Financial Data and Key Metrics Changes - For the full year 2024, the company reported revenue of $1.33 billion, with $333 million in the fourth quarter. Net income was $367 million for the year and $95 million for the fourth quarter. Earnings per common unit were $11.98 for the year and $3.11 for the fourth quarter [7][31][34] - The fleet time charter equivalent (TCE) rate for Q4 2024 increased by 2.6% to $23,205 per day compared to Q4 2023, while available days increased by 1.1% to 13,671 days [29] - Adjusted EBITDA for Q4 2024 decreased by $45 million to $182 million compared to Q4 2023, primarily due to the prepayment of charter hire received in 2023 [30] Business Line Data and Key Metrics Changes - The TCE rate for the dry bulk fleet increased by approximately 1% to $17,079 per day, while the container fleet's TCE rate increased to $30,623 per day. In contrast, the tanker TCE rate decreased by approximately 3% to $26,646 per day [29][32] - For the full year 2024, the TCE rate for the dry bulk fleet increased by 18% to $16,959 per day, while container and tanker TCE rates were approximately 10% and 5% lower, respectively [32] Market Data and Key Metrics Changes - The company ended 2024 with contracted revenue of $3.6 billion and $312 million in cash on the balance sheet. 63% of available days for 2025 are fixed, with an estimated breakeven of $425 per open index day [10][15] - The Red Sea entrance leading to the Suez Canal continues to operate at restricted transit levels, affecting shipping routes and costs [44] Company Strategy and Development Direction - The company is focused on fleet renewal and modernization, having purchased 46 newbuildings since Q1 2021, with 23 vessels delivered. The strategy aims to maintain a young fleet profile and reduce carbon footprint [16][22] - The company has a diversified fleet and a significant amount of contracted revenue, which provides stability amid geopolitical uncertainties [70] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of geopolitical events, such as the conflicts in Ukraine and the Middle East, on global trade and the shipping market. The resolution of these conflicts could significantly affect market dynamics [8][70] - The company remains optimistic about its ability to navigate uncertainties due to its diversified fleet and strong contracted revenue [70] Other Important Information - The company paid a $0.20 dividend per unit for 2024, totaling $6.1 million, and repurchased 489,955 common units for $25 million under its unit repurchase program [11] - The average analyst estimate of the company's NAV per unit increased by 29% over the two-year period ending Q4 2024, reaching $143.2 [19] Q&A Session Summary Question: How have geopolitical uncertainties affected the company's operations and capital deployment? - Management acknowledged the uncertainties in the market due to geopolitical events and tariffs but emphasized the solid results for 2024 and the company's diversified fleet as a stabilizing factor [66][70] Question: What is the current appetite for vessel capacity among customers? - Management noted that there is still an appetite for tonnage and duration among major liner companies, despite the ongoing uncertainties in the Red Sea [72][74]