<p>在本期 Capital Link 的航运行业网络研讨会中，我们邀请到了 BW LPG Ltd.的首席执行官 Kristian Sorensen (NYSE: BWLP) (OSLO: BWLPG)，Dorian LPG Ltd.的首席财务官兼财务主管 Theodore (Ted) Young (NYSE: LPG)，以及 Navigator Gas 的首席执行官 Mads Peter Zacho (NYSE: NVGS)。本次网络研讨会由德意志银行证券公司 LNG 基础设施与海运的副总裁 Chris Robertson 主持，重点讨论了 LPG 运输市场。</p>
<p><strong>要观看完整讨论，请访问以下链接：</strong></p>
<p>https://www.youtube.com/watch?v=jfAFFsX4EFE</p>
<p>小组强调，LPG 运输的基本面越来越受到全球能源和石化流动的驱动，而不是短期运费波动。BW LPG 是 VLGC 领域最大的拥有和运营公司，专注于超过 84,000 立方米的船舶。正如 Young 所提到的，Dorian LPG 仅在 VLGC 领域活跃，拥有 27 艘船舶。这两家公司主要服务于从美国墨 Gulf 和中东到亚洲的长途丙烷和丁烷贸易。</p>
<p>Navigator Gas 在手持和中型船舶领域运营，是全球最大的手持液化气运输船队的拥有和运营公司。该公司运输 LPG、氨和石化气体，如乙烯和乙烷，拥有 57 艘半冷却或全冷却的船舶，其中 27 艘具备乙烯运输能力。Navigator Gas 还持有德克萨斯州 Morgan's Point 的一个乙烯出口海洋终端 50% 的所有权。</p>
<h3><strong>美国生产与全球使用</strong></h3>
<p>小组成员指出，LPG 受益于成熟页岩盆地（如二叠纪）的持续气体特性。即使原油产量趋于平稳，预计到 2030 年，NGL 产量将增长 25-32%。此外，LPG 作为海洋燃料本身也在获得关注，BW LPG 等公司正在为其新船采用双燃料推进。Young 表示，欧洲基于石脑油的石化能力的持续整合是积极的，因为亚洲的替代能力往往更依赖于 LPG，从而增加了吨英里需求。</p>
<h3><strong>资本纪律</strong></h3>
<p>Sorensen 和 Young 都强调，股息是他们回报价值的主要方式，Young 将焦点转向 Dorian 的公司财务经验，显示出市场对股息的反应比回购更强。&#34;我们在债务减少、船队投资和股东回报之间取得了相当好的平衡。当我们进行有意义的回购时，实际上没有对我们的总股东回报产生可测量的影响，但当我们开始支付股息时，确实看到了巨大的增长。&#34;</p>
<p>Zacho 强调了 Navigator Gas 最近改善的资本回报政策，其中季度现金股息从每股 0.05 美元增加到 0.07 美元，净收入支付比例从 25% 提高到 30%。Zacho 还指出，公司连续三年回购了额外的 5000 万美元的股份，并表示这种额外的临时回购趋势可能会在 2026 年继续。</p>
<h3><strong>船队供应、监管与环境转型</strong></h3>
<p>对于 VLGC，Young 承认订单簿与船队的比例为 25%，但强调强劲的需求增长和全球船队老龄化提供了平衡。对于 Navigator Gas 的细分市场，Zacho 看到约 10% 的温和订单簿，由于拆解，船队可能出现负增长，因为超过 20% 的船舶超过 20 年。 此外，禁止排放洗涤器的即将到来加速了已经发生的转变。</p>
<p>Sorensen 表示，BW LPG 正在&#34;越来越多地倾斜我们的船队组成朝向 LPG 双燃料。&#34;对此，Zacho 表示同意：&#34;我们正在建造双燃料船舶。我们已经很长时间没有考虑洗涤器了。如果炼油厂在那里去除硫可能更好，而不是我们在每艘船上去除。&#34;反过来，Young 补充说，现有的洗涤器投资远远超过内部计算，但他看到了替代燃料的未来，使洗涤器成为逐渐消退的解决方案。</p>
<p><strong><em>免责声明：Capital Link 是 Navigator Gas (NVGS) 的投资者关系顾问，并与 Dorian LPG (LPG) 合作。此内容仅供信息参考，不构成投资建议。文章中包含公司管理层在行业网络研讨会期间所作的声明。</em></strong></p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

Navigator控股

BWLP

<p>液化石油气（LPG）运输市场越来越受到全球能源和石化流动的驱动，而非短期运费波动。在一次 Capital Link 网络研讨会上，BW LPG、Dorian LPG 和 Navigator Gas 等主要参与者讨论了市场动态、船队组成和资本纪律。他们强调了 LPG 生产的增长、双燃料推进的采用以及股息对股东价值的影响。讨论还涉及了船队供应、监管变化以及向替代燃料的转变</p>

<p>In this episode of Capital Link's Shipping Sector Webinar Series, we had Kristian Sorensen, CEO of BW LPG Ltd. (NYSE: BWLP) (OSLO: BWLPG), Theodore (Ted) Young, CFO &amp; Treasurer of Dorian LPG Ltd. (NYSE: LPG), and Mads Peter Zacho, CEO of  Navigator Gas (NYSE: NVGS). The webinar, moderated by Chris Robertson, Vice President, LNG Infrastructure and Maritime Shipping at Deutsche Bank Securities Inc., focused on the LPG carrier market.</p>
<div class="lb-trans"><p>在本期 Capital Link 的航运行业网络研讨会中，我们邀请到了 BW LPG Ltd.的首席执行官 Kristian Sorensen (NYSE: BWLP) (OSLO: BWLPG)，Dorian LPG Ltd.的首席财务官兼财务主管 Theodore (Ted) Young (NYSE: LPG)，以及 Navigator Gas 的首席执行官 Mads Peter Zacho (NYSE: NVGS)。本次网络研讨会由德意志银行证券公司 LNG 基础设施与海运的副总裁 Chris Robertson 主持，重点讨论了 LPG 运输市场。</p>
</div><p><strong>To watch the full discussion, please visit the following link:</strong></p>
<div class="lb-trans"><p><strong>要观看完整讨论，请访问以下链接：</strong></p>
</div><p>https://www.youtube.com/watch?v=jfAFFsX4EFE</p>
<div class="lb-trans"><p>https://www.youtube.com/watch?v=jfAFFsX4EFE</p>
</div><p>The panel highlighted that LPG shipping fundamentals are increasingly driven by global energy and petrochemical flows rather than short-term freight volatility. BW LPG is the largest owner-operator in the VLGC sector, specializing in vessels over 84,000 cubic meters. Dorian LPG, as Young noted, is solely active in the VLGC sector with 27 vessels. Both companies primarily serve the long-haul propane and butane trades, from the U.S. Gulf and the Middle East to Asia.</p>
<div class="lb-trans"><p>小组强调，LPG 运输的基本面越来越受到全球能源和石化流动的驱动，而不是短期运费波动。BW LPG 是 VLGC 领域最大的拥有和运营公司，专注于超过 84,000 立方米的船舶。正如 Young 所提到的，Dorian LPG 仅在 VLGC 领域活跃，拥有 27 艘船舶。这两家公司主要服务于从美国墨 Gulf 和中东到亚洲的长途丙烷和丁烷贸易。</p>
</div><p>Navigator Gas operates in the handy and midsize segments and is the owner-operator of the world's largest fleet of handysize liquefied gas carriers. The company transports LPG, ammonia, and petrochemical gases such as ethylene and ethane, with a fleet of 57 semi- or fully-refrigerated vessels, 27 of which are ethylene-capable. Navigator Gas also holds a 50% ownership interest in an ethylene export marine terminal at Morgan's Point, Texas.</p>
<div class="lb-trans"><p>Navigator Gas 在手持和中型船舶领域运营，是全球最大的手持液化气运输船队的拥有和运营公司。该公司运输 LPG、氨和石化气体，如乙烯和乙烷，拥有 57 艘半冷却或全冷却的船舶，其中 27 艘具备乙烯运输能力。Navigator Gas 还持有德克萨斯州 Morgan's Point 的一个乙烯出口海洋终端 50% 的所有权。</p>
</div><h3><strong>U.S. Production and Global Use</strong></h3>
<div class="lb-trans"><h3><strong>美国生产与全球使用</strong></h3>
</div><p>The panelists noted that LPG benefits from the persistently gassy nature of maturing shale basins such as the Permian. Even with flattening crude oil output, NGL production is forecast to grow by 25-32% by 2030. Beyond that, LPG is gaining traction as a marine fuel itself, with companies such as BW LPG adopting dual-fuel propulsion for their new vessels. The ongoing consolidation of naphtha-based petrochemical capacity in Europe, as Young said, is a positive, as replacement capacity in Asia is often more LPG-intensive, increasing ton-mile demand.</p>
<div class="lb-trans"><p>小组成员指出，LPG 受益于成熟页岩盆地（如二叠纪）的持续气体特性。即使原油产量趋于平稳，预计到 2030 年，NGL 产量将增长 25-32%。此外，LPG 作为海洋燃料本身也在获得关注，BW LPG 等公司正在为其新船采用双燃料推进。Young 表示，欧洲基于石脑油的石化能力的持续整合是积极的，因为亚洲的替代能力往往更依赖于 LPG，从而增加了吨英里需求。</p>
</div><h3><strong>Capital Discipline</strong></h3>
<div class="lb-trans"><h3><strong>资本纪律</strong></h3>
</div><p>Sorensen and Young both highlighted dividends as their primary vehicle for returning value, with Young turning the spotlight toward Dorian's corporate finance experience, which revealed a stronger market response to dividends versus buybacks. &#34;We’ve managed to strike a pretty good balance between debt reduction, fleet investment, and shareholder returns. We really saw no measurable impact on our total shareholder return when we did meaningful buybacks, yet we saw a massive increase when we actually started paying dividends.&#34;</p>
<div class="lb-trans"><p>Sorensen 和 Young 都强调，股息是他们回报价值的主要方式，Young 将焦点转向 Dorian 的公司财务经验，显示出市场对股息的反应比回购更强。&#34;我们在债务减少、船队投资和股东回报之间取得了相当好的平衡。当我们进行有意义的回购时，实际上没有对我们的总股东回报产生可测量的影响，但当我们开始支付股息时，确实看到了巨大的增长。&#34;</p>
</div><p>Zacho highlighted Navigator Gas' recently improved return of capital policy, in which the quarterly cash dividend was increased to $0.07/share (from $0.05/share) and the net income payout percentage was increased to 30% (from 25%). Zacho also noted that the company has repurchased an additional $50 million of shares for three consecutive years, stating that this trend of additional ad hoc share repurchases will likely continue in 2026.</p>
<div class="lb-trans"><p>Zacho 强调了 Navigator Gas 最近改善的资本回报政策，其中季度现金股息从每股 0.05 美元增加到 0.07 美元，净收入支付比例从 25% 提高到 30%。Zacho 还指出，公司连续三年回购了额外的 5000 万美元的股份，并表示这种额外的临时回购趋势可能会在 2026 年继续。</p>
</div><h3><strong>Fleet Supply, Regulation, and Environmental Transition</strong></h3>
<div class="lb-trans"><h3><strong>船队供应、监管与环境转型</strong></h3>
</div><p>For VLGCs, Young acknowledged a 25% orderbook to fleet ratio but emphasized that strong demand growth and an aging global fleet provide balance. For Navigator Gas' segment, Zacho saw a benign orderbook of about 10%, with potential for negative fleet growth due to scrapping as more than 20% of the vessels exceed 20 years of age. Additionally, the impending ban on scrubber discharges is accelerating a shift that is already happening.</p>
<div class="lb-trans"><p>对于 VLGC，Young 承认订单簿与船队的比例为 25%，但强调强劲的需求增长和全球船队老龄化提供了平衡。对于 Navigator Gas 的细分市场，Zacho 看到约 10% 的温和订单簿，由于拆解，船队可能出现负增长，因为超过 20% 的船舶超过 20 年。 此外，禁止排放洗涤器的即将到来加速了已经发生的转变。</p>
</div><p>Sorensen said that BW LPG is &#34;tilting our fleet composition more and more toward LPG dual fuels.&#34; To that, Zacho agreed: &#34;We are building dual-fuel vessels. We haven’t considered scrubbers for a long time. It’s probably better if the refinery is there removing the sulfur rather than if we do it on each ship.&#34; In turn, Young added that the existing scrubber investments had vastly exceeded internal calculations but saw the future in alternative fuels, rendering scrubbers a fading solution.</p>
<div class="lb-trans"><p>Sorensen 表示，BW LPG 正在&#34;越来越多地倾斜我们的船队组成朝向 LPG 双燃料。&#34;对此，Zacho 表示同意：&#34;我们正在建造双燃料船舶。我们已经很长时间没有考虑洗涤器了。如果炼油厂在那里去除硫可能更好，而不是我们在每艘船上去除。&#34;反过来，Young 补充说，现有的洗涤器投资远远超过内部计算，但他看到了替代燃料的未来，使洗涤器成为逐渐消退的解决方案。</p>
</div><p><strong><em>Disclosure: Capital Link is the investor relations advisor to Navigator Gas (NVGS) and works with Dorian LPG (LPG). This content is for informational purposes only and not intended to be investing advice. The article includes statements made by company management during the sector webinar.</em></strong></p>
<div class="lb-trans"><p><strong><em>免责声明：Capital Link 是 Navigator Gas (NVGS) 的投资者关系顾问，并与 Dorian LPG (LPG) 合作。此内容仅供信息参考，不构成投资建议。文章中包含公司管理层在行业网络研讨会期间所作的声明。</em></strong></p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

液化石油气运输的基本面正越来越多地受到全球能源和石化产品流动的影响，而不是短期运费的波动