Industry Overview - Capital Link released a comprehensive booklet titled "SHIPPING: STATE OF PLAY & WHAT LIES AHEAD," summarizing key insights from the 2024 Shipping Sector Webinar Series held in December 2024 [2] - The booklet focuses on six main sectors: Dry Bulk, Containers, Crude Tankers, Product Tankers, LNG, and LPG, providing analysis of trends shaping the future of global shipping [3] - The guide highlights potential trade policy changes, geopolitical risks, key trade rerouting, and environmental regulations, with more changes anticipated for 2025 [3] Key Sectors and Trends - The Dry Bulk Shipping Sector webinar was moderated by Mr Gregory Lewis, Head of Maritime Research at BTIG, with panelists including CEOs and executives from EuroDry Ltd, Golden Ocean Group Ltd, and Safe Bulkers Inc [6][8] - The Container Shipping Sector webinar was moderated by Ms Muneeba Kayani, Managing Director at Bank of America Global Research, with panelists from Danaos Corporation, Euroseas Ltd, and Global Ship Lease Inc [6][8] - The Product Tanker Shipping Sector webinar was moderated by Mr Jorgen Lian, Head of Shipping Equity Research at DNB Markets, with panelists including CEOs from d'Amico International Shipping S A and Hafnia Ltd [9][12] - The Crude Tankers Shipping Sector webinar was moderated by Mr Nils Thommesen, Deputy Head of Research at Fearnley Securities, with panelists from International Seaways Inc and Scorpio Tankers Inc [9][12] - The LNG Shipping Sector webinar was moderated by Mr Liam Burke, Managing Director at B Riley Securities, with panelists including CEOs from Capital Clean Energy Carriers Corp and FLEX LNG Ltd [9][12] - The LPG Shipping Sector webinar was moderated by Mr Fredrik Dybwad, Senior Shipping Analyst at Fearnley Securities, with panelists from BW LPG Ltd and Dorian LPG Ltd [9][12] Expert Insights and Strategies - The booklet provides cutting-edge insights into the strategies and market moves driving the evolution of the shipping industry [7] - It features expert voices from leading shipowners, a major stakeholder group in the global supply chain [7] - Sector spotlights dive deep into key segments, offering a detailed look at what's next for the industry [7] Access and Participation - The booklet is a resource for investors, industry professionals, and stakeholders seeking a deeper understanding of the dynamics driving the maritime industry [4] - Complimentary PDF copies of the booklet and access to webinar replays are available on the Capital Link website [5] - The webinars feature leadership insights from senior executives of publicly listed shipping companies, providing a comprehensive analysis of industry trends [2][6]

Financial Data and Key Metrics Changes - Time Charter income per available day was $46,800, slightly lower than the previous quarter but above the guidance of $43,000 per day [3] - The net profit after tax for Q3 was $120 million, with profit attributed to equity holders of the company at $105 million, translating to an earnings per share of $0.79 [21][22] - The net leverage ratio increased to 21% in Q3 from 12% at the end of June, primarily due to short-term trade finance and margin requirements [22][23] Business Line Data and Key Metrics Changes - Product Services reported a net profit of $58 million, driven by gross profits of $71 million, which included an unrealized mark-to-market gain of $86 million [18][21] - The Time Charter and FFA portfolio represented about 45% of the shipping exposure, with 90% of available days fixed at approximately $36,000 per day for Q4 [17] Market Data and Key Metrics Changes - The VLGC market experienced significant volatility, with freight rates fluctuating between low $20,000 and $50,000 per day [4] - The market outlook for Q4 and next year is positive, with US Gulf export levels stabilizing and freight rates finding an equilibrium around $40,000 per day [8][10] Company Strategy and Development Direction - The company is focused on expanding its fleet, with five out of twelve acquired Avance Gas ships delivered and plans for further deliveries [4][27] - The company aims to maintain a healthy leverage and financing structure while evaluating refinancing options for vessels in early 2025 [27][28] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the market fundamentals, highlighting the expected increase in North American export capacity and growth in Middle Eastern export volumes [10][11] - The company anticipates greater volatility in unrealized positions in future quarters due to the nature of their trading activities [20] Other Important Information - The Board declared a dividend of $0.42 per share, representing a 100% payout of shipping NPAT [5][24] - The company ended the quarter with a strong liquidity position of $750 million, expected to remain healthy post-delivery of the Avance Gas fleet [26][27] Q&A Session Summary Question: Cost and revenue timing for Avance vessels - Management indicated that costs for the ships will be incurred before revenues, as invoicing occurs post-voyage completion [32] Question: Impact of asset market prices on new acquisitions - Management noted that the asset market for new ships has remained stable over the past six to eight months [38] Question: Adjustments to net leverage ratio and dividend policy - Management confirmed that the dividend policy remains unchanged, with the Board having the final say on declarations [44] Question: Product Services performance in current market conditions - Management acknowledged the challenges in extracting value due to fluctuating rates but emphasized the diverse strategies available to the Product Services division [68] Question: Guidance on G&A and depreciation - Management explained that G&A expenses fluctuate based on accrued bonuses and that depreciation will increase with the acquisition of new vessels [71][74]

Group 1 - The article highlights a list of thirty-five low-priced dividend stocks, referred to as "DiviPower dogs," which are considered good investment opportunities due to their attractive dividend yields and free cash-flow yields [1] - Eleven of these stocks are identified as particularly promising, as they offer "safer" dividends where the free cash-flow yield exceeds the dividend yield, making them ready for purchase [1] Group 2 - The article promotes a live video series on Facebook called the "Underdog Daily Dividend Show," which features portfolio candidates and encourages audience interaction regarding stock tickers [2]