Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $87.1 million, with operating income at $22.2 million and net income at $6.8 million, while adjusted EBITDA was $51.6 million [3][11] - Available liquidity as of June 30, 2025, was $104 million, consisting of $66.3 million in cash and cash equivalents and $38.5 million in undrawn credit facilities, which is $4 million higher than at the end of Q1 [3][11] Business Line Data and Key Metrics Changes - The company operated with full utilization, achieving an overall utilization rate of 96.8%, despite the start of two dry dockings [3] - The backlog as of June 30, 2025, was extended to $895 million in fixed contracts, averaging 2.6 years [9] Market Data and Key Metrics Changes - The shuttle tanker market is tightening in both Brazil and the North Sea, driven by Floating Production Storage and Offloading (FPSO) startups and ramp-ups [8][9] - The average age of the fleet was reduced from 10.1 years to 9.7 years with the addition of a new vessel [9][28] Company Strategy and Development Direction - The company aims to continue growth through acquisitions while maintaining high operational utilization and safe operations [17] - The strategy includes increasing the pipeline of long-term contracts, fleet growth, and reducing the average fleet age [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial outlook, citing positive momentum in the shuttle tanker market and the company's ability to address debt maturities [12] - The company is focused on capital allocation towards both growth and returns to unit holders, indicating a balanced approach to fleet expansion and distribution increases [27] Other Important Information - The company declared a cash distribution of $0.026 per common unit, paid in August [4] - A $10 million unit buyback program was initiated, with 226,000 common units repurchased at an average price of $7.24 per unit [6][10] Q&A Session Summary Question: Delivery timeline for Dakin Connexion - Management confirmed that the Dakin Connexion was delivered on July 2, 2025, the same day it was announced [19][20] Question: Future dropdowns and fleet growth - Management indicated that they do not have a specific timing for future dropdowns but will respond to opportunities as they arise, emphasizing the importance of financial capacity [20][22] Question: Contracting discussions for older vessels - Management stated that their business model focuses on operating vessels rather than trading them, and they are actively discussing contracts for older vessels with clients [26] Question: Balancing fleet growth and distribution increases - Management explained that fleet growth and returns to unit holders are both important and can be pursued simultaneously, with the buyback program being a smaller component compared to fleet acquisitions [27][28]