Financial Data and Key Metrics Changes - The company reported net income for 2024 at $176 million, equating to $5.03 per common share, with adjusted EBITDA at $400 million [39][42] - Gross revenues for 2024 reached $804 million, while operating income was $279 million after accounting for $49 million in capital gains from asset sales [38][39] - Average fleet utilization for the year settled at 92.5%, down from 96.3% in 2023, reflecting the impact of drydockings [38] Business Line Data and Key Metrics Changes - The fleet averaged approximately 62 vessels in 2024, an increase from 60 vessels in the fourth quarter of 2023 [37][42] - The company divested five older tankers and acquired nine vessels, including dual-fuel LNG Aframaxes, enhancing fleet quality [37][39] - The average TCE (Time Charter Equivalent) per ship per day for 2024 was $32,550, supported by long-term secured revenue contracts [39] Market Data and Key Metrics Changes - The company has doubled its medium to long-term receivables from $2 billion to $4 billion within the last two months due to new transactions [21] - The largest client is ExxonMobil, with 82% of revenues secured through long-term contracts with major energy companies [32][91] - The tanker market remains strong, with Aframaxes and Suezmax rates showing healthy increases [88][90] Company Strategy and Development Direction - The company is undergoing its largest growth phase in history, with 21 vessels on order, including nine DP2 shuttle tankers on long-term contracts with Petrobras [45] - The strategy focuses on maintaining ample liquidity to capitalize on growth opportunities without raising equity [11][19] - The company aims to continue its countercyclical investment approach, raising equity at market lows to fund growth projects [26] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the share price being half of what it was a year ago, despite significant growth in fleet size and revenue backlog [21][22] - The company anticipates continued strong performance due to a robust market environment and a focus on high-quality clients [88][91] - Management remains optimistic about future dividend growth, contingent on market conditions [77] Other Important Information - The company has maintained uninterrupted dividend payments since inception, with a semi-annual dividend of $0.60 planned for July 2025 [44][77] - The company has a strong cash position of just under $350 million, despite significant dividend payments and growth project expenditures [41] Q&A Session Summary Question: Regarding the shuttle tanker deal and crew provision by Transpetro - Management confirmed that Transpetro will provide crews under a bareboat charter and expressed confidence in their capacity to do so, with potential collaboration on crew training [54][56] Question: On asset sales and potential transactions - Management indicated that older vessels are being considered for sale, with expectations of net proceeds around $130 million from upcoming transactions [60] Question: About the appetite for additional tonnage and interest rate hedging - Management stated they are focused on the current 21 ordered vessels but are always looking for strategic opportunities [66] - They are actively exploring ways to hedge interest rate risks associated with financing [67] Question: Plans for the Maria Energy vessel and potential sale - The Maria Energy is fixed for long-term employment starting in May 2026, with management open to selling if advantageous [73] Question: Future dividend payments and potential increases - Management reiterated the current dividend level and expressed hope for increases based on market conditions [77][78] Question: Operating statistics and G&A expenses outlook for 2025 - Management expects a similar number of drydocks in 2025 and anticipates a drop in G&A expenses due to recent personnel incentives [82][84]

Financial Data and Key Metrics Changes - In Q4 2024, the company generated revenues of $144 million, a 2% increase compared to the same period last year, driven by slightly higher utilization [3][4] - Adjusted EBITDA for Q4 was $73.4 million, up from $72 million in Q4 2023 and $68 million in Q3 2024 [4][10] - Net income attributable to stockholders was $21.6 million, with basic earnings per share of $0.31 and adjusted net income of $27 million or $0.39 per share [12][11] - The balance sheet remains strong with cash and cash equivalents of $139.8 million as of December 31, 2024 [13] Business Line Data and Key Metrics Changes - The average time charter equivalent (TCE) rates for Q4 were $28,341 per day, consistent with the same period last year [5][11] - Vessel operating expenses decreased slightly to $46 million compared to Q4 2023 [11] - Ethylene terminal throughput volumes in Q4 were 159,183 tonnes, contributing $5.6 million from the joint venture [12] Market Data and Key Metrics Changes - The company achieved vessel utilization above 92%, higher than both Q3 and the same period last year [5][11] - The handysize order book represents about 10% of the vessels on water, with 22% of global handysize vessels over 20 years old [8] Company Strategy and Development Direction - The company plans to maintain high vessel utilization and robust TCE rates, with expectations for continued strong performance in Q1 2025 [8][42] - The expansion of the ethylene export terminal was completed on time and on budget, increasing capacity significantly [36][37] - The company is focusing on acquiring additional vessels to support terminal expansion and meet future demand [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand fundamentals despite geopolitical tensions, citing growth in U.S. natural gas liquids production and terminal capacity expansion [43][44] - The company anticipates a gradual recovery in volumes through the ethylene terminal as the arbitrage widens [44] Other Important Information - The company issued $100 million of new unsecured bonds at a 7.25% coupon, the tightest spread for any dollar-denominated shipping bond issued in the Nordic market since 2008 [4] - The estimated cash breakeven for 2025 is $20,610 per day, providing substantial headroom for positive EBITDA generation [17] Q&A Session Summary Question: Can you provide insight on the chartering market as contracts roll off? - Management indicated that the semi-refrigerated market is expected to strengthen alongside the widening arbitrage for U.S.-produced ethylene [48][49] Question: What is the expected contribution from the terminal expansion? - The first quarter results are expected to be softer than Q4 due to lower volumes rolling into Q1 [54] Question: How do geopolitical tensions affect the business? - Management noted that geopolitical issues like the Red Sea situation and the Ukraine war have minimal impact on their operations, as they do not heavily rely on those routes [55][56] Question: What is the status of the Morgan's Point facility? - The facility is fully operational, with plans to achieve around 90% offtake capacity while maintaining some spot cargo flexibility [65][66] Question: Can you elaborate on the corporate redomicile? - The company is evaluating moving its domicile to the UK for operational efficiency, with no expected negative tax implications [76][79]