known names on this list.

正如曼所提到的，該債券的定價為 371 個基點，是自 2008 年金融危機以來北歐市場上任何美元計價航運債券的利差最小的。我們在第 15 張幻燈片上有數據顯示這一點，並且此列表中有一些眾所周知的名字。

Navigator has a long history of bond issuances. And we think making the top of this list demonstrates that we have over time strengthened our credit story substantially from our initial bond in 2012 to today and even since 2020 and although we are in a favorable market which we recognize we would not be at the top of this list if it was not also a strong reflection.

Navigator 擁有悠久的債券發行歷史。我們認為，位居榜首表明，從 2012 年首次發行債券到今天，甚至自 2020 年以來，我們的信用狀況隨著時間的推移大大增強。

Oh, thank you. Lost Gary or are you still there?

哦，謝謝。失去了 Gary 還是你還在？

Okay. Let's move on to the commercial slides.

好的。讓我們繼續討論商業幻燈片。

Thank you, Brandy. And I've been part of the, the bond stories in 2012 and the tightest margin for 15 years is quite an achievement and represents where Na navigators come from and the strong position we're at so onto the commercial slides.

謝謝你，布蘭迪。我參與了 2012 年的債券故事，創下了 15 年來最窄的利潤率，這是一項了不起的成就，代表了 Na 導航員的出身和我們所處的強大地位，因此進入商業幻燈片。

So the demand for our transportation services continues to originate primarily from the petrochemical and ammonia industries which together account for two thirds of our fleet employment.

因此，我們運輸服務的需求仍然主要來自石化和氨工業，這兩個行業占我們車隊僱用量的三分之二。

The remaining third serves LP G customers.

剩餘三分之一為液化石油氣客戶提供服務。

We guided to approximately 90% utilization for the quarter and ended the period at 91%. A strong result considering that the third quarter is historically somewhat slower compared to the rest of the year.

我們預計本季的利用率約為 90%，期末利用率達 91%。考慮到第三季的業績歷來相對於一年中其他時間而言略顯緩慢，因此這是一個強勁的業績。

Additionally, we actively manage the impact of the US Gulf hurricane season by switching what vessels we could from Italy to trades, limiting the downside as mentioned in our last call hurricane Beryl made landfall in the Houston area in early July, adversely affecting ethylene production and exports.

此外，我們積極應對美國墨西哥灣颶風季節的影響，將盡可能多的船隻從義大利調往貿易航線，限制了我們在上次通話中提到的不利影響，颶風貝麗爾 (Beryl) 於 7 月初在休士頓地區登陸，對乙烯生產和出口產生了不利影響。

I'll provide more detail on this in the next two slides in brief. However, the adverse impact was short lived today. Ethylene prices have returned to competitive levels and exports through Morgan's Point are back to nameplate capacity.

我將在接下來的兩張投影片中簡要地詳細介紹這一點。不過，今天的負面影響是短暫的。乙烯價格已恢復至有競爭力的水平，通過摩根角的出口量也已恢復至額定產能。

This has led to strong utilization in October reaching nearly 94%.

這使得10月利用率強勁，達到近94%。

Consequently, we are guiding higher utilization for the fourth quarter compared to the third quarter, which was still a strong quarter. By the way, turning to page 18, we can see more details on American petrochemical exports. It's no surprise to see continued growth in us natural gas production.

因此，我們預計第四季度的利用率將高於第三季度，但第三季的利用率依然強勁。順便說一句，翻到第 18 頁，我們可以看到更多有關美國石化產品出口的詳細資訊。美國天然氣產量持續成長並不令人意外。

It is always reassuring to check the EIA website for the latest figures because they keep going up the increase in NGL production keeps us gas prices low, which is important and you should join us in Houston next week for our investor day to learn more about the current market dynamics. And more importantly, the industry outlook, especially for NGL production for the remainder of the decade.

查看 EIA 網站上的最新數據總是令人放心的，因為這些數據不斷上漲，NGL 產量的增加使我們的天然氣價格保持在低位，這很重要，您應該下週參加我們在休斯頓舉行的投資者日活動，以了解更多有關當前市場動態的信息。更重要的是，產業前景，尤其是本世紀剩餘時間的 NGL 生產前景。

In any case, here's a sneak peek. The forecast is very encouraging for our business. By the way back to the hurricane, the middle graph clearly shows the impact of hurricane barrel during this period.

無論如何，讓我們先睹為快。這個預測對於我們的業務來說非常令人鼓舞。回到颶風，中間的圖表清楚顯示了這段期間颶風桶的影響。

Ethan producers reduced operations resulting in down capacity represented by the light blue area production cuts aren't ideal when we are looking to have excess supply for export markets. Fortunately, this is now corrected with cracker operating levels back to pre hurricane rates.

乙醇生產商減少運營，導致產能下降（淺藍色區域代表），當我們希望為出口市場提供過剩供應時，減產並不理想。幸運的是，這一問題現已得到糾正，裂解裝置的運作水平已恢復到颶風之前的水平。

This was expected by the industry and is positive to our business.

這是業界所期待的，並且對我們的業務有正面影響。

The year on year exports of ethylene and ethane on hand size vessels from the US are displayed in the right hand graph.

右側圖表顯示的是美國庫存乙烯和乙烷的年比出口量。

Following the bold salmon pink line. You can see a dip due to hurricane barrel but today, the situation has normalized with October volumes actually exceeding those of previous October months.

沿著大膽的鮭魚粉紅色線條。您可以看到由於颶風桶而導致的下降，但今天，情況已經恢復正常，十月的銷量實際上超過了前幾個月的銷量。

It is very important.

這非常重要。

We previously mentioned that the post hurricane correction of prices are back to normalized levels and is a key element for exports. So on page 19, the bottom graph illustrates the significant price correction. The gray line representing the domestic price of USA, it peaked in July and August as you can see there but has now returned to normal levels.

我們之前提到過，颶風過後價格已經恢復到正常水平，這是出口的關鍵因素。因此，在第 19 頁上，底部的圖表說明了顯著的價格調整。灰線代表美國國內價格，如您所見，它在七月和八月達到頂峰，但現在已經恢復到正常水平。

This price adjustment has widened the arbitrage to Europe and Asian markets.

此次價格調整擴大了歐洲和亞洲市場的套利空間。

The middle graph shows various points in the Ethylene value chain freight raised based on August's latest pricing assessment now is supporting $270 per ton for freight to Asia.

中間的圖表顯示了根據八月份的最新價格評估，乙烯價值鏈中各個點的運費上漲，目前運往亞洲的運費為每噸 270 美元。

This compared to 170 tons dollar per ton. When we held our second quarter earnings call in the middle of August, the $100 per ton difference in freight in arbitra represents a meaningful difference.

相比之下，每噸價格為 170 美元。當我們在 8 月中旬召開第二季財報電話會議時，arbitra 中每噸 100 美元的運費差異代表著一個有意義的差異。

$1.2 million to be exact for a typical handysize cargo of 12,000 metric tons.

對於典型的 12,000 公噸的靈便型貨物來說，確切的成本是 120 萬美元。

In addition to higher freight rates. Physical volumes through the terminal have returned to nameplate capacity with 86,000 tons passing through our terminal. In October being the largest volume for more than six months.

除了更高的運費。該碼頭的實際吞吐量已恢復至額定容量，目前通過我們碼頭的貨物量為 86,000 噸。十月份的交易量達到六個月多來的最高水準。

Higher freight rates have increased volume are obviously positive for us.

運費上漲、貨運量增加，對我們而言顯然是有利的。

On page 20. We see a positive trend in freight assessments.

在第20頁。我們看到貨運評估呈現正面趨勢。

The green line representing our ethylene vessels has recently risen as the dark blue line for semi refugee vessels also compared to the very large gas carrier index in black. Our segment has not experienced the same downside volatility in recent months. Strong demand for petrochemicals, ammonia and short sea regional LP G distribution keeps our vessels well employed.

與黑色的大型氣體運輸船指數相比，代表我們的乙烯船的綠線最近已經上升為代表半難民船的深藍線。近幾個月來，我們的部門並未經歷同樣的下行波動。對石化產品、氨和近海區域液化石油氣分銷的強勁需求使我們的船舶保持良好的使用狀態。

Overall. The demand for our transport services is shaping up nicely on the supply side. As shown on page 21 the situation remains manageable for the handy size segment.

全面的。從供給方面來看，我們的運輸服務需求呈現良好態勢。如第 21 頁所示，對於方便尺寸部分來說，情況仍然可以控制。

The order book is unchanged at 8% of the 16 fleet while 22% of vessels are over 20 years of age.

訂單量保持不變，16 艘船中 8% 為新船，22% 的船舶年齡超過 20 年。

I'm planning to go more into detail on some of these topics next week in Houston. So come on down there, Randy may even have a fun quiz with prices just like last time I will stop here and leave the mic to him, Randy.

我計劃下週在休士頓更詳細地討論其中一些主題。所以，快過來吧，蘭迪甚至可能會像上次一樣，進行一次有趣的價格測驗，我會在這裡停下來，把麥克風留給他，蘭迪。

Thank you Oyvind and nice teaser. Following up on several announcements we made in recent months, we want to provide additional details on some of those updated developments regarding those announcements. So on slide 23 we are pleased to announce our return of capital for the third quarter of 2024. Now before we get to that, I want to highlight that during the third quarter, we repurchased roughly 142,000 common shares of NVGS in the open market totaling $2.3 million for an average price of $16.67 per share. Now, looking ahead in line with our recently announced return of capital policy and the illustrative table below, we're returning 25% of net income or $4.6 million to shareholders. During this fourth quarter. The board has declared a cash dividend of 5¢ per share payable on December 17th just in time for Christmas to all shareholders on record as of November 25th, 2024 and that equates to a quarterly cash dividend payment totaling $3.5 million. Additionally, with our shares trading well below estimated nav of greater than $27 per share. We will use the variable portion of the return of capital policy for additional share buybacks. As such. We expect to repurchase $1.1 million of NVGS common shares between now and quarter end such that the dividend and share repurchases together equal 25% of net income or $4.6 million this quarter. Now as seen over the past few years and especially again, this past June returning capital shareholders will remain a primary focus for us during the slide. 24 in August, we announced new building orders for two new 48,500 cubic meter capacity, liquefied ethylene gas carriers at a price of $102.9 million each. The vessels are scheduled to be delivered in early and mid 2027.

謝謝 Oyvind 和精彩的預告片。繼我們最近幾個月發布的幾項公告之後，我們想提供有關這些公告的一些最新進展的更多詳細資訊。因此，在第 23 張投影片上，我們很高興地宣布 2024 年第三季的資本回報。在討論這個問題之前，我想強調一下，在第三季度，我們在公開市場上回購了約 142,000 股 NVGS 普通股，總額為 230 萬美元，平均價格為每股 16.67 美元。現在，根據我們最近宣布的資本回報政策和下面的說明表，我們將向股東返還 25% 的淨收入或 460 萬美元。在此第四季。董事會已宣布向截至 2024 年 11 月 25 日登記在冊的所有股東派發每股 5 美分的現金股息，恰逢聖誕節，派發時間為 12 月 17 日，相當於每季派發總額為 350 萬美元的現金股息。此外，我們的股票交易價格遠低於每股 27 美元以上的預期淨資產值。我們將使用資本回報政策的可變部分進行額外的股票回購。像這樣。我們預計從現在到季度末將回購價值 110 萬美元的 NVGS 普通股，這樣股息和股票回購總額將達到本季淨收入的 25% 或 460 萬美元。正如過去幾年所見，尤其是今年 6 月，在下滑期間，回報資本的股東仍將是我們關注的重點。8月24日，我們宣布新接兩艘容量為48,500立方公尺的液化乙烯氣體運輸船訂單，每艘售價為1.029億美元。這些船舶預計於 2027 年初或中期交付。

We also have an option for two additional new buildings matching the current orders in terms of specifications and price So not these vessels will be the largest in our fleet. They have dual fuel engines for Ethane. They'll be made retrofit ready for using ammonia in the future as a fuel and be able to transit through both the old and the new Panama Canal locks. Now, most importantly, these Ethylene carriers will support our Ethylene terminal expansion as customers who are looking at signing off day contracts are also looking at securing their shipping needs as such discussions are ongoing with multiple customers interested in chartering the ships and we expect to fix one or both vessels on time charters prior to delivery. Lastly, in terms of vessel financing, we've already paid the initial 10% deposit, tolling $20 million in September and we expect to complete financing arrangements sometime next year. Now turning to our soon to be completed Ethylene export terminal expansion on slide 25 following us on our previous announcement regarding the expansion of the terminal, the project continues to progress nicely. As many of you will see in person next week. Engineering complete construction is well underway and the expected completion date remains next month. The project remains on budget with capital contributions required from us to the joint venture for the project still expected to be less than $130 million to date. We've made progress payments, tolling $ 67 million and the remaining CapEx is expected to be paid from cash on hand until possible new financing arrangements are completed next year. Now, as you can see on the bottom left chart throughput dipped in July and August as several Ethylene crackers along the US Gulf coast experienced some planned and unplanned allergies coupled with the negative headwinds literally of hurricane barrel. Since then us, Ethylene production has rebounded widening that geographical price arbitrage and leading to increased throughput at our terminal in both September and October as we even alluded to which should bode well for fourth quarter volumes and cash flow as we've seen in recent years, the third quarter is seasonally the softest throughput but the contracts are take or pay. So the annual cash flow over time is expected to remain firm despite some quarterly movements. As for contracting the expansion volumes, the second and larger and the new Multiyear off day contract is likely to be signed in November or December as the customers already agreed to commercial terms and we continue to expect that additional capacity will be contracted in the coming months. Now, finishing on slide 26. And following up on O's invitation, I too want to personally invite each of you to our 2024 analyst and Investor Day. Next week here in Houston, Texas, Tuesday afternoon, November 12th, we're going to host our tours at the Ethylene terminal as well as on our vessel that will be loading Ethylene. Later that evening, the management team and members of our board will host a dinner for analysts and investors. And then the next day, Wednesday, November 13th, we will host company and industry presentations covering current market trends, a financial update as well as our medium term strategy. We will then have lunch followed by an appreciation event for all our analysts, shareholders, customers and partners. So every week in Houston is nice and sunny, but let me check here.

我們還可以選擇建造另外兩艘在規格和價格方面與當前訂單相匹配的新船，因此這些船隻不會是我們船隊中最大的船隻。他們有乙烷雙燃料引擎。這些船舶將進行改裝，以便將來使用氨作為燃料，並能通過新舊巴拿馬運河船閘。現在，最重要的是，這些乙烯運輸船將支持我們的乙烯碼頭擴建，因為正在考慮簽署日間合約的客戶也在考慮確保他們的運輸需求，因為我們正在與多個有興趣租用船舶的客戶進行此類討論，我們期望在交付之前按期租船確定一艘或兩艘船。最後，在船舶融資方面，我們已經在 9 月支付了 10% 的初始定金，即 2,000 萬美元，我們預計將在明年某個時候完成融資安排。現在來看看我們即將完成的第 25 張幻燈片中的乙烯出口碼頭擴建項目，我們之前已經宣布了碼頭擴建項目，該項目進展順利。正如你們中許多人將在下週親眼見到的那樣。工程竣工正在順利進行中，預計完工日期為下個月。該項目仍在預算之內，我們向該項目合資企業所需的資本投入預計迄今仍低於 1.3 億美元。我們已經支付了進度款，共 6,700 萬美元，剩餘的資本支出預計將以現金支付，直到明年可能完成新的融資安排。現在，正如您在左下圖中看到的那樣，7 月和 8 月的產量有所下降，因為美國墨西哥灣沿岸的幾家乙烯裂解廠經歷了一些計劃內和計劃外的過敏反應，再加上颶風帶來的負面逆風。自那時起，乙烯產量出現反彈，擴大了地理價格套利，並導致我們9月和10月的終端吞吐量增加，我們甚至暗示，這對第四季度的銷量和現金流來說是一個好兆頭，正如我們所看到的，近年來，第三季度是季節性吞吐量最低的季度，但合約是照付不議。因此，儘管季度現金流有所變動，但預計年度現金流將長期保持穩定。至於擴大產能的合同，第二份規模更大的合約和新的多年期休息日合約很可能會在 11 月或 12 月簽署，因為客戶已經同意了商業條款，我們繼續預計未來幾個月將簽訂額外產能的合約。現在，完成第 26 張投影片。繼 O 的邀請之後，我也想親自邀請你們每個人參加我們的 2024 年分析師和投資者日。下週 11 月 12 日星期二下午，我們將在德克薩斯州休斯頓的乙烯碼頭以及裝載乙烯的船上組織參觀。當晚晚些時候，管理團隊和董事會成員將為分析師和投資者舉辦晚宴。第二天，也就是 11 月 13 日星期三，我們將舉辦公司和行業演示會，內容涵蓋當前的市場趨勢、財務更新以及我們的中期策略。然後我們將共進午餐，隨後為所有分析師、股東、客戶和合作夥伴舉行答謝活動。所以休斯頓每週都陽光明媚，但是讓我在這裡檢查一下。

Yeah, the weather next week will be especially pleasant and will match our outlook, clear and bright with that. I'll now turn it over to mads for closing remarks.

是的，下週的天氣會特別宜人，與我們的預期相符，晴朗明亮。現在我將把發言權交給 mads 來做結束語。

Thanks a lot Andy and yeah, I'll just sum sum it all up for you before we go to the Q&A.

非常感謝 Andy，是的，在我們進入問答環節之前，我會為您總結一下。

And in summary, we delivered a solid Q3 and we have in front of us A Q4 that has come off to a strong start. We have the strongest balance sheet in the company's history. As illustrated by our low leverage ratios and robust cash position.

總而言之，我們在第三季取得了穩健的業績，並且我們迎來了開門紅的第四季。我們擁有公司史上最強勁的資產負債表。正如我們的低槓桿率和強勁的現金狀況所顯示的那樣。

We stay ahead of the curve when it comes to refinancing and refinance well ahead of maturities when we deem that funding is cheap and plentiful.

在再融資方面，我們始終走在前列，並在貸款到期前提前進行再融資，因為我們認為此時資金成本低廉且充足。

This way, we have driven down low margins to the lowest level ever for Navigator.

如此一來，我們就將 Navigator 的利潤率壓低到了歷史最低水準。

We continue to pay quarterly cash dividends and buy back shares and we'll continue to look for opportunities to increase capital distribution to our shareholders.

我們將繼續支付季度現金股利並回購股票，並將繼續尋找增加對股東的資本分配的機會。

The vessel supply picture remains attractive with a small handysize order book and an aging global fleet and energy infrastructure volumes through the Italy export terminal are recovering well after this summer's hurricane season, the terminal expansion is on time and on budget with completion set for December 24.

船舶供應情況依然具有吸引力，小型靈便型船舶訂單和老化的全球船隊以及通過意大利出口碼頭的能源基礎設施量在今年夏季颶風季節之後正在良好恢復，碼頭擴建工程按時按預算進行，預計將於 12 月 24 日完工。

I think all this aligns the stars really well for 2025 business perhaps very well indeed because this week, the people of United States elected a new President, come, come January and Trump's campaign has emphasized the opportunities and need for the US to grow energy production and export. So drill, baby drill is the cash phrase and we believe that this should bode well for NGL production and exports.

我認為所有這些都為2025年的商業發展帶來了良好的結果，因為本週，美國人民選出了新總統，而到了明年一月份，川普的競選活動強調了美國增加能源生產和出口的機會和必要性。因此，「鑽，小鑽」就是現金短語，我們相信這對 NGL 的生產和出口來說是個好兆頭。

And in addition to this, the Trump campaign has also focused on the need to for reducing the US trade deficit with its trading partners. In particular China, we think that this will result in China buying more commodities from the US, including LP G, methylene, ethane, and eventually also clean ammonia.

除此之外，川普競選活動也聚焦在減少美國與貿易夥伴的貿易逆差。特別是中國，我們認為這將導致中國從美國購買更多的商品，包括液化石油氣、亞甲基、乙烷，最終包括清潔氨。

So all in all an election outcome that will lead to strong demand for the energy infrastructure that navigator delivers.

因此，總而言之，選舉結果將導致對導航器提供的能源基礎設施的強勁需求。

Thanks a lot for listening in and back to you, Randy.

非常感謝您的聆聽，蘭迪。

Thank you mads and very well said operator will now open the lines for some Q&A so to raise your hand press star nine and then you have to unmute yourself by pressing Star six. Now, if using Zoom, just use the raise hand function first question, your line should be open.

謝謝 mads，說得很好，接線員現在將開通一些問答線路，因此要舉手請按星號九，然後按星號六取消靜音。現在，如果使用 Zoom，只需在第一個問題中使用舉手功能，您的線路就應該是暢通的。

Hi Randy. Thank you. And good morning and good afternoon, everybody. Thanks for, for for, for today's update. Obviously a lot of good detail, a lot of things happening you know, more towards the positive side for sure. A couple of questions from me on, on the terminal, I guess maybe just first if I recall. No, I think you had mentioned that you had some hurricane barrel disruptions that affected throughput and the reported income from from the terminal. I know it's a small amount in the grand scheme, but just wanted to double check and confirm the contract. Basically these are take or pay. So you're going to be compensated no matter what eventually for those lost volumes. It's just maybe a little clunky in terms of when that's received.

你好，蘭迪。謝謝。大家早安，下午好。感謝您今天的更新。顯然有很多好的細節，很多事情發生，你知道，肯定更傾向於積極的一面。我有幾個關於終端的問題，如果我沒記錯的話，我想也許只是先問一下。不，我想您提到過，由於颶風的影響，吞吐量和終端報告的收入受到了影響。我知道從總體上看這只是一個小數目，但我只是想再檢查一下並確認合約。基本上，這些都是照付不議。因此，無論怎樣，您最終都會因這些損失而獲得補償。就接收時間而言，它可能有點笨重。

Exactly. Yeah, so more so with the take or pay contracts, if they take the commodity, they pay immediately. If they do not, they have either a quarter or two depending on the contract to make that up or pay deficiencies. So yes, we do expect to receive some of those cash flows that we did not receive in the third quarter, both in fourth quarter of 24 and into early 2025. And just to make sure we are clear on the hurricane barrel impacts no impact to the terminal itself. They had one small little tree that was down. All the impact was to the ethylene production facilities along the US Gulf coast. So the terminal was safe and sound.

確切地。是的，對於照付不議合約來說更是如此，如果他們拿走了商品，他們會立即付款。如果他們沒有達到要求，他們就需要根據合約規定用一兩個季度的時間來彌補不足。因此，是的，我們確實預計將在 24 年第四季和 2025 年初收到部分第三季未收到的現金流。並且要確保我們清楚颶風桶的影響不會對終端本身造成影響。他們有一棵倒下的小樹。受影響的都是美國墨西哥灣沿岸的乙烯生產設施。所以航站樓是安全的。

Okay, thanks Randy for that. And then, you know, maybe just a bit broadly kind of on just the terminal situation in the Gulf and, and Randy, we've talked about this before. You know, one of the big themes here, I guess we made the commodity propane export story in the US is, you know, we're, we're seeing record volumes leaving the country, but there seems to be a limit at this point into what the sport can handle. Are you seeing, I guess one, are you seeing demand to ship regular propane out of your terminal? A and are there big fees that could potentially be received for doing so? And then, and I guess is is that even a nonstarter if potentially the the infrastructure isn't there to send propane to, to to your terminal a any, any kind of thoughts on that.

好的，謝謝蘭迪。然後，你知道，也許只是對墨西哥灣終端的情況進行稍微廣泛的介紹，蘭迪，我們之前已經談過這個問題了。你知道，這裡的一個大主題，我想我們在美國製作了商品丙烷出口故事，你知道，我們看到創紀錄數量的丙烷出口到美國，但目前這項運動所能承受的數量似乎有一個極限。我想，您是否看到了從您的終端運輸普通丙烷的需求？答：這樣做是否可能收取高額費用？然後，我想，如果沒有潛在的基礎設施將丙烷輸送到您的終端，那麼這甚至是不可能的，您對此有何看法？

Correct. Yeah, the infrastructure at Morgan's point is for Ethane and Ethylene only. So there's the only commodities that are being exported out of Morgan's point at this time. So no, no appetite or no opportunities for propane exports in the near term now, right, if you give us a few years to change some things around potentially, but that will not be happening anytime soon.

正確的。是的，摩根所在位置的基礎設施僅適用於乙烷和乙烯。所以，目前只有摩根點的商品在出口。所以，目前短期內對丙烷出口沒有興趣或機會，對吧，如果給我們幾年時間來改變一些事情，但這不會很快發生。

Okay. All right. Thank you. And then last one just on my side and the, the slide with the new building, the two ships there, you've got, you've got plenty of time until those deliver and it seems like you ordered those with anticipation that there's going to be strong demand for them. You do have those two options that I believe mature or expire in the next couple of weeks. Any, any thoughts on what you intend to do regarding those options.

好的。好的。謝謝。然後最後一個問題，就在我這邊，新建築的幻燈片，那裡的兩艘船，你有足夠的時間直到它們交付，而且似乎你在訂購它們時就預期它們會有強勁的需求。你確實有這兩個選擇，我相信它們將在接下來的幾週內成熟或到期。對於這些選擇，您有什麼想法嗎？

I can just add a few words here and ask my colleagues to, to supplement and we have the options. They need to be declared by November 21st. So that means that we still have just two weeks before declaring them. We have a board meeting in Houston next week and this is when we're going to discuss them. So time works really well for us so that we could say maximize the optionality here and ensure that we have the board with us when we, when we discuss it and decide on it.

我在這裡可以補充幾句話，並請我的同事來補充，這樣我們就有選擇了。他們需要在11月21日之前申報。所以這意味著我們距離宣布這些決定只剩下兩週的時間了。我們下週將在休士頓召開董事會會議，屆時我們將討論這些問題。所以時間對我們來說非常合適，以便我們可以說這裡的可選性最大化，並確保我們在討論和做出決定時有董事會在場。

Great. Thank you, Mat. That, that's, that's a good color and yeah, we'll stay tuned. Thanks very much. I'll pass it over.

偉大的。謝謝你，馬特。那，那，那是一個很好的顏色，是的，我們會繼續關注。非常感謝。我就把它傳給你。

Thank you.

謝謝。

Thanks. So mark next caller, your line should be open.

謝謝。請注意，下一位來電者，您的線路已經開通。

I wanted to ask about the So, so the the new builds, you, I know you mentioned that you were looking to timetra those out one or two of them. And just what should we sort of be expecting? Mostly from a duration but, but also from a rate perspective, if you give us any color on that, that'd be helpful.

我想問一下，所以，對於新的版本，我知道你提到你正在尋找其中的一兩個時間來進行時間追蹤。那我們到底該期待什麼呢？主要是從持續時間來看，但也從利率的角度來看，如果您能給我們任何詳細信息，那將會很有幫助。

I can just say a little bit about the duration here. And when you listen to the conference call and our comments on how we see the market developing ahead of us, we are rather confident that that we'll continue to see a tightening in the demand supply balance over time and that of course, should be towards us ensuring that we don't take too much cover on our book in general.

我在這裡只能稍微說一下持續時間。當您聆聽電話會議和我們對未來市場發展前景的評論時，我們相當有信心，隨著時間的推移，我們將繼續看到供需平衡趨緊，當然，這應該是確保我們不會在我們的賬簿上覆蓋太多。

On the other hand, we also appreciate we are conservative or you could say cautious people. So we also like the long term contract cover for that we have on a couple of our vessels. So it gives a good balance, you could say between some of the quad exposures and and the long term some charter contracts that we have in place. So we're a little bit glass half full people. So we're having a mix of some short term cover and some long term cover is, is, is ideal for us. A lot of it depends on where we're going to go with the board next week and deciding on declaring the options or not. But there's certain lots of demand from our customer side right now to enter into contracts of, of varying duration that being you could say short a year or two and all the way up to five years plus as well. So we are right now having those discussions internally to how we exactly structure that. But we would probably like to have a little bit of a mix across the two or potentially the four vessels when it comes to when it comes to rates. Yeah, there's not so much we can say you can pitch in, please.

另一方面，我們也知道我們是保守的人，或者可以說是謹慎的人。因此，我們也喜歡對我們的幾艘船簽訂的長期合約保障。因此，可以說它在四方風險暴露和我們已經簽訂的長期包機合約之間實現了良好的平衡。所以我們是樂觀的人。因此，我們將短期保險和長期保險混合起來，這對我們來說是理想的。這在很大程度上取決於我們下週要與董事會討論什麼，以及是否決定宣布這些選擇。但目前我們的客戶對簽訂不同期限的合約有大量需求，短則一兩年，長則五年以上。因此，我們現在正在內部討論如何具體地建構這個結構。但在費率方面，我們可能希望將這兩艘船或四艘船進行一些混合。是的，我們能說的不多，拜託。

I mean, we can't comment too much on that. Obviously the rates have to cover certain things and our expectations, but we'll cross that bridge when we get there.

我的意思是，我們不能對此發表太多評論。顯然，利率必須涵蓋某些因素和我們的預期，但我們會在那時解決這個問題。

Okay. Yeah, and then more broadly on the the time charter contracts for the current fleet, can you sort of talk about what that sort of balance is currently and what the expectations are you mentioned, you want to sort of capture some of the upside, but are you looking to sort of short term increase or decrease time charters? Obviously, when the time charters would be rolling off, what's sort of the the game plan there?

好的。是的，然後更廣泛地談論當前船隊的定期租船合同，您能否談談目前的平衡情況以及您提到的預期是什麼，您想抓住一些上行空間，但您是否希望短期內增加或減少定期租船？顯然，當定期租船合約到期時，那裡的比賽計劃是什麼樣的？

Yeah, I mean, Frank with, with the strengthening market particularly now in the fourth quarter that we're seeing generally our short term forecast is taking more spot versus time charter cover the time charter that we do do are also shorter in nature. So from 6 to 12 months, but overall a little bit more spot exposure because of the strong fundamentals in the markets with the with shorter extensions on the ships that are on time charter.

是的，我的意思是，弗蘭克，隨著市場的走強，特別是現在第四季度，我們通常看到我們的短期預測是更多的現貨租船而不是定期租船，我們所做的定期租船本質上也較短。因此從 6 個月到 12 個月不等，但總體而言，現貨風險敞口會稍微大一些，因為市場基本面強勁，而且按時租船的租期較短。

Okay, great. That's all I have. Thank you.

好的，太好了。這就是我的所有了。謝謝。

Thanks Frank and also slides 3,031 of the earnings presentation kind of go through the full list and you'll see there the Ethane Ethylene very little, very little time charter exposure, especially for next year and beyond and then more so on the fully refrigerated vessels, the semi refs, those are the ones we're really focusing on the time charters and you can see that in that fleet list.

感謝弗蘭克，另外，收益報告中的第 3,031 張幻燈片也讓我們瀏覽一下整個列表，您會看到乙烷乙烯的定期租船風險非常小，特別是明年及以後，而全冷藏船、半冷藏船的風險更大，這些是我們真正關注的定期租船，您可以在船隊名單中看到。

So looking forward to seeing you next week.

非常期待下週見到您。

All right, next caller, your line should be open as well.

好的，下一位來電者，您的線路應該也暢通了。

I believe it's a po you might have to press star six.

我相信這是一個你可能必須按星號六的 po。

The operator maybe go to the next caller and have po come back.

接線員可能會轉接下一個來電者並讓他們回來。

Oh, there's po po hold on just unmute yourself, po There we go.

哦，有 po po 等一下，只需取消靜音，po 我們走吧。

Can you hear a po okay.

你聽得到嗎，好的。

Should we try Clement and come back to Po.

我們應該嘗試克萊門特 (Clement) 然後再回到波 (Po) 嗎？

Randy? Thank you for taking my questions following up on the questions on the charting front. You mentioned you're rechartering your semi and fully refrigerated vessels at higher rates relative to last year. And I was wondering, could you provide some further insight on the delta between the two.

蘭迪？感謝您回答我關於圖表方面的問題。您提到，您正在以比去年更高的價格重新租賃半冷藏船和全冷藏船。我想知道，您能否對兩者之間的差異提供一些進一步的見解。

It depends a little bit on, on each ship and each customer and each trade. But if you look at third quarter, if you just use third quarter, because this is the conference goal for that, it's 29 on average versus 26. So that's a 10% uplift already there across the entire fleet year on year. So we are definitely looking at pushing that, and testing the limit of where it can go. And that's what we're doing at the moment with the, with the fleet, with the fleet on the spot market on the time charters that we're trying to extend.

這在一定程度上取決於每艘船、每個客戶和每筆交易。但如果你看第三節，如果你只用第三節，因為這是會議的目標，平均是 29 分，而實際上是 26 分。因此，整個船隊的運力年增了 10%。所以我們肯定會推動這一點，並測試它所能達到的極限。這就是我們目前正在做的事情，針對現貨市場上的船隊，針對我們試圖延長的定期租船合約。

Makes sense. Thanks for the color. And I also wanted to ask about Blue Street. You signed the memorandum of understanding a few months ago.

有道理。謝謝你的顏色。我還想問一下藍色街道的狀況。幾個月前你們簽署了諒解備忘錄。

And I was wondering, could you give us an update on how the conversations are going and whether we should expect F ID in a few years.

我想知道，您能否向我們介紹一下談判的進展情況，以及我們是否應該在幾年內期待 FID。

With the Uniper Uniper Mou? They are currently now going and evaluating the current work that we've done with them is a prefeed study and then their plan is to go into feed study at some point during next year. In parallel, the UK government needs to put into regulation to support carbon capture shipping sequestration for the CO2. So it's a, it's a process that takes time all going well, maybe something next year, but it takes them 34 years to actually construct all the infrastructure pieces that needs to go into it. So it's towards the end of the decade. All going well where things can be ribbon cut and next and, and, and revenue generated. So stay tuned, but it's a longer game.

與 Uniper Uniper Mou 合作？他們目前正在評估我們與他們一起完成的當前工作，這是一項預飼研究，然後他們的計劃是在明年的某個時候進入飼料研究。同時，英國政府需要製定法規來支持碳捕獲運輸對二氧化碳的封存。所以，這是一個需要時間的過程，一切進展順利，也許明年就會有結果，但實際上他們花了 34 年的時間才建成所需的所有基礎設施。現在已接近十年末。一切進展順利，可以進行剪彩，然後，然後，然後產生收入。所以請繼續關注，但這是一場更長的遊戲。

For sure. Thank you. That's all for me. Thank you for taking my questions.

一定。謝謝。對我來說這就是全部了。感謝您回答我的問題。

Thank you for that.

謝謝你。

Let's see here, po I believe you submitted the questions. Let me pull those up for the new building options. Any wiggle room on extending those out or is there a firm expiration of later this month?

讓我們在這裡看看，我相信你已經提交了問題。讓我把它們拉出來以查看新的建築選項。延長這些期限還有什麼餘地嗎，或者是否有確定的到期日期是本月晚些時候？

I can maybe take that one.

我或許可以選擇那個。

The yards are in a seller's market right now and you can see that there's a lot of demand for the slots. That means that the options that are being granted right now are of extremely short duration in, in general. So I guess the answer is no, we don't have an opportunity to extend the, the options, extend the options as as they are right now.

目前，船廠處於賣方市場，你可以看到船位的需求很大。這意味著現在授予的期權期限一般都非常短。所以我猜答案是否定的，我們沒有機會像現在這樣擴展選項。

Perfect. For the export terminal. Is it coming up in the completion 24 Q of 24 or next year? Yes. The completion of construction and expansion is late December. So a little over a month from now or 6 to 7 weeks from now and then the ramp time is very limited, right? It's literally switching a damper switch and I know many analyst investors will be able to hear and see all about this next week. But yes, we expect that to be fully operational and up and running by January, right? 2025.

完美的。為出口碼頭。它是在 24 個季度中的第 24 個季度結束時還是明年出現？是的。新建和擴建工程預計於12月底完工。那麼從現在起一個多月或六到七週後，上升時間就非常有限了，對嗎？這實際上就像是切換了一個阻尼開關，我知道很多分析師投資者下週就能聽到和看到有關這一切的資訊。但是的，我們預計它將在 1 月全面運作並運行，對嗎？2025 年。

So I think that is it for the Q&A mods. Any final words.

所以我認為這就是問答模組的全部內容。還有什麼要說的嗎？

Just want to repeat what you said before Randy, please come down to to Houston and have a look at our, at our terminal at our ship when it's loading and, and meet management and our board and we can have a good discussion about our business. So we hope you will all come and thanks a lot for listening in.

我只是想重複蘭迪之前說的話，請到休斯頓來看看我們的碼頭，看看我們的船是否正在裝貨，並與管理層和董事會會面，這樣我們就可以很好地討論我們的業務。所以我們希望你們都能來，非常感謝你們的收聽。

Thank you all.

謝謝大家。