Financial Data and Key Metrics Changes - Net income from operations for Q1 2025 was just under $81 million, including a gain of $46.2 million from the sale of two container vessels [5][8] - Total cash position increased to $420 million, supported by the completion of two container sales [9] - The firm charter backlog increased to $3.1 billion, reflecting positive fundamentals in the energy shipping market [7][10] Business Line Data and Key Metrics Changes - The company has raised a total of $472.2 million in net proceeds from the sale of 12 container vessels since December 2023, reallocating capital towards gas transportation assets [5][8] - The average charter duration across the fleet is now 7.3 years, with the LNG fleet showcasing a charter backlog of $2.8 billion in contract revenue [10][12] Market Data and Key Metrics Changes - The energy shipping market is experiencing a short supply of modern tonnage, with long-term time charter rates remaining stable despite volatility in spot rates [22][27] - Spot rates have increased from below $10,000 per day in January to around $40,000 per day by April 2025, indicating a recovery in the market [23] Company Strategy and Development Direction - The company aims to solidify its existing charter book and secure long-term employment for its remaining LNG carriers, capitalizing on the growing LNG industry [30][32] - The focus remains on maintaining a dense fleet with the lowest unit rate cost and environmental footprint, aligning with emerging regulatory requirements [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current market dynamics, highlighting the strong demand for modern vessels and the potential for increased charter rates in the coming years [30][32] - The company is closely monitoring geopolitical risks and their potential impact on LNG exports and shipping operations [18][20] Other Important Information - The company has maintained a cash dividend for 72 consecutive quarters, emphasizing its commitment to shareholder value [8] - The balance sheet remains strong, with a significant reduction in open LNG carriers enhancing financial flexibility [9][10] Q&A Session Summary Question: CapEx schedule adjustments - Management confirmed that adjustments to the CapEx schedule were made in collaboration with partners and shipbuilders, allowing for flexibility in operational scheduling [37][38] Question: Discussions on gas carriers - Management indicated ongoing discussions regarding the potential for liquid CO2 and other gases, with interest from large companies for multi-gas vessels [40][41] Question: Supply-demand dynamics and charter negotiations - Management noted that charters are recognizing the supply-demand fundamentals and are willing to pay rates reflecting future market conditions [49][50] Question: Floating storage opportunities - Management stated that currently, there are no indications of demand for floating storage due to the costs associated with boil-off and market conditions [61] Question: U.S. built LNG carriers cost expectations - Management highlighted that U.S. built LNG carriers could be significantly more expensive than those built in Korea or China, with additional complexities involved [75]

Financial Data and Key Metrics Changes - Net income from operations for Q1 2025 was just under $81 million, including a gain of $46.2 million from the sale of two container vessels [5] - Total cash position increased to $420 million, supported by the completion of two container sales [8] - The firm charter backlog increased to $3.1 billion, reflecting positive fundamentals in the energy shipping market [6][10] Business Line Data and Key Metrics Changes - The company has raised a total of $472.2 million in net proceeds from the sale of 12 container vessels since December 2023, reallocating capital towards gas transportation assets [5] - The average charter duration across the fleet is now 7.3 years, with a charter backlog of $2.8 billion in contract revenue for the LNG fleet [9][10] Market Data and Key Metrics Changes - The LNG carrier, Infosys two, commenced a seven-year charter, contributing to the increased charter backlog [6] - The long-term time charter market has remained stable, with ten-year rates in the high eighties to low nineties range [20] Company Strategy and Development Direction - The company aims to solidify its existing charter book and secure long-term employment for remaining LNG carriers, capitalizing on the growing LNG industry [27] - The focus is on maintaining a dense fleet with the lowest unit rate cost and environmental footprint, aligning with emerging regulatory requirements [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market volatility and highlighted the importance of maintaining a strong balance sheet [8][12] - The company is closely monitoring the impact of U.S. trade policies and tariffs on LNG exports, indicating a low probability of adverse effects on its business model [14][15] Other Important Information - The company has a strong framework for building its gas transportation portfolio, with no single counterparty representing more than 20% of the contract revenue backlog [11] - The new building CapEx program is valued at $2.3 billion, with $467 million already paid in advances [12] Q&A Session Summary Question: CapEx schedule adjustments - Management confirmed that adjustments to the CapEx schedule were made in collaboration with partners and shipbuilders, allowing for flexibility in chartering opportunities [33] Question: Discussions on gas carriers - Ongoing discussions focus on liquid CO2 and other gas volumes, with interest from large companies for three to five-year charters [35][36] Question: Supply-demand dynamics - Management acknowledged that charters are recognizing the supply-demand fundamentals and are willing to pay rates reflecting future market conditions [41] Question: Regasification capacity - There are no expected issues with regasification capacity covering liquefaction capacity in key markets like China, Japan, and Europe [47] Question: Floating storage opportunities - Currently, there are no indications of demand for floating storage due to the costs associated with LNG boil-off [49] Question: U.S. built LNG carriers - The cost of U.S. built LNG carriers is expected to be significantly higher than those built in Korea or China, with compliance responsibilities likely falling on liquefaction operators [60][62]