Pangaea Logistics Solutions Ltd. (PANL) 2025 Q4 法說會逐字稿

Good morning. My name is Chelsea, and I will be your conference operator today.

早安.我叫切爾西，今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the Pangaea Logistics Solutions fourth quarter and full year 2025 results conference call. Today's call is being recorded and will be available for replay beginning at 11:00 a.m. Eastern Standard Time. The recording can be accessed by dialing 800-839-5632 domestic or 402-220-2559 internationally. (Operator Instructions)

在此，我謹代表 Pangaea Logistics Solutions 公司，歡迎各位參加 2025 年第四季及全年業績電話會議。今天的電話會議正在錄音，將於美國東部標準時間上午 11 點開始提供回放。撥打國內電話 800-839-5632 或國際電話 402-220-2559 即可收聽錄音。（操作說明）

It is now my pleasure to turn the floor over to Stefan Neely with Vallum Advisors. Please go ahead.

現在我很高興把發言權交給 Vallum Advisors 的 Stefan Neely。請繼續。

Thank you, operator, and welcome to the Pangaea Logistics Solutions fourth quarter and full year 2025 results conference call. Leading the call with me today is CEO, Mads Petersen; and Chief Financial Officer, Gianni Del Signore.

謝謝接線員，歡迎參加 Pangaea Logistics Solutions 2025 年第四季及全年業績電話會議。今天與我一起主持電話會議的是執行長馬茲·彼得森和財務長詹尼·德爾·西尼奧雷。

Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the SEC. Except as required by law, we undertake no obligation to update our forward-looking statements. At the conclusion of our prepared remarks, we will open the line for questions.

今天的討論包含有關未來業務和財務預期的前瞻性陳述。由於各種風險和不確定性，包括我們在向美國證券交易委員會提交的定期報告中所述的風險，實際結果可能與今天前瞻性聲明中預測的結果有重大差異。除法律要求外，我們不承擔更新前瞻性聲明的義務。在我們結束事先準備好的發言後，我們將開放提問環節。

With that, I'd like to turn the call over to Mads.

接下來，我想把電話交給馬茲。

Thank you, Stefan, and welcome to those joining us on the call today.

謝謝斯特凡，也歡迎今天參加我們電話會議的各位。

I'm excited to speak to you all on my first earnings call as CEO of Pangaea. On behalf of everyone at Pangaea, I want to extend our appreciation and gratitude to Mark Filanowski for his many years of leadership and for helping to facilitate a smooth transition. During my 16 years with the company, I've been fortunate to be a part of our evolution into a best-in-class operator with a unique and valuable business model. I am incredibly proud of the team that we have assembled and grateful for the opportunity to lead Pangaea into our next phase of multiyear growth and shareholder value creation.

我很興奮能以 Pangaea 執行長的身份與大家進行首次財報電話會議。我謹代表 Pangaea 的全體員工，向 Mark Filanowski 致以衷心的感謝和讚賞，感謝他多年來的領導以及為實現平穩過渡所做的貢獻。在公司工作的 16 年間，我很幸運能夠參與到公司發展成為擁有獨特且極具價值的商業模式的一流營運商的過程中。我為我們組建的團隊感到無比自豪，並感謝有機會帶領 Pangaea 進入下一個多年成長和股東價值創造階段。

Turning to the fourth quarter of 2025, we delivered solid results supported by strong completion to the 2025 Arctic ice season and stable overall dry bulk demand. Our fourth quarter TCE rates averaged 19% above the prevailing market for Panamax, Supramax and Handysize indices, reflecting the value provided by our niche ice class capabilities and long-term COAs.

展望 2025 年第四季度，我們取得了穩健的業績，這得益於 2025 年北極冰季的順利完成以及整體乾散貨需求的穩定。我們第四季的 TCE 費率平均比巴拿馬型、超靈便型和靈便型船舶的市場普遍水平高出 19%，這反映了我們獨特的冰級能力和長期 COA 所提供的價值。

Total shipping days increased 26% year-over-year largely reflecting the integration of the Handysize vessels we acquired from SSI at the end of 2024. This expansion drove significant operating leverage. Adjusted EBITDA grew 22% year-over-year to $28.7 million, highlighting the advantages of our integrated logistics model and increased scale.

總運輸天數年增 26%，這主要反映了我們在 2024 年底從 SSI 收購的 Handysize 船舶的整合。此次擴張帶來了顯著的營運槓桿效應。經調整的 EBITDA 年成長 22% 至 2,870 萬美元，凸顯了我們一體化物流模式和規模擴大的優勢。

During the quarter, we also continued investing in long-term strategic differentiation through our integrated logistics platform, which combines specialized shipping with terminals, stevedoring and port services. We commenced operation in Lake Charles, Louisiana and remain on track to launch expanded operations at the Port of Tampa early in the second half of this year. These investments deepen our customer relationships, enhance recurring revenue opportunities and further integrate Pangaea into our customers' supply chains, creating additional value for our customers.

本季度，我們也繼續透過我們的綜合物流平台投資於長期策略差異化，該平台將專業航運與碼頭、裝卸和港口服務相結合。我們已在路易斯安那州查爾斯湖開始運營，並預計在今年下半年初在坦帕港啟動擴大營運。這些投資加深了我們與客戶的關係，增強了經常性收入機會，並將 Pangaea 進一步融入我們客戶的供應鏈中，為我們的客戶創造了更多價值。

We also continued to advance our fleet renewal strategy. During the quarter, we sold the 2005-built Bulk Freedom for $9.6 million. Additionally, we recently entered into an agreement to sell the Bulk Xaymaca for $9.6 million. These actions reflect our ongoing commitment to maintaining a modern, efficient fleet aligned with customer needs and evolving regulatory requirements.

我們也持續推進車隊更新戰略。本季度，我們以 960 萬美元的價格售出了 2005 年建造的 Bulk Freedom 號。此外，我們最近達成協議，以 960 萬美元的價格出售 Bulk Xaymaca。這些措施體現了我們持續致力於維護一支現代化、高效的車隊，以滿足客戶需求和不斷變化的監管要求。

We remain disciplined in allocating capital. Our priorities of fleet renewal, organic growth, balance sheet strength and shareholder returns remains unchanged going into 2026. Throughout 2025, we repurchased approximately 600,000 shares for roughly $3 million and paid approximately $16.3 million in dividends. We ended the year with approximately $103 million in unrestricted cash, supported by strong operating cash flow. Our balance sheet strength gives us the financial flexibility to continue executing on these priorities, while navigating the current dry bulk environment.

我們在資本配置方面始終保持嚴謹的態度。進入 2026 年，我們仍將船隊更新、內生成長、資產負債表穩健性和股東回報作為優先事項。2025 年全年，我們回購了約 60 萬股股票，花費約 300 萬美元，並支付了約 1,630 萬美元的股息。截至年底，我們擁有約 1.03 億美元的非限制性現金，這得益於強勁的經營現金流。我們雄厚的資產負債表使我們擁有足夠的財務靈活性，能夠在應對當前乾散貨市場環境的同時，繼續推動這些優先事項。

Near-term dry bulk fundamentals remain constructive for our mix of [minor bulks]. The resumption of normal trade relations from the US to China has supported activity in the US Gulf, which is an important region for us and the dry bulk market as a whole.

近期乾散貨基本面仍對我們的投資組合有利。[少量散裝]。美國與中國恢復正常貿易關係，提振了美國墨西哥灣沿岸地區的經濟活動，該地區對我們以及整個乾散貨市場都非常重要。

Limited effective supplies growth. systemic regulatory constraints support a favorable medium-term outlook. The recent development in the Arabian Gulf does not directly impact Pangaea as we have no ships in the area and it has historically not been a large part of our trade patterns. The industry as a whole is feeling the indirect impacts through increased volatility in fuel prices and the disruption of dry bulk trade flows.

有效供應成長有限。系統性監管約束支撐著中期前景良好。阿拉伯灣的最新發展不會直接影響 Pangaea，因為我們在該地區沒有船隻，而且從歷史上看，該地區也不是我們貿易模式的重要組成部分。整個產業正感受到燃油價格波動加劇和乾散貨貿易流動中斷的間接影響。

Pangaea is uniquely positioned in the Arctic, a region where we have unparalleled operating experience and the largest and most modern high ice class fleet in our market segment. We see renewed geopolitical and commercial focus on the region and over the long term, we expect this attention to be a positive tailwind.

Pangaea 在北極地區擁有獨特的地理位置，我們在該地區擁有無與倫比的營運經驗，並且擁有我們市場領域中最大、最現代化的高冰級船隊。我們看到該地區重新成為地緣政治和商業關注的焦點，從長遠來看，我們預計這種關注將帶來積極的推動作用。

As we progress through the first quarter of 2026, market sentiment remains positive and pricing continued to hold at favorable levels. To date, we have booked 5,920 shipping days at a TCE of $14,917 per day, reflecting healthy demand and an encouraging start to the year. Pangaea enters 2026 with strong operating momentum, a disciplined and proven strategy, and a well-capitalized balance sheet that provides flexibility across cycles.

隨著我們進入 2026 年第一季度，市場情緒依然樂觀，價格繼續保持在有利水平。截至目前，我們已預訂了 5,920 個運輸日，每日 TCE 為 14,917 美元，這反映出市場需求旺盛，也預示著今年開局良好。Pangaea 在進入 2026 年時擁有強勁的營運動能、嚴謹且行之有效的策略，以及充足的資本資產負債表，這使其能夠在周期性波動中保持靈活性。

I'm confident in our ability to continue generating consistent value for our customers and shareholders. With that, I'll now turn the call over to Gianni to walk through our fourth quarter financial results.

我對我們有能力繼續為客戶和股東創造持續價值充滿信心。接下來，我將把電話交給詹尼，讓他來介紹我們第四季的財務表現。

Thank you, Mads, and welcome to those joining us on the call today.

謝謝馬茲，也歡迎今天參加我們電話會議的各位。

Our fourth quarter financial results were highlighted by sustained TCE premiums relative to the prevailing market supported by our niche ice class fleet during the peak of the Arctic trade season. Fourth quarter TCE rates were $17,773 per day, a premium of 19% over the average published market rates for Panamax, Supramax and Handysize vessels in the period.

在北極貿易旺季期間，我們憑藉著獨特的冰級船隊，實現了相對於當前市場的持續TCE溢價，這為我們第四季度的財務業績帶來了顯著優勢。第四季 TCE 費率為每天 17,773 美元，比同期巴拿馬型、超靈便型和靈便型船舶的平均公佈市場費率高出 19%。

Our adjusted EBITDA for the fourth quarter was approximately $29 million an increase of about $5 million, driven by a 25% increase in shipping days and an 11% increase in TCE earned year-over-year. Adjusted EBITDA margin was 17% in the fourth quarter of 2025, as compared to 13% in the prior year. Our total charter hire expenses increased by 36% compared to the fourth quarter of 2024, primarily due to a year-over-year increase in market rates, to charter-in vessels as total charter-in days remained relatively flat.

我們第四季的調整後 EBITDA 約為 2,900 萬美元，比上年同期成長約 500 萬美元，這主要得益於出貨天數成長 25% 以及 TCE 年成長 11%。2025 年第四季調整後 EBITDA 利潤率為 17%，而去年同期為 13%。與 2024 年第四季相比，我們的總租船費用增加了 36%，這主要是由於市場價格同比上漲，而租入船舶的總天數保持相對穩定。

Our charter-in cost on a per day basis was approximately $19,100 in the fourth quarter of 2025, an increase of 39% year-over-year, which reflects a similar increase in the average market for Panamax, Supramax and Handysize vessels. Through today, we've booked 2,543 days at $14,390 per day for the first quarter of 2026.

2025 年第四季度，我們的每日租船成本約為 19,100 美元，年增 39%，這反映了巴拿馬型、超靈便型和靈便型船舶平均市場的類似增長。截至今日，我們已預訂了 2026 年第一季的 2,543 天，每天價格為 14,390 美元。

Vessel operating expenses increased by 94% year-over-year, primarily due to the acquisition of the SSI fleet, which increased total owned days by 56% as well as incremental costs incurred related to the transfer of eight of our ice-class vessels to Seamar management during the fourth quarter. On a per day basis, for full year 2025, vessel operating expenses, net of technical management fees was $5,932 per day.

船舶營運費用年增 94%，主要原因是收購了 SSI 船隊，導致總擁有天數增加了 56%，以及在第四季度將我們的八艘冰級船舶移交給 Seamar 管理層所產生的額外成本。2025 年全年，船舶營運費用（扣除技術管理費後）按日計算為 5,932 美元/天。

Total general and administrative expenses increased by 7% from $6.3 million to approximately $6.7 million. The increase was primarily due to an increase in stock-based compensation expense due to the acceleration of vesting schedules during the fourth quarter of 2025.

一般及行政費用總額增加了 7%，從 630 萬美元增加到約 670 萬美元。此次成長主要是由於 2025 年第四季股票選擇權歸屬計畫加速實施，導致股票選擇權費用增加。

In total, our reported GAAP net income for the fourth quarter was $11.9 million or $0.19 per diluted share. When excluding the impact of the gain on sale, unrealized losses from derivative instruments as well as other non-GAAP adjustments, our reported adjusted net income attributable to Pangaea during the quarter was $10.1 million or $0.16 per diluted share.

根據美國通用會計準則（GAAP），我們第四季度報告的淨收入總計為 1,190 萬美元，即每股攤薄收益 0.19 美元。剔除出售收益、衍生性商品未實現損失以及其他非GAAP調整的影響後，本季歸屬於Pangaea的調整後淨收入為1,010萬美元，即每股攤薄收益0.16美元。

Moving on to the cash flows. Total cash from operations was approximately $50 million, driven by strong operating performance. At quarter end, we had approximately $103 million in unrestricted cash and total debt including finance lease obligations of approximately $372 million. During the quarter, our overall interest expense, net of interest income, was $5.4 million an increase of $1.2 million due to new debt facilities entered into during the third quarter as well as the assumed debt and finance leases associated with the SSI acquisition.

接下來來看現金流。受強勁的經營業績推動，經營活動產生的現金總額約為 5,000 萬美元。截至季末，我們擁有約 1.03 億美元的非限制性現金，以及約 3.72 億美元的總債務（包括融資租賃義務）。本季度，扣除利息收入後，我們的總利息支出為 540 萬美元，增加了 120 萬美元，原因是第三季度簽訂了新的債務融資協議，以及與 SSI 收購相關的承擔債務和融資租賃。

As Mads noted, throughout 2025, we purchased just over 600,000 shares for approximately $3 million and paid $16.3 million in quarterly dividends. Further, in February, we declared a $0.05 per share dividend to shareholders as of February 27 and payable on March 13, 2026. Our buyback program complements our quarterly dividend policy, reinforcing our focus on delivering shareholder returns through a disciplined and balanced approach to capital allocation.

正如 Mads 指出的那樣，在 2025 年，我們購買了略多於 60 萬股股票，花費約 300 萬美元，並支付了 1,630 萬美元的季度股息。此外，2 月份，我們宣布向截至 2 月 27 日的股東派發每股 0.05 美元的股息，將於 2026 年 3 月 13 日支付。我們的股票回購計畫是對季度分紅政策的補充，強化了我們透過嚴謹平衡的資本配置方式為股東帶來回報的理念。

Going forward, we will maintain the same disciplined approach to capital. Our priorities remain clear. preserve financial flexibility, deliver consistent returns to shareholders and invest selectively in opportunities that strengthen our integrated shipping and logistics platform. This includes advancing our terminal and stevedoring operations and continuing our fleet renewal strategy, with a focus on capital efficient initiatives that enhance our ability to meet customer cargo needs and regulatory compliance over the long term.

展望未來，我們將繼續保持這種嚴謹的資本管理方式。我們的優先事項依然明確：保持財務靈活性，為股東帶來持續回報，並有選擇地投資於能夠加強我們一體化航運和物流平台的機會。這包括推進我們的碼頭和裝卸作業，並繼續我們的船隊更新策略，重點是提高資本效率的舉措，以增強我們長期滿足客戶貨物需求和遵守監管規定的能力。

With that, we will now open the line for questions.

接下來，我們將開放提問通道。

(Operator Instructions)

（操作說明）

Laura Mayer, B. Riley Securities.

Laura Mayer，B. Riley Securities。

Hi, good morning. My first question, have you been able to leverage your Handysize vessels to grow your onshore port and terminal business?

您好，早安。我的第一個問題是，您是否能夠利用您的靈便型船舶來發展您的陸上港口和碼頭業務？

Good morning, Laura. Yes, we are experiencing nice synergies, both between the Handysize fleet and especially our existing Supramax fleet. And we are also in our port and terminals, we have also handled cargoes on several of our Handysize vessels. So, that's a nice spin-off between the two activities, yes.

早上好，勞拉。是的，我們正在體驗到良好的協同效應，無論是靈便型船隊之間，還是我們現有的超靈便型船隊之間，尤其是後者。而且，我們在自己的港口和碼頭也已經用幾艘靈便型散裝貨船處理過貨物。所以，這確實是這兩項活動之間一個不錯的衍生結果。

And with the current geopolitics disruption and the tanker market has received a lot of investor attention has the dry bulk sector and Pangaea [been affected] by recent events in the Middle East?

鑑於當前地緣政治動盪，油輪市場受到了投資者的廣泛關注，乾散貨產業和 Pangaea 是否受到了近期中東事件的影響？

I think our direct exposure to the conflict in the area is virtually non-existent. We have no ships in the area we have no ships going there. We have no people working in the region. We have two of our seafarers that were transiting through an airport, but they were able to make it out and make it home safely. So, the direct impact on us is nonexistent.

我認為我們幾乎沒有直接接觸到該地區的衝突。我們在該地區沒有船隻，也沒有船隻前往那裡。我們在該地區沒有員工。我們有兩名海員在機場轉機，但他們都安全抵達並回家了。因此，對我們而言，沒有直接影響。

The indirect impact, I think, is mainly being felt through oil price volatility and the potential for even further trade disruption as the materials on the dry side that are moving in and out of the US Gulf need to find alternative routes. So, it's still very early in that process to see how that will all shake out. It's still very much uncertain. But on balance, it could have an impact for sure.

我認為，間接影響主要體現在油價波動以及可能進一步的貿易中斷上，因為進出美國墨西哥灣的干散貨需要尋找替代路線。所以，現在還處於非常早期的階段，還很難說最終結果會如何。目前情況仍不明朗。但總的來說，這肯定會產生影響。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Poe Pratt, AGP.

Poe Pratt，AGP。

Good morning, Mads. Good morning, Gianni. Just a couple of quick ones, a little more detail, please. Can you talk about the potential impact of fuel prices, bunker fuel and how you manage your forward-looking bunker fuel prices?

早安，麥茲。早上好，詹尼。就幾個簡單的問題，請提供更多細節。您能否談談燃油價格、船用燃料油的潛在影響，以及您如何管理未來船用燃料油價格的預測？

Sure. Good morning, Poe.

當然。早安，坡。

So, we manage our exposure to fuel prices primarily in two different ways. The biggest component of that is that several of our larger contracts, especially the longer-term ones have bunker adjustment clauses in them. So, the freight is changed depending on the prevalent fuel price at any point in time. So, around the time we were performing the shipment, that calculation made that shows the impact of a change in the fuel price and the freight is adjusted accordingly. So our earnings on that contract -- when those contracts doesn't change, really, it's sort of floating the fuel price.

因此，我們主要透過兩種不同的方式來管理我們對燃油價格的風險敞口。其中最主要的原因是，我們的一些較大合同，特別是長期合同，都包含燃油調整條款。因此，運費會根據當時的燃油價格而有所變動。因此，在我們進行發貨的同時，該計算表明了燃油價格變化的影響，運費也相應地進行了調整。所以，當這些合約沒有變化時，我們在這些合約上的收益實際上就相當於讓燃油價格浮動。

And then for our shorter exposure, we hedge through using derivatives. That is not something that is new to us. We have done that for many years. We have to -- when we are operating a business like ours where we have quite a big shorter-term book that has a fixed rate to it. So, that is possible. It's relatively cheap. It's pretty efficient. And I believe on balance is probably a strength for us that we can manage that exposure honestly.

對於我們短期的風險敞口，我們透過使用衍生性商品進行對沖。這對我們來說並不新鮮。我們多年來一直這樣做。我們必須這樣做——當我們經營像我們這樣的業務時，我們有相當多的短期固定利率貸款。所以，這是有可能的。它相對便宜。它效率很高。而且我認為，總的來說，我們能夠誠實地管理這種風險敞口，這可能是我們的一個優勢。

And my sense is you're protected or you're hedged or insulated from any bunker fuel price increases for, say, the next six months to nine months? Is that fair? And so that you're really exposed as we look into the latter part of 2026 and maybe into '27, if oil prices continue to remain where they are right now and bunker fuel prices have stayed where they are?

我的感覺是，在接下來的六個月到九個月裡，您不會受到任何船用燃料價格上漲的影響，或者說您已經採取了對沖措施或進行了隔離。這樣公平嗎？因此，如果我們展望 2026 年下半年甚至 2027 年，如果石油價格和船用燃料油價格繼續保持在目前的水平，那麼你將面臨真正的風險？

No, I actually wouldn't say that, Poe, because (indiscernible) contract base, that's where we have the bunker escalation mechanism in the contract. So, we are protected on our COA portfolio, either through a bunker escalation cost or through a hedge position that whatever future business we will be doing will be priced at whatever is the bunker prices at that time.

不，我其實不會這麼說，坡，因為（聽不清楚的）合約基礎，合約中就有地堡升級機制。因此，我們的 COA 投資組合得到了保護，要么通過燃油價格上漲來規避風險，要么通過對沖頭寸來規避風險，這樣我們未來開展的任何業務都將按照當時的燃油價格定價。

Okay. So, you'll be able to dynamically adjust. In those two buckets that you talked about, Mads, what's the first bucket as far as the overall business? Whether you measure on tons moved or revenue or some kind of metric?

好的。這樣，您就可以動態調整。Mads，在你提到的那兩個類別中，就整體業務而言，第一個類別是什麼？你是用運輸噸數、收入還是其他某種指標來衡量？

When you referred to like the freight --

當你提到像貨物一樣的東西時--

Yes, the freight to COA business. I'm just trying to appreciate sort of how those two fuel price adjustments, which is more meaningful, I guess?

是的，就是貨運到 COA 的業務。我只是想了解這兩種燃油價格調整，哪一種比較有意義？

I would -- I think if I understand your question correctly, Poe, is that you're asking how much of contracted bunker adjustment clauses and how many are hedged with derivatives. Is that your question?

我想——如果我理解你的問題沒錯的話，Poe，你是在問有多少合約燃油調整條款，又有多少是用衍生品進行對沖的。這就是你的問題嗎？

Yeah, that'd be helpful. Just any way you sort of want to portray it.

是的，那會很有幫助。你想怎麼表達都行。

Yes. I would argue that we probably in the shorter term, it's probably done through derivatives, probably close to, I don't know, maybe 75%. And as you go out longer, further out, it's done 100% through bunker escalation clauses.

是的。我認為，短期內，我們可能會透過衍生性商品來實現，可能接近，我不知道，也許75%。而且，隨著航行時間的延長和航程的推進，費用將100%透過燃油價格上漲條款來計算。

Okay. And then if you could just expand on your comment that trade flows may be impacted by what's going on in the Middle East. And you talked about trade going out of the US Gulf. Can you just expand on that comment a little bit more?

好的。然後，如果您能詳細解釋您關於貿易流動可能受到中東局勢影響的評論，那就太好了。你也談到了美國墨西哥灣沿岸的貿易流出問題。能否再詳細解釋一下這篇評論？

So, I think one thing that we all have to bear in mind that this is still very fresh, and I don't think you can see any changes. So, a lot of this is sort of expectations or probably closer to speculation. But there is expected to be a pretty significant impact from reduction in gas exports out of the [AG] that potentially could be substituted with coal. And obviously, coal is being moved on [both] vessels, dry bulk vessels and where that coal will be sourced from is still a little, I think, very much an unknown (indiscernible) potentially could be long-haul business that will positively affect the ton-mile demand for the dry bulk market.

所以，我認為我們都必須記住的一點是，這件事還很新，我認為你還看不到任何改變。所以，這其中很多都屬於預期，或者更確切地說是推測。但預計[AG]天然氣出口減少將產生相當大的影響，因為煤炭可能會取代天然氣。顯然，煤炭正在透過乾散貨船和散裝船運輸，而這些煤炭的來源地仍然有點未知（難以辨認），這可能是一項長途運輸業務，會對乾散貨市場的噸英里需求產生積極影響。

Okay. So specifically coal out of the US in the backfill any shortfall in [LNG] out of the Middle East?

好的。所以，具體來說，是用美國的煤炭來填補中東液化天然氣供應的缺口嗎？

Potentially, that could happen, yes. But again, it's still very early days in terms of the contract and what the impact will be. But it is something that could happen, yes.

理論上，這種情況有可能發生。但話說回來，就合約本身及其影響而言，現在還處於非常早期的階段。但這確實有可能發生。

And then you detailed a lot of activity on the terminal, the port terminals, stevedoring. Can you just maybe quantify the potential impact to 2026 numbers? As far as the expansion, the activity there? Or are we going to see a step-up in revenues and margin? Or is it going to be -- if we could just quantify that impact, that would be helpful.

然後你詳細介紹了碼頭、港口碼頭和裝卸作業的許多活動。您能否量化一下這對 2026 年數據可能產生的影響？至於擴張方面，那邊的活動如何？或者我們會看到營收和利潤率的提升？或者說——如果我們能夠量化這種影響，那就很有幫助了。

Yes. Well, I can take that. For Q4, a lot of these just started to come online, but it's really the impact will be for 2026. So, we have Aransas, we've Lake Charles, Tampa and Pascagoula all coming on. So, we do expect to step up incremental EBITDA next year, and it's probably around $3 million as for '26 is what we're expecting. In total, just as things start to fall in place throughout 2026, we expect to see that incremental EBITDA for the full year.

是的。嗯，我可以接受。第四季度，許多專案才剛開始上線，但真正的影響要到 2026 年才會顯現。所以，阿蘭薩斯、查爾斯湖、坦帕和帕斯卡古拉都會加入比賽。因此，我們預計明年增量 EBITDA 將有所提高，預計 2026 年將達到 300 萬美元左右。總而言之，隨著 2026 年各項工作逐步步入正軌，我們預計全年將實現增量 EBITDA。

Okay. That was an EBITDA number, Gianni? That's correct?

好的。那是EBITDA數據嗎，吉安尼？沒錯吧？

Yes, that's correct.

是的，沒錯。

And then can you just talk about the fleet renewal, you sold two assets one per quarter for the last two quarters. what's on the front as far as the fleet renewal? Can you talk about both on the buy side and the sell side?

那麼，您能否談談車隊更新方面的情況？過去兩個季度，您每個季度都出售了一輛資產。車隊更新方面目前進度如何？能分別談談買方和賣方的情況嗎？

Sure. The decisions around those two transactions are driven just primarily through by the [weight] of the vessel. They were both approaching special surveys. One was 22 years, one was 20 years. So that is historically when we have decided to dispose of assets. So that's not really anything new. We're confidently in the market looking at potential candidates to bring into the fleet. And we are pretty optimistic about both the near-term market outlook and longer term as well.

當然。圍繞這兩筆交易的決策主要取決於船舶的重量。他們倆都在進行特別調查。一個22歲，一個20歲。所以，歷史上我們都是在這種情況下決定要處置資產的。所以這其實並不是什麼新鮮事。我們信心滿滿地在市場上尋找合適的候選人加入我們的車隊。我們對近期和長期的市場前景都相當樂觀。

So, we expect, of course, to be more active on that side of the fleet, adding a little bit of capacity as we go.

所以，我們當然希望在船隊這方面更積極主動，逐步增加運能。

Thank you.

謝謝。

And at this time, there are no further questions in the queue, so I'd like to turn the meeting back over to Mads for any additional or closing remarks.

目前，隊列中沒有其他問題了，所以我想把會議交還給馬茲，讓他做任何補充或總結演講。

Thank you very much. Once again, thank you for joining our call. Should you have any questions, please feel free to contact us at investors@pangaeals.com and a member of our team will follow up with you.

非常感謝。再次感謝您參加我們的電話會議。如有任何疑問，請隨時透過 investors@pangaeals.com 與我們聯繫我們，我們團隊的成員將與您聯繫。

This concludes our call today. You may now disconnect.

今天的通話到此結束。您現在可以斷開連線了。

Thank you. We have now reached our allotted time for this call. Today's meeting has ended and we appreciate your time and participation. You may now disconnect.

謝謝。本次通話時間已到。今天的會議已經結束，感謝您的時間和參與。您現在可以斷開連線了。