Navigator Holdings Ltd. (NVGS) 2026 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 2026 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, Chief Investor Relations Officer.

感謝各位女士、先生耐心等候，歡迎參加 Navigator Holdings 2026 年第二季財務業績電話會議。今天的會議由 Mads Peter Zacho（執行長）、Gary Chapman（財務長）、Oeyvind Lindeman（商務長）以及我本人 Randy Giveans（投資人關係長）出席。

I must advise you that this conference call is being recorded today. Now as we conduct today's presentation, we'll 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 5, 2026, and are subject to material risks and uncertainties.

我必須提醒各位，本次電話會議將於今日錄音。在今天的簡報過程中，我們將提出各種前瞻性陳述。這些陳述包括但不限於從財務與營運角度對未來的預期、計畫與展望，係基於管理階層截至今日（2026 年 8 月 5 日）的假設、預測與期望，並可能受到重大風險與不確定性影響。

Actual results may differ significantly from our forward-looking information and financial forecasts. Additional information about these factors and assumptions are included in our annual and quarterly reports filed with the Securities and Exchange Commission.

實際結果可能與我們的前瞻性資訊及財務預測有重大差異。關於這些因素與假設的更多資訊，已載於我們向美國證券交易委員會提交的年度與季度報告中。

With that, I now pass the floor to our CEO, Mads Peter Zaco. Go ahead, Mads.

接下來，我把時間交給我們的執行長 Mads Peter Zaco。Mads，請。

Good morning and good afternoon, and thank you very much for joining this Navigator Gas earnings call for Q2 2026. Before we get into the results, let me just say a few words about the Middle East. We continue to have no vessels operating in or transiting the Hormuz Strait, and we don't see any material operational impacts.

各位早安、午安，感謝各位參加 Navigator Gas 2026 年第二季財報電話會議。在進入業績之前，我先簡短談一下中東情勢。我們目前仍沒有任何船舶在荷姆茲海峽營運或通行，且未見任何重大的營運影響。

As I'll touch on shortly, and though it's on a sad background, the conflict continues to create real commercial tailwinds for us. Please turn to Slide number four. Q2 2026 was an exceptional quarter, and I mean that in the most literal sense. We set all-time records for net income, for EBITDA, for earnings per share and average TCE rate, all at the same quarter.

我稍後會再提到，儘管是在令人悲傷的背景下，這場衝突仍持續為我們帶來實質的商業順風。請翻到第 4 張投影片。2026 年第二季是非常卓越的一季，我這麼說是最字面意義上的。我們在同一季度創下淨利、EBITDA、每股盈餘以及平均 TCE 日租金的歷史新高。

And for a company that's been operating for over 25 years, that is quite special. Let me walk you through a couple of the highlights. On the commercial side, TCE rates hit a record high of almost $34,000 per day. This is up significantly from Q1 and up 20% from the same period last year. Utilization came in above our 90% benchmark. These are strong numbers across the board.

對一家已營運超過 25 年的公司而言，這相當特別。我帶各位看幾個重點。在商業面，TCE 日租金創下接近每日 34,000 美元的歷史新高。相較第一季大幅上升，並較去年同期成長 20%。船隊使用率高於我們 90% 的基準。整體而言，這些數字都非常強勁。

Our ethylene export terminal at Morgan's Point delivered yet another record, 374 tons in the quarter. That follows from previous record that we set just one quarter ago. Demand from Europe and Asia for U.S. ethylene continues to grow, driven by high naphtha prices and structural changes to how global crackers are sourcing their feedstock.

我們位於 Morgan's Point 的乙烯出口碼頭再度創下紀錄，本季達 374 噸。這是在我們僅於上一季才剛創下前一項紀錄之後再度刷新。歐洲與亞洲對美國乙烯的需求持續成長，主要受高石腦油價格以及全球裂解廠在原料採購方式上的結構性變化所驅動。

We also signed a fourth new offtake contract in the quarter and discussions for further contracts remain active. On portfolio management, we completed the sale of Navigator Pegasus in April for approximately $31 million and a book gain of over $15 million. And in July, we signed the definitive agreement to divest the 8 Unigas Pool vessels for a combined $183 million.

我們也在本季簽署了第 4 份新的包銷（offtake）合約，且就更多合約的洽談仍在積極進行中。在資產組合管理方面，我們於 4 月以約 3,100 萬美元完成出售 Navigator Pegasus，並錄得超過 1,500 萬美元的帳面收益。此外，我們於 7 月簽署最終協議，將 8 艘 Unigas Pool 船舶以合計 1.83 億美元出售。

That's a significant transaction, and we expect most of those sales to complete during Q3. We expect a net book gain on this transaction of $65 million to $70 million, and this again underscores the value of our vessel portfolio. We have indeed been quite consistent in booking net gains on our vessel sales. Financing for all six newbuild vessels are now in place, both the 4 Panda ethane/ethylene carriers and the 2 Coral ammonia newbuilds.

這是一筆重要交易，我們預期其中大部分的出售將在第三季完成。我們預期此交易的淨帳面收益約為 6,500 萬至 7,000 萬美元，再次凸顯我們船舶資產組合的價值。事實上，我們在船舶出售上持續穩定地錄得淨收益。目前 6 艘新造船的融資均已到位，包括 4 艘 Panda 乙烷／乙烯運輸船以及 2 艘 Coral 氨新造船。

Completing that financing package is a real milestone, and it was done at the most competitive terms ever for Navigator. The balance sheet is healthy. Available cash at quarter end was $226 million after significant debt repayments, shipyard payments and capital returns.

完成該融資方案是一項重要里程碑，且條件為 Navigator 歷來最具競爭力。資產負債表維持健康。截至季末，在大幅償還債務、支付船廠款項及進行資本回饋後，可用現金為 2.26 億美元。

Our investment in ethane fuel solution is developing towards a final investment decision to build three ammonia bunkering terminals along the West Coast of Norway. It's supported by a significant Enova grant from the Norwegian government upon reaching final investment decision. On capital return, we are again delivering on our commitments.

我們在乙烷燃料解決方案上的投資正朝向最終投資決策（FID）推進，計畫在挪威西岸興建三座氨燃料加注（bunkering）碼頭。在達成最終投資決策後，該計畫將獲得挪威政府 Enova 的重大補助支持。在資本回饋方面，我們再次履行承諾。

The Board has declared a dividend of $0.07 per share for Q2. And together with buybacks, we will return 35% of net income to shareholders, in line with our improved capital return policy. From Q3, we are raising the fixed cash dividend element to $0.08 per share. Now on the outlook. Q3 is expected to see some normalization in TCE rates and terminal volumes.

董事會已宣告 2026 年第二季每股股利 0.07 美元。加計庫藏股回購，我們將把淨利的 35% 回饋給股東，符合我們提升後的資本回饋政策。自第三季起，我們將固定現金股利提高至每股 0.08 美元。接著談展望。我們預期第三季 TCE 日租金與碼頭裝卸量將出現一定程度的常態化。

That's also consistent with the seasonal patterns and a tighter arbitrage on ethylene. The underlying demand picture, though, driven by the growing U.S. natural gas liquids production remains fully intact. And the Hormuz Strait situation continues to support demand for U.S. commodities across LPG, ethane and petrochemicals.

這也符合季節性型態，以及乙烯套利空間收窄的情況。不過，在需求面上，由美國天然氣液（NGL）產量成長所驅動的基本面仍完全不變。而荷姆茲海峽的情勢仍持續支撐美國商品的需求，涵蓋 LPG、乙烷與石化產品。

On the supply side, the Handysize order book stands at just 11% of the fleet, while 17% of vessels are over 25 years old. The math on the fleet renewal continues to work in our favor. With that, I'll pass on the word to Gary, and please go ahead with a little bit more detail on the financials. Go ahead, Gary.

在供給面，Handysize 船型的新船訂單量僅約為現有船隊的 11%，而有 17% 的船舶船齡超過 25 年。船隊汰舊換新的供需結構仍持續對我們有利。接下來我把時間交給 Gary，請他更詳細說明財務表現。Gary，請。

Thanks, Mads, and hello, everyone. Following on from where we left off on our last call in May this year, the tailwinds we described as we move through the second quarter did indeed arrive. And as Mads has said, we're pleased to report an exceptional second quarter results.

謝謝你，Mads，各位好。延續我們今年 5 月上次電話會議的討論，隨著我們進入第二季，當時所描述的順風確實如期出現。正如 Mads 所說，我們很高興報告第二季取得卓越的業績。

This was achieved against a backdrop that included continued disruption across key global shipping corridors, including the Strait of Hormuz, which having limited direct operational or financial impact on us has acted as a meaningful demand catalyst, pushing customers towards North American supply chains and benefiting our utilization and rates in the quarter.

這是在多項背景因素下達成的，包括全球主要航運走廊持續受干擾，其中包含荷姆茲海峽；該情勢對我們的直接營運或財務影響有限，但卻成為重要的需求催化劑，促使客戶轉向北美供應鏈，並在本季提升了我們的使用率與運價。

Oeyvind will go more into this shortly. Turning to more detail on Slide 6. We're reporting an average TCE of $33,946 for the second quarter of 2026, an all-time high, being more than $4,000 per day higher than the $29,684 in the first quarter of 2026 and over $5,000 per day higher than the $28,216 in the second quarter of last year.

Oeyvind 稍後會更深入說明。請看第 6 張投影片的細節。我們報告 2026 年第二季平均 TCE 為 33,946 美元，創歷史新高，較 2026 年第一季的 29,684 美元高出每日逾 4,000 美元，亦較去年第二季的 28,216 美元高出每日逾 5,000 美元。

Utilization was above our benchmark at 90.8% compared to 90.6% in the first quarter of 2026 and 84.2% in the second quarter of last year. Voyage expenses are shown higher in the second quarter of 2026, which are effectively pass-through costs to our customers related to bunker fuel and other such spot voyage costs and they're reflective of the record total operating revenues that we're reporting this quarter.

使用率高於我們的基準，達 90.8%，相較 2026 年第一季的 90.6% 以及去年第二季的 84.2%。2026 年第二季航次費用顯示較高，這些基本上是與燃油（bunker fuel）及其他即期航次成本相關、轉嫁給客戶的通過性成本，並反映了我們本季所報告的創紀錄總營運收入。

Vessel operating expenses of $47.1 million for the quarter were broadly flat in absolute dollar terms, though up on the basis of dollars per vessel per day at $9,554 compared to $8,905. This is mainly driven by higher crewing and logistics costs and the timing of project-related expenses incurred in the quarter.

本季船舶營運費用為4,710萬美元，以絕對美元金額計大致持平，但按每艘船每日美元計則上升至9,554美元，較8,905美元提高。這主要是由於船員配置與物流成本上升，以及本季發生之專案相關費用的入帳時點所致。

Depreciation was down at $31.5 million compared to the second quarter of last year, reflecting our reduced fleet size following vessel sales and the sale of the Navigator Pegasus in this quarter brought us the gain of $15.3 million on proceeds of $30.5 million. EBITDA for the quarter was an all-time high of $101.6 million compared to $80.3 million in the first quarter of 2026 and $71.9 million in the second quarter of 2025.

折舊費用降至3,150萬美元，較去年第二季下降，反映我們在出售船舶後船隊規模縮小；此外，本季出售 Navigator Pegasus 船舶，出售收入為3,050萬美元，並帶來1,530萬美元的處分收益。本季 EBITDA 創歷史新高，達1.016億美元，較2026年第一季的8,030萬美元及2025年第二季的7,190萬美元為高。

Adjusted EBITDA, also a record, was $86.4 million, up from $65 million in the first quarter of 2026 and significantly higher than the $60.1 million in the second quarter of 2025. As always, Randy will discuss more about our ethylene terminal, but throughput volumes for the second quarter were another record high of 374,278 tons with our share of the terminal results reflected in the equity method investment income line of $7.1 million for the quarter, up from $4.8 million in the second quarter of last year.

調整後 EBITDA 同樣創新高，為8,640萬美元，高於2026年第一季的6,500萬美元，亦顯著高於2025年第二季的6,010萬美元。一如往常，Randy 將進一步說明我們的乙烯碼頭；第二季吞吐量再創新高，達374,278噸，而我們在該碼頭的權益份額所反映之業績，於本季以權益法投資收益列示為710萬美元，較去年第二季的480萬美元增加。

Our income tax line reflects current tax and deferred tax in relation to our equity investment in the ethylene export terminal, in line with the stronger terminal results for the quarter. Net income attributable to stockholders for the second quarter of 2026 was $53.0 million or $0.86 per share, again, the highest Navigator has ever reported, surpassing the previous record set just last quarter and well above the $21.5 million or $0.31 per share reported in the second quarter of 2025.

我們的所得稅項目反映與乙烯出口碼頭之權益投資相關的當期所得稅與遞延所得稅，並與本季碼頭業績走強一致。2026年第二季歸屬於股東之淨利為5,300萬美元，或每股0.86美元，再次為 Navigator 史上最高，超越僅於上一季創下的前次紀錄，亦遠高於2025年第二季所報告的2,150萬美元或每股0.31美元。

We continue to actively use, strengthen and build our balance sheet, as shown on Slide 7. Our cash, cash equivalents and restricted cash balance was $274 million at June 30, 2026, and this figure was $362 million at close on August 3, 2026, in particular, following the $57 million we drew from our recently closed newbuild vessel financing facility.

我們持續積極運用、強化並建構資產負債表，如投影片7所示。截至2026年6月30日，我們的現金、約當現金及受限制現金餘額為2.74億美元；而截至2026年8月3日收盤時該數字為3.62億美元，特別是因我們自近期完成的新造船融資額度中提取了5,700萬美元。

As a precautionary measure in April 2026, when the war in Iran started, we drew down just over $91 million under our revolving credit facilities given the geopolitical uncertainty seen at that time. And whilst this, of course, has not gone away, we expect to repay those revolving facilities in the coming months based on our ongoing assessment of market conditions and as the proceeds from the sale of the Unigas vessel fleet are received.

作為預防性措施，於2026年4月伊朗戰爭爆發時，鑑於當時所見之地緣政治不確定性，我們自循環信用融資額度提取了略高於9,100萬美元。雖然此不確定性當然尚未消除，但基於我們對市場狀況的持續評估，以及隨著 Unigas 船隊出售款項入帳，我們預期將於未來數月償還該等循環融資。

Our healthy liquidity position at June 30, 2026, is after returning $10.6 million to shareholders across dividends and share buybacks, repaying $26.8 million of scheduled loan amortization and ahead of our agreed sale of the Unigas Pool fleet, early repaying $43 million of debt secured against certain of those vessels. We also made $20.8 million of payments towards our newbuild vessels during the quarter.

截至2026年6月30日，我們的健康流動性水位係在已向股東返還1,060萬美元（包含股利與庫藏股回購）、償還2,680萬美元之定期貸款攤還，且在已同意出售 Unigas Pool 船隊之前，提前償還4,300萬美元（以其中部分船舶作為擔保之債務）之後所呈現。本季我們亦就新造船支付了2,080萬美元。

Our share in the Morgan's Point ethylene export terminal remains unencumbered. We also own 14 unencumbered vessels at June 30, 2026, 8 of which are part of the Unigas fleet to be sold.

我們在 Morgan's Point 乙烯出口碼頭的持股仍未設質。截至2026年6月30日，我們亦擁有14艘未設質船舶，其中8艘屬於將出售的 Unigas 船隊。

And with our bond having $60 million of untapped capacity, we continue to retain significant additional liquidity for if and when needed. Looking beyond this quarter, we paid from our own cash a total of $131.6 million at June 30, 2026, towards the six vessels we have under construction, of which $8.5 million represents capitalized interest under U.S. GAAP.

此外，我們的債券尚有6,000萬美元未動用額度，因此在需要時我們仍保有可觀的額外流動性。展望本季以後，截至2026年6月30日，我們已以自有現金就正在建造的6艘船舶合計支付1.316億美元，其中850萬美元為依美國GAAP 資本化之利息。

On July 17, we drew $57.6 million, as I referred above, from our new $164 million bridge loan facility, recouping 80% of the predelivery installments paid to the shipyard to date for the first of our 2 and newbuild vessels. We continue to press forward in maintaining a balanced capital structure.

7月17日，如我前述，我們自新的1.64億美元過橋貸款融資額度提取了5,760萬美元，回收截至目前就我們2艘乙烯新造船中的第一艘已向船廠支付之交船前分期款的80%。我們將持續推進並維持均衡的資本結構。

And on Slide 8, across the quarter and with a very supportive banking group and a strong underlying business, we were again able to return cash to shareholders, use funds for the construction of our newbuilds, reward shareholders through buybacks and continue managing and refreshing our debt to meet our financing needs in an efficient and cost competitive way.

在投影片8中，本季在銀行團的大力支持與穩健的核心業務之下，我們再次得以向股東返還現金、投入資金於新造船建造、透過回購回饋股東，並持續管理與更新我們的債務，以高效率且具成本競爭力的方式滿足融資需求。

In respect to the first quarter of 2026, we returned 30% of net income attributable to stockholders, comprising $6.3 million of share buybacks and $4.3 million of cash dividend, representing $0.07 per share. And in respect to the second quarter of 2026, our Board yesterday approved an increase such that we will return 35% of net income attributable to stockholders.

就2026年第一季而言，我們返還歸屬於股東淨利的30%，包括630萬美元的股份回購與430萬美元的現金股利，相當於每股0.07美元。就2026年第二季而言，我們董事會昨日核准提高返還比例，使我們將返還歸屬於股東淨利的35%。

This will comprise $4.3 million of cash dividends, representing $0.07 per share, and we expect the balance will comprise around $14.2 million of share repurchases to take place between now and September 30, 2026.

其中將包括430萬美元的現金股利，相當於每股0.07美元；我們預期其餘部分約為1,420萬美元的股份回購，將於即日起至2026年9月30日間進行。

Given the company's strong cash position for the third quarter ending September 30, 2026, yesterday, our Board also approved an increase in the fixed element of the company's capital return policy to $0.08 per share of the company's common stock, while maintaining that the fixed element and the variable element together should equal 35% of net income attributable to stockholders of the company.

鑑於公司在截至2026年9月30日止第三季的強勁現金部位，董事會昨日亦核准將公司資本返還政策中的固定部分提高至每股普通股0.08美元，同時維持固定部分與變動部分合計應等於公司歸屬於股東淨利的35%。

Just note that the declaration of any dividends and the amount of any such dividends, including with respect to the third quarter, do remain subject to approval by the company's Board of Directors following the conclusion of each quarter as normal. We continue to be busy with vessel financings, and we've now closed three transactions relating to our six newbuild vessels.

請注意，任何股利之宣告及其金額（包括第三季）仍如常須於每季結束後經公司董事會核准。我們持續忙於船舶融資，目前已就6艘新造船完成了3筆交易。

In addition to the March 2026 facility we previously announced that finances two of those vessels, on June 18, 2026, we secured predelivery bridge finance for our first two Panda ethylene newbuild vessels, and we drew the $57.6 million of that on July 17, as I mentioned earlier.

除我們先前公告、於2026年3月簽訂並為其中兩艘船舶提供融資的額度外，於2026年6月18日，我們為首兩艘 Panda 乙烯新造船取得交船前過橋融資，並如前所述於7月17日提取其中的5,760萬美元。

But at the same time, we obtained committed $205.8 million JOLCO financing to refinance this bridge facility on delivery of the vessels and provide long-term post-delivery financing on very competitive terms.

同時，我們亦取得已承諾的2.058億美元 JOLCO 融資，用於在船舶交付時為該過橋融資再融資，並以極具競爭力的條件提供交付後的長期融資。

Then very recently, only last week on July 31, we signed a new secured term loan facility for up to $121.8 million to finance approximately 70% of the cost of our two Coral ammonia newbuild vessels, executed at our lowest ever margin, 135 basis points plus SOFR.

此外，就在最近、僅上週的7月31日，我們簽署了一項新的有擔保定期貸款融資，額度最高達1.218億美元，用以融資我們兩艘 Coral 氨新造船成本約70%，其利差為我們歷來最低：135個基點加 SOFR。

The facility is available to draw on delivery of the vessels around May and September 2028, respectively. And as always, we'd like to thank our banking group for their continued support. Net debt to last 12 months adjusted EBITDA fell to 2.2 times at June 30, 2026, down from 2.5 times at March 31, 2026. And we have only relatively small near and midterm balloons as we work to ensure our debt profile is pushed to the right.

該融資可於船舶交付時提取，預計分別約在2028年5月與9月交付。一如往常，我們要感謝銀行團持續的支持。截至2026年6月30日，淨負債對過去12個月調整後 EBITDA 倍數降至2.2倍，低於截至2026年3月31日的2.5倍。而在我們致力於將債務到期結構往後延展之際，近期與中期到期的大額到期款僅相對較小。

Net debt was $653 million, and our loan-to-fleet value ratio remains approximately 31% or below 30% when you include a reasonable value for our Morgan's Point terminal investment and 55% of the company's debt was either hedged or on a fixed interest rate basis at the quarter end, consistent with the prior quarter.

淨負債為6.53億美元，我們的貸款對船隊價值比率仍約為31%，若將我們位於Morgan's Point碼頭投資的合理價值納入，則低於30%；且截至本季末，公司55%的債務已進行避險或採固定利率計價，與前一季一致。

We'll continue to prioritize returning capital to shareholders while maintaining balance sheet strength, lowering the cost of our debt where we can and balancing growth, deleveraging and shareholder returns, all in a disciplined, deliberate and careful manner.

我們將持續優先把資本回饋給股東，同時維持資產負債表的穩健；在可行之處降低債務成本，並在成長、去槓桿與股東回報之間取得平衡，且一切都將以嚴謹、有計畫且審慎的方式進行。

On Slide 9, this again highlights two of the core strengths of our Navigator platform, our ability to generate consistent operating cash flow and our structurally lower all-in cash breakeven when isolating for the change in ownership days.

在第9頁投影片中，再次凸顯我們Navigator平台的兩項核心優勢：我們產生穩定營運現金流的能力，以及在排除持有天數變動影響後，我們結構性較低的全口徑現金損益兩平水準。

Starting with cash flow over the last 12 months to June 30, 2026, the business continued to generate strong underlying operating cash flow with a pre-CapEx cash flow yield averaging around 17%. Post-CapEx free cash flow continues to reflect investment in our newbuild program. Our latest estimate for 2026, all-in cash breakeven is $21,990 per vessel per day, up from $21,230 last quarter.

先看截至2026年6月30日過去12個月的現金流，業務持續產生強勁的基礎營運現金流，資本支出前的現金流殖利率平均約為17%。資本支出後的自由現金流仍反映我們對新造船計畫的投資。我們對2026年最新估計的全口徑現金損益兩平為每艘船每日21,990美元，高於上季的21,230美元。

The increase versus last quarter's estimate principally reflects our agreed sale of the 8 Unigas pool vessels, which reduces the average fleet size across which costs are spread. Notwithstanding, our headroom over our TCE revenue remains substantial, even adjusting out the exceptional rate levels we've seen in this quarter.

相較上季估計值的上升，主要反映我們已同意出售8艘Unigas聯營池船舶，導致可分攤成本的平均船隊規模縮小。儘管如此，我們相對於TCE收入的安全邊際仍相當可觀，即使剔除本季所見的異常高運價水準後亦然。

Our cash breakeven figure incorporates over $175 million of operating costs, $114 million of debt amortization and approximately $44 million of net interest expense. Expense guidance for 2026 is materially unchanged from the guidance provided in our first quarter earnings results presentation when accounting for the change in ownership days, noting that in particular, OpEx and depreciation have reduced accordingly with the upcoming sale of the 8 Unigas vessels.

我們的現金損益兩平數字包含超過1.75億美元的營運成本、1.14億美元的債務攤還，以及約4,400萬美元的淨利息費用。在考量持有天數變動後，2026年的費用指引與我們第一季財報簡報所提供的指引大致不變；特別要指出的是，隨著即將出售8艘Unigas船舶，營運費用（OpEx）與折舊也相應下降。

Slide 10 outlines our historic quarterly adjusted EBITDA, adding the second quarter's results. We now have 14 quarters in a row since the beginning of 2023, where we've reported at least $60 million of quarterly adjusted EBITDA and with an average of $72 million per quarter over that period. We've also added for reference some historic data points to this slide showing our share of the terminals adjusted EBITDA.

第10頁投影片列示我們歷史季度調整後EBITDA，並加入第二季的結果。自2023年初以來，我們已連續14個季度每季調整後EBITDA至少達6,000萬美元，且該期間每季平均為7,200萬美元。此外，為供參考，我們也在此頁加入一些歷史數據點，顯示我們在碼頭業務調整後EBITDA中的持分。

Then as we've highlighted previously, our earnings remain sensitive to TCE movements, and we estimate approximately $17 million of annual additional EBITDA uplift or $0.28 per share of annual EPS uplift for every $1,000 increase in TCE rates, all other things being equal. Then as for previous quarters, an update on our vessel dry dock schedule, projected costs and time taken can be found in the appendix should that detail be of interest to anybody.

如同我們先前強調的，我們的獲利仍對TCE變動敏感；在其他條件不變下，我們估計TCE運價每上升1,000美元，年度EBITDA可額外增加約1,700萬美元，或年度每股盈餘（EPS）增加0.28美元。另外，與前幾季相同，若有人對船舶進塢（dry dock）排程、預估成本與所需時間等細節有興趣，可在附錄中找到更新資訊。

And finally, looking ahead, after an exceptionally strong second quarter, we do expect TCE and utilization to moderate in the third quarter, also consistent with normal seasonal patterns. Even so, we expect the business to remain cash generative.

最後，展望未來，在第二季表現異常強勁之後，我們預期第三季TCE與使用率將趨於溫和回落，這也符合正常的季節性型態。即便如此，我們仍預期公司將持續創造現金。

And despite the geopolitical uncertainty and market constraints that remain, Navigator is in an excellent financial position, and it gives us the confidence and the flexibility to move forward and pursue opportunities as they arise.

儘管地緣政治不確定性與市場限制仍在，Navigator的財務狀況極為穩健，這讓我們有信心並具備彈性，能在機會出現時持續向前並把握機會。

With that, I'll hand over to Oeyvind to provide the latest commercial update. Oeyvind?

接下來我把時間交給Oeyvind，請他提供最新的商業面更新。Oeyvind？

Thank you, Gary. Good morning, everyone. I'll spend the next few minutes on the Strait of Hormuz and what is doing to maritime trade lanes, then the ethylene story, our utilization, and I'll wrap up with a quick view on vessel supply and rates. So let's start with the big one, which continues to be the Strait of Hormuz on Page 12.

謝謝你，Gary。各位早安。接下來幾分鐘，我會談談荷姆茲海峽以及它對海運貿易航線造成的影響，接著談乙烯的情況、我們的使用率，最後快速看一下船舶供給與運價。那我們先從最重要的議題開始，也就是第12頁的荷姆茲海峽。

The strait continues to disrupt global shipping lanes and is creating inefficiencies across pretty much every ship segment. Today, only around 20% of the vessels that would normally transit to Hormuz are actually doing so. The rest are either finding employment elsewhere or they're sitting in the Indian Ocean waiting for a green light to resume Middle East holdings.

該海峽持續擾亂全球航運航線，並在幾乎所有船舶細分市場造成效率損失。目前，原本通常會航經荷姆茲的船舶中，實際通行的僅約20%。其餘船舶不是在其他地區尋找工作，就是停留在印度洋等待綠燈，以恢復中東航線的運營。

And where do the cargoes come from instead? It's North America. It's really the only region with enough capacity to substitute the lost Middle East supply. So we're seeing a meaningful number of vessels heading toward the Panama Canal. And because Panama comes with its own headaches, transit uncertainty and auction fees that can run into millions of dollars for one-way passage, many ships are going the long way around instead via the Cape of Good Hope.

那貨源改從哪裡來？是北美。它幾乎是唯一具備足夠產能、可替代流失的中東供給的地區。因此，我們看到相當數量的船舶正朝巴拿馬運河前進。而由於巴拿馬也有其自身的麻煩——通行不確定性以及可能高達數百萬美元的單程拍賣費用——許多船舶改走更長的路線，繞行好望角。

Either way, it's more days at sea. In shipping terms, that is called inefficiency. And inefficiency, at least in the short term, works in our favor. You simply need more ships to move the same amount of cargo from A to B, and that's positive for the supply and demand balance.

不論哪一種方式，海上航行天數都會增加。以航運術語來說，這稱為「效率損失」。而效率損失，至少在短期內，對我們有利。要把同樣數量的貨物從A運到B，你就需要更多船舶，這對供需平衡是正面的。

We're seeing this play out in LPG, in ethane and in ethylene. And of the 3, ethylene is where the impact on our shipping demand has been the biggest. So let's turn to Page 13. Since the Strait close to commercial shipping on the February 28, ethylene exports out of the U.S. have been climbing.

我們在LPG、乙烷以及乙烯市場都看到這種情況正在發生。在這三者之中，乙烯對我們航運需求的影響最大。因此我們看第13頁。自2月28日該海峽對商業航運關閉以來，美國的乙烯出口一直在攀升。

You can see it on the right-hand graph on March, April and May were particularly strong. Most of that volume went transatlantic to Europe. And why? Because the arbitrage between U.S. and European pricing was at its widest. You can see this on the left-hand graph with the light blue line sitting above the others, meaning an exporter of U.S. ethylene could on paper make the biggest netback selling to European buyers.

你可以在右側圖表看到，3月、4月與5月特別強勁。其中大部分貨量是跨大西洋運往歐洲。為什麼？因為美國與歐洲之間的價格套利空間達到最大。你可以在左側圖表看到，淺藍色線位於其他線之上，代表美國乙烯出口商在帳面上賣給歐洲買家可取得最高的淨回收（netback）。

That picture has shifted over the past couple of months. Both graphs show it. The arbitrage is now widest to Asia, the dark blue line versus the gray line, and that's pulling ethylene across the Pacific. From where we sit, that's good news, longer voyages, more ton miles for the Handysize ethylene segment.

但在過去幾個月，這個情勢已經改變。兩張圖都顯示了這點。目前套利空間最大的是亞洲方向，也就是深藍線相對於灰線，這正把乙烯拉向太平洋航線。就我們的角度來看，這是好消息：航程更長、Handysize乙烯船型的噸海里需求增加。

And ethane pricing, which underpins U.S. competitiveness for both ethane and ethylene has stayed remarkably flat through all the volatility. Ethane is really the rock in all of this. This is key when thinking about long-term fundamentals. These exports drove our utilization higher, and you can see that on Page 14. We averaged 90.8% for the quarter, well above the same quarter last year.

而乙烷價格——它支撐美國在乙烷與乙烯兩者上的競爭力——在所有波動之中仍維持驚人的平穩。乙烷在這一切之中確實是「定海神針」。在思考長期基本面時，這一點很關鍵。這些出口推升了我們的使用率，你可以在第14頁看到。本季我們平均使用率為90.8%，明顯高於去年同期。

This is illustrated by the green dotted line on the left-hand graph. Now towards the end of the quarter, uncertainty crept in, the geopolitics, the Strait itself, the U.S. Iran memorandum of understanding on ceasefire, conflicting messages became the norm, like a traffic light flipping from green to orange to red and back again for the straight transits.

這可由左側圖表上的綠色虛線加以說明。然而到了季度末，不確定性開始浮現——地緣政治、該海峽本身，以及美國與伊朗就停火所簽署的諒解備忘錄——相互矛盾的訊息成為常態，就像交通號誌在綠、橘、紅之間來回切換，並再次回到綠色，影響海峽通行。

That clearly resulted in less activity. Many market participants simply went into wait-and-see mode. That said, ethylene seems to have found a floor when looking at the dotted dark blue line on the right-hand graph. Volumes have come off the record highs of May, yes, but recent exports are still running above historical average for this time of the year, and that is good to see. Moving to fleet supply on Page 15.

這顯然導致活動減少。許多市場參與者乾脆轉為觀望模式。話雖如此，從右側圖表上的深藍色虛線來看，乙烯似乎已找到底部。是的，量能已自5月的歷史高點回落，但近期出口仍高於此時節的歷史平均水準，這點令人欣慰。接著看第15頁的船隊供給。

The order book across the gas segments is largely unchanged from last quarter, which is also applicable for our Handysize segment. As Mads mentioned in his opening remarks, we have a low order book, both in absolute numbers and as a percentage of the operating fleet of 125 vessels. We believe this is very much manageable going forward.

各氣體船分項的訂單簿與上季相比大致不變，這也同樣適用於我們的Handysize船型。如Mads在開場致詞中提到的，我們的訂單簿偏低，無論是絕對數量，或相對於125艘營運船隊的比例皆然。我們相信未來這是完全可控的。

One thing to note, our 8 smaller ships, the dark blue box at the bottom middle of the chart will drop out of the picture by next quarter's call meeting as they are part of the Unigas transaction we just announced and which was commented on. And finally, market rates on Page 16.

需要注意的一點是，我們的8艘較小船舶（圖表中下方中間的深藍色方框）將在下季電話會議時不再納入，因為它們屬於我們剛宣布、且已加以說明的Unigas交易的一部分。最後，看第16頁的市場運價。

It shows the updated Clarksons 12-month time charter assessment. Rates rose during the second quarter on the surge in demand across all vessel classes, including Handysize. The assessment has since come back to pre-Hormuz levels. But let's remember, those pre- Hormuz levels were quite robust to begin with. And as always, spot rates can run above the 12-month assessment that aren't necessarily captured by this index.

這裡顯示更新後的Clarksons 12個月期租評估。第二季在各船型（包括Handysize）需求激增的帶動下，運價上升。該評估值其後已回落至霍爾木茲事件前的水準。但請記得，霍爾木茲事件前的水準本來就相當強勁。而且一如既往，即期運價可能高於12個月評估值，而這未必會被此指數所捕捉。

So to wrap it up, global trade disruption is generally positive for shipping, and we've seen that firsthand, particularly in ethylene exports on seagoing demand for our vessels. These inefficiencies, Panama being a good example, won't disappear anytime soon.

總結來說，全球貿易中斷通常對航運是正面的，我們也親身見證了這點，特別是乙烯出口帶動我們船舶的海運需求。這些低效率（巴拿馬就是很好的例子）短期內不會消失。

What's holding back the record 2Q volumes from carrying Strait into third quarter is uncertainty. Market participants are hesitant to commit beyond critical keep their lights on deals and are shying away from longer-term transactions. But the market itself remains robust at levels similar to before almost happen.

阻礙第二季創紀錄的海峽運量延續到第三季的因素是不確定性。市場參與者除了維持基本運作、確保「燈還亮著」的關鍵交易外，對於更長期的承諾相當猶豫，並傾向避開較長天期的交易。但市場本身仍然強勁，水準與幾乎發生之前相近。

With that, over to Randy. Randy, what do you got to share?

接下來交給Randy。Randy，你要分享些什麼？

Thank you. Or, I have plenty to share. So as Mads mentioned earlier, there have been several recent developments that we want to provide some additional details and updates on. So starting on Slide 18. During the second quarter, we paid a $0.07 quarterly cash dividend that totaled $4.3 million, and we repurchased over 270,000 common shares of NVGS in the open market, which totaled $6.3 million at an average price of around $23.19 per share.

謝謝。我有很多可以分享。如Mads先前提到的，近期有幾項發展，我們想提供更多細節與最新進度。先從第18頁投影片開始。第二季我們支付每股0.07美元的季度現金股利，合計430萬美元；同時我們在公開市場回購超過27萬股NVGS普通股，總額630萬美元，平均回購價格約為每股23.19美元。

As we announced in May, our capital return policy currently now includes a fixed quarterly cash dividend of $0.07 per share as part of our quarterly payout percentage of 35% of net income. So as a result, we are returning a total of $18.5 million to shareholders during this third quarter. The Board has declared a cash dividend of $0.07 per share payable on September 1 to all shareholders of record as of August 19.

如我們在5月所宣布的，我們目前的資本回饋政策已包含固定的每季每股0.07美元現金股利，作為我們每季配發比例（淨利的35%）的一部分。因此，我們在第三季將合計回饋股東1,850萬美元。董事會已宣告每股0.07美元的現金股利，將於9月1日支付給8月19日登記在冊的所有股東。

That equates to another quarterly cash dividend payment of $4.3 million. Additionally, with our shares trading well below NAV of more than $30 a share, we use the variable portion to return capital via share buybacks. As such, we plan to repurchase $14.2 million of our shares between now and quarter end so that the dividend and the share repurchases together equal 35% of net income or $18.5 million for the quarter.

這相當於另一筆季度現金股利支付，金額為430萬美元。此外，由於我們的股價交易水準明顯低於每股超過30美元的資產淨值（NAV），我們會運用可變部分透過庫藏股回購來回饋資本。因此，我們計畫在現在到季末之間回購1,420萬美元的股份，使股利與回購合計等於本季淨利的35%，亦即1,850萬美元。

But wait, there's more. So starting next quarter, the Board approved an increase of the fixed quarterly cash dividend amount to $0.08 per share. So that's a 14% dividend increase. With a strong balance sheet and consistent earnings, we hope to steadily improve our capital return policy going forward.

但還不只如此。從下季開始，董事會核准將固定季度現金股利提高至每股0.08美元。這相當於股利提高14%。憑藉強健的資產負債表與穩定的獲利，我們希望未來能持續改善資本回饋政策。

Now turning to Slide 19. Throughout the years, we've been saying how attractively value our shares are, and we continue to put our money where our mouth has been. So since December 2022 and including our recently declared return of capital to be distributed here in the third quarter, we will have soon returned over $300 million to shareholders, including $50 million in cash dividends and $256 million of share buybacks.

接著看第19頁投影片。多年來我們一直在說我們的股票估值相當具吸引力，而我們也持續以實際行動支持這個說法。因此，自2022年12月以來（並包含我們近期宣告將於第三季發放的資本回饋），我們很快就將累計回饋股東超過3億美元，其中包括5,000萬美元現金股利與2.56億美元的股票回購。

So for a quick recap, as you can see on that bottom left chart, we had about 56 million shares outstanding for many years up until the merger with Ultragas, which happened almost exactly 5 years ago. We issued 21 million shares in exchange for 18 vessels.

簡要回顧一下，如你在左下方圖表所見，在與Ultragas合併之前（幾乎正好是5年前發生），我們多年來流通在外股數約為5,600萬股。我們發行2,100萬股以交換18艘船舶。

Now since peaking at that 77 million share number in late '21, we have repurchased 16 million shares at an average price of roughly $16 per share. So our total return of capital equates to around $4.40 per share based on the average share count of about 70 million shares during the time, so a 28% return. As seen over the last few years, we want to reiterate that returning capital to shareholders will remain a priority for us going forward.

自2021年末股數達到7,700萬股的高峰以來，我們已以每股約16美元的平均價格回購1,600萬股。因此，我們的資本回饋總額，按期間平均股數約7,000萬股計算，約等於每股4.40美元，亦即28%的回報。如過去幾年所示，我們要再次強調，未來回饋資本給股東仍將是我們的優先事項。

Now looking at our ethylene export terminal on Slide 20. As previously guided, ethylene throughput volumes increased to a record high of 374,000 tons during the second quarter, and that's despite an increase in domestic ethylene prices, where multiple European crackers underwent turnarounds.

現在看第20頁投影片的乙烯出口碼頭。如先前指引所述，第二季乙烯吞吐量增至創紀錄的37.4萬噸；即便國內乙烯價格上升，且多座歐洲裂解廠進行歲修，仍達成此表現。

Furthermore, both the European and Asian demand for U.S. ethylene also increased, and that's due to the recent surge in oil-based naphtha prices. The wide arbitrage driven by much higher international ethylene prices during the second quarter led to numerous spot customers buying cargoes from the terminal at fairly robust rates.

此外，歐洲與亞洲對美國乙烯的需求也增加，原因是近期以原油為基礎的石腦油價格大幅上漲。第二季在國際乙烯價格大幅走高所帶動的寬幅套利下，許多即期客戶以相當強勁的價格自該碼頭採購貨載。

Now importantly, we've also signed four new offtake contracts this year with the most recent contract commencing in June. Looking ahead to the third quarter, throughput has decreased this summer due to falling naphtha prices, global inventory destocking and the recent restarts of multiple European crackers.Also, summers are hot here in Houston, so that slightly impacts the terminal's operations.

重要的是，我們今年也已簽署四份新的包銷（offtake）合約，最新一份合約於6月開始生效。展望第三季，由於石腦油價格下跌、全球庫存去化，以及多座歐洲裂解廠近期重啟，今夏吞吐量已下降。另外，休士頓夏季炎熱，因此也會對碼頭營運造成些微影響。

However, volume should increase in the coming months, along with the widening of the arbitrage and inventory restocking. Additionally, discussions are ongoing with multiple customers for take-or-pay contracts commencing here in the coming months, though oil price volatility and the geopolitical uncertainties are likely to persist in the near term, thus impacting the exact timing and scale of those new offtake contracts.

然而，隨著套利擴大以及庫存回補，未來幾個月的運量應會增加。此外，我們正與多位客戶就將於未來幾個月開始的 take-or-pay（照付不議）合約進行洽談；不過，油價波動與地緣政治不確定性短期內可能仍將持續，因而影響這些新承購（offtake）合約的確切時點與規模。

Now looking at our fleet on Slide 21. We continue to rightsize our fleet by selling our older, smaller vessels and those noncore assets. So in April, we sold the Navigator Pegasus, a 2009-built 22,000 cubic meter semi-ref gas carrier to a third party for $30.5 million, netting a gain of $15.3 million. Now this was the ninth vessel we've sold since 2022, and all of those have an average age of 22 years at the time of sale.

現在看第 21 頁投影片的船隊情況。我們持續透過出售較老、較小的船舶以及非核心資產來調整船隊規模。因此在 4 月，我們將 Navigator Pegasus（2009 年建造、22,000 立方公尺的半冷式（semi-ref）氣體運輸船）以 3,050 萬美元售予第三方，實現 1,530 萬美元的處分收益。這是自 2022 年以來我們出售的第九艘船，而這些船在出售時的平均船齡為 22 年。

To note, each of the vessel sales resulted in a pretty good book gain. Now on the other hand, during that same time frame, we have purchased eight modern secondhand ethylene carriers, and those have been an average age of 8 years at the time of purchase. So we haven't only been selling vessels.

值得一提的是，每一筆船舶出售都帶來相當不錯的帳面收益。另一方面，在同一期間，我們也購入了 8 艘較新的二手乙烯運輸船，購入時平均船齡為 8 年。因此，我們並不只是賣船。

Now most recently, we signed definitive agreements to sell our 8 Unigas vessels for $183 million. So after repaying a total of $54 million of associated debt, of which around $18 million was outstanding at the end of June, the net cash proceeds will be around $129 million.

最近，我們已簽署具約束力的最終協議，以 1.83 億美元出售我們的 8 艘 Unigas 船舶。在償還合計 5,400 萬美元的相關債務後（其中約 1,800 萬美元於 6 月底仍未償），淨現金收入約為 1.29 億美元。

Now these eight vessel sales result in a book gain of about $65 million to $70 million, so it's more than $1 per share, which we will book upon vessel deliveries here in the coming months, most of which in the third quarter, maybe some that slip into October.

這 8 艘船的出售將帶來約 6,500 萬至 7,000 萬美元的帳面收益，折合每股超過 1 美元；我們將在未來幾個月船舶交付時入帳，其中多數在第三季，可能有部分延至 10 月。

So looking at all of our 17 vessel sales in the last four years, including the Unigas vessels, total proceeds expected to be a total of $342 million. And after all the debt repaid total net cash proceeds of $288 million. Now our current fleet consists of 54 vessels with an average fleet age of just over 12.5 years and an average size of just over 21,000 cubic meters.

回顧過去四年我們合計 17 艘船的出售（包含 Unigas 船舶），預期總出售收入合計為 3.42 億美元。在償還所有債務後，淨現金收入合計為 2.88 億美元。目前我們的船隊由 54 艘船組成，平均船齡略高於 12.5 年，平均船型略高於 21,000 立方公尺。

Now excluding the Unigas vessels, our fleet would be slightly younger with an average age of below 12.5 years and slightly larger with an average cubic meters of around 23,000. Lastly, we continue to upgrade our vessels with some energy savings technologies. More details are on Slide 28, and we'll continue to roll out some new artificial intelligence and AI programs to make our fleet even more efficient.

若不計 Unigas 船舶，我們的船隊平均船齡將略為更年輕、低於 12.5 年，且平均船型略大、約 23,000 立方公尺。最後，我們也持續以一些節能技術升級船舶。更多細節在第 28 頁投影片；我們也將持續導入新的人工智慧與 AI 計畫，使船隊運作更有效率。

Now finishing on Slide 22. I want to personally invite you, all of you, to our upcoming 2026 Analyst Investor Day here in Houston, Texas in a few months from now. So on Tuesday afternoon, November 17, we'll be hosting our Morgan's Point tours of the ethylene export terminal and one of our vessels.

最後來到第 22 頁投影片。我想親自邀請各位在幾個月後前來德州休士頓，參加我們即將舉辦的 2026 年分析師與投資人日。11 月 17 日（週二）下午，我們將安排參觀 Morgan's Point 的乙烯出口碼頭以及我們的一艘船舶。

So just take a look at the picture to the right and imagine yourself climbing on board that beautiful gas carrier and seeing the Flex chain chilling ethylene down to negative 104 degrees Celsius. It's a thing of beauty. Later that evening, the management team and members of our Board of Directors will host a dinner for our analysts and investors.

請看看右側的照片，想像自己登上那艘漂亮的氣體運輸船，看到 Flex chain 將乙烯冷卻至攝氏零下 104 度。那真是一件美事。當晚稍後，管理團隊與董事會成員將為分析師與投資人設宴。

Now on Wednesday morning, November 18, we'll host company and industry presentations covering the current market trends, a financial update as well as our medium-term strategy. We'll then have lunch followed by an appreciation event for analysts, shareholders, customers and partners. So I'll personally guarantee that the weather will be much cooler than it is today in Houston. With that, I'll now turn it back over to Mads for some closing remarks.

11 月 18 日（週三）上午，我們將進行公司與產業簡報，涵蓋目前市場趨勢、財務更新以及我們的中期策略。接著將安排午餐，並舉辦一場感謝活動，向分析師、股東、客戶與合作夥伴致意。我可以親自保證，屆時休士頓的天氣會比今天涼爽得多。接下來我把時間交回給 Mads 做結語。

Thank you a lot, Randy. I'll certainly be there. Q2 2026 was a quarter where everything came together, record net income, record EBITDA, record TCE rates, record terminal throughput, all in the same quarter. And that, of course, doesn't happen by accident. It reflects the strength of the platform that we have built over the years.

非常感謝你，Randy。我一定會到場。2026 年第二季是一個各項因素匯聚的季度：淨利創新高、EBITDA 創新高、TCE（等效期租）費率創新高、碼頭吞吐量創新高，而且都發生在同一個季度。而這當然不是偶然。這反映了我們多年來打造的平台實力。

The numbers speak for themselves, but I want to just take a moment to point to what's all underneath them. Our cash breakeven sits below $22,000 per day. Leverage has come down to 2.2 times and financing is now in place for all six newbuilds. And the Unigas sale proceeds are still to come, and that will certainly give us significant financial flexibility going into the second half. Q3 may become slightly softer commercially, but expected to remain healthy.

數字本身已說明一切，但我想花點時間指出其背後的基礎。我們的現金損益兩平點低於每日 22,000 美元。槓桿已降至 2.2 倍，且 6 艘新造船的融資也已全數到位。此外，Unigas 出售的款項仍尚未入帳，而這將在下半年為我們帶來顯著的財務彈性。第三季在商業面可能會稍微轉弱，但預期仍將維持健康。

TCE and utilization may normalize from record levels. Terminal volumes will ease as the ethylene arbitrage tightens and the European crackers restart. But the structural story has not changed. U.S. ethane remains the lowest cost feedstock in the world.

TCE 與使用率可能會自創紀錄水準回歸常態。隨著乙烯套利收斂以及歐洲裂解廠重啟，碼頭運量將趨緩。但結構性的故事並未改變。美國乙烷仍是全球成本最低的原料。

The Handysize order book is thin and the growing share of the existing fleet that's getting too old to remain competitive is right ahead of us. We enter Q3 from a position of real strength, a clean balance sheet, a clear capital return policy now at 35% of net income and a fleet that's getting younger and more efficient with every newbuild delivered and every older vessel being sold. So thanks a lot for listening.

Handysize 的新船訂單量很薄，而現有船隊中愈來愈多船舶即將因船齡過高而難以維持競爭力，這個趨勢就在眼前。我們以真正強勢的姿態進入第三季：資產負債表乾淨、資本回饋政策明確（目前為淨利的 35%），且隨著每艘新造船交付、每艘老船出售，我們的船隊正變得更年輕、更有效率。感謝各位收聽。

And now back to you, Randy.

現在交回給你，Randy。

Thank you, Mat. Operator, we'll now open the lines for some Q&A. (Operator Instructions)

謝謝你，Mat。接線員，我們現在開放電話線進行問答。（接線員指示）

This is Omar from Clarksons Securities. I have a couple of questions. I was just jumping back and forth with another call, so I may have missed this in the commentary. But I just wanted to ask about the balance sheet and the drawdown of the $91 million from your revolvers back in April. Early during the Hormuz crisis, it sounded like as a precautionary measure.

我是 Clarksons Securities 的 Omar。我有幾個問題。我剛才在另一通電話之間來回切換，所以可能錯過了你們在說明中的部分內容。但我想請教資產負債表，以及你們在 4 月從循環信貸額度（revolvers）提用 9,100 萬美元的情況。在荷姆茲危機初期，聽起來像是出於預防性的措施。

You're fully drawn as of the end of the quarter. Are you still fully drawn as of now? And what are your plans near term with that cash? Do you repay it, invest it or just simply keep it on the balance sheet?

截至季度末你們已全額提用。那麼截至目前仍是全額提用嗎？你們短期內對這筆現金有什麼計畫？是償還、投資，或只是單純留在資產負債表上？

Yes. Omar, yes, we did cover that in there, but I can cover it again real quick. We did draw it down. It is still fully drawn. And our plan is to obviously take a look at the situation, but particularly with the proceeds coming in from our Unigas fleet sale.

是的。Omar，是的，我們在說明中確實有提到，但我可以再很快補充一次。我們確實有提用。目前仍是全額提用。我們的計畫當然是視情況而定，特別是考量到我們出售 Unigas 船隊的款項即將入帳。

Our plan is to likely repay those revolvers over the course of the next couple of months.

我們的計畫很可能是在接下來幾個月內逐步償還那些循環信貸。

Okay. All right. That's clear. And then just in terms of the -- as we think about things from here, you had your strongest quarter ever in terms of, as you mentioned, revenue and rate and earnings and so on. You got nearly $34,000 a day on the Handysize as an average rate.

好的。好。很清楚。接著就從這裡往後看——如你提到的，就營收、運價、獲利等等而言，你們創下史上最強的一季。Handysize 平均日租金接近 34,000 美元。

How do we think about that trending for the third quarter? Arbs have narrowed a bit from the very high levels that we saw back in the second quarter. They're still elevated. You do expect a bit lower terminal throughput, but we're still seeing headline rates remain elevated. How do you think about that as we think about earnings power from here?

那我們該如何看待第三季的走勢？套利（arbs）相較於第二季看到的非常高水準已經收斂了一些。但仍然偏高。你們預期碼頭吞吐量會略低一些，但我們仍看到市場報價運價維持在高檔。就從這裡往後的獲利能力而言，你怎麼看？

Is it the utilization that maybe comes off, but the rate itself can hold at this latest level? Or do we see them kind of reverting back to the averages you captured back in the first quarter?

是利用率可能會回落，但運價本身能維持在目前水準？還是我們會看到它們某種程度回歸到你們在第一季所取得的平均水準？

There's a relationship between utilization and rates and our priority is to obviously try to push both as high as we can. I think the graph from the 12-month time charter assessment issued by Clarksons shows this bump in assessment during the last three quarters and it come down to pre-Hormuz level as we commented on, which is pretty strong still.

利用率與運價之間存在關聯，而我們的優先事項顯然是盡可能把兩者都推到更高。我認為 Clarksons 發布的 12 個月期租評估圖表顯示，過去三個季度評估值出現一波上升，然後如我們所評論的，回落到荷姆茲（Hormuz）事件前的水準——而那個水準仍然相當強勁。

So we expect -- yes, it's slightly softer than the second quarter, but it's still quite robust going into the third quarter as well.

所以我們預期——是的，相較第二季會稍微走弱一些，但進入第三季仍然相當穩健。

You got Spiro here from Citi. Maybe starting off, I want to talk about next strategic steps here. You've secured financing for all your new builds. I believe you contracted most of Morgan's Point at this point, maybe a little bit left. You're reaching what looks like maybe the tail end of the fleet renewal process for now anyway.

我是花旗的 Spiro。也許先從下一步策略談起。你們已為所有新造船取得融資。我相信你們目前已經把 Morgan's Point 的大部分都簽約了，可能還剩一點。你們看起來也正接近（至少目前）船隊汰舊換新的尾聲。

So a lot of major items checked off that list. But something tells me you're not going to be sitting on your hands, especially with all this liquidity. So how should we think about next steps for you? What's on the checklist now? And maybe how to think about the timing when you start to move there?

所以清單上很多重大事項都已勾選完成。但我想你們不會就此閒著，尤其手上有這麼多流動性。那我們應該如何看待你們的下一步？現在的待辦清單是什麼？以及大概什麼時點會開始推進？

Yes. I think, by and large, nothing has really changed in terms of our strategy. We are looking for opportunities to consolidate the segments where we are strong. That goes for the Handysize segment, that goes for the MGC segment. So we'll be looking for opportunities here to add to our feet if we find modern tonnage at attractive prices.

是。我認為整體而言，我們的策略並沒有真正改變。我們在尋找機會，去整合我們具優勢的細分市場。這適用於 Handysize 細分市場，也適用於 MGC 細分市場。因此，如果我們能以具吸引力的價格找到較新型的船舶，我們會尋找機會擴充船隊。

This is certainly -- I think those commercial synergies or the underlying case, you could say, for doing so is very healthy right now, and we'll continue to look around for those. It has been a little bit harder, you could say, given the uncertainty that we are seeing geopolitically right now, which means that the bid-ask spreads, they may have widened a bit when spot rates have been elevated the way they have.

這當然——我認為你可以說，進行這類交易的商業協同或基本投資理由目前非常健康，我們也會持續尋找。但可以說，因為目前地緣政治的不確定性，事情變得稍微更困難；這意味著在現貨運價像現在這樣處於高檔時，買賣價差可能擴大了一些。

I mean, that does raise expectations. But we also see that there is a big order book on the VLGCs and the MGCs. So let's see over the next coming quarters, and we are patient people, but over the next couple of quarters and into '27, '28, what opportunities will be coming.

我的意思是，這確實會拉高市場預期。但我們也看到 VLGC 與 MGC 的新船訂單量（order book）很大。所以讓我們看看接下來幾個季度——我們是有耐心的人——但在未來幾個季度以及到 2027、2028 年，會出現哪些機會。

We enjoy having the financial and strategic flexibility to go and do those transactions when they make sense. But I mean, all that goes, of course, together with the capital return policy that we have been gradually increasing our return to shareholders and our plan is to continue to do that in a very measured and predictable manner.

我們很享受擁有財務與策略上的彈性，能在交易合理時去執行。但當然，這一切也與我們的資本回饋政策相互配合：我們一直在逐步提高對股東的回饋，而我們的計畫是以非常審慎且可預期的方式持續這麼做。

Great color, Mads. Second question, maybe just switching gears a bit here to the customer mindset. You talked about customers being apprehensive to contract given all the uncertainty. But maybe just put a finer point on when the dust settles, how you're thinking about the long-term impacts from this conflict and how that impacts Navigator? Do you see customers signing up for term?

很有幫助的補充說明，Mads。第二個問題，稍微換個角度談客戶心態。你提到在不確定性之下，客戶對簽約會比較猶豫。但更具體地說，等塵埃落定後，你如何看待這場衝突的長期影響，以及它對 Navigator 的影響？你認為客戶會簽長約嗎？

Are you seeing new names show up on your customer list? And I guess, ultimately, what sort of signals do you think customers are waiting for to really start contracting again?

你們是否看到新的客戶名稱出現在名單上？而且我想，客戶究竟在等待什麼樣的訊號，才會真正開始再次簽約？

It's good question, Spiro. As Randy mentioned, there's new terminal contract offtake agreements signed post Hormuz. So clearly, the signaling, I think, of what we're hearing from customers that definitely, reliability on your supply chain for the molecules that you need becomes top priority. So it's not only about price and shortest distance from the producer.

這是個好問題，Spiro。如 Randy 提到的，荷姆茲事件之後已簽署新的碼頭合約承購（offtake）協議。所以很明顯地，我認為我們從客戶那裡聽到的訊號是：你所需要的分子（molecules）的供應鏈可靠性，會成為最優先事項。因此不再只是價格，以及離生產端最短的距離。

So the Hormuz has really put that front and center. And reliability is definitely placed along the U.S. Gulf Coast and East Coast in terms of these molecules, so be that LPG, be it ethane or be it ethylene. So I think more interest is coming there.

所以荷姆茲確實把這點推到最前面。而就這些分子而言——不論是 LPG、乙烷（ethane）或乙烯（ethylene）——在美國墨西哥灣沿岸與東岸的供應可靠性確實更受重視。因此我認為那邊的興趣正在增加。

It's obviously quite difficult to commit to a longer-term contract with everything that is happening, but the underlying sentiment is being pushed towards the United States of America, and we will benefit from that.

在目前發生的一切之下，要承諾較長期合約顯然相當困難，但整體情緒正被推向美利堅合眾國，而我們將從中受益。

This is (inaudible). Just maybe following up on Spiro's questions here, looking at the terminal performance, can you talk about how we should think about the fixed versus more variable or spot exposed portion of the EBITDA for the quarter here?

我是(聽不清)。延續 Spiro 的問題，從碼頭表現來看，你能談談我們該如何看待本季 EBITDA 中固定部分與較具變動性或暴露於現貨的部分嗎？

Specifically at the terminal level?

特別是在碼頭層級？

Yes, Randy.

是的，Randy。

Yes, that's a good question. So we haven't gone into the exact details. The majority of the capacity has been sold on take-or-pay contracts, but also the spot rates were above the rates that we charge on the kind of time charter or the offtake contract level. So the volume that was spot is lower than that of contracted. But when you bake in the rates at higher levels, it was a pretty even mix there.

是的，這是個好問題。我們尚未揭露非常精確的細節。大部分產能是以 take-or-pay（保量付費）合約售出，但同時現貨費率高於我們在類似期租或承購合約層級所收取的費率。因此，現貨的量低於合約量。但把較高水準的費率納入後，兩者的組合其實相當平均。

Randy, just to follow up on that. You talked a little bit about warmer weather and seasonality here. How should we be thinking about, I guess, an annualized run rate on the terminal, just taking into account some of that weather pattern and/or regular maintenance or downtimes?

Randy，我再追問一下。你提到較暖的天氣與季節性。考量這些天氣型態以及／或例行維修或停機時間，我們應該如何思考碼頭的年化運行水準（run rate）？

Yes. So the full year, the terminal can do around 1.55 million tons. In the colder months, you can get a little bit above nameplate capacity. In the warmer months, you're pretty much right at it, maybe slightly under it, especially here in July and you live in Houston, you know August. So on a full year basis, though, we're still getting to the 1.55.

是。以全年來看，碼頭大約可以處理 155 萬噸。在較冷的月份，吞吐量可以略高於名目產能（nameplate capacity）。在較暖的月份，基本上就接近名目產能，可能略低一些，尤其是 7 月——你住在休士頓，你也知道 8 月。但以全年基礎來看，我們仍可達到 155 萬噸。

That's around 130 or so thousand tons per month. There is some variability there. Obviously, you saw with the Flex Train, we were able to do 150,000, 160,000 tons a couple of months, March, April, May specifically. So there is going to be a little bit of operational impact from the temperatures, but it's more commercial driven, right?

那大約是每月 13 萬噸左右。其中會有一些波動。顯然，你們也看到在 Flex Train 的情況下，我們在幾個月份（特別是 3 月、4 月、5 月）能做到 15 萬、16 萬噸。所以溫度確實會對營運帶來一些影響，但更主要還是由商業因素驅動，對吧？

And then within the Allstate contracts, if an offtaker, let's just use the round number, has 100,000 tons or 120,000 tons per year, that doesn't mean they have to do 10,000 tons per month, right? So every quarter, there's some minimums and maximums.

另外，在 Allstate 合約之內，如果某個承購方（offtaker），就用整數來說，年量是 10 萬噸或 12 萬噸，並不代表他們必須每月都提 1 萬噸，對吧？所以每一季都會有一些最低量與最高量的規定。

So they may have pulled some in to second quarter, maybe not taking as much in the third quarter, likely taking more in the fourth quarter depending on the widening of the arbitrage. So there's a lot of factors at play in terms of kind of forward run rate from these levels.

因此他們可能在第二季多拉一些量，第三季可能就不拿那麼多；而第四季則很可能會拿更多，取決於套利空間是否擴大。所以，就從目前這些水準來看，未來的前瞻性運行速率（forward run rate）會受到很多因素影響。

Got it. All right. So my second question just relates to some comments that Oeyvind made during marine money this year. So just taking a step back, looking at the general environment, we're in a spot right now where it looks like natural gas prices are elevated and pretty volatile, which generally doesn't play very well to certain price-sensitive buyers or markets, especially in the emerging markets.

了解。好。那我的第二個問題是關於 Oeyvind 今年在 Marine Money 期間的一些評論。先退一步看整體環境，我們現在所處的位置看起來天然氣價格偏高且相當波動，這通常對某些對價格敏感的買家或市場並不友善，尤其是在新興市場。

Do you think Navigator has a role to play here in terms of additional infrastructure projects that could deliver alternative fuel gases other than methane to the market?

你認為 Navigator 在這裡是否能扮演角色，例如透過額外的基礎設施專案，向市場提供甲烷以外的替代燃料氣體？

Definitely, we have the wherewithal, the balance sheet, the knowledge and the floating assets and partners. We had the example with enterprise product partners to put in infrastructure to create a supply for the customers that want it.

當然，我們具備相應的能力：資產負債表、專業知識、浮式資產以及合作夥伴。我們之前與 Enterprise Products Partners 的案例就是例子：投入基礎設施，為有需求的客戶建立供應。

So I think we have all the pieces together. I think the environment as to the previous question, whereby perhaps Asian consumers are looking at perhaps putting in ethylene storage or ethane storage for their businesses as an alternative for naphtha coming from the Strait of Hormuz.

所以我認為我們已經把所有拼圖都湊齊了。而就前一個問題所提到的環境而言，或許亞洲消費者正在考慮為其業務建置乙烯儲存或乙烷儲存，作為來自荷姆茲海峽的石腦油（naphtha）的替代方案。

So I think we have the assets and the knowledge to do it. So the biggest challenge is, of course, to land those things, but it's definitely something we are trying to develop.

所以我認為我們有資產也有知識可以做到。當然，最大的挑戰是把這些專案落地，但這確實是我們正在嘗試推動開發的方向。

This is Climent Molins from Value Investor's Edge. I wanted to ask about Azane Fuel Solutions. Could you talk a bit about the total CapEx for the project as well as how much of that would be attributable to you net of the grant? How does the guidance for this CapEx look like if the project goes forward?

我是 Value Investor's Edge 的 Climent Molins。我想詢問 Azane Fuel Solutions。你能談談該專案的總資本支出（CapEx），以及扣除補助後你們需負擔的部分大約是多少嗎？如果專案推進，這筆 CapEx 的指引（guidance）會是什麼樣子？

It's very straightforward, Climent. The Norwegian government have awarded Azane Fuel solutions NOK442 million, which, let's call it, $45 million. And that to cover 80% of the CapEx for the three terminals that they intend to construct on the West Coast of Norway. So most fantastic large piece of the CapEx is a grant, with no strings attached, which is, I think, answers your question.

這很直接，Climent。挪威政府已授予 Azane Fuel Solutions 4.42 億挪威克朗（NOK），我們就算作 4,500 萬美元。這筆資金將涵蓋他們計畫在挪威西海岸建造的三座碼頭之資本支出的 80%。所以，CapEx 中非常大的一部分是無附帶條件的補助款，我想這就回答了你的問題。

Yes. That's helpful. And you've already touched on capital allocation, but I wanted to delve a bit deeper on your plans to allocate the proceeds from the sale of the Unigas vessels. Part of it of the gains will be used to repurchase shares, but could that be complemented with, let's say, incremental repurchases or should we expect most of that to be kept on the balance sheet in anticipation of other opportunities?

是的。這很有幫助。你們已經提到資本配置，但我想更深入了解你們對出售 Unigas 船舶所得款項的配置計畫。其中一部分收益會用於回購股票，但是否可能再搭配例如額外的增量回購？或者我們應該預期大部分資金會保留在資產負債表上，以因應其他機會？

I mean an important capital return will take place once the sale has been completed because as we mentioned, there's a potential net gain of $65 million to $70 million and with a 35% return on capital return policy, there's going to be a significant contribution coming from that. As to the remainder of it, we haven't earmarked those funds for now.

我的意思是，一旦出售完成，就會進行一項重要的資本回饋；因為如我們提到的，潛在淨收益約為 6,500 萬至 7,000 萬美元，而依照 35% 的資本回饋政策，這將帶來相當可觀的貢獻。至於其餘部分，我們目前尚未為這些資金做特定用途的劃撥（earmark）。

As I mentioned before, we are looking at various opportunities, and it's still this consolidation gain that is central to our strategy and then also the infrastructure projects that we are working on. So there will be some growth element to it. But it's not going to be something that we will tick like a clockwork over the next couple of quarters. It will be -- it could be lumpy, and it may take some patience. We are very patient investors.

如我先前提到的，我們正在評估各種機會；而這項整併帶來的收益仍是我們策略的核心，同時也包括我們正在推進的基礎設施專案。因此其中會有一些成長元素。但這不會是未來幾個季度像時鐘一樣規律發生的事情。它可能會——可能是不均勻、呈現跳躍式（lumpy）的，並且可能需要一些耐心。我們是非常有耐心的投資人。

Thank you, Climent. That completes our Q&A. Mads, over to you.

謝謝你，Climent。我們的問答到此結束。Mads，交給你。

Yes. No, I just want to say thanks a lot for listening. It was a fantastic quarter. Thank a lot for all the great questions from the analysts and do reach out if you need any further discussion from me, from Randy. We always appreciate your engagement. So all the best, and have a fantastic day.

是的。不，我只是想說非常感謝各位收聽。這是一個非常出色的季度。也非常感謝分析師們提出的所有精彩問題；如果你們需要與我或 Randy 進一步討論，請隨時聯繫。我們一向很感謝你們的參與。祝一切順利，祝各位有美好的一天。