Financial Data and Key Metrics Changes - Total operating revenue for Q2 2025 remained steady at $85,500,000, consistent with the previous quarter [20] - Adjusted EBITDA increased to $56,500,000 from $53,400,000 in Q1 2025, reflecting a modest year-on-year growth [3][21] - Average Time Charter Equivalent (TCE) slightly decreased to $69,900 per day from $70,600 in Q1 2025 [20][21] - Net income for Q2 was CHF 11,900,000, an increase of CHF 2,800,000 compared to Q1 [23] Business Line Data and Key Metrics Changes - The delivery of new vessels, Cool Tiger and Gale Saga, contributed positively to EBITDA despite a challenging market [4] - The company has completed nine drydocks, with four including performance upgrades, leading to a decrease in average vessel operating expenses to $15,900 per day [23][24] Market Data and Key Metrics Changes - LNG supply is projected to increase by 2339% compared to 2024 volumes by 2026 and 2028, indicating a positive outlook for the LNG market [6] - Year-over-year storage levels stood at 76%, down from 90% in the previous year, affecting U.S. supply flow to Europe [7] Company Strategy and Development Direction - The company aims to maintain a disciplined approach to asset acquisitions, focusing on transactions that enhance long-term value [29] - The backlog of charters is expected to provide a healthy foundation against market volatility, with 50% of days covered until 2027 [19][29] Management's Comments on Operating Environment and Future Outlook - Management noted that while the immediate market backdrop is challenging, the macro picture remains positive, with expectations of a more balanced market by 2027 [12][29] - The company is optimistic about the gradual recovery of rates and the potential for increased demand as older steam turbine vessels exit the market [55][56] Other Important Information - The company has repurchased approximately 859,000 shares at an average price of $5.77 per share, reducing the total share count by 1.6% [28] - The average interest cost stands at around 5.6%, with approximately 75% of total notional debt hedged or fixed [25] Q&A Session Summary Question: Impact of recent liquefaction activity on charter market sentiment - Management indicated that recent positive news has started to focus attention on long-term shipping needs, although it is still early days [34] Question: Potential asset acquisitions - Management stated that they are always looking for acquisition opportunities but have nothing concrete at this time [35][36] Question: Return on investment for vessel upgrades - Management confirmed satisfaction with the returns from vessel upgrades, noting an investment of around $10,000,000 with current returns of $5,000 per day [42] Question: Scheduling of drydocking based on chartering environment - Management clarified that scheduling has not changed significantly, and they are pleased to have completed dry docks during a low-rate environment [44] Question: Status of LNG E upgrades - Four out of five upgrades have been completed, with the last one scheduled for Q4, and the total CapEx spend is approximately $10,000,000 per upgrade [50] Question: Shift in demand from Europe to Asia - Management discussed the complexities of demand shifts, noting that while macro factors may take time, the exit of older vessels could help balance the market [54][55] Question: Metrics within the three-year variable charter - Management confirmed that the charter is tied to an index with a floor of $20,000,000 and a ceiling of $100,000,000 [61][62]

Financial Data and Key Metrics Changes - Total operating revenue for Q2 2025 remained steady at $85,500,000, with adjusted EBITDA increasing to $56,500,000 from $53,400,000 in Q1 2025 [3][20] - Average Time Charter Equivalent (TCE) was slightly down at $69,900 per day compared to $70,600 in Q1 2025 [3][21] - Net income for Q2 2025 was CHF 11,900,000, an increase of CHF 2,800,000 compared to Q1 2025 [23] Business Line Data and Key Metrics Changes - The delivery of the Cool Tiger and Gale Saga contributed positively to EBITDA, despite challenges in the market [4] - The company has completed nine drydocks, with four including performance upgrades, leading to a decrease in average vessel operating expenses to $15,900 per day [23][24] Market Data and Key Metrics Changes - LNG supply is projected to increase by 2339% compared to 2024 volumes by 2026 and 2028, indicating a positive outlook for the LNG market [6][9] - Year-over-year storage levels were at 76%, down from 90% in the previous year, affecting supply dynamics [6][7] Company Strategy and Development Direction - The company remains disciplined in seeking asset acquisitions that enhance long-term value through active management [29] - The backlog provides a healthy foundation against market volatility, with 50% of days covered until 2027 [19][29] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market is challenging, but there are signs of gradual recovery in rates [12][13] - The exit of older steam turbine vessels is expected to help balance the market, with a gradual increase in rates anticipated [53][54] Other Important Information - The company has repurchased approximately 859,000 shares at an average price of $5.77 per share, reducing the total share count by 1.6% [28] - The company has entered into additional interest rate swap agreements, hedging approximately 75% of total notional debt [25] Q&A Session Summary Question: Impact of recent liquefaction activity on charter market sentiment - Management indicated that recent positive news is starting to focus attention on long-term shipping needs, although it is still early days [34] Question: Potential asset acquisitions - Management stated they are always looking for acquisition opportunities but have nothing concrete at this time [35][36] Question: Return on investment for vessel upgrades - Management confirmed a good return on the $10,000,000 investment, currently generating $5,000 per day, with potential for more in the future [42] Question: Scheduling of drydocking based on chartering environment - Management noted that they did not change scheduling significantly, as they aimed to complete drydocks when opportunity costs were low [44] Question: Status of LNG E upgrades - Four out of five upgrades are completed, with limited incremental costs remaining [48] Question: Shift in demand from Europe to Asia - Management highlighted that the balance could shift based on various factors, including outages and storage refilling in Europe [52] Question: Metrics within the three-year variable charter - Management confirmed the charter is tied to an index with a floor of $20,000,000 and a ceiling of $100,000,000 [60][61] Question: Upside from upgrades - Management indicated that the upside is typically shared, with current guidance at $5,000 per day, potentially increasing as charterers recognize savings [64] Question: Plans for vessels coming off contracts in 2026 - Management mentioned a range of options for fixing vessels, with a more robust market expected for longer-term charters [68]

Financial Data and Key Metrics Changes - Net income from operations for Q2 2025 was just under $30 million, primarily from the company's 15 vessels, which include 12 LNG carriers and 3 container vessels [5] - The company maintained a fixed distribution of $0.15 per share, marking the 73rd consecutive quarter of cash dividends since its listing in March 2007 [6][9] - The ongoing capital investment program amounts to over $2.3 billion, with a focus on expanding the asset base with new LNG and gas vessels starting delivery in 2026 [8] Business Line Data and Key Metrics Changes - The company reported a negative quarter in terms of earnings generation due to the absence of container vessels, which were not part of the fleet this quarter [8] - Financing was secured for two LCO2 carriers, with an approximate financing amount of $51 million per vessel, indicating a strategic move towards expanding the fleet [10] Market Data and Key Metrics Changes - The LNG market has seen a significant increase in new LNG Sales and Purchase Agreements (SPAs), with approximately 47 million tons sold since January 2025, including 25 million tons in Q2 alone [12] - A record pace of vessel removals from the fleet and a record low number of newbuilding orders were noted, indicating a potential market rebalancing [13][16] Company Strategy and Industry Competition - The company is pivoting towards becoming an LNG and gas transportation-focused entity, with plans to expand its charter book and secure long-term contracts [7][11] - The order book to fleet ratio for large LNG carriers is just below 44%, reflecting a slowdown in new energy orders, which is favorable for the company [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the LNG market, anticipating a strengthening market by 2026 and 2027 due to strong energy supply growth and the absence of new energy sea orders [18] - The company is well-positioned to benefit from the expected market dynamics, with a considerable contract coverage of over 70 years already in place [20] Other Important Information - The company introduced a Dividend Reinvestment Program (DRIP) for the first time in Q2, offering shareholders more options for their investments [6] - The company is actively involved in discussions regarding the employment of its new vessels, particularly in the emerging LCO2 market [23] Q&A Session Summary Question: Impact of increased merchant volumes on the carrier market - Management indicated that contracted volumes and SPAs do not have secure shipping, leading to a demand for approximately 300 ships, highlighting a potential supply-demand imbalance [21][22] Question: Near-term employment prospects for multi gas carriers and LCO2 carriers - Management noted that the fixing window for LCO2 carriers is shorter compared to LNG, with expectations for more concrete commercial discussions in the next three to four months [23][24] Question: Sentiment in the LNG sector following the U.S.-EU deal - Management confirmed that the deal has positively affected shipping sentiment, with multiple term requirements surfacing and active involvement in those discussions [32][35] Question: Anticipation of growth in the order book for liquid CO2 carriers - Management expects to see more orders in the next six to twelve months as projects mature, but noted that shipyard capacity for specialized vessels is limited [38][39] Question: Financing of new builds - Management stated that financing for new builds has been favorable, with lenders showing interest due to the vessels' flexibility in trading [41][42]