Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $36.1 million, down from $41.3 million in Q3 2024, reflecting a decrease in revenues due to lower charter highs [14] - Adjusted earnings per share for Q3 2025 was $0.12, compared to $0.16 in the same period last year [14] - Average time charter equivalent (TCE) decreased to $15,507 in Q3 2025 from $17,108 in Q3 2024 [15] - Daily vessel running expenses decreased by 4% to $5,104 in Q3 2025 from $5,311 in Q3 2024 [15] Business Line Data and Key Metrics Changes - The company sold two of its oldest vessels as part of its fleet renewal strategy [3] - The fleet now includes 12 phased new vessels delivered from 2022 onwards, with 24 vessels environmentally upgraded [5] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% on average in 2025 and 2026, with asset prices expected to rise in line with the freight market [4] - Global dry bulk demand growth is forecasted at 2% in 2026 and 1.5% in 2027, with grains and minor bulks being the best-performing sectors [7] Company Strategy and Development Direction - The company maintains a strong capital structure, providing flexibility in capital allocation and has declared a dividend of $0.05 per share [3] - Focus on fleet energy efficiency and lower CO2 taxation, with zero vessels rated D and E in carbon intensity for 2024 [11] Management Comments on Operating Environment and Future Outlook - Management noted a weaker charter market environment in Q3 2025 compared to the same period in 2024, with geopolitical factors contributing to market volatility [3][14] - The company anticipates an improving trade market rate due to a trade truce between the U.S. and China [6] Other Important Information - The company has a market cap of $496 million and maintains significant liquidity with $390 million in capital resources [11] - The company has a revenue backlog of $154 million, underscoring its capacity to support debt service and shareholder returns [17] Q&A Session Summary - No questions were raised during the Q&A session, and management concluded the call by thanking participants [18][20]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $36.1 million, down from $41.3 million in Q3 2024, indicating a decrease in profitability [14] - Adjusted earnings per share for Q3 2025 was $0.12, compared to $0.16 in the same period last year [14] - Average time charter equivalent decreased to $15,507 in Q3 2025 from $17,108 in Q3 2024 [15] - Daily vessel running expenses decreased by 4% to $5,104 in Q3 2025 from $5,311 in Q3 2024 [15] Business Line Data and Key Metrics Changes - The company sold two of its oldest vessels as part of its fleet renewal strategy [3] - The fleet now includes 12 phased new vessels delivered from 2022 onwards, with 24 vessels environmentally upgraded [5] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% on average in 2025 and 2026, with asset prices expected to rise in line with the freight market [4] - Global dry bulk demand growth is forecasted at 2% in 2026 and 1.5% in 2027, with grains and minor bulks being the best-performing sectors [7] Company Strategy and Development Direction - The company maintains a strong capital structure, providing flexibility in capital allocation and has declared a dividend of $0.05 per share [3] - Focus on fleet energy efficiency and leveraging the majority Japanese-built fleet advantage [11] Management's Comments on Operating Environment and Future Outlook - The management noted a weaker charter market environment compared to the same period in 2024, with decreased revenues due to lower charter highs [14] - The geopolitical tensions and market fragmentation are expected to increase market volatility [3] Other Important Information - The company has a market cap of $496 million and maintains significant liquidity with $390 million in capital resources [11] - The company achieved zero vessels in D and E carbon intensity CII rating for 2024, reflecting its commitment to sustainability [10] Q&A Session Summary - No questions were raised during the Q&A session, and the management concluded the call without further comments [18][19]

其次，日本向澳大利亚斯卡伯勒等大型天然气项目提供资金，威胁着当地的土地、水域与文化。而这些 项目缺乏原住民"在基于了解充分信息基础上的自由意愿、事前同意"。原住民还被迫签署"封口承诺"， 现在比金字塔更古老的岩画正因碳排放问题而受到侵蚀。 此外，日本过度采购液化天然气（LNG）再转卖至亚洲，挤压了可再生能源发展空间，也妨碍了当地 追求的"公正转型"。自2008年以来，日本与韩国向澳大利亚大型LNG项目投入205亿美元，其中日本国 际协力银行等日本的出口信贷机构提供了64%的资金支持，实际上助长了气候危机。 根据国际环保组织"地球之友（日本）"的数据，自2016年《巴黎协定》生效以来，日本国际协力银行已 在15个国家对26个化石天然气项目提供直接金融支持。由其导致的碳排放量到2024年已达4.08亿吨二氧 化碳当量，相当于全球第20大排放国的规模。 再次，日本持续阻挠将公正性、公平性、以人为本的转型计划纳入《联合国气候变化框架公约》正式谈 判文本并使其制度化的动向，并支持"到2026年前不采取任何行动"的方案。CAN表示，日本拒绝构建能 够反映公平性与当地社区声音的制度，"甚至毫不掩饰其厌恶将公正转型纳入COP ...

Summary of Fortum's Investor Day 2025 Company Overview - **Company**: Fortum - **Industry**: Energy (specifically Nordic power market) - **Key Executives Present**: Markus Rauramo (President and CEO), Tiina Tuomela (CFO), Simon Eerik Ollus, Mikael Rönnblad Core Points and Arguments Strategic Priorities and Growth Vision - Fortum aims to create value for shareholders through its core operations and strategic execution focused on the Nordic power market [4][5][6] - The company has a strong position in the Nordic power market with a portfolio that includes flexible hydro and baseload nuclear energy [5][6] - Fortum's nuclear fleet has a total capacity exceeding 3 gigawatts, and hydro assets amount to almost 4.7 gigawatts, contributing to a significant share of the Nordic power market [6] Market Dynamics and Demand Projections - The Nordic power demand is projected to grow to 550 terawatt-hours per year by 2030 and 975 terawatt-hours by 2050, driven by sectors like data centers [9][10] - The company sees robust underlying demand from various industrial sectors, although long-term power purchase agreements (PPAs) are currently less favored [10][11] - Data centers are identified as the most active sector, expected to increase power demand before larger industrial projects [11] Financial Performance and Targets - Fortum's EBITDA for the last 12 months was EUR 1,258 million, with a comparable operating profit of EUR 930 million [6] - The company aims for a return on net assets (RONA) target of 14% and a credit rating of at least BBB flat [18][19] - A new capital expenditure (CapEx) target of approximately EUR 2 billion is set for the next five years, with potential additional investments of up to EUR 2.5 billion [44][49] Sustainability and Decarbonization - Fortum has set ambitious sustainability targets, including net zero greenhouse gas emissions by 2040 and exiting coal by the end of 2027 [32][33] - The company emphasizes the importance of low-carbon technologies, with 99% of its electricity production already decarbonized [34] Operational Efficiency and Cost Management - Fortum has cut EUR 100 million in annual fixed costs, with a target fixed cost level of EUR 870 million from 2026 onwards [37] - The optimization premium from flexible hydro is expected to be around EUR 8-10 per megawatt-hour for 2026, with a long-term guidance of EUR 6-8 [25][61] Customer Engagement and Commercial Strategy - Fortum is shifting focus towards direct interaction with industrial customers, aiming to stabilize revenue streams through long-term contracts [17][26] - The company targets to hedge at least 25% of its Nordic wholesale electricity production over a rolling 10-year period by the end of 2028 [48] Other Important Insights - Fortum's hydro assets are viewed as highly valuable due to their low carbon emissions and infinite lifespan, although new hydro plants are difficult to build [5][38] - The company is exploring new supply options, including pumped hydro storage, to meet future demand [38] - Fortum's strategy includes a focus on digitalization and enhancing operational capabilities to improve efficiency and customer satisfaction [30][31] This summary encapsulates the key points discussed during Fortum's Investor Day 2025, highlighting the company's strategic direction, market dynamics, financial targets, and commitment to sustainability.

Summary of Veolia Environnement Update / Briefing Company Overview - **Company**: Veolia Environnement (OTCPK: VEOE.F) - **Industry**: Urban energy, waste management, and environmental services - **Key Focus**: Decarbonization, urban heating networks, and energy efficiency Core Points and Arguments 1. **Acquisition Announcement**: Veolia announced a major acquisition in the US related to hazardous waste, emphasizing its strategy of combining strongholds and boosters in its operations [1] 2. **Pozna's Energy Transformation**: Pozna is transitioning to a 100% coal-free urban heating network by 2030, showcasing a model for energy transformation across Europe [2] 3. **New Energy Equation**: The energy crisis has highlighted the need for local energy production, affordability, stability, efficiency, flexibility, and decarbonization, which Veolia aims to address [3] 4. **Revenue Breakdown**: In 2024, Veolia generated EUR 45 billion in revenues, with energy representing 25% (EUR 11 billion) of its business, primarily from urban heating networks [4][24] 5. **Heating Networks**: 50% of energy consumed in Europe is heat, with 75% still derived from fossil fuels, presenting a significant opportunity for transformation [6] 6. **Leadership in Urban Heating**: Veolia claims leadership in urban heating networks due to its scale, local presence, public procurement expertise, and ability to integrate various energy solutions [7][8] 7. **Efficiency Metrics**: Veolia operates at an average efficiency of 88% across its networks, with some achieving 94%, compared to the European average of 75% [11] 8. **Decarbonization Projects**: Significant projects in Germany and the Czech Republic have achieved emission reductions of 45% to 60% without service interruptions, with investments totaling EUR 700 million since 2018 [14][15] 9. **EcoThermal Grid Launch**: Veolia launched EcoThermal Grid to optimize existing networks and create new ones, targeting a EUR 4 billion addressable market and EUR 350 million in additional turnover by 2030 [19][20] 10. **2030 Ambition**: Veolia aims to become the number one player in urban heating in Europe, achieve a coal exit across all operations, and generate EUR 350 million from EcoThermal Grid [20] Additional Important Insights 1. **Regulatory Support**: EU regulations are accelerating the shift towards decarbonization and energy efficiency, with ambitious targets for connecting additional citizens to heating networks by 2030 [6] 2. **Financial Resilience**: Veolia's strategy includes hedging against energy price volatility and maintaining stable cash flows through long-term contracts and pass-through mechanisms [28][29] 3. **Growth Drivers**: Future growth will come from new connections, additional services, and geographic expansion, supported by favorable regulations and efficiency gains [30][31] 4. **Coal Exit Strategy**: Veolia's commitment to exit coal by 2030 involves a multi-fuel approach, including biomass, waste heat recovery, and geothermal energy, with expected additional EBITDA of EUR 250 million [32][34] 5. **Partnership with Pozna**: The collaboration with the city of Pozna has been crucial for the successful transition to a decarbonized heating system, highlighting the importance of local partnerships [49][60] This summary encapsulates the key points from the Veolia Environnement update, focusing on the company's strategic direction, financial performance, and commitment to sustainability and decarbonization in urban energy systems.

该公司在巴布亚新几内亚和纽蒙特合资的Wafi-Golpu铜金项目中持有50%权益。Motsepe强调，ARM正 在积累的基本可能会支持Harmony未来的铜投资。 Harmony公司的长期计划是从根本上转型为一家全球化黄金和铜生产商。Motsepe曾表示，对铜的投资 （在巴布亚新几内亚和澳大利亚）并非次要的，而是Harmony公司未来的核心。 铜被用于电动汽车、科技、水、可再生能源和电网基础设施，使其成为能源转型和脱碳的关键。 南非的非洲彩虹矿业公司（ARM）在铜领域采取了大胆的举措，在本月举行的一场活动上，ARM董事 长Patrice Motsepe宣布，将和纽蒙特公司（Newmont Corporation）在巴布亚新几内亚建立一家价值数十 亿美元的铜合资企业。这可能是在关键矿产领域最大的投资之一。 ARM将此定义为长期的、可持续性的押注。Motsepe将巴布亚新几内亚项目和全球脱碳趋势，以及对铜 等关键矿产需求激增联系起来。用他的话说，"这是一项长期策略"，ARM将成为向低碳世界转型的参 与者。 Motsepe补充称，ARM拥有130亿兰特现金，还有70亿兰特未提取的信贷额度。他强调，其中很大一部 分的 ...

科莱恩催化剂业务单元合成气与燃料业务部全球副总裁韩杰安表示："凭借在甲醇合成催化剂领域数十 年的创新积累，科莱恩在推动低碳甲醇技术大规模应用方面具有得天独厚的优势，该技术将在难减排行 业的脱碳进程中发挥决定性作用。" 中化新网讯 11月19日，科莱恩宣布，将与雷普索尔公司合作，共同推进后者位于西班牙塔拉戈纳附近 埃尔莫雷利的创新型甲醇工厂项目。此项目名为Ecoplanta，将率先在欧洲实现将城市垃圾转化为可再生 甲醇。 埃纳肯首席执行官Michel Chornet补充道："我们的技术不仅可实现低碳甲醇的大规模生产、减少垃圾填 埋量，还能显著避免温室气体排放。据估算，新工厂在投入运营后的前十年内，累计减排量可达340万 吨二氧化碳当量。" 该工厂将采用埃纳肯先进的垃圾气化工艺，并使用科莱恩一系列合成气净化催化剂以及高活性的 MegaMax甲醇合成催化剂。该厂计划于2029年竣工，届时每年可处理40万吨不可回收固体城市垃圾， 年产甲醇24万吨。 埃纳肯致力于利用废弃物生产低碳燃料和化学品，其解决方案旨在有效应对废弃物管理及航空、航运、 化工和离网能源等难以减排行业的脱碳挑战。科莱恩的催化技术与Ecoplanta工 ...

美联社文章，原题：中国的柴油卡车正转向电动化，这可能会改变全球液化天然气和柴油需求 中 国正以超出预期的速度用电动重卡取代柴油重卡，这有可能重塑全球燃料需求和重卡运输行业的未来。 2020年，中国几乎所有的新重卡还都在使用柴油。总部位于北京的第一商用车网的数据显示，2025 年上半年，中国重卡市场的新能源渗透率达到22.34%，明显高于去年上半年的9.21%。英国市场研究机 构BMI预测，今年电动重卡将占新重卡销量的近46%，明年将升至60%。 重卡承载着现代经济的命脉，但也是全球二氧化碳排放的重要源头。国际能源署的数据显示，2019 年，公路货运占到交通运输行业碳排放总量的1/3。重卡运输行业曾被认为是难以脱碳的领域，因为配 备重型电池的电动重卡的有效载荷小于柴油重卡。液化天然气的支持者认为，在电动重卡技术成熟前， 燃气重卡是污染更小的选项。 美国能源经济和金融分析研究所分析师克里斯托弗·多尔曼表示，中国的柴油消耗量下降速度可能 快于许多人的预期。在中国市场，如今电动重卡比燃气重卡更畅销，因此中国对化石燃料的需求可能会 下降。 据第一商用车网报道，从2025年5月开始，中国国内新能源重卡的销量占比已经连续五 ...

美联社11月19日文章，原题：中国的柴油卡车正转向电动化，这可能会改变全球液化天然气和柴油需求 中国正以超出预期的速度用电动重卡取代柴油重卡，这有可能重塑全球燃料需求和重卡运输行业的未 来。 2020年，中国几乎所有的新重卡还都在使用柴油。总部位于北京的第一商用车网的数据显示，2025年上 半年，中国重卡市场的新能源渗透率达到22.34%，明显高于去年上半年的9.21%。英国市场研究机构 BMI预测，今年电动重卡将占新重卡销量的近46%，明年将升至60%。 重卡承载着现代经济的命脉，但也是全球二氧化碳排放的重要源头。国际能源署的数据显示，2019年， 公路货运占到交通运输行业碳排放总量的1/3。重卡运输行业曾被认为是难以脱碳的领域，因为配备重 型电池的电动重卡的有效载荷小于柴油重卡。液化天然气的支持者认为，在电动重卡技术成熟前，燃气 重卡是污染更小的选项。 美国能源经济和金融分析研究所分析师克里斯托弗·多尔曼表示，中国的柴油消耗量下降速度可能快于 许多人的预期。在中国市场，如今电动重卡比燃气重卡更畅销，因此中国对化石燃料的需求可能会下 降。 据第一商用车网报道，从2025年5月开始，中国国内新能源重卡的销量占 ...

Core Insights - The Portuguese chemical, petrochemical, and refining sectors need to increase decarbonization investments to achieve the net-zero emissions target by 2050, with an estimated investment requirement of €30 billion [1] Investment Requirements - The current annual investment in the Portuguese chemical industry is approximately €1 billion, primarily focused on business growth, production process optimization, and energy efficiency, with only a portion directed towards decarbonization efforts [1] - The €30 billion decarbonization cost estimate is based on a study conducted in collaboration with consulting firm Ernst & Young, marking the first time the industry has provided a specific figure for decarbonization costs [1] Decarbonization Strategy - The investment will be used for a structured plan to meet the carbon neutrality requirements outlined in UN and EU treaties, necessitating significant initial capital injection [1] - Key areas for investment include electrification upgrades, development of renewable gases (such as green hydrogen and biomass), and the application of carbon capture, utilization, and storage (CCUS) technologies [1] Regulatory Context - Achieving carbon neutrality is a legal obligation in Europe, and there is no doubt among APQuimica members regarding this requirement [1] - The chemical industry is capital-intensive, already investing substantial funds annually, and has the capacity to increase investments further [1] Emissions Data - The manufacturing sector in Portugal accounts for 26% of the country's total greenhouse gas emissions, with the chemical, petrochemical, and refining industries contributing over one-third of industrial emissions [1]