Financial Data and Key Metrics Changes - The net income for Q3 2025 from continued operations was reported at $23.1 million, reflecting the impact of the sale of the Manzanillo Express, which has been classified under discontinued operations [6][9] - The company maintained a fixed distribution of $0.15 per share, marking the 74th consecutive quarter of cash dividends since its listing in March 2007 [6][10] - The cash balance at the end of the quarter stood at $332.32 million, with a strong net leverage ratio below 50% [12] Business Line Data and Key Metrics Changes - The company completed the sale of one of its three remaining container vessels, leaving only two container vessels, both on long-term time charters [5][6] - The fleet now consists of 12 LNG carriers and two container vessels, with ongoing capital investment exceeding $2.3 billion in new builds [10][12] Market Data and Key Metrics Changes - The LNG market is experiencing a strong rise in expected demand due to an unprecedented surge in LNG supply growth, with several projects reaching final investment decisions (FID) [20][21] - The EU's plan to ban Russian LNG imports by 2027 is expected to positively impact LNG freight demand, requiring longer voyages from the U.S. Gulf [22][21] Company Strategy and Development Direction - The company is pivoting towards gas transportation, having sold 13 container carriers in the last 24 months [9] - The average charter duration across the fleet is 6.9 years, with a contracted revenue backlog of $2.8 billion from the LNG fleet [15][16] - The company aims to control the largest LNG carrier fleet available on the U.S. stock exchange, with strong visibility on cash flows [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing employment for vessels, anticipating a market inflection point between 2027 and 2028 due to increasing global energy trade [26][56] - The company is well-positioned to capitalize on the expected tightness in the LNG market, with a focus on securing long-term employment for new builds [28][91] Other Important Information - The company has secured financing for all multi-gas carriers and liquid CO2 carriers, with debt funding for all ten multi-gas carriers under construction [12][18] - The company is actively engaging in discussions for potential acquisitions, contingent on securing more employment and visibility [88][91] Q&A Session Summary Question: How do you feel these rates sit compared to the general market appetite? - The latest charter is higher than previous ones, reflecting a strong demand outlook for long-term rates in the high 80s to low 90s range [34][35] Question: What sort of impact should we expect to see on the balancing of the carrier market? - Most delays have already been priced in, and the company is well-positioned for projects starting between 2028-2030 [36][37] Question: What is different this time around regarding the resilient term charter market? - The current oversupply in the spot market contrasts with an undersupplied market expected in 2027-2028, leading to higher long-term charter rates [56][57] Question: How are discussions going in terms of renewing the vessel coming off charter in 2026? - The company is confident in securing employment for the vessel, focusing on the right type of employment [68][72] Question: What is the interest in the multi-gas carriers? - The first multi-gas carrier is expected to deliver in January, with strong interest due to its operational flexibility [76][78] Question: Should we expect an impact on the LNG market from recent U.S. sanctions? - No direct impact is expected as major LNG projects have already been sanctioned, but there may be increased trade from U.S. projects [85][87] Question: Is there any appetite for incremental acquisitions? - The company is focused on securing employment and visibility before considering further acquisitions, with a strong cash position anticipated post-new builds [88][91]