Financial Data and Key Metrics Changes - Net income from continued operations for Q4 2025 was reported at $28.4 million, with a fixed distribution of $0.15 dividends per share, marking the 75th consecutive quarter of cash dividends since the company's listing in March 2007 [6][8] - The company closed the year with a solid cash position of $296 million, including restricted cash, and a net leverage ratio just short of 49% [9] Business Line Data and Key Metrics Changes - The company has pivoted to gas transportation, selling the Buenaventura Express and classifying it under discontinued operations, leaving only one container vessel in operation [7][8] - The LNG fleet has a contracted backlog of 90 years at an average TCE of approximately $86,800 per day, representing $2.7 billion of contracted revenue [10] Market Data and Key Metrics Changes - The LNG shipping spot market experienced a robust upturn in Q4, with freight rates reaching $100,000 per day, driven by unexpected LNG production surges and logistical constraints [5][17] - Spot rates for LNG carriers rose significantly, with rates exceeding $300,000 per day for March and April loadings, indicating a tight market due to geopolitical tensions in the Middle East [27] Company Strategy and Development Direction - The company continues to focus on sustainability and has gained accreditation from the CDP, emphasizing its commitment to governance and environmental responsibility [5] - A recent order for three new LNG carriers positions the company to benefit from increased LNG shipping demand towards the end of the decade, reflecting a strategic focus on modern, high-efficiency vessels [12][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of the Middle East conflict on LNG and gas shipping sectors, highlighting the increased geopolitical risks and potential disruptions to energy supply [24][25] - The company anticipates that the LNG shipping market will reach an inflection point in late 2027 or early 2028, with demand expected to outpace vessel supply, creating a constructive long-term outlook [23] Other Important Information - The company successfully raised EUR 250 million through a newly issued unsecured bond, which will be used to refinance existing debt and finance the new building program [15] - The company is in advanced discussions for financing the remaining LNG carriers, with expectations for more updates in the next quarterly call [59] Q&A Session Summary Question: Implications of Middle Eastern supply shutdown on the carrier market - Management indicated that the shutdown of Middle Eastern supplies could lead to increased prices in Asia, as there are no alternatives to replace Qatari volumes, potentially resulting in significantly higher freight rates if the situation persists [30][31] Question: Timeline for disposal of the last container vessel - Management stated that the decision to sell the last container vessel will be opportunistic, depending on market conditions, and they are comfortable holding it until closer to the end of the charter [33][34] Question: Impact of spot rates on new builds and charter opportunities - Management confirmed that while the current spot rates do not have an immediate effect, there is potential for increased inquiries for term charters as the market tightens [38][41] Question: Status of vessels affected by Middle Eastern developments - Management confirmed that none of their vessels are currently affected by the conflict, and all charters continue as planned [58] Question: Remaining newbuild CapEx financing - Management indicated that all MGCs and LCO2s have been financed, and they are in discussions for the remaining LNG carriers, with more details expected in the next quarter [59]