联合国8日发布《2026年世界经济形势与展望》报告，预测2026年世界经济将增长2.7%，略低于2025年 2.8%的预估增速。 报告指出，2025年尽管美国大幅提高关税，但在稳健的消费支出和通胀回落的支撑下，全球经济表现出 超预期韧性，维持了增长势头。然而，深层次的脆弱性依然存在。投资持续低迷和财政空间有限，正在 拖累经济活动，并增加了全球经济可能陷入长期低增长的风险。 报告说，贸易紧张局势的初步缓和有助于减缓对国际贸易的冲击，但更高的关税水平叠加宏观经济不确 定性上升，其影响预计将在2026年更加明显。报告预计2026年全球贸易增长率将降至2.2%，低于2025 年的3.8%。 报告预测，受劳动力市场趋于疲软抑制增长动能的影响，2026年美国经济增速将维持在2.0%左右。由 于美国提高关税以及持续的地缘政治不确定性对出口构成压力，2026年欧盟经济增长将放缓至1.3%。 受外部环境持续走弱影响，日本2026年经济增速预计约为0.9%。 此外，报告还预测，2026年东亚地区经济增长4.4%、南亚地区增长5.6%、非洲地区增长4.0%、拉丁美 洲和加勒比地区增长2.3%、独立国家联合体和格鲁吉亚增长2.1%。 ...

花旗预计人民币兑美元到年底将升向6.8，期间可能出现波动。 Xiangrong Yu等花旗经济学家在报告中写道，预计人民币兑美元将在未来6-12个月升至6.8，预计该货币 对未来三个月可能在6.9左右波动。 花旗表示，2026年人民币波动性可能上升，但整体偏向升值。 该行表示："央行可能已部分通过影响汇率来锚定外部波动下的预期。我们认为，这种策略在2026年可 能不再必要，可能会'有管理的升值'。" 花旗还表示，中国推进人民币国际化和缓和贸易紧张局势的目标或支撑人民币走强。 花旗预计人民币兑美元到年底将升向6.8，期间可能出现波动。 Xiangrong Yu等花旗经济学家在报告中写道，预计人民币兑美元将在未来6-12个月升至6.8，预计该货币 对未来三个月可能在6.9左右波动。 花旗表示，2026年人民币波动性可能上升，但整体偏向升值。 该行表示："央行可能已部分通过影响汇率来锚定外部波动下的预期。我们认为，这种策略在2026年可 能不再必要，可能会'有管理的升值'。" 花旗还表示，中国推进人民币国际化和缓和贸易紧张局势的目标或支撑人民币走强。 责任编辑：于健 SF069 责任编辑：于健 SF069 ...

各方预测显示，在贸易紧张局势加剧和人工智能驱动的生产率不确定性背景下，通胀将放缓，全球增长 将减速；风险包括失业率上升和财政压力加大。 责任编辑：张俊 SF065 各方预测显示，在贸易紧张局势加剧和人工智能驱动的生产率不确定性背景下，通胀将放缓，全球增长 将减速；风险包括失业率上升和财政压力加大。 责任编辑：张俊 SF065 ...

在周日播出的录制于12月初的一档CBS节目中，莫伊尼汉表示，美国银行目前预见的是局势将"降温而 非升级"，针对大多数国家的平均关税预计在15%左右，对那些不承诺购买美国产品或降低非关税壁垒 的国家征收更高的关税。 今日周一(12月29日)亚盘时段，COMEX白银目前交投于78.70一线上方，今日开盘于80.00美元/盎司， 截至发稿，comex白银暂报80.30美元/盎司，上涨0.78%，最高触及82.67美元/盎司，最低下探75.44美元/ 盎司，目前来看，comex白银盘内短线偏向看涨走势。 北美等贸易伙伴属于"另当别论"的范畴；而对于小企业来说，相比关税，由于劳动力供应不确定性带来 的担忧更为突出。 【要闻速递】 另外，凯投宏观分析师在报告中写道："贵金属价格已经上涨到我们认为难以用基本面解释的水平。"他 们预计，随着对黄金的狂热情绪消退，白银价格到明年年底可能回落至约42美元。 美国银行CEO莫伊尼汉预计，特朗普政府将在明年缓和贸易紧张局势。 【最新comex白银行情解析】 白银图表仍然坚定看涨。对于白银来说，突破80美元是目标，而70美元则是下限。今日白银下方关注 76.70美元或77.80美元支撑 ...

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Core Insights - The OECD report indicates that the current global economy is resilient but still has potential vulnerabilities [1] - The OECD maintains its global economic growth forecasts at 3.2% for 2025 and 2.9% for 2026, with a projected growth of 3.1% for 2027 [1] - Strong demand is attributed to loose global financial conditions, supportive macroeconomic policies, and new investments in artificial intelligence [1] Economic Growth Projections - The United States is projected to have economic growth rates of 2% in 2025 and 1.7% in 2026 [2] - The Eurozone's growth forecasts for 2025 and 2026 have been revised upward to 1.3% and 1% respectively [2] - France's economic growth expectations for 2025 and 2026 are adjusted to 0.8% and 1% [2] Risks and Recommendations - The report highlights potential economic risks such as increased trade barriers, lower-than-expected returns on AI investments, and the possibility of inflation returning unexpectedly [1] - It suggests that countries should seek cooperative paths within the global trade system and maintain vigilance against inflation risks [1] - OECD Secretary-General Coleman emphasizes the need for constructive dialogue among nations to address trade tensions and reduce policy uncertainty [1]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a profit of $57 million, translating to an earnings per share of $0.38, with a declared dividend of $0.40 per share, representing 75% of shipping NPAT [2][21] - TCE income was reported at $51,300 per available day and $48,700 per calendar day, slightly below the guidance of $53,000 per day [2][4] - The net profit after tax was $57 million, including a profit of $11 million from BW LPG India and a $29 million loss from Product Services [21][22] - The net leverage ratio decreased to 29.7% from 32.7% at the end of 2024, primarily due to lower lease liabilities [22] Business Line Data and Key Metrics Changes - Product Services reported a gross loss of $23 million and a loss after tax of $29 million for the quarter, attributed to a negative mark-to-market valuation adjustment [3][19] - Despite the loss, the trading activities generated a realized gain of $15 million in Q3, bringing the total realized result to $54 million as of September 30 [4][19] - The shipping segment maintained a fleet utilization rate of 92% after accounting for technical off-hire and waiting time [17] Market Data and Key Metrics Changes - The VLGC market is characterized by solid fundamentals, with expected growth in US LPG export volumes in the mid-high single digits [5][12] - The trade tensions between the US and China have led to a two-tier market, affecting the positioning of vessels and overall market dynamics [8][11] - Chinese LPG imports have slightly declined, offset by increased imports from Japan, with North American volumes replacing a significant portion of Middle Eastern cargoes [11][12] Company Strategy and Development Direction - The company aims to maintain about 40% of fleet capacity locked in on period charters and/or FFAs to protect against downside risks [26][27] - The focus remains on optimizing the performance of the fleet acquired from Avance Gas, with ongoing evaluations of time charter opportunities [41] - The company is monitoring the geopolitical landscape, particularly the impact of the Ukraine-Russian situation on the LPG market [36] Management's Comments on Operating Environment and Future Outlook - Management noted that Q3 was marked by geopolitical events and market disruptions, leading to increased uncertainty in the shipping segment [2] - The fundamentals for the LPG shipping market remain supportive despite recent volatility, with expectations for continued growth in exports from both North America and the Middle East [5][13] - The company anticipates a gradual recovery in trading activity with China, although it may take time to return to previous levels [48] Other Important Information - The company has terminated two ship financing facilities as part of its refinancing efforts, leading to a repayment of $36 million [5][23] - The average OPEX per vessel was reported at $9,300 per day, reflecting changes in ship management and crew costs [45] Q&A Session Summary Question: What is the targeted TC coverage for 2026 and 2027? - The company aims for about 40% of fleet capacity locked in on period charters and/or FFAs, with ongoing evaluations based on market conditions [26][27] Question: Can you provide price points for ammonia-ready new builds and five-year-old VLGCs? - The estimated new building price for a dual fuel vessel is approximately $116 million, while a five-year-old VLGC is around $90 million [30] Question: What is the contribution of the Avance Gas fleet acquisition to current quarterly profit? - The acquisition included 12 vessels, with minimal impact on time charter coverage as most were trading spot [35][36] Question: Is there a risk from the dark fleet of Russian ships affecting time charter pricing? - The impact of Russian LPG exports is negligible for the VLGC segment, as it primarily involves smaller vessels not affecting the market [36] Question: Will the board consider the distribution of realized gains from the product services division post-year-end? - The board's discretion will guide dividend distribution, with historical performance indicating a strong contribution from product services [39] Question: What is the outlook for long-term time charter rates? - The company is gradually reducing the time charter in fleet but remains open to attractive opportunities in the future [41] Question: How do spot bookings for Q4 compare to the Baltic benchmark? - Spot bookings are closer to the Baltic index, with improved conditions compared to the previous months [43] Question: What is the reason for the increase in average daily OPEX per vessel? - The increase is attributed to the optimization of the Avance Gas fleet and changes in ship management, alongside crew cost adjustments [45]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a profit of $57 million, translating to an earnings per share of $0.38, with a declared dividend of $0.40 per share, representing 75% of shipping NPAT [2][19] - The TCE income was reported at $51,300 per available day and $48,700 per calendar day, slightly below the guidance of $53,000 per day [2][3] - The net leverage ratio decreased to 29.7% from 32.7% at the end of 2024, primarily due to lower lease liabilities [19][20] Business Line Data and Key Metrics Changes - Product Services reported a gross loss of $23 million and a loss after tax of $29 million for the quarter, attributed to a negative mark-to-market valuation adjustment [3][17] - Despite the loss, the trading activities generated a realized gain of $15 million in Q3, bringing the total realized result to $54 million as of September 30 [3][17] Market Data and Key Metrics Changes - The VLGC market fundamentals remain strong, with expected growth in US LPG export volumes in the mid-high single digits, supported by increased gaseous drilling wells and terminal expansions [5][6] - The total Far East LPG imports on VLGCs remained stable compared to the previous year, with a slight decline in Chinese imports offset by higher Japanese imports [10][11] Company Strategy and Development Direction - The company aims to maintain about 40% of fleet capacity locked in on period charters and/or FFAs to protect against downside risks [23][24] - The focus remains on optimizing the performance of the fleet acquired from Avance Gas, with ongoing evaluations of time charter opportunities [31][32] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical events and market disruptions have increased uncertainty in the shipping segment, impacting TCE guidance for Q4 [2][9] - The company expects continued growth in LPG exports from both North America and the Middle East, with stable OPEC+ production supporting the market [12][13] Other Important Information - The company has terminated two ship financing facilities as part of its refinancing strategy, leading to a repayment of $36 million [5][21] - The average OPEX per vessel increased to $9,300 per day, attributed to the integration of Avance Gas vessels and management changes [35][36] Q&A Session Summary Question: What is the targeted TC coverage for 2026 and 2027? - The company aims for about 40% of fleet capacity locked in on period charters and/or FFAs, with ongoing evaluations based on market conditions [23][24] Question: Can you provide price points for new builds and five-year-old VLGCs? - The estimated price for a dual fuel new build is approximately $116 million, while a five-year-old VLGC is around $90 million [25][26] Question: What is the contribution of the Avance Gas fleet acquisition to current quarterly profit? - The acquisition included 12 vessels, with minimal impact on time charter coverage as most were trading spot [27][30] Question: Do you see risks from the dark fleet of Russian ships affecting time charter pricing? - The impact of Russian LPG exports is negligible for the VLGC segment, as it primarily involves smaller vessels not affecting the market [29][30] Question: Will the board consider distributing realized gains from the product services division post-year-end? - The board's discretion will guide dividend distribution, with historical trends indicating a strong contribution from product services [31][32] Question: What is the outlook for long-term time charter rates? - The company is gradually reducing the time charter in fleet but remains open to attractive opportunities in the future [32][33] Question: How do you view the decrease in Chinese imports and its implications? - The reduction is partly due to insufficient propane supply from the Middle East to replace US imports, reflecting a new trend in demand [37][38]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated revenue of $1.8 billion, a decrease of 36% year-over-year, primarily due to lower freight rates and volumes [12][13] - Net income for Q3 was $123 million, down from $1.1 billion in the same quarter last year [18] - Adjusted EBITDA was $593 million with a margin of 33%, and adjusted EBIT was $260 million with a margin of 15%, compared to 55% and 45% respectively in Q3 2024 [18] - Total liquidity remained strong at $3 billion as of September 30, 2025 [4] Business Line Data and Key Metrics Changes - The company carried 926,000 TEUs in Q3, a 4.5% decline year-over-year, but a 3.5% increase sequentially [18] - Average freight rate per TEU in Q3 was $1,602, down from $2,480 in Q3 2024 [13] - Revenues from non-containerized cargo totaled $78 million, down from $145 million in Q3 2024, attributed to lower volumes and rates [13] Market Data and Key Metrics Changes - Trans-Pacific volume decreased by 1.5% year-over-year but increased by 17% sequentially [19] - Latin America trade volumes grew by 2.4% year-over-year, indicating ongoing opportunities in that region [19] Company Strategy and Development Direction - The company is focusing on diversifying its network, particularly in Southeast Asia and Latin America, to capture new trade opportunities as global trade patterns evolve [7][8] - A strategic emphasis is placed on maintaining a modern fleet, with approximately 60% of capacity being new builds and 40% LNG-powered vessels [10] - The company is preparing for a potential return to the Suez Canal, which could improve fleet efficiency but also increase supply pressure on freight rates [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing geopolitical and trade tensions impacting the shipping industry, emphasizing the need for agility [4] - The fourth quarter is expected to trend weaker than originally projected, but the company has refined its full-year guidance based on year-to-date performance [6][20] - The outlook for container shipping remains cautious, with supply growth expected to outpace demand in the near future [22] Other Important Information - The Board of Directors declared a dividend of $0.31 per share, totaling approximately $37 million, consistent with the company's dividend policy [5] - The company has distributed a total of approximately $1.1 billion in dividends throughout 2024 and 2025 [5] Q&A Session Summary Question: Management buyout discussions and board changes - The board is managing the process of board member changes, with two resignations and two new appointments [25] Question: Return to the Red Sea and market share opportunities - The company is awaiting insurance approval to return to the Red Sea and Suez Canal, viewing it as an opportunity to capture market share [26] Question: Dividend policy in light of potential negative net income - The company maintains a policy of distributing 30% of net profit quarterly, with the potential for special dividends [30] Question: Cost expectations for 2026 - The company anticipates continued redelivery of vessels due to elevated charter market costs and a downward trend in operated tonnage [27] Question: Route profitability and capacity adjustments - The company is diversifying routes but profitability varies based on market conditions, with a focus on maintaining reliable service [43][45] Question: Future rate recovery and supply-demand dynamics - The company expects pressure on rates due to new capacities entering the market, with potential stabilization linked to vessel retirements [46][47]

PresentationUnknown Executive Okay. Ladies and gentlemen, good morning, and welcome to the 26th Discovery Limited Annual General Meeting. Proxies and representation representing 84% of the issued share capital of the company have now been received. Given that more than 3 members are present, we have a quorum. I therefore declare this meeting duly constituted. I declare this meeting open as the notice convening the meeting has been in your hands for the prescribed period since the 22nd of October 2025. I fur ...