Navigator Holdings Ltd (NVGS) 2025 Q2 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Navigator Holdings Conference Call for the second quarter 2025 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 here in North America.

女士們、先生們，感謝大家的支持，歡迎參加 Navigator Holdings 2025 年第二季財務業績電話會議。參加今天電話會議的有執行長 Mads Peter Zacho、財務長 Gary Chapman、商務長 Oeyvind Lindeman，以及我本人，北美投資者關係和業務發展執行副總裁 Randy Giveans。

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, the 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, August 13, 2025, and are as such, subject to material risks and uncertainties.

我必須提醒您，今天的電話會議將會被錄音。在今天的演示中，我們將做出各種前瞻性的陳述。這些聲明包括但不限於從財務和營運角度對未來的預期、計劃和前景，並且基於截至 2025 年 8 月 13 日的管理假設、預測和預期，因此受重大風險和不確定性的影響。

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 SEC. With that, I now pass the floor to our CEO, Mads Peter Zacho. Please go ahead, Mads.

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。有關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，我將發言權交給我們的執行長 Mads Peter Zacho。請繼續，Mads。

Thank you. Good morning, and good afternoon, and thanks a lot for joining this Navigator Gas earnings call for Q2 2025.

謝謝。早安，下午好，非常感謝您參加 Navigator Gas 2025 年第二季財報電話會議。

As I start, I'll just review the key data on our Q2 2025 performance and then go over the outlook for the rest of the year. After that, as usual, Gary and Oeyvind and Randy will discuss our results in more detail. Geopolitical backdrop for our Q2 result was certainly unusual and very difficult.

首先，我將回顧我們 2025 年第二季業績的關鍵數據，然後展望今年剩餘時間的前景。之後，像往常一樣，Gary、Oeyvind 和 Randy 將更詳細地討論我們的結果。我們第二季業績的地緣政治背景確實不同尋常且非常困難。

Ahead of and during the quarter, we experienced a number of significant challenges, including the announcement of US port tariffs, unprecedented high import tariffs on commodities that we transport, ethane export licenses, which were effective export bans, and new military conflicts flaring up, including the bombing of Iran's nuclear facilities.

在本季之前和本季期間，我們經歷了許多重大挑戰，包括美國宣布徵收港口關稅、對我們運輸的商品徵收前所未有的高進口關稅、乙烷出口許可證（實際上是出口禁令）以及爆發新的軍事衝突（包括對伊朗核設施的轟炸）。

Several of the conflicts receded during and after Q2, but the effect on our customers and our business during Q2 brought a lot of uncertainty, disruption and hence, lower trade volumes. The quarter also brought new opportunities such as ambient temperature LPG exports out of Iraq to Asia and the opportunity to buy back our own shares at a high discount to our estimated NAV. So this was a quarter of shipping at its worst and at its best.

雖然一些衝突在第二季和之後有所消退，但第二季對我們的客戶和業務的影響帶來了許多不確定性和混亂，導致貿易量下降。本季也帶來了新的機遇，例如從伊拉克向亞洲出口常溫液化石油氣，以及以低於預期資產淨值的高折扣價回購我們自己的股票的機會。因此，這是航運業最糟糕的一個季度，也是最好的季度。

Please turn to slide number 4. With that background and moving to our results, in Q2, we generated revenues of $130 million, down 12% compared to the same period last year. This reduction is the direct result of customers halting new business and for a time, even in some cases, canceling committed fixtures with us, for which we still got paid.

請翻到第 4 張投影片。在此背景下，談到我們的業績，第二季度，我們創造了 1.3 億美元的收入，與去年同期相比下降了 12%。這種減少的直接原因是客戶停止了新業務，甚至在一段時間內，在某些情況下取消了與我們承諾的合約，而我們仍然可以獲得付款。

However, notwithstanding the backdrop, we generated EBITDA of $72 million and adjusted EBITDA, which excludes a $12 million book gain from selling Navigator Venus of $60 million, and that showed really the resilience of our business. Earnings per share was $0.31.

然而，儘管如此，我們的 EBITDA 仍達到 7,200 萬美元，調整後的 EBITDA 還不包括出售 Navigator Venus 所獲得的 6,000 萬美元 1,200 萬美元的帳面收益，這確實顯示了我們業務的韌性。每股收益為0.31美元。

The gain on the sale of Navigator Venus gives credence to the estimated net asset value. We did a lot of work optimizing our capital structure during the second quarter. The balance sheet is very strong with a cash position of $287 million at quarter end.

出售 Navigator Venus 所獲得的收益使得估計的淨資產價值更加可信。我們在第二季度做了大量工作來優化資本結構。資產負債表非常強勁，季末現金狀況為 2.87 億美元。

It was supported by the $300 million refinancing, which was signed and drawn down as planned and at the lowest margin ever for Navigator. The return of capital continued in Q2 with both the $0.05 fixed dividend and a share buyback up to, in combination, 25% of net income.

它得到了 3 億美元再融資的支持，這筆再融資已按計劃簽署和提取，並且是 Navigator 歷史上最低的保證金。第二季繼續實現資本回報，包括 0.05 美元的固定股息和高達淨收入 25% 的股票回購。

We also progressed the additional $50 million share repurchase program, completing $30 million in Q2 and the remainder in July. So done and dusted, 3.4 million shares bought back at an attractive price. Randy will elaborate on this one in a few minutes.

我們還推進了額外的 5,000 萬美元股票回購計劃，其中 3,000 萬美元已於第二季完成，剩餘部分於 7 月完成。一切就緒，我們以極具吸引力的價格回購了 340 萬股。蘭迪將在幾分鐘內詳細闡述這一點。

Commercially, we achieved average TCE rates of $28,216 per day during Q2. This is lower than the approximately $30,000 achieved in previous quarters. We achieved utilization of 84%, also lower than prior quarters.

從商業角度來看，我們在第二季實現了平均每天 28,216 美元的 TCE 費率。這低於前幾個季度實現的約 30,000 美元。我們的利用率達到了 84%，也低於前幾季。

Our ethylene spot fleet was impacted the most, whereas the semi-ref fleet fared better. Throughput at our joint venture Ethylene Export Terminal rebounded to 268,000 ton for the quarter, which was more than 3 times Q1, but still below full capacity. We are pleased to announce the two 51,500 cubic meter dual-fuel ammonia vessel orders and the associated five-year time charter contracts.

我們的乙烯現貨船隊受到的影響最大，而半冷凍船隊的情況則較好。本季度，我們的合資乙烯出口碼頭的吞吐量反彈至 268,000 噸，是第一季的三倍多，但仍低於滿載運轉水準。我們很高興地宣布兩艘 51,500 立方米雙燃料氨船訂單以及相關的五年期租船合約。

The combination of attractive yard prices, the grant from the Norwegian authorities and expected attractive financing makes this transaction accretive to shareholders and strengthens Navigator's position in the ammonia supply chain.

極具吸引力的船廠價格、挪威當局的資助以及預期的極具吸引力的融資相結合，使此次交易為股東帶來了增值，並加強了 Navigator 在氨供應鏈中的地位。

It's also an important step in our gradual fleet renewal and goes hand-in-hand with our sale of older vessels like Navigator Venus. We expect to be able to report more sales of older tonnage and associated book gains as the year progresses.

這也是我們逐步更新船隊的重要一步，與我們出售 Navigator Venus 等老舊船隻同步進行。隨著時間的推移，我們預計能夠報告更多舊噸位的銷售情況和相關的帳面收益。

Looking forward, we also expect that most of the headwinds that we saw in Q2 are gone. Global trade in commodities we transport have restored during July and into August. So today, we see utilization and rates returning to normal levels. We expect LPG exports from Iraq to Asia to continue, and we expect ethylene exports from US to Europe and ethane exports from US to Asia to continue.

展望未來，我們也預期第二季看到的大部分阻力都將消失。我們運送的全球商品貿易在7月和8月已經恢復。因此今天，我們看到利用率和費率恢復到正常水平。我們預計伊拉克向亞洲的液化石油氣出口將持續，我們預計美國向歐洲的乙烯出口以及美國向亞洲的乙烷出口也將持續。

The latter will be further supported by the opening of Enterprise's new Beaumont terminal that will free up more ethane export capacity. This means more business for our ethylene and ethane vessels. Of course, trade discussions between US and its trading partners continue and much can still change.

Enterprise 公司新博蒙特碼頭的啟用將釋放更多的乙烷出口能力，從而進一步支持後者。這意味著我們的乙烯和乙烷船舶將迎來更多業務。當然，美國與其貿易夥伴之間的貿易談判仍在繼續，許多事情仍可能發生變化。

But with our diversified customer base, trading capability and strong balance sheet, we remain resilient even if geopolitics take an unexpected turn. So now over to you, Gary, and talk a little bit more about the details on our financial results, please.

但憑藉我們多元化的客戶基礎、交易能力和強大的資產負債表，即使地緣政治出現意外轉變，我們仍能保持韌性。現在輪到你了，加里，請再詳細談談我們的財務表現。

Thank you, Mads, and welcome, everybody. During this quarter, as Mads mentioned, we've seen a number of geopolitical announcements and events across the world that have affected our markets that we were not able to predict or foresee at the beginning of the year or indeed some of them we were not able to predict at the beginning of the second quarter.

謝謝你，Mads，歡迎大家。正如 Mads 所提到的，在本季度，我們看到世界各地出現了許多影響我們市場的地緣政治公告和事件，而這些影響是我們在年初無法預測或預見的，或者實際上其中一些是我們在第二季度初無法預測的。

However, I'm very pleased to report that despite the unpredictability that we've experienced, we're able to report a healthy set of results, not as high as we would like, but focusing on our strengths, we've been able to maintain solid progress in many areas across the quarter, and we believe we're also able to look forward to a strong second half of the year.

然而，我很高興地報告，儘管我們經歷了不可預測性，但我們仍然能夠報告一系列健康的業績，雖然沒有達到我們的期望，但專注於我們的優勢，我們能夠在本季度的許多領域保持穩固的進展，我們相信我們也能期待今年下半年的強勁表現。

Our second quarter 2025 financials show a healthy result due to the quality, diversity, and flexibility of our fleet and business, which allowed us to maintain charter rates and utilization at profitable levels, supported by our operational efficiency and cost controls.

由於我們的船隊和業務的品質、多樣性和靈活性，我們的 2025 年第二季度財務狀況表現出良好的業績，這使我們能夠在營運效率和成本控制的支持下將租船費率和利用率維持在盈利水平。

On slide 6, we report TCE of $28,216 per day, leading to a quarterly net operating revenue of $129.6 million and an EBITDA of $71.9 million. Our lower TCE this quarter came about primarily due to the performance of our ethylene vessels across the quarter, stemming from the trade licensing and tariff-related issues that Mads has already mentioned and that Oeyvind will also cover.

在第 6 張投影片上，我們報告 TCE 為每天 28,216 美元，導致季度淨營業收入為 1.296 億美元，EBITDA 為 7,190 萬美元。本季我們的 TCE 較低，主要是因為本季我們的乙烯船舶表現不佳，這源自於 Mads 已經提到的貿易許可和關稅相關問題，Oeyvind 也將涉及這些問題。

Whilst our fully refrigerated handysize fleet also did not perform so well, we only have six vessels in this category. In contrast, our semi-refrigerated and midsized vessels performed almost as normal throughout. So overall, the quarter was affected by certain specific global issues that we do not believe are long term, and we're seeing a bounce back already in our third quarter performance to date.

雖然我們的全冷藏靈便型船隊表現也不太好，但這一類別的船隻我們只有六艘。相較之下，我們的半冷藏船和中型船的表現幾乎完全正常。因此，總體而言，本季受到某些特定的全球問題的影響，我們認為這些問題不會是長期的，而且到目前為止，我們已經看到第三季業績反彈。

We sold one of our oldest vessels, as mentioned, the Navigator Venus for net proceeds of $17.5 million, resulting in a strong book gain of $12.6 million in the quarter. And excluding this from EBITDA as the main difference, we get to an adjusted EBITDA result of $60.1 million. Hence, the vessel sale in this quarter made up for the sequential drop in earnings, leaving EBITDA for this quarter at $71.9 million, broadly in line with our first quarter 2025 results.

我們出售了我們最古老的船隻之一，即上文提到的 Navigator Venus 號，淨收益為 1,750 萬美元，導致本季帳面收益高達 1,260 萬美元。將此作為主要差異從 EBITDA 中剔除後，我們得到的調整後 EBITDA 結果為 6010 萬美元。因此，本季的船舶銷售彌補了連續的收益下降，使本季的 EBITDA 達到 7,190 萬美元，與我們 2025 年第一季的業績基本一致。

Then for the reasons we've already covered, utilization was 84.2% in the second quarter, down 9.2% compared to the second quarter of 2025 -- 2024, sorry. You will see that voyage expenses have decreased by $1.9 million compared to the same quarter last year, mainly due to lower utilization in the second quarter this year as these are pass-through costs to our customers, hence they're reflective of the decrease in operating revenue.

然後，由於我們已經討論過的原因，第二季度的利用率為 84.2%，與 2025 年第二季度（2024 年）相比下降了 9.2%，抱歉。您會發現，與去年同期相比，航程費用減少了 190 萬美元，這主要是由於今年第二季度利用率較低，因為這些是轉嫁給客戶的成本，因此反映了營業收入的減少。

Vessel operating expenses were up compared to the second quarter of 2024 at $47.4 million, with the increase primarily driven by the increase in our fleet following the purchase of the three secondhand vessels in the first quarter of this year, which you can see is reflected in the table shown bottom right, as well as simply the timing of maintenance costs incurred during the three months ended June 30, 2025, compared to the same period in 2024.

船舶營運費用與 2024 年第二季相比有所增加，為 4,740 萬美元，增加的主要原因是今年第一季購買三艘二手船後船隊規模擴大，這反映在右下角的表格中，以及與 2024 年同期相比，2025 年 6 月 30 日止三個月期間發生的維護成本的時間安排。

We do currently expect to close the year on or close to budget for our OpEx costs adjusting for the extra vessels. Depreciation is also slightly up compared to previous quarters due to our now increased fleet. Unrealized movements on non-designated derivative instruments resulted in a loss in the second quarter of $1.4 million.

我們目前確實預計，今年年底我們的營運支出成本將根據額外船舶進行調整，達到或接近預算。由於我們現在增加了船隊，折舊額與前幾季相比也略有上升。非指定衍生工具的未實現變動導致第二季損失 140 萬美元。

This being related to movements in the fair value of our long-term interest rate swaps, which affects net income, but which has no impact on our cash or liquidity. Our income tax line reflects current tax and mainly deferred taxes primarily derived from our investment and share of profits in our Ethylene Export Terminal at Morgan's Point.

這與我們的長期利率互換的公允價值變動有關，這會影響淨收入，但對我們的現金或流動性沒有影響。我們的所得稅項目反映了當前稅額和主要遞延稅額，這些稅額主要來自我們在摩根角乙烯出口碼頭的投資和利潤份額。

Randy will shortly explain more about the terminal throughput volumes in the second quarter, but they were up to 268,000 tons from 85,000 tons in the previous quarter, resulting in us reporting a profit this quarter of $4.8 million. Then overall, for the second quarter of 2025, net income attributable to stockholders was $21.5 million with basic earnings per share of $0.31.

蘭迪很快就會詳細介紹第二季的碼頭吞吐量，但吞吐量從上一季的 85,000 噸增加到了 268,000 噸，導致我們本季報告的利潤為 480 萬美元。整體而言，2025 年第二季歸屬於股東的淨收入為 2,150 萬美元，每股基本收益為 0.31 美元。

Our balance sheet, shown on slide 7, continues to build and be strong with a cash, cash equivalents and restricted cash balance of $287.4 million at June 30, 2025, which if you include our available but undrawn liquidity was $316 million at the same date.

我們的資產負債表（如投影片 7 所示）持續成長且保持強勁，截至 2025 年 6 月 30 日，現金、現金等價物和受限現金餘額為 2.874 億美元，如果算上我們可用但未提取的流動資金，同一天的餘額為 3.16 億美元。

This is despite paying out $26.4 million for scheduled loan repayments, $6.8 million under our return of capital policy in respect to the first quarter of 2025 and a further $29.6 million of share buybacks as part of the new $50 million share repurchase plan.

儘管我們已支付了 2640 萬美元用於定期貸款償還，根據我們的 2025 年第一季資本回報政策支付了 680 萬美元，並且作為新的 5000 萬美元股票回購計劃的一部分，又支付了 2960 萬美元的股票回購費用，但情況仍然如此。

Our liquidity in the quarter was boosted by the $40 million bond tap issue that was settled in early April, the sale of the Navigator Venus, which completed in May and the debt refinancing that we drew down in mid-June 2025, which added $142 million of net liquidity. Including our available but undrawn revolving facilities, we had $314 million of cash, cash equivalents, and restricted cash at close on August 11, 2025.

本季我們的流動性得到了以下因素的提升：4 月初完成的 4,000 萬美元債券增發、5 月份完成的 Navigator Venus 號出售，以及 2025 年 6 月中旬提取的債務再融資，這些都增加了 1.42 億美元的淨流動性。包括我們可用但未提取的循環信貸額度在內，截至 2025 年 8 月 11 日收盤，我們擁有 3.14 億美元的現金、現金等價物和受限現金。

On slide 8, we show a summary of the main capital events across the quarter, where with a very supportive banking group and a strong underlying business, we were able to return capital to shareholders, extend our debt maturity, boost our liquidity, and reduce our finance costs.

在第 8 張投影片上，我們展示了本季主要資本事件的摘要，在銀行集團的大力支持和強大的基礎業務的幫助下，我們能夠向股東返還資本、延長債務期限、提高流動性並降低財務成本。

We completed our latest share repurchase program on July 30, 2025, having bought back $50 million of our common stock, and Randy will also provide some more details on this shortly. We continue to pay out under our return of capital policy at a level of 25% of net income. And we sold one of our oldest vessels, the Navigator Venus, as we've mentioned, for net proceeds of $17.5 million, resulting in a book gain of $12.6 million.

我們於 2025 年 7 月 30 日完成了最新的股票回購計劃，回購了價值 5,000 萬美元的普通股，Randy 也將很快提供更多有關此事的細節。我們繼續按照資本回報政策支付相當於淨收入 25% 的利息。而且，正如我們所提到的，我們出售了我們最古老的船隻之一“Navigator Venus”，淨收益為 1,750 萬美元，帳面收益為 1,260 萬美元。

Also in May, we entered into a new senior secured term loan and revolving credit facility of up to $300 million that was used to repay the company's existing September 2020 and October 2023 secured outstanding loan facilities of $143 million and $15 million, respectively, and thereafter be available for general corporate purposes.

此外，在 5 月份，我們簽訂了一項高達 3 億美元的新優先擔保定期貸款和循環信貸協議，用於償還公司現有的 2020 年 9 月和 2023 年 10 月未償還的擔保貸款，分別為 1.43 億美元和 1500 萬美元，之後可用於一般公司用途。

The facility has a tenure of six years, maturing in 2031. Amounts outstanding bear interest on a quarterly basis at SOFR plus 170 basis points, and the facility is secured by eight of the company's vessels.

該貸款期限為六年，將於 2031 年到期。未償還金額按季度按 SOFR 加 170 個基點計息，該貸款由該公司的八艘船舶擔保。

And then following our successful issuance of $100 million of new senior unsecured bonds in October 2024, which at the time closed with the lowest spread for an unsecured US dollar-denominated shipping bond in the Nordic market since 2008, we took advantage of favorable market -- and on March 28, 2025, we successfully issued a further $40 million tap of our bonds, which also priced at 7.25%, which funds settled with us in early April, right at the start of the second quarter.

繼 2024 年 10 月我們成功發行 1 億美元新的高級無擔保債券之後，當時該債券的收盤價為 2008 年以來北歐市場無擔保美元計價航運債券的最低利差，我們利用有利的市場——2025 年 3 月 28 日，我們成功發行了另外 4000 萬美元的債券，這些資金也於 25%，這些資金也於 25%月初（第二季初）與我們結算。

The borrowing limit under the bonds is $200 million. Hence, a further $60 million is available to us as the aggregate principal amount to be issued by the company under the bond term should we choose to do so in the future.

該債券的借款限額為2億美元。因此，如果我們將來選擇這樣做，我們還可以再獲得 6000 萬美元作為公司根據債券期限發行的總本金。

We now have only two relatively small debt maturities due in the next 24 months with balloon payments due in 2026 of $54 million in total. On the right-hand side of this slide is a summary of our main debt movements across the last quarter, which also demonstrates our progress in reducing our cost of debt, which is ongoing and which is possible due to the strength of our business and the confidence in Navigator of our banking partners.

目前，我們只有兩筆相對較小的債務將在未來 24 個月內到期，其中 2026 年到期的大筆還款總額為 5,400 萬美元。這張投影片的右側總結了我們上個季度的主要債務變動情況，這也表明了我們在降低債務成本方面取得的進展，這一進展仍在持續，這得益於我們業務的實力以及銀行合作夥伴對 Navigator 的信心。

Our next priority is to close finance in relation to our now six newbuild vessels, and this work is already ongoing with several options being pursued. We're currently targeting to complete this work within the next six months.

我們的下一個優先事項是為現有的六艘新建船舶完成融資，這項工作已在進行中，我們正在研究幾種方案。我們目前的目標是在未來六個月內完成這項工作。

On slide 9, our leverage against earnings remains in a strong position with net debt to adjusted EBITDA at 2.7 times for the last 12 months to June 30, 2025. In the quarter, we returned $36.4 million to shareholders through a combination of cash dividends and share buybacks.

在投影片 9 中，我們的獲利槓桿率仍處於強勁地位，截至 2025 年 6 月 30 日的過去 12 個月內，淨負債與調整後 EBITDA 的比率為 2.7 倍。本季度，我們透過現金股利和股票回購的方式向股東返還了 3,640 萬美元。

And by the end of July 2025, that figure had risen to $56.8 million as we completed our new $50 million share repurchase program. We also made substantial loan repayments of $26.4 million in the quarter, as mentioned, and our net debt to on-water fleet value, i.e., loan-to-value ratio was 34%. And if you include the ascribe a value to our terminal at Morgan's Point, that ratio falls to below 30%.

到 2025 年 7 月底，隨著我們完成新的 5,000 萬美元股票回購計劃，這一數字已上升至 5,680 萬美元。如前所述，我們還在本季度償還了 2,640 萬美元的大量貸款，我們的淨債務與水上船隊價值之比（即貸款價值比）為 34%。如果將摩根角 (Morgan's Point) 終端的價值也計算在內，該比例將降至 30% 以下。

As we have shown before, we're continuing to make substantial debt repayments with around $124 million of average annual scheduled debt amortization payments expected across the coming three years, 2025 to 2027, to manage our financial risk, but whilst also still being able to raise more capital to invest and to grow.

正如我們之前所表明的，我們將繼續償還大量債務，預計未來三年（2025 年至 2027 年）平均每年償還約 1.24 億美元的定期債務攤銷，以管理我們的財務風險，但同時仍能籌集更多資金進行投資和發展。

On slide 10, this remains one of our most important slides showing our estimated all-in cash breakeven for 2025, which at $20,270 per day is significantly below our average TCE revenue even for this slightly softer second quarter of 2025 of $28,216 per day, the difference being nearly $8,000 per day.

第 10 張投影片仍然是我們最重要的幻燈片之一，它顯示了我們對 2025 年全現金盈虧平衡的預計，即每天 20,270 美元，大大低於我們的平均 TCE 收入，即使是 2025 年第二季度略微疲軟的每天 28,216 美元，差額接近每天 8,000 美元。

The all-in breakeven rate shown here is materially unchanged from the estimate we provided on our last earnings call back in May 2025. And this estimated cash breakeven figure is all in and includes forecast scheduled debt repayments and our scheduled dry dock commitments.

這裡顯示的總損益平衡率與我們在 2025 年 5 月上次收益電話會議上提供的估計值相比基本沒有變化。這個估計的現金損益平衡數字是全部包含的，其中包括預測的定期債務償還和我們預定的乾船塢承諾。

On the right-hand side is our updated OpEx guidance for 2025 across our different vessel size segments, ranging from $8,050 per day for our smaller vessels to $11,100 per day for our larger, more complex ethylene vessels. This guidance is unchanged from our last quarterly call in May 2025.

右側是我們針對不同船舶尺寸細分市場更新的 2025 年營運支出指南，從小型船舶每天 8,050 美元到更大、更複雜的乙烯船舶每天 11,100 美元不等。該指引與我們 2025 年 5 月的上一次季度電話會議相比沒有變化。

And following below is further next quarter and full year guidance across vessel OpEx, general and admin costs, depreciation and net interest expense in total dollar terms. The full year guidance for vessel OpEx towards the bottom is now slightly lower in total than the previous guidance given in May 2025 as we have one less vessel across the remainder of 2025. Net interest expense is also a little lower than the previous guidance given in May 2025.

以下是下一季和全年船舶營運支出、一般和管理費用、折舊和淨利息支出的進一步指引（以美元計算）。由於 2025 年剩餘時間內船舶數量減少了一艘，因此，全年船舶運營支出指引總體上略低於 2025 年 5 月給出的指引。淨利息支出也略低於2025年5月給出的先前指引。

Slide 11 outlines our historic quarterly adjusted EBITDA, having the second quarter's figures and demonstrating that whilst this quarter was not another record due to the political issues we've discussed, particularly impacting our ethylene and ethane capable vessels, still remains a very positive result.

投影片 11 概述了我們歷史性的季度調整後 EBITDA，其中包含第二季度的數據，並表明雖然由於我們討論過的政治問題，本季度沒有再創紀錄，特別是對我們的乙烯和乙烷船舶產生影響，但仍然是一個非常積極的結果。

On the right-hand side of the slide, we show our historic adjusted EBITDA for 2024 and our last 12 months adjusted EBITDA. In addition, the EBITDA bars then to the right provide some sensitivity and illustrate an increase in adjusted EBITDA of approximately $90 million for each $1,000 incremental increase in average time charter equivalent rates per day.

在投影片的右側，我們展示了 2024 年的歷史調整後 EBITDA 和過去 12 個月的調整後 EBITDA。此外，右側的 EBITDA 條提供了一定的敏感度，表明平均定期租船等價費率每天每增加 1,000 美元，調整後的 EBITDA 就會增加約 9,000 萬美元。

In terms of an update on our vessels dry dock schedule, projected costs and time taken, we've moved this slide to the appendix as although this is important information, the slide itself is quite data heavy.

關於我們船舶幹船塢時間表、預計成本和所需時間的更新，我們已將這張幻燈片移至附錄，因為雖然這是重要信息，但幻燈片本身數據量很大。

On this topic, we're continuing to invest in our energy and fuel saving initiatives, which we believe are great investments to make, both for financial and environmental reasons, where they're also typically showing very short payback periods. So with that very quick run through, I will hand you over to Oeyvind, who can provide some more color on the commercial environment that we have seen and what we are seeing today. Oeyvind?

關於這個問題，我們將繼續投資於我們的能源和燃料節約計劃，我們相信，無論是出於財務還是環境原因，這都是一項偉大的投資，而且這些計劃的回報期通常也很短。經過這樣的快速介紹後，我將把時間交給 Oeyvind，他可以為我們提供有關我們已經看到以及今天看到的商業環境的更多細節。奧伊溫德？

Thank you, Gary, and good morning, everyone. Let's turn to page 13 for the rate environment. Despite market uncertainty and various geopolitical curveballs, the handysize market actually held up pretty well during the second quarter, all things considered.

謝謝你，加里，大家早安。讓我們翻到第 13 頁了解利率環境。儘管市場存在不確定性和各種地緣政治變數，但從各方面來看，靈便型船市場在第二季實際上表現相當良好。

The handysize ethylene 12-month time charter rate stayed steady at around $36 per day or $1.1 million per month. Semi-refrigerated rates dipped a little, settling at about $30,000 per day and fully refrigerated rates saw the largest correction, ending the period at $25,000 per day. We only have 6 out of our 58 vessels in that segment, three of them on time charter, so the overall impact on us was small.

靈便型乙烯船 12 個月定期租船費率保持穩定，約為每天 36 美元或每月 110 萬美元。半冷藏貨物的運費略有下降，穩定在每天 30,000 美元左右，而全冷藏貨物的運費出現最大幅度的調整，最終達到每天 25,000 美元。我們共有 58 艘船隻，其中只有 6 艘屬於該航段，其中 3 艘是定期租船，因此對我們的整體影響很小。

Two things worth keeping in mind. Firstly, as you can clearly see, these rates are well above our all-in-fleet breakeven of $20,270 per day. Secondly, having three vessel categories gives us great diversification, spreading exposure across petrochemicals, LPG and ammonia and cushioning us against market swings. Historically, we see external factors impacting the three markets in very different ways, and this was the case in the second quarter.

有兩件事值得牢記。首先，如您所見，這些費率遠高於我們全船隊的損益平衡點每天 20,270 美元。其次，擁有三種船舶類別使我們實現了極大的多樣化，分散了石化產品、液化石油氣和氨的敞口，並緩衝了市場波動的影響。從歷史上看，我們看到外部因素對這三個市場的影響非常不同，第二季就是這種情況。

Page 14, earnings days. We always show our earnings days mix in our presentations. And this time around, LPG really stands out for this second quarter. When the US ethane export license slowed down demand for our ethane-capable vessels, other parts of the fleet benefited from incremental demand elsewhere in the world.

第 14 頁，收益日。我們總是在簡報中展示我們的獲利天數組合。而這一次，液化石油氣 (LPG) 在第二季確實表現突出。當美國乙烷出口許可證減緩了對我們乙烷運輸船舶的需求時，其他船隊卻受益於世界其他地區需求的增加。

In this case, for more LPG exports from Iraq, we added three extra vessels into that trade during the quarter, pushing our fleet LPG earnings days to a two-year high, almost matching that of petrochemicals. This is a real example of how the fleet versatility kicks in.

在這種情況下，為了增加伊拉克的液化石油氣出口，我們在本季度增加了三艘液化石油氣船隻，使我們的液化石油氣船隊收益天數達到兩年來的最高水平，幾乎與石化產品的收益天數持平。這是艦隊多功能性發揮作用的真實例子。

One market is down, another one is up. Another good sign, as you can see to the far right, is our July utilization, which hit 90%, suggesting the market is settling into a more normal steady state. So between the diversification and this normalization, our earnings are already looking healthier.

一個市場下跌，另一個市場上漲。另一個好跡像是，正如您在最右邊看到的，我們 7 月的使用率達到了 90%，這表明市場正在進入更正常的穩定狀態。因此，在多樣化和正常化之間，我們的收益已經看起來更健康。

Page 15, utilization. The top left graph illustrates our five-year highs and lows for our fleet utilization. You can see the green dotted line representing year-to-date dip in the second quarter for reasons that Mads and Gary already mentioned. But as you can see, it then rebound 5 points in July. We have always maintained that any utilization above 90% represents quite a healthy market, and we are in this zone today.

第 15 頁，利用率。左上角的圖表顯示了我們車隊利用率五年來的最高點和最低點。您可以看到綠色虛線代表第二季年初至今的下滑，原因正如 Mads 和 Gary 所提到。但正如你所看到的，它在7月反彈了5個百分點。我們始終認為，利用率超過 90% 代表市場相當健康，而我們今天就處於這個水平。

The other graphs show the benefits of diversification. LPG employment is growing in our semi-refrigerated segment, and utilization is rising across all three vessel types.

其他圖表顯示了多樣化的好處。在我們的半冷藏領域，液化石油氣的使用量正在成長，三種船型的利用率都在上升。

Page 16, ethane. Ethane and ethylene exports from US makes up a fair portion of our petrochemical vessel demand.

第16頁，乙烷。美國的乙烷和乙烯出口占我們石化船舶需求的相當一部分。

And it makes sense then to address the ethane export license restriction and its immediate and short-lived impact. Firstly, let's take a step back and look at why US ethane matters. The US has a major cost advantage in producing ethylene from ethane, matched only by the Middle East.

因此，解決乙烷出口許可證限制及其直接和短期影響是有意義的。首先，讓我們回顧一下，看看為什麼美國乙烷如此重要。美國在由乙烷生產乙烯方面具有巨大的成本優勢，只有中東可以與之匹敵。

European and Asian naphtha-based producers are placed much higher on the cost curve. So for them, importing US ethane or ethylene can dramatically improve their cost position and sustain their operations.

歐洲和亞洲的石腦油生產商的成本曲線處於較高位置。因此對他們來說，進口美國乙烷或乙烯可以顯著改善他們的成本狀況並維持他們的運作。

China is the largest buyer of US ethane. When the export license requirement came in effect during May and June, trade to China essentially stopped. But it was short-lived. Exports rebounded in July, hitting a record high.

中國是美國乙烷的最大買家。當出口許可證要求在五月和六月生效時，對中國的貿易基本上停止了。但這只是短暫的。7月出口出現反彈，創歷史新高。

Almost immediately, new spot requirements for handysize ethane vessels were quoted in the market. In addition, that same month, Enterprise newly constructed Beaumont ethane export terminal began operations. Extra terminal capacity means more demand for ships like ours. As an aside, one of our vessels loaded the very first cargo from the new Beaumont terminal.

幾乎同時，市場上就出現了靈便型乙烷船新的現貨需求報價。此外，同月，Enterprise新建的博蒙特乙烷出口終端機開始營運。額外的碼頭容量意味著對我們這樣的船舶的需求會增加。順便說一句，我們的一艘船從新的博蒙特碼頭裝載了第一批貨物。

Page 17, Europe's ethylene rationalization. As mentioned, European producers are facing a challenging position in the ethylene cost curve. Many of these producers are shutting down uncompetitive plants. The first graph is showing a downward trend in European ethylene production capacity. The good thing for us is that the Europeans are leaning towards US to backfill lost ethylene production with imports.

第 17 頁，歐洲乙烯合理化。如上所述，歐洲生產商在乙烯成本曲線上面臨挑戰。許多生產商正在關閉缺乏競爭力的工廠。第一張圖表顯示歐洲乙烯生產能力呈下降趨勢。對我們來說，好消息是歐洲傾向於透過進口美國來填補乙烯產量的損失。

In July, the Europeans imported 75% of their seaborne demand from US, the highest portion on record. This trend is likely to continue. Instead of producing at high cost, they import from a more competitive producing country, i.e., the US I've added Italy as an example. And you can see there's -- after shutting down their own production, there's a sudden spike in US imports of ethylene.

7月份，歐洲75%的海運需求從美國進口，創歷史新高。這種趨勢很可能會持續下去。他們不是以高成本生產，而是從更具競爭力的生產國進口，例如美國（我以義大利為例）。您可以看到，在關閉自己的生產後，美國的乙烯進口量突然激增。

Page 18, US ethylene exports. Even though US ethylene prices have risen since April, which is the bottom left graph, the gray line, delivered prices in Europe have moved in lockstep. The theoretical transatlantic ethylene arbitrage is about $210 per ton for freight, more than enough to support the trade. In recent months, nearly all US ethylene exports have gone to Europe, reinforcing the structural long-short dynamic between the two regions.

第18頁，美國乙烯出口。儘管美國乙烯價格自 4 月以來有所上漲（即左下角的圖表中的灰線），但歐洲的交貨價格也同步上漲。理論上跨大西洋乙烯套利價格約為每噸210美元，足以支撐貿易。近幾個月來，美國幾乎所有乙烯出口都銷往了歐洲，這強化了兩大地區之間的結構性多空動態。

Page 19, vessel supply. Vessel supply remains well balanced. just 12% of the handysize segment is on order or 9% if you exclude four CO2 carriers on order, and 22% of the fleet is over 20 years of age. So in summary, second quarter was messy at times, but July brought a welcome return to normality, higher utilization and rates maintaining well above breakeven. In addition to the day-to-day freight trading, we've been working on some other exciting developments, which Randy will talk to. Over to you, Randy.

第 19 頁，船舶供應。船舶供應保持均衡。靈便型船舶中僅有 12% 處於訂購狀態，如果排除四艘二氧化碳運輸船的訂購情況，則為 9%，而 22% 的船隊船齡超過 20 年。總而言之，第二季有時比較混亂，但 7 月情況逐漸恢復正常，利用率更高，費率也遠高於損益兩平點。除了日常的貨運交易外，我們還在致力於其他一些令人興奮的發展，蘭迪將會談論這些。交給你了，蘭迪。

Thank you, Oeyvind. So following up on several announcements we've made in recent months, we want to provide some additional details and updates on our recent developments. Starting on slide 21, we're pleased to announce our return of capital for the second quarter of 2025.

謝謝你，Oeyvind。因此，根據我們最近幾個月發布的幾項公告，我們想提供一些有關我們最近發展的更多細節和更新。從第 21 張幻燈片開始，我們很高興地宣布 2025 年第二季的資本回報。

But before we get into that, I want to highlight that during the second quarter and specifically as part of our return of capital policy, we repurchased more than 234,000 common shares of NVGS totaling $3.3 million for an average price of $14.12 per share.

但在討論這個問題之前，我想強調的是，在第二季度，特別是作為我們資本回報政策的一部分，我們以每股 14.12 美元的平均價格回購了超過 234,000 股 NVGS 普通股，總額達 330 萬美元。

Now looking ahead, in line with our return of capital policy and the illustrative table below, we're returning 25% of net income or a total of $5.4 million to shareholders during this third quarter.

展望未來，根據我們的資本回報政策和下表，我們將在第三季向股東返還 25% 的淨收入或總計 540 萬美元。

The Board has declared a cash dividend of $0.05 per share payable on September 17 to all shareholders of record as of August 28, equating to a quarterly cash dividend payment of $3.3 million. Additionally, with the shares trading well below our estimated NAV of $28 a share, we'll use the variable portion of the return of capital policy for share buybacks.

董事會宣布將於 9 月 17 日向截至 8 月 28 日登記在冊的所有股東派發每股 0.05 美元的現金股息，相當於季度現金股息支付 330 萬美元。此外，由於股票交易價格遠低於我們估計的每股 28 美元的資產淨值，我們將使用資本回報政策的可變部分進行股票回購。

As such, we expect to repurchase another $2.1 million of NVGS shares between now and quarter end, so that the dividend and the share buybacks equal 25% of net income or $5.4 million this quarter.

因此，我們預計從現在到季度末將再回購價值 210 萬美元的 NVGS 股票，因此股息和股票回購將相當於本季淨收入的 25% 或 540 萬美元。

Now continuing on the topic of share buybacks, let's turn to slide 22. During the first quarter call in May, we announced a new $50 million share buyback program.

現在繼續討論股票回購的話題，我們翻到第 22 張投影片。在五月的第一季電話會議上，我們宣布了一項新的 5000 萬美元的股票回購計劃。

And as you can see, the announcement was not just to make a positive headline, but we immediately put it to good use and recently completed the program by repurchasing 3.4 million shares at an average price of $14.68 per share. As you can see on the bottom left chart, we had about 56 million shares outstanding for many years, and that was up until the merger with Ultragas in 2021 and in which we issued 21 million shares in exchange for 18 vessels at an implied value of $16.82 per share.

如您所見，該公告不僅僅是為了成為一個積極的標題，而且我們立即將其充分利用，並在最近以每股 14.68 美元的平均價格回購 340 萬股股票完成了該計劃。正如您在左下圖中看到的，多年來我們一直持有約 5600 萬股流通股，直到 2021 年與 Ultragas 合併，我們發行了 2100 萬股，以每股 16.82 美元的隱含價值換取 18 艘船舶。

Since then, we've repurchased more than half of those shares back or 11.8 million shares totaling $166 million for an average price of $14.15 per share. For further details, look at the table in the bottom right, slide 23.

自那時起，我們已回購了超過一半的股票，即 1,180 萬股，總額為 1.66 億美元，平均價格為每股 14.15 美元。有關更多詳細信息，請參閱右下角的表格，第 23 張幻燈片。

So as we said before, there are several compelling reasons for us to repurchase shares, buying them back at a discount, boosts the NAV per share, reduces the share count, increasing our EPS, supports the share price, diversifies the uses of cash to that five pillars of capital deployment. And as you've seen over the past few years and even more so over the past few months, returning capital to shareholders will remain a primary focus for us going forward.

因此，正如我們之前所說，我們回購股票有幾個令人信服的理由，以折扣價回購，提高每股資產淨值，減少股票數量，增加每股收益，支持股價，實現現金用途多元化，實現資本配置的五大支柱。正如您在過去幾年，甚至在過去幾個月中所看到的，向股東返還資本仍將是我們未來關注的重點。

Now turning to our Ethylene Export Terminal on slide 23. Following the first quarter of very low throughput, volumes during the second quarter more than tripled to 268,000 tons as multiple US Gulf ethylene crackers ramp production, resulting in lower US ethylene prices, allowing us to utilize the flex train in both May and June.

現在轉到幻燈片 23 上的乙烯出口碼頭。繼第一季吞吐量非常低之後，第二季的吞吐量增加了兩倍多，達到 268,000 噸，因為美國墨西哥灣的多個乙烯裂解裝置提高了產量，導緻美國乙烯價格下降，使我們能夠在 5 月和 6 月使用彈性列車。

Looking at the bottom right chart, despite a recent increase in US ethylene prices, European prices have also increased. So we expect third quarter volumes to remain firm near second quarter levels. And longer term, US ethylene prices are expected to stay at an attractive level for the coming quarters and years.

從右下圖可以看出，儘管最近美國乙烯價格上漲，但歐洲價格也有所上漲。因此，我們預計第三季的銷售量將保持在第二季的水平附近。從長遠來看，預計未來幾季和幾年美國乙烯價格將保持在有吸引力的水平。

Additionally, with the widening of the arbitrage, we have completed multiple spot cargoes in recent months, many of which have discharged ethylene to new ports throughout Europe. As for contracting the expansion volumes following the original contracts, we've signed two new offtake contracts in recent quarters and many conversations with new customers are progressing. As such, we continue to expect that additional offtake capacity will be contracted in the coming months.

此外，隨著套利範圍的擴大，我們近幾個月完成了多批現貨貨物，其中許多貨物已將乙烯卸載至歐洲各地的新港口。至於在原有合約的基礎上簽訂擴大合約量，我們在最近幾季簽署了兩份新的承購合同，並且與許多新客戶的對話正在取得進展。因此，我們繼續預計未來幾個月將會簽訂額外的承購能力合約。

Now on slide 24, we are very pleased to announce our recent inclusion in the Russell 2000, the premier Small Cap Index and the Russell 3000 Total Market Index, further expanding our shareholder base and increasing our trading liquidity.

現在在第 24 張投影片上，我們非常高興地宣布我們最近被納入羅素 2000、首屈一指的小型股指數和羅素 3000 全市場指數，進一步擴大了我們的股東基礎並提高了我們的交易流動性。

So on May 23, the Russell Indexes announced their upcoming additions, including Navigator Gas in both. This is when the active managed funds start positioning their portfolios. Now on June 27, which was this year's reconstitution day, that was completed after market close, and this is a meaningful event, as you can see, 4.5 million shares of NVGS traded that day.

因此，5 月 23 日，羅素指數宣布即將新增股票，其中均包括 Navigator Gas。此時，主動式管理基金開始調整其投資組合。現在是 6 月 27 日，也就是今年的重組日，重組是在收盤後完成的，這是一個有意義的事件，正如你所看到的，當天 NVGS 的股票交易量為 450 萬股。

Now as you can see on the chart on the bottom left, both our share price and our daily trading liquidity have increased since May 23. And taking a longer-term view, as you see on the table on the right, daily trading liquidity has increased significantly in recent years with a more pronounced step-up in recent months.

現在，正如您在左下角的圖表中看到的，自 5 月 23 日以來，我們的股價和每日交易流動性都有所增加。從長遠來看，正如您在右側表格中看到的，近年來每日交易流動性大幅增加，近幾個月的增幅更為明顯。

Our trading liquidity has steadily increased despite that ongoing reduction in shares outstanding, as mentioned earlier. Now for the year-to-date 2025, we're averaging almost 400,000 shares traded per day, totaling almost $6 million per day, with several days well above $10 million. So with that, there are many funds that require around $5 million of daily trading liquidity. So we are now on the radar screen of a much larger group of investors.

如前所述，儘管流通股數量持續減少，但我們的交易流動性仍在穩定成長。截至 2025 年，我們平均每天交易近 40 萬股，總額接近 600 萬美元，其中幾天甚至遠超 1,000 萬美元。因此，許多基金需要每天約 500 萬美元的交易流動性。因此，我們現在已經受到了更大投資者群體的關注。

Now turning to our fleet. Starting with the first part of our fleet renewal on slide 25. Our fleet renewal program continues to be implemented as we sell our oldest vessels and replace them with more modern tonnage. Starting with the divestiture. In May, we completed the sale of our oldest vessel, Navigator Venus, a 2000-built, 22,000 cubic meter gas carrier to a third party for $17.5 million, resulting in a $12.6 million profit.

現在轉向我們的艦隊。從第 25 張投影片開始介紹我們的機隊更新的第一部分。我們的船隊更新計劃將繼續實施，我們將出售最老的船隻，並用噸位更現代化的船隻取代。從資產剝離開始。5 月份，我們以 1,750 萬美元的價格將我們最老的船隻 Navigator Venus（一艘 2000 年建造的 22,000 立方米氣體運輸船）出售給第三方，獲利 1,260 萬美元。

That leaves us with only two of our original vessels built in 2000, and we continue to engage buyers who are showing interest in acquiring those older assets. Additionally, we expect to sell another unencumbered vessel during the third quarter, in line with current market valuations, resulting in a substantial book gain and cash inflow.

這使得我們只剩下兩艘 2000 年建造的原始船隻，並且我們將繼續與有興趣收購這些舊資產的買家接洽。此外，我們預計將在第三季出售另一艘未抵押船舶，符合當前市場估值，從而帶來可觀的帳面收益和現金流入。

So as a result of our recent sale and purchase activity, our current fleet is now 12.2 years of age on average with an average size of 20,816 cubic meters. Now looking at slide 26, our average fleet age is set to decrease while our average vessel size is set to increase.

因此，由於我們最近的銷售和購買活動，我們目前的船隊平均船齡為 12.2 年，平均容量為 20,816 立方公尺。現在看第 26 張幻燈片，我們的平均船隊年齡將會減少，而我們的平均船舶尺寸將會增加。

In July, we announced a new joint venture in which we'll own 80% in Amon, our partner in Azane Fuel Solutions, will own 20% to construct two new 51,530 cubic meter ammonia-fueled liquefied ammonia carriers.

7 月份，我們宣布成立一家新的合資企業，其中我們將擁有 Amon 公司 80% 的股份，而我們的合作夥伴 Azane Fuel Solutions 將擁有 20% 的股份，以建造兩艘新的 51,530 立方米以氨為燃料的液氨運輸船。

The new buildings are scheduled to be delivered in June and October of 2028 at a price of $84 million each. Now importantly, each vessel will receive a NOK90 million or $9 million grant from the Norwegian government agency, Enova, resulting in a net price of $75 million.

新建築計劃於 2028 年 6 月和 10 月交付，每棟售價 8,400 萬美元。現在重要的是，每艘船將獲得挪威政府機構 Enova 提供的 9,000 萬挪威克朗或 900 萬美元的資助，淨價為 7,500 萬美元。

And assuming 70% LTV debt financing, we expect the total equity needed to be only around $16 million per vessel, which will be split between ourselves and Amon. These vessels will be the largest in our fleet, are the dual fuel engines for clean ammonia, and we'll be able to transit both the old and new Panama Canal locks. Additionally, each of the vessels will be employed on a five-year time charter upon delivery to a blue-chip industry leader.

假設 LTV 債務融資為 70%，我們預計每艘船所需的總股本僅為 1,600 萬美元左右，由我們和 Amon 平分。這些船隻將是我們船隊中最大的船隻，是用於清潔氨的雙燃料發動機，我們將能夠通過新舊巴拿馬運河船閘。此外，每艘船舶在交付給藍籌產業領導者後，都將按照五年的定期租船合約使用。

Lastly, in terms of vessel financing and capital needs, we've included that CapEx table on this slide, and we're currently targeting to complete financing arrangements within the next 6 months.

最後，在船舶融資和資本需求方面，我們已在此投影片中包含了資本支出表，我們目前的目標是在未來 6 個月內完成融資安排。

Finishing on slide 27, I want to personally invite all of you to our upcoming 2025 Analyst Investor Day here in Houston, Texas in a few months from now. On Tuesday afternoon, November 11, we'll be hosting our Morgan's Point tours of the Ethylene Export Terminal and flex train as well as one of our vessels.

在幻燈片 27 結束時，我想親自邀請大家參加幾個月後在德克薩斯州休斯頓舉行的 2025 年分析師投資者日。11 月 11 日星期二下午，我們將組織摩根角之旅，參觀乙烯出口碼頭、靈活列車以及我們的一艘船。

So just take a picture, take a look at that picture to the right and imagine yourself climbing on board that beautiful ethylene carrier and seeing the flex train operate in all of its splendor. Later that evening, the management team and members of our Board will host a dinner for our analysts and investors. Then the next day, November 12, we'll host company and industry presentations covering current market trends, our financial update as well as our medium-term strategy.

所以只需拍一張照片，看看右邊的照片，想像自己爬上那艘漂亮的乙烯運輸船，看著柔性列車以其全部的輝煌運行。當晚晚些時候，管理團隊和董事會成員將為我們的分析師和投資者舉辦晚宴。第二天，即 11 月 12 日，我們將舉辦公司和行業演示，內容涵蓋當前市場趨勢、我們的財務更新以及我們的中期策略。

We'll then have lunch followed by an appreciation event for analysts, shareholders, customers and partners. And looking at the farmer's almanac, the weather is expected to be fantastic. So we hope to see you in November. With that, I'll now turn it back over to Mads for closing remarks.

然後我們將共進午餐，隨後為分析師、股東、客戶和合作夥伴舉行答謝活動。從農民年鑑來看，預計天氣會非常好。因此我們希望在十一月見到您。現在，我將把發言權交還給 Mads，請他做最後發言。

Thank you very much, Randy. And let's move to Page 28. So it's time to summarize an eventful second quarter, where waves of port fees and import tariffs and export licenses tested our resilience and negatively impacted our profitability.

非常感謝，蘭迪。讓我們翻到第 28 頁。因此，現在是時候總結多事的第二季度了，一波波的港口費用、進口關稅和出口許可證考驗了我們的韌性，並對我們的盈利能力產生了負面影響。

But we did not sit on our hands during Q2 because Q2 was also a quarter of opportunities where we took advantage of strong financial markets and optimized our balance sheet. We lowered the cost of debt and used excess cash for buying back 5% of outstanding shares at attractive prices.

但我們在第二季並沒有袖手旁觀，因為第二季也是我們利用強勁的金融市場、優化資產負債表的機會季。我們降低了債務成本，並利用多餘的現金以優惠的價格回購了 5% 的流通股。

And we look through the fog and we took another step in positioning Navigator as a leader within not only the ethylene/ethane supply chain, but also the clean ammonia supply chain.

我們撥開迷霧，又邁出了新的一步，將 Navigator 定位為乙烯/乙烷供應鏈和清潔氨供應鏈的領導者。

Q3 has come off to a robust start, and we now see a normalization of our operating environment. By any further geopolitical surprises, we expect to be back on the previous trajectory. This will be driven by the continued growth of US natural gas liquids production and the significant build-out in US export infrastructure over the next four years.

第三季開局強勁，我們的經營環境現已恢復正常。如果出現任何進一步的地緣政治意外，我們預期情況將回到先前的軌跡。這將受到未來四年美國天然氣液體產量的持續增長和美國出口基礎設施的大幅建設的推動。

We expect this will support exports of natural gas liquids and thereby also transport demand for the products that we carry. And as in previous quarters, the vessel supply picture remains attractive with small handysize order book and an aging global fleet. So thanks a lot for listening, and I'll hand it back to you, Randy, now for the Q&A.

我們預計這將支持天然氣液體的出口，從而也支持我們運輸的產品的運輸需求。與前幾季一樣，由於靈便型散裝貨船訂單量較小且全球船隊老化，船舶供應情況依然具有吸引力。非常感謝您的聆聽，蘭迪，現在輪到您進行問答環節。

Thank you, Mads. Operator, we'll now open the lines for some Q&A. (Event Instructions) So first question, your line is open.

謝謝你，馬茲。接線員，我們現在將開通一些問答環節。（活動說明）第一個問題，您的線路是開放的。

This is Omar Nokta, from Jefferies. As usual, very detailed presentation. And just had a couple of follow-ups to that. And maybe just in terms of the business from a big picture perspective, obviously, 2Q was quite volatile with the geopolitics kind of really having a pretty significant impact. It sounds like from your commentary that third quarter and the second half in general is going to be quite a bit better.

我是 Jefferies 的 Omar Nokta。像往常一樣，非常詳細的介紹。並且剛剛對此進行了一些跟進。也許從大局來看，就業務而言，第二季顯然非常不穩定，地緣政治確實產生了相當大的影響。從您的評論來看，第三季和下半年整體情況會好很多。

Just in terms of how we think about that, do you think 3Q as a whole can return to how things were prior to the second quarter? Or is it more of a gradual improvement you see in the third quarter, and it's really the fourth quarter where things start to get back to normal.

就我們的想法而言，您認為第三季整體狀況能恢復到第二季之前的狀態嗎？或者說，第三季的情況會逐漸改善，而第四季情況才會真正開始恢復正常。

Yeah. And I can't help thinking back to when we had this discussion back in the middle of Q2 talking about the Q1 result. At that time, we were looking at port fees that had disappeared for our segment. We also saw the trade war between China and US kind of receding.

是的。我不禁回想起我們在第二季中期討論第一季結果時的情景。當時，我們正在研究我們部門已經取消的港口費。我們也看到中美之間的貿易戰有所緩和。

But then came the export licenses, which were really a surprise. And even though at the time, we argued they were coming, they would be a bargaining chip. They did lead to some disruption and some reduced utilization for our fleet in Q2.

但隨後出口許可證的核發，確實讓人感到意外。儘管當時我們主張他們會來，但他們將是一個討價還價的籌碼。它們確實導致我們第二季的車隊出現了一些中斷，並且利用率有所下降。

So when we talked a quarter ago, I thought that maybe we communicated that we were seeing a gradual improvement, but then came this knock. That's different now because now the effects have gone away. And as Oeyvind was talking about, we see the utilization back up at just above 90% for July, and we can also confirm that the rates have reacted similarly.

因此，當我們一個季度前進行交談時，我想也許我們已經傳達了我們正在看到逐步改善的訊息，但隨後卻出現了這個打擊。現在情況不同了，因為影響已經消失了。正如 Oeyvind 所說，我們看到 7 月的使用率回升至 90% 以上，我們也可以確認費率也有類似的反應。

So we would say that Q3 as a whole is back to the levels that we saw before Liberation Day, and we see a normalization of the business in Q3, then we'll deal with Q4 once it comes. But so far, that looks good, too.

因此，我們可以說，第三季整體已恢復到解放日之前的水平，我們看到第三季的業務將恢復正常，然後我們將在第四季開始處理。但到目前為止，情況看起來也不錯。

Okay. Very good. So good to hear. And then just wanted to ask about the terminal contracts. You mentioned the two contracts were signed here recently for the expanded part of the terminal.

好的。非常好。聽到這個消息真好。然後只是想問一下有關終端合約的問題。您提到最近在這裡簽署了兩份有關航站樓擴建部分的合約。

And also, it sounds like there's potentially more in the works in the next few months. Just can you give us maybe a sense of what portion now do you have of the expansion that's now contracted? And then maybe overall, in terms of the 1.55 of total capacity, how much of that is contracted?

而且，聽起來未來幾個月可能會有更多的工作要做。您能否告訴我們，目前您已完成的擴張部分有多少？那麼總體而言，就 1.55 的總容量而言，其中有多少是簽署的？

Yeah. Thanks, Omar. We don't want to go into too many of those details because we're still having those commercial conversations. So we won't go into the quantum of the new contracts. But it's certainly a large portion.

是的。謝謝，奧馬爾。我們不想談論太多細節，因為我們仍在進行商業對話。所以我們不會深入討論新合約的數量。但這確實佔了很大一部分。

We have four existing offtake customers. We have multiple term sheets out to many new customers, especially here in the last few months when we've been doing a lot of these spot cargoes, they have been to new customers, right? So that's why we do expect additional longer-term offtake contracts to be signed here in the coming months. Duration still to be determined. Some want just a couple of years, some want multiple years, whereas in terms of size, it ranges as well.

我們目前有四個承購客戶。我們向許多新客戶發出了多份條款清單，特別是在過去幾個月裡，我們一直在處理大量現貨貨物，這些條款清單都是發給新客戶的，對嗎？因此，我們確實預計未來幾個月將在這裡簽署更多長期承購合約。持續時間仍有待確定。有些人只想要幾年，有些人想要幾年，而就規模而言，範圍也是各不相同。

So there's still a lot of variables to be determined, but we should have more updates on this in the November call.

因此，仍有許多變數有待確定，但我們應該在 11 月的電話會議上對此進行更多更新。

Thanks, Randy. I appreciate that. I understand the sensitivity. And maybe just one final one, and I'll pass it back. And it's kind of maybe just back to the terminal in terms of the capacity of the 1.55 and the potential to ratchet that up to potentially as high as 3, depending, I think and correct me if I'm wrong, in terms of I think it's Enterprise, they sort of direct the flexing potentially of the volumes that would switch from, say, ethane to ethylene.

謝謝，蘭迪。我很感激。我理解這種敏感性。也許只剩最後一個了，然後我就把它傳回去。就 1.55 的容量而言，這可能只是回到終端，並且有可能將其提高到 3，這取決於，如果我錯了，請糾正我，就我認為的企業而言，他們可以直接控制從乙烷轉換為乙烯的容量的潛在彎曲。

And so as I think about or as we think about going into '26, do you know when that decision is made on how much of that capacity will end up being ethylene?

因此，當我考慮或當我們考慮進入 26 年時，您是否知道何時決定最終有多少產能是乙烯？

Yeah, it's really going to be on a month-to-month basis. Now there's a few positive developments. One is the Beaumont facility, the Neches River facility is now online for Enterprise. One of our vessels took the inaugural cargo very recently here. So now that there's a new ethane export facility for Enterprise to operate out of, that frees up some capacity at Morgan's Point.

是的，確實會按月計算。現在出現了一些積極的進展。一個是博蒙特設施，內奇斯河設施現在已為企業號上線。我們的一艘船最近剛剛裝載了首批貨物到這裡。現在，Enterprise 公司有了新的乙烷出口設施可供運營，從而釋放了摩根角的一些產能。

Secondly, the new ethane storage tank, which you've been out to Morgan's Point, we have the ethylene storage tank in place for almost five years now. They are just now completing or soon to complete their ethane storage tank.

其次，您提到的摩根角新乙烷儲罐，我們已經安裝了乙烯儲罐近五年了。他們剛剛完成或即將完成他們的乙烷儲罐。

So that will also give them more flexibility and some optionality around the cargo switching between ethane and ethylene. And it is an Enterprise decision operationally, but really, it's a market decision, right? If the customers and the offtakers want ethylene, they can switch it to ethylene pretty much immediately, right?

因此，這也將為他們在乙烷和乙烯之間的貨物轉換方面提供更多的靈活性和一些選擇性。從營運角度來說，這是企業的決策，但實際上，這是市場的決策，對嗎？如果客戶和承購者想要乙烯，他們可以立即將其轉換為乙烯，對嗎？

The damper setting is it only takes a couple of hours. So it's really going to be every week decision in terms of flexing between ethane and ethylene. But for those two positive developments, the new terminal in Neches River as well as the ethane storage tank will give us more optionality for more ethylene cargoes above and beyond the 1.55 million tons in coming years.

阻尼器設定僅需幾個小時。因此，就乙烷和乙烯之間的轉換而言，每週都需要做出決定。但對於這兩個積極的發展，內奇斯河的新碼頭以及乙烷儲罐將為我們在未來幾年提供更多選擇，以運輸超過 155 萬噸的乙烯貨物。

Thank you, Omar. Next up looks like Climent Molins. Your hand is raised.

謝謝你，奧馬爾。接下來看起來像克萊門特·莫林斯 (Climent Molins)。你的手舉起來了。

This is Climent Molins, from Value Investor's Edge. I wanted to start by asking about the ammonia carriers you recently ordered. Does the Enova grant come with strings attached? Or are those minimal? And should we think about the grants as a kind of a one-off? Or could this be repeated in the future?

我是來自 Value Investor's Edge 的克萊門特·莫林斯 (Climent Molins)。我想先詢問一下您最近訂購的氨運輸船的情況。Enova 補助有附加條件嗎？或者說這些是最小的？我們是否應該將這些補助視為一次性的補助？或者將來還會發生這樣的事情嗎？

Thanks for that question. And there are always strings attached when it comes to grants. They're really linked to the -- you could say, the technology features of the ship, the add-ons that you would put on -- had it been compared to, you could say, a regular fossil fuel ammonia carrier.

謝謝你的提問。而撥款總是有附加條件的。它們確實與船舶的技術特點、所安裝的附加裝置有關——如果將其與常規的化石燃料氨運輸船進行比較的話。

So this is paying partly for the ammonia propulsion, but also many of the other bells and whistles that we are adding in terms of energy efficiency for the vessel. So it is to fund, you could say, the upgrade compared to a very standard vessel.

因此，這不僅部分支付了氨推進的費用，還支付了我們在船舶能源效率方面添加的許多其他附加設施的費用。因此，你可以說，這是為與標準船隻相比的升級提供資金。

But that being said, it doesn't mean that we need to burn, you could say, a high percentage of ammonia during the first couple of years. It doesn't mean that we can trade or we have to trade, let's say, near Norway or similarly. It is for global trading, and we have a lot of flexibility in operating these ships. So it's a very attractive grant because it doesn't really limit us in anything that we wanted to do on it. So it will be operated on Norwegian flag, which is a very efficient and professional flag.

但話雖如此，這並不意味著我們需要在頭幾年燃燒大量的氨。這並不意味著我們可以進行貿易，或者我們必須進行貿易，比如說在挪威附近或類似的地方。它用於全球貿易，我們在操作這些船舶方面具有很大的靈活性。所以這是一項非常有吸引力的資助，因為它實際上並沒有限制我們想用它做的事情。因此它將懸掛挪威國旗運營，挪威國旗是一艘非常有效率和專業的船隻。

So in all aspects, this is a pure add-on and a pure benefit for us without any downside really. If the question is around whether it can be repeated, then the answer is yes because the Norwegian authorities are really interested in maximizing, you could say, the volume of new green propulsion, green shipping in the world. It's not quite likely that we can just do a complete carbon copy of this one.

因此，從各方面來看，這對我們來說都是純粹的附加功能和純粹的好處，實際上沒有任何壞處。如果問題在於它是否可以重複，那麼答案是肯定的，因為挪威當局確實有興趣最大限度地增加世界上新的綠色推進器和綠色航運的數量。我們不可能完全複製這個。

But if we were to be innovative and take a further step onwards, there would be opportunities for this. They recently granted another grant to Amon for bulk carriers, and there's more coming here also.

但如果我們勇於創新，進一步向前邁進，就會有機會。他們最近又向 Amon 公司提供了一筆用於散裝貨船的補助金，而且還有更多補助金即將發放。

That's very helpful. And Randy, you mentioned you continue to engage potential buyers to divest the remaining 2,000-built handysizes. Once those vessels are sold, should we expect you to redeploy proceeds on more modern tonnage? Or have you already done that with the acquisition of the 3 mill ethylene carriers and the new build additions?

這非常有幫助。蘭迪，您提到您正在繼續與潛在買家接洽，以出售剩餘的 2,000 艘靈便型散裝貨船。一旦這些船隻售出，我們是否應該期望您將收益重新部署到噸位更現代化的船上？或者您已經透過收購 3 艘乙烯運輸船和新建船舶做到了這一點？

Oeyvind, I'll let you take this.

Oeyvind，我讓你拿著這個。

Yeah, I mean once they are sold, the funds will go into the capital allocation program, the 3 pillars, and they will be distributed accordingly to which pillar we deem necessary at that time. So it's flexible. We'll put it to work where we deem it's --

是的，我的意思是，一旦它們被出售，資金將進入資本配置計劃，即三大支柱，然後根據我們認為當時必要的支柱進行分配。所以它很靈活。我們將把它運用到我們認為合適的地方--

And maybe I can just add here that if you were to ask us if there was -- the likelihood was that we were going to buy more ships or sell more ships in the near term, it's probably going to be sell more ships because I think we have done quite well in both the new-building program and also buying the three German built vessels in the spring. So I think we've done most of the work there in renewing the fleet from adding new ones. And I think now we have a little bit of work to do in terms of selling a couple of the older ones.

也許我可以在這裡補充一點，如果您問我們是否有可能——我們可能會在短期內購買更多船隻或出售更多船隻，我們可能會出售更多船隻，因為我認為我們在新建船隻計劃和春季購買三艘德國建造的船隻方面都做得相當不錯。所以我認為我們已經完成了大部分工作，包括增加新飛機和更新機隊。我認為現在我們在銷售一些舊車型方面還有一些工作要做。

(Event Instructions)

（活動須知）

We've had one come in here, just looking at the tariffs. So it seems like the tariff announcements in trade news was negative during the second quarter. But recently, there have been some positive developments around trade deals. So Mads, how do you think these announcements will impact your business, specifically US commodity exports going forward?

我們曾經有一個人來過這裡，只是為了看看關稅。因此，第二季貿易新聞的關稅公告似乎是負面的。但最近，貿易協定方面出現了一些積極進展。那麼 Mads，您認為這些聲明將如何影響您的業務，特別是未來的美國商品出口？

Yes. I think they will bring much wanted clarity to the customer base of ours and for us to see that we will have a more stable trading environment. And that's always very positive. I mean, what happens is once you get this volatility, you don't quite know what the direction is, you tend to step back and say, oh, let's see how this all falls into place. I think now we have a number of trade deals between the US and its major trading partners.

是的。我認為他們將為我們的客戶群帶來他們所期望的清晰度，並讓我們看到我們將擁有更穩定的交易環境。這總是非常積極的。我的意思是，一旦遇到這種波動，你就不太清楚方向是什麼，你傾向於退一步說，哦，讓我們看看這一切是如何落實的。我認為現在美國與其主要貿易夥伴之間已經達成了多項貿易協議。

There's still some details to be fully agreed on, but I think we have the overall framework in place, and that gives the stability and the ability for us to forecast for us and our customers, which is really what we've all been looking forward to.

仍有一些細節需要完全達成一致，但我認為我們已經建立了一個整體框架，這為我們和我們的客戶提供了穩定性和預測能力，這正是我們一直期待的。

So again, we don't know what the future will bring. There will be unknown unknowns. But from how we can see it, we think it's a quite positive development that we get some clarity and some -- yes, some trade deals falling into place.

所以，我們不知道未來會發生什麼事。將會有未知的未知數。但從我們的角度來看，我們認為這是一個非常積極的發展，我們得到了一些明確的訊息，並且一些——是的，正在達成一些貿易協議。

And most of them, they don't really put any tariffs on products that are exported out of the US and into the various other countries, it's mainly been leading to tariffs from imports into the US, and we don't do much of that. So in essence, there haven't been put tariffs on much of the transportation that we do.

大多數國家實際上並未對從美國出口到其他國家的產品徵收關稅，這主要導致對進口到美國的商品徵收關稅，而我們很少這樣做。因此從本質上講，我們所進行的大部分運輸活動都沒有徵收關稅。

Thank you, Molins. Gary, this one is for you. For the six newbuilding financings, should we expect similar terms as your most recent debt financings?

謝謝你，莫林斯。加里，這個是給你的。對於這六筆新造船融資，我們是否應該期待與您最近的債務融資類似的條款？

Yeah. That's a very good question. We are hoping to at least match what we've done in the past. I think at the moment, we've got a number of different structures, and we've got quite a lot of conversations going on with all kinds of different potential capital providers.

是的。這是一個非常好的問題。我們希望至少能夠達到我們過去所取得的成就。我認為目前我們已經有了許多不同的結構，我們正在與各種不同的潛在資本提供者進行大量對話。

So I think given the nature of the ammonia vessels in particular, but also the Panda vessels, I think we've got 6 really attractive projects there, and we'll probably group those vessels, whether it's 6 or whether it's 4 and 2 or 2 and 4.

因此，我認為考慮到氨船的性質，以及熊貓船的性質，我認為我們在那裡有 6 個非常有吸引力的項目，我們可能會將這些船分組，無論是 6 艘還是 4 艘和 2 艘或 2 艘和 4 艘。

But certainly, we will be looking to do those in the next 6 months. We've got plenty of opportunity. And I think the capital providers that we're talking to are very keen. And I think we'll get some really good terms. And certainly, we're shooting for as low as we can get in the best terms that we can get, and we'll see where that lands.

但毫無疑問，我們將在未來 6 個月內實現這些目標。我們有很多機會。我認為我們正在交談的資本提供者非常熱衷。我認為我們會得到一些非常好的條件。當然，我們會盡力以最好的條件降低價格，然後看看最終結果如何。

Perfect. Great. We see another hand raised here, Dalton. We still can't hear you.

完美的。偉大的。我們看到另一隻手舉了起來，道爾頓。我們仍然聽不到您的聲音。

Can you guys hear me okay now?

你們現在聽得到我說話嗎？

We got you now.

我們現在抓住你了。

Dalton Willett with Sharmos Capital Partners. One question I had on the new builds that you guys are working on financing out. How do you think about the risk of like IMOs, new rules for how ships have to be fueled or carbon-related issues. How do you think about going and making those investments knowing that the goalpost could be changed in a 6, 12, 18 month period? How are you guys managing that risk?

道爾頓威利特 (Dalton Willett) 與 Sharmos Capital Partners 合作。我有一個關於你們正在籌資的新建築的問題。您如何看待國際海事組織 (IMO) 有關船舶燃料的新規定或碳相關問題的風險？當您知道目標可能在 6 個月、12 個月或 18 個月內發生變化時，您會如何考慮進行這些投資？你們如何管理這種風險？

Yeah. I think we should look at the two different orders that we've made. You could say the four ethane/ethylene vessels that we ordered, they're not really -- they don't really have much of a link to whatever the IMO is putting into place. They will be most likely fueled by ethane, which is incredibly cost competitive compared to regular fuel oil. So they will be having an advantage to pretty much any other vessel in the global fleet regardless.

是的。我認為我們應該看看我們所做的兩個不同的命令。你可以說，我們訂購的四艘乙烷/乙烯運輸船實際上與國際海事組織正在實施的任何措施並沒有太大的關聯。它們最有可能使用乙烷作為燃料，與普通燃料油相比，乙烷的成本極具競爭力。因此，無論如何，它們都比全球船隊中的任何其他船隻都具有優勢。

When it comes to the two ammonia carriers, we have the five-year contract coverage, which means that we will have a secured return on the ships for the first five years. And what then comes after, we will see. The good news is that those vessels are dual fuel.

對於這兩艘氨運輸船，我們簽訂了五年期合同，這意味著我們將在前五年獲得有保障的船舶回報。接下來會發生什麼，我們拭目以待。好消息是這些船隻採用雙燃料。

So even if we were to see a situation where ammonia was less competitive than we had forecasted, they'll still be able to operate very efficiently on regular fuel oil. So in that sense, they are very flexible vessels, and they are very attractive regardless of what the direction of the IMO is going to be.

因此，即使我們看到氨的競爭力低於我們的預測，他們仍然能夠使用常規燃料油非常有效率地運作。因此從這個意義上來說，它們是非常靈活的船舶，而且無論國際海事組織的方向如何，它們都非常有吸引力。

Yeah. No, that's helpful. And then on the kind of the restructuring of the balance sheet, getting yourself in a better capital position, can you kind of talk about the timing of that and why it made sense to go now versus, say, towards the end of the year? How are you guys thinking about getting your balance sheet where it is today?

是的。不，這很有幫助。然後，關於資產負債表重組，讓自己處於更好的資本狀況，您能否談談重組的時機以及為什麼現在進行重組比在年底進行重組更有意義？你們打算如何讓資產負債表達到現在的水平？

Maybe I can just kick us off and you can fill in, Gary also. When it comes to the share buybacks, I think we have been pretty consistent over the past three years in having share buyback programs at the right point in time during the year, adding or buying back about 5% of outstanding shares. And then on top of that, we have the regular quarterly dividends and share buybacks. That model has kind of worked well for us. So we think it's a good way to do it.

也許我可以直接開始，然後你來填寫，蓋瑞也可以。談到股票回購，我認為過去三年來我們一直在適當的時間點進行股票回購計劃，增加或回購約 5% 的流通股。除此之外，我們還有定期的季度股利和股票回購。這種模式對我們來說效果很好。所以我們認為這是一個很好的方法。

It's, of course, up to the Board. If they were to decide to do something in addition or not, we'll see about that. We have good liquidity in the balance sheet right now. So it gives us a lot of flexibility to allocate between the different opportunities of investing, paying or buying back shares or other uses of our cash. But Gary, you can add.

當然，這取決於董事會。如果他們決定做或不做其他事情，我們將會拭目以待。我們目前的資產負債表流動性良好。因此，它為我們提供了巨大的靈活性，可以在投資、支付或回購股票或其他現金用途的不同機會之間進行分配。但是加里，你可以補充。

Yeah, I mean I think we've taken advantage a lot of the fact that there's a lot of liquidity out there at the moment. Navigator is in a great place. We've got a strong business, a flexible business. Our banking partners are very keen to work with us.

是的，我的意思是，我認為我們已經充分利用了目前大量流動性的事實。Navigator 處於一個非常好的位置。我們的業務強大且靈活。我們的銀行合作夥伴非常希望與我們合作。

That's allowed us to refinance and push out the maturities, lower the cost of our debt, and we're going to continue to do that. What that's also doing is it's providing plenty of liquidity for these projects that we're doing. We paid $64 million towards the cost of our new build Panda vessels already. We don't have finance for those vessels yet, but we've paid all of that out of cash so far. So it buys us some really good flexibility.

這使我們能夠進行再融資並延長到期日，降低債務成本，我們將繼續這樣做。這也為我們正在進行的項目提供了充足的流動性。我們已經為新建熊貓號船舶支付了 6,400 萬美元。我們還沒有為這些船隻籌集資金，但到目前為止我們已經用現金支付了所有費用。因此它為我們帶來了非常好的靈活性。

We've got to be careful that we don't carry too much liquidity and too much cash, and we're constantly monitoring that.

我們必須小心，不要持有過多的流動性和現金，並且我們會不斷監控這一點。

But I think at the moment, from our perspective, we've got a number of older debt facilities that we would perhaps like to refinance and refresh. And so I think there's some work to do on that and alongside the newbuild vessels as well.

但我認為，目前從我們的角度來看，我們有許多舊債務，我們可能希望進行再融資和更新。因此，我認為在這方面以及在建造新船方面也需要做一些工作。

So I think we've taken advantage of a strong market using our strong business model to be able to do what we've done. We've ended up being able to do pretty much everything that we want to do, including buying back the shares, as Mads was talking about. So I think we're trying our best to be efficient with what we do, but also lower the cost of what we do. And I think we've been able to do that so far, and we expect to be able to continue to do that.

所以我認為我們利用強大的市場和強大的商業模式來完成我們所做的事情。我們最終能夠做幾乎所有我們想做的事情，包括回購股票，正如 Mads 所說的那樣。所以我認為我們正在盡力提高工作效率，同時也降低工作成本。我認為我們迄今為止已經做到了這一點，並且我們希望能夠繼續做到這一點。

Great. Fantastic. I appreciate it. I think that's going to be the last thing I have. Pass it back to you guys. I appreciate it.

偉大的。極好的。我很感激。我想那將是我擁有的最後一件東西。把它傳回給你們。我很感激。

Thank you, Dalton. So that completes our Q&A for today. Thank you again for joining us for our second quarter earnings results. We'll be reporting our third quarter earnings results in early November and hope to see many of you here in Houston on November 11 and 12. Thanks again, and have a great day.

謝謝你，道爾頓。今天的問答就到此結束。再次感謝您參加我們的第二季財報。我們將在 11 月初報告第三季的收益結果，並希望在 11 月 11 日和 12 日在休士頓見到大家。再次感謝，祝您有愉快的一天。