Q3 2025 Capital Clean Energy Carriers Corp Earnings Call

Brian Gallagher: Thank.

Operator: you for standing by and welcome to the Capital Clean Energy Carriers Corp. third quarter 2025 financial results conference call. We have with us Mr. Gerasimos Kalogiratos, Chief Executive Officer, Mr. Brian Gallagher, Executive Vice President of Investor Relations, and Mr. Nikos Tripodakis, Chief Commercial Officer. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, at which time if you wish to ask a question, you will need to press star 1 on your telephone and wait for your turn.

Thank you for standing by. I welcome you to the Capital Clean Energy Carriers Corp. Q3 2025 Financial Results Conference Call.

We have with us, Mr. Jerry, Keller. Atis chief executive officer, Mr. Brian Gallagher, Executive Vice President of investor relations. And Mr. Nico's, treat tripodakis. Chief commercial officer.

Gerasimos Kalogiratos: Name to be announced.

Operator: I must advise you that this conference is being recorded today, Thursday, Oct. 30, 2025. The statements in today's conference call that are not historical facts, including our expectations regarding sale or acquisition transactions and their expected effect on U.S. cash generation, equity returns and future debt levels, our ability to pursue growth opportunities, our expectations or objectives regarding future distribution amounts or share buyback amounts, dividend coverage, future earnings, capital allocation, as well as our expectations regarding market fundamentals and the employment of our vessels including delivery dates, redelivery dates and charter rates, may be forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated unless required by law.

At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. At that time, if you wish to ask a question, you will need to press star 1 on your telephone and wait for your name to be announced. I must advise you that this conference is being recorded today, Thursday, October 30th, 2025.

the statements in today's conference call that are not historical facts, including our expectations regarding sailor, acquisition transactions and their expected effect on us, cash generation, Equity returns, and future debt levels are ability to pursue growth opportunities, our expectations, or objectives regarding future distribution amounts or

Share buyback amounts dividend coverage future earnings Capital allocation as well as our expectations regarding Market fundamentals.

Operator: We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations to conform to actual results or otherwise. We make no prediction or statement about the performance of our common shares. I would now like to hand the call over to our speaker today, Mr. Brian Gallagher. Please go ahead, sir.

I am the employment of our vessels including delivery dates redelivery, dates, and Charter rates may be forward-looking statements, as such as defined in section 21e of the Securities. Exchange Act of 1934 as amended. These 4 looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated.

Brian Gallagher: Thank you, Operator. Good morning or afternoon to you wherever you are, and thank you for listening to the Capital Clean Energy Carriers Corp. Q3 2025 earnings call. As a reminder, we will be referring to the supporting slides available on our website as we go through today's presentation. Let's kick off with a highlight slide on slide 4. Q3 2025 saw the company make significant progress across three fronts in achieving its strategic objectives. Firstly, we increased our charter coverage with another long-term time charter for up to 10 years on one of our LNG carriers currently under construction. Secondly, we completed the sale of one of the three remaining container vessels under our ownership, leaving us now with only two container vessels, both of which are on long-term time charters.

Unless required by law, we expressly disclaim any obligation to update or revise, any of these volumes whether because of future events, new information, a change in our the change in our views or expectations to conform to actual results or otherwise we make no prediction or statement about the performance of our common shares. I would now like to hand the call over to our speaker today. Mr. Brian Gallagher. Please go ahead. Sir.

2025 earnings call.

As a reminder, we will be referring to the supporting slides available on our website, as we go through today's presentation.

So let's kick off with a highlight slide on slide 4.

Q3 2025 saw the company make significant progress, across 3 fronts in achieving its strategic objectives.

Firstly, we increased our Charter coverage with another long-term time, Charter for up to 10 years, on 1 of our LNG carriers currently under construction.

Brian Gallagher: Lastly, we have now secured financing for all of our multi-gas carriers and liquid CO2/multi-gas carriers whose deliveries commence from January 2026 onwards. Our net income for the quarter from continued operations came in at $23.1 million. I would like to note here that, given the sale of the Manzanillo Express, the container vessel, we have now classified her under discontinued operations. Continued operations fleet refers to 12 LNG carriers and two container vessels. Our net income figure reflects the special surveys that two of our LNG carriers, 14% of our fleet, undertook during the quarter. The company fulfilled its ongoing commitment to fixed distribution of $0.15 per share to shareholders, thus retaining the company record of distributing a cash dividend for every single quarter since our listing way back in March 2007.

Secondly, we can complete the sale of 1 of the 3 remaining. Container vessels under our ownership leaving us now with only 2 container vessels. Both of which are on long-term time Charters. And lastly, we have now secured financing financing for all of our mgc's and lc2 multi gas carriers, whose deliveries commence from January 2026 onwards.

Our net income for the quarter from continued operations. Came in at 23.1%. The container vessel we have now classified her under discontinued operations. So continued operations Fleet refers to 3 sorry 12 LNG carriers and 2 container vessels.

Our net income figure reflects the special survey that 2 of our LNG carriers 14% of our Fleet undertook during the quarter.

The company fulfilled, its ongoing commitment to fixed distribution of 15 us cents per share order.

Brian Gallagher: Our Head of Commercial, Nikos Tripodakis, will guide us through another long-term charter contract addition and the encouraging dynamics within the LNG market landscape during the quarter later on. I will now hand it over to our CEO, Gerasimos Kalogiratos, to take us through firstly the financial highlights.

The Share story to shareholders, thus retaining, the company record of Distributing a cash dividend for every single quarter. Since our listing way back in March 2007,

Our head of commercial and it cost troubles will guide us through another long-term Charter contract Edition and the encouraging Dynamics, within the LG Market landscape during the quarter later on. But I will now hand it over to our CEO. Jerry, Keller ghattas to take us through firstly, the financial highlights.

Gerasimos Kalogiratos: Thank you, Brian, and good morning or afternoon to everyone listening in today. In terms of operational and financial performance, this has been a rather routine quarter. However, I would like to highlight, as Brian pointed out, that we have now classified the Manzanillo Express under discontinued operations due to its sale, which nevertheless had the full quarter before being delivered to its new owners early in the fourth quarter. I should add here that this is the 13th container carrier sale in 24 months, consistent with the company's strategy to pivot to gas transportation. Secondly, we reported the successful completion of our 2 special surveys during the quarter as our first 2 LNG carriers, the Aristos I and the Aristidis I, completed 5 years of service. This is an important milestone for Capital Clean Energy Carriers Corp. as it represents the first LNG area special survey under our stewardship.

Thank you, Brian. And um,

good morning or afternoon to everyone listening in today.

In terms of operational financial performance, this has been a rather routine quarter.

However, I would like to highlight as Brian pointed out that we have now classified the minnillo express, as a discontinued operations due to its sale.

Uh, which nevertheless had the full quarter before being delivered to its new owners early in the fourth quarter?

So that here, that this is the 13th, container carrier sale in 24 months, consistent with the company strategy, to Pivot to gas transportation.

Secondly, we reported the successful completion of our 2, special surveys. During the quarter as refers to LNG carriers. The aristos 1 and the aristos 1 completed 5 years of service.

Gerasimos Kalogiratos: I am pleased to report both were completed successfully and ahead of schedule, with a combined total of 38 days of off hire for the two vessels and total cost of approximately $8.8 million, or $4.4 million per vessel. Both the reclassification of the Manzanillo Express under discontinued operations and the two special surveys affected our results compared, for example, to the previous quarter. Despite an ongoing capital investment program of over $2.3 billion in newbuilds, the dividend payout remains a core component of the company's value proposition to shareholders. The $0.15 dividend will be paid on November 13 to shareholders on record on November 3. This will be the 74th consecutive quarter that the company has paid a cash dividend.

Gerasimos Kalogiratos: Moving now to the balance sheet on slide 7, the key development here was the securing of financing for two liquid CO2 carriers and multi-gas carriers and the six MGCs, which means that all 10 of our multi-gas carriers under construction have now secured debt funding as detailed in our earnings release. We will have more news of the financing of the six LNG carriers delivering in 2026 and 2027 in due course. Of course, I remind you that three of the six LNG carriers have already secured long-term employment. Our cash balance stood at a total of $332.3 million as of the end of the quarter. Our balance sheet remains strong with a sound net leverage ratio below 50%. You can see that our capital base continues to consolidate as we await the next schedule of ships to be delivered next year. Of our total debt, 79% is floating.

The key development here was a securing of financing for 2 liquid, share 2 carriers and multi gas carriers and the 6 um mgc's, which means that all 10 of our multi gas carriers and the constructions have now secured debt funding as detailed in our earnings release.

We will have more news of the financing of the 6 LG carriers delivering 26 and 27 in due course. And of course I remind you that 3 of these 6 LG cars have already secured long-term employment.

Our cash balance that the total of 332.332 million.

As of the end of the quarter, our balance remains strong, with a sound net leverage ratio below 50%.

You can see that our capital base continues to consolidate as we await the next schedule of ships to be delivered next year.

Gerasimos Kalogiratos: Hence, looking ahead, we expect to benefit further now that the Fed has started cutting rates, including yesterday's quarter point cut. Moving to Slide 9, it is important to highlight the evolution of this chart since the beginning of the year as we have made significant progress in securing employment for new building vessels despite the challenging market conditions. The latest long-term time charter we have announced today is for seven years with three one-year options thereafter. The deployment commences in the first quarter of 2028, and we expect to trade the vessel on short or index-linked time charters between its scheduled delivery from the shipyard in the first quarter of 2027 and the commencement of its long-term charter.

Of our total debt, 79% is floating. Hence, looking ahead, we expect to benefit further now that the Fed has started cutting rates, including yesterday's quarter-point cut.

Moving to slide 9.

Find the challenging market conditions.

The latest long-term time Charter, we have announced today that for 7 years, with 3, 1 year options thereafter.

Gerasimos Kalogiratos: I should add here that we have had a couple of questions already on the Athlos being allocated as the LNG vessel for the new contract announced today, as we had also suggested this would be the vessel for the two period charters we announced with our first quarter results in May. All six of our new builds under construction have optionality for our customers as previously disclosed, and the specific vessel will be selected as and when the charter starts. We have three charters to allocate to six vessels and will do so nearer the time, and Slide 9 is illustrative of where we believe they will end up.

The employment commences in the first quarter of 2028 and we expect to trade the vessel on short or indexing time Charters between its scheduled delivery from the CPI. In the first quarter of 2027 and the commencement of its long-term Charter

So that here that we have had a couple of questions already on the AOS being allocated as the LNG vessel for the new contract announced today.

As we had also suggested, this would be the vessel for the 2. We announced, um, with our first quarter results in May,

All 6 of our new builds under construction, have optionality for our customers as previously disclosed. And the specific vessel will be selected as and when the charter starts. So we have 3 Charters to allocate to 6 vessels and we will do so nearer the time

Gerasimos Kalogiratos: Our average charter duration stands at 6.9 years across the fleet, and our LNG fleet showcases a firm period charter backlog of $2.8 billion of contracted revenue or 93 years, and $4 billion of contracted revenue or 126 years if all options were to be exercised. To put this into context, in Q4 2024 we reported a firm charter backlog from our LNG fleet of $2.2 billion or 68 years. We continue to be in constant dialogue with counterparties regarding our LNG fleet in what has become increasingly a more active period market and looking for the right employment structure for our remaining open new builds. Turning now to Slide 10 and looking at the contracted revenue base in more detail, overall, when it comes to CCEC, no single counterparty represents more than 19% of the $3 billion contracted revenue backlog.

and slide 9 is illustrative of where we believe they will end up.

Our average starter duration starts at 6.9 years across the fleet and our LNG. Fleet showcases a firm period. Charter backlog of 2.8 billion of contracted revenue or 93 years.

And 4 billion of contracted revenue or 126 years. If all options were to be exercised,

To put this into context, in the fourth quarter of '24, we reported The Firm Charter backlog from Ireland, Z Fleet, of $2.2 billion or 68 years.

We continue to be in constant dialogue with counterparties, regarding our LNG, Fleet in what has become increasingly, a more active period market and looking for the right employment structure for a remaining open, new builds.

During night, slide, 10 and looking at the contracted Revenue base in more detail.

Gerasimos Kalogiratos: This diversification provides the company with a strong framework to build our gas transportation portfolio. Further, with a mix of existing corporate relationships and new customers, I'm happy to disclose that the counterparty for latest contract award is a new name to our roster of energy majors, utilities, and traders, thus diversifying further our customer base. I would like to finish off this section now with a quick look at our new building CapEx program and our expectations with regard to its financing described with more detail on Slide 11. We ended the third quarter with $332 million of cash on our balance sheet. This cash level is before we receive the net proceeds from a latest container sale of $26 million from our new building program of $2.3 billion. We have already paid advances by quarter end to the tune of $580 million.

Overall, when it comes to CCC, no single counterparty represents more than 19% of. The 3 billion contracted Revenue, backlog.

This diversification provides the company with a strong framework to build their gas. Transportation portfolio further with a mix of existing corporate relationships and new customers.

I'm happy to disclose that the counter party. For latest contract, award is a new name to our roster of energy Majors utilities and Traders vast diversifying further, our customer base.

I would like to finish off this section. Now with a quick look at our new building capex program under expectations with regard to its financing described with more detail on slide 11.

When was the third quarter with $332 million in cash on our balance sheet?

Discuss level is before we received the net process from a latest container sale of 26 million.

Gerasimos Kalogiratos: Assuming we draw the base financing amount for our new builds in line with the finances secured for the multi-gas carriers and the financing assumptions for LNG carriers as outlined on Slide 11, we would be left after the delivery of all of our new builds with a net equity inflow of $216 million, that is without taking into account any cash flow generation from our existing fleet. I would like to turn now to our Chief Commercial Officer, Nikos Tripodakis, who will run through our LNG market slides. I will return with a summary and then be available to answer your questions along with Nikos and Brian at the end of the call. Nikos, over to you.

From our new building program of 2.3 billion, we have already paid advances by quarter end to the tune of 580 million.

Assuming we draw the base financing amount for our new builds in line with the financial security for the multi-gas carriers and the financing assumptions for LNG carriers as outlined on slide 11, we would be left, after the delivery of all of our new builds, with a net equity inflow of $216 million.

That is without taking into account, any cash flow generation from our existing Fleet.

I would like to turn now. To our chief commercial officer. Nico zachys.

Who will run through our LNG Market slides, I will return with the summary and then be available to answer your questions along with Nikos and Brian at the end of the call, Nikos over to you.

Nikos Tripodakis: Thank you, Jerry, and good morning or afternoon, everybody. I would like to address three main subjects today. Firstly, a strong rise in the expected demand for LNG shipping on the back of an unprecedented surge in LNG supply growth. Secondly, the recent ban of Russian LNG from the European Union and the implication of this ban on the demand for LNG shipping. Finally, how scrapping and commercial removals of older vessels will facilitate the market rebalancing towards 2027 and 2028. Starting with slide 13, we can see that the acceleration in the LNG growth that we commented on during the Q2 earnings call has gathered further pace during Q3. There has been a surge in LNG projects reaching final investment decisions, i.e., LNG projects which have secured financing and are moving ahead with the construction of their LNG production facilities. Three of these FIDs alone came during Q3.

Thank you, Jerry and, uh, good morning, or afternoon everybody. I would like to address 3 main subjects today,

Firstly, a strong rise in the expected demand for shipping on the back of an unprecedented surge in Alexandria Supply growth.

Secondly, the recent ban of Russian LNG from the European Union and the implication of this ban on the demand for religious shipping and finally how scrapping and Commercial. Removals of older vessels will facilitate the market rebalancing towards 2027 and 2028.

Starting with slide 13. We can see that the acceleration the in the LG growth that we commented on during the Q2 earnings call has gathered further Pace during Q3

There has been a surge in LNG projects, reaching final investment decisions. That is LNG projects, which have a secured firm financing and are moving ahead with the construction of their LNG production facilities.

Nikos Tripodakis: In total, demand for LNG carriers from the seven projects that have achieved FID in 2025 is ranging approximately between 70 to 120 vessels, depending on assumptions as highlighted on slide 13. The ignition for this growth has come from the Trump administration since January, and we anticipate even more FIDs to be achieved in the coming months, which will in turn create further demand for shipping. Now, turning to another important development within our wider sector, the intention of the EU to ban Russian LNG imports. We can see on slide 14 that recently, as part of its 19th sanctions package, the EU announced plans to bring forward the ban of Russian LNG in the beginning of 2027 from the previous target date of 2028.

3 of these fids alone came during Q3 in total demand for LNG carriers from the 7 projects that have achieved the 5D in 2025 is ranging approximately between 70 to 120 pesos,

On July 1 3.

The ignition for this growth has come from the Trump Administration since January. And we anticipate even more fids to be achieved in the coming months, which will in turn create further demand for shipment.

Nikos Tripodakis: From an LNG freight perspective, in simple terms, this would require a replacement of a relatively short-haul voyage of 2,500 nautical miles from Yamal to Rotterdam with one of approximately double its length from the U.S. Gulf. According to analysts, Russian LNG is likely to flow east with a mix of transit in winter and summer. Overall, it is estimated that global energy shipping ton-mile demand would gain approximately 2% compared to 2024 levels. Clearly, there are additional considerations at play here, but overall, this development should be net positive for LNG freight. Moving now on the supply side developments, we turn on slide 15. We can see that the main development has been the record level of vessels removed, with 14 vessels sold for scrap so far this calendar year. This is illustrated on the right-hand side of slide 15.

We can see on slide 14 that recently, as part of its 90th, sections package the EU announced plans to bring forward the ban of Russian LNG in the beginning of 20 2027 from the previous Target date, date of 2028.

From an LG 5 perspective. In simple terms, this would require a replacement of a relatively short whole Voyage of 2 and a half thousand nautical miles from yamal to Rotterdam with 1 of approximately double its length from the US Gulf

according to analysts Russian LG is likely to flow East with a mix of transit in winter and summer. Overall, it is estimated that Global energy, shipping tone mild demand would gain approximately 2% compared to 2024 levels

Clearly there are additional considerations at play here but overall, this development should be net positive for religious Freight.

Moving. Now on the supply side developments, we turn on slide 15.

Nikos Tripodakis: While the average age of LNG carriers exiting the fleet was 26 years, a new record low in a continuous downward trend since 2022. If we focus on the left hand side of Slide 15, we can see the rising numbers of older vessels that are idling and as such effectively commercially removed from the market. Since the second quarter there has been a sustained rise in steam and tri-fuel vessels standing idle. Around 16% to 18% of steam vessels, which is approximately 35 ships, are sitting idle, which means that nearly a fifth of all steam vessels stand without long term or spot employment. Owners of these vessels have been choosing to idle or lay up rather than sell these vessels for scrap in an effort to exhaust any commercial opportunities that may arise.

We can see that the main development has been the record level of vessels removed with 14, vessel salts for scrap so far. This calendar year, this is Illustrated on the right hand side of slide 15, while the average age of LNG carriers is exiting. The fleet was 26 years, a new record low in a continuous downward Trend since 2022.

If we focus on the left hand side of the slide 15, we can see the rising numbers of older vessels that are idling and as such effectively commercially removed from the market. Since the second quarter, there has been a sustained rise in Steam and try fuel vessels standing, idle around 16 to 18% of steam vessels, which is approximately 35 ships, um, are exceeding Idol, which means that are nearly a fifth of all steam vessels stand without long-term or spot employment.

Nikos Tripodakis: It seems almost unavoidable for the majority of those vessels that after a sustained period of idleness, the lack of commercial opportunities in combination with an impending costly special survey will lead to even more demolition sales. The trend set in 2025 is very strong and we feel that it is set to continue. In addition to the increasing number of vessels idling, we can also see the pipeline of vessels that are redelivering from long term charters in Slide 16.

Owners of these vessels have been chosen to idle or lay up rather than sell these vessels for scrap in an effort to exhaust any commercial opportunities that may arise. But it seems almost unavoidable for the majority of those vessels that, after a sustained period of the wideness, the lack of commercial opportunities, in combination with an impending costly special survey, will lead to even more demolition sales.

The trend is set in 2025 is very strong and we feel that it is set to continue.

Nikos Tripodakis: As the chart shows, according to brokers, 86 steam LNG carriers are due to come off long term time charter contract between now and 2030, which reflects approximately 45% of the entire steam charter fleet, and this pipeline of redeliveries of steam vessels from long term contracts in combination with the increasing numbers of older tonnage approaching the fourth and fifth special surveys as shown in Slide 17 enhances the argument around the inevitability of the removal of these vessels. On the left hand side of Slide 17, we can see that an increasing number of vessels are entering the age range for their fifth or sixth special surveys.

In addition to the increasing number of vessels idling, we can also see the pipeline of vessels that are redeeming from long-term charters in slide 16.

As the chart shows according to Brokers 86 team LNG carriers are due to come off long-term time Charter contract between now and 2030 which reflects approximately 45% of the entire steam Fleet.

And this pipeline of redevelopers of steam vessels from long-term contracts in combination with increasing numbers, of older tonnage approaching the fourth and fifth special surveys as shown in slide 17 and enhances the argument around, the inevitability of the removal of these vessels.

Nikos Tripodakis: Some of these vessels may still be on long term charter at the time of those special surveys, but the combination of the age profile as shown in Slide 17, the redelivery profile as shown in Slide 16, and the ramping up of idling as shown in Slide 15 paint the overall picture that these vessels are reaching the twilight of their commercial life and utility in the LNG market. Moving to Slide 18, we summarize our view on the long-term supply and demand picture for LNG freight. As with any shipping segment, there are always a lot of cross currents and moving parts, but we have tried to incorporate the recent supply and demand developments on this chart. Firstly, to explain the chart, the orange dashed line represents a maximum potential growth in LNG demand for LNG carriers in view of global LNG projects extending to 2032.

On the left hand side of slide 17, we can see that an increasing number of vessels are entering the age range for their fifth or sixth special surveys. Some of these vessels may still be on long-term Charter at the time of those special surveys, but the combination of the age profile as shown in slide 17, the redelivered profile as shown in slide 16 and the ramping up of idling as shown in slide 15 and the overall picture that these vessels are reaching the Twilight of their commercial life and utility in the engine Market.

Moving on to slide 18, we summarize our view on the long-term supply and demand, picture for aliens ref Freight.

As with any shipping segment, there are always a lot of cross-currents and moving Parts, but we have tried to incorporate the recent supply and demand developments on this chart.

Nikos Tripodakis: Let's say our high case demand scenario. The blue dashed line represents the number of LNG vessels required based solely on those projects that have reached FID status, a relatively conservative approach as we expect many more projects to reach FID in the months to follow. The dark grey bar represents a gross number of LNG carrier deliveries expected on a cumulative basis year on year, while the orange bars are the estimate from CCEC on LNG vessels removals. Lastly, the dark blue bars represent the net number between vessel deliveries and removals. Overall, we expect to see the inflection point in the LNG vessel supply moving from surplus to deficit sometime between 2027 and 2028, with the potential that this could even be earlier than that given the trends outlined earlier.

First is to explain the chart, the orange dash line represents a maximum potential growth in LNG, demand for LNG carriers. In view of global energy projects extending to 2032 let's say our high case demand scenario.

The blue dash line represents the number of aliens re vessels required based solely on those projects that have reached the 5D status are relatively conservative approach. As we expect many more projects to reach FID in the months to follow.

The dark gray bar represents a gross number of LNG carriers, deliveries expected on a cumulative basis year on year, while the orange bars being the estimates from CCC on the LNG vessels removal.

Nikos Tripodakis: I will now hand the presentation back to Jerry for a summary of the third quarter and the company position going forward.

Lastly the dark blue bars represent the net number between vessel deliveries and removals. So overall we expect to see the inflection point in the aliens reversal Supply and moving from Surplus to deficit sometime between 2027 and 2028 with the potential that this could even be earlier than that given the trends outlined earlier.

I will now hand the presentation back to Jerry for a summary of the third quarter and the company position going forward.

Gerasimos Kalogiratos: Thank you, Nikki. Now, focusing on our present and future fleet on slide 20 provides an opportunity to round up where CCEC is and our direction going forward. We continue to be opportunistic about fixing long-term employment for our three open newbuild LNG carriers as there are increasingly fewer uncommitted LNG newbuildings available at a time when we see growing activity in the LNG industry with both new SPAs being signed and the FIDs moving ahead. As the slide clearly shows, the ticks against each vessel indicate those with term employment. Remember, just three quarters ago we had six open LNG carriers and owned a total of eight containers. Today, we only have three uncommitted LNG carriers under construction and just two containers remaining in our portfolio.

Thank you, Nikos.

Now focusing on our present and future Fleet on slide 20, uh provides an opportunity to round up where CCC um, is and our Direction going forward.

The opportunistic about fixing long-term employment for our 3. Open new-build LG carriers.

As there are increasingly fewer uncommitted LNG new buildings available at the time when we see growing activity in the LNG industry,

With both new SBA being signed, and the 5D is moving ahead.

Gerasimos Kalogiratos: Our ten multi-gas carriers are complementary to our LNG portfolio and leveraged to the energy transition, and we expect to have more color with regard to their employment closer to their delivery. Finally, our two legacy container vessels are well underpinned on long-term charters potentially out to the end of the next decade but provide optionality for CCEC going forward. In short, in all parts of the CCEC fleet we have focus and are executing on the chosen strategy in each specific area. Turning to the final slides, number 21 and looking forward, CCEC is expected to control the largest LNG carrier fleet available on the U.S. stock exchange. In addition to the other ten multi-gas vessels, the company has considerable contract coverage of 6.9 years already and strong visibility on cash flows.

As the slide clearly shows the ticks against its vessel indicates those with term employment. Remember just 3 quarters ago we had 6 open LNG carriers and owned the total of 8 containers today. We only have 3 uncommitted LNG carriers and the construction and just 2 containers remaining in our portfolio.

Our 10 multi gas, carriers are complimentary to our LNG portfolio, and leverage to the energy transition. And we expect to have more color with regard to their employment closer to their delivery.

Finally, our 2 Legacy container vessels are well. Underpinned and long-term Charters potentially out to the end of the next decade but provide optionality for CCC. Going forward in short in all parts of the CCC. Fleet we have focused and are executing on the chosen strategy in its specific area.

so, turning to the final slides number 21,

I'm looking forward CCC is expect to control the largest LNG to stroke carrier rate available on the US Stock Exchange in addition to the other 10 multi gas vessels.

Gerasimos Kalogiratos: We believe that we have an advantage over many of our peers in only being invested in the latest generation gas vessels. That concludes the prepared remarks by management for the third quarter of 2025 and with that I will now pass it back to the operator for questions.

the company has considerable contract coverage of 6.9 years already and strong visibility on cash flows while we believe that we have an advantage over many of our peers in only being invested in the latest generation, gas vessels,

That concludes the prepared remarks by management for the third quarter of 2025. Um,

Operator: Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your headset before pressing the star keys. The first question comes from the line of Alexander Bidwell with Webber Research & Advisory. Please proceed.

and with that, I will now pass it back to the operator for questions.

Thank you, sir.

Ladies and gentlemen, if you would like to ask a question, please press star 1 on your telephone keypad and a confirmation phone. Will indicate your line is on the question for you.

You may press star 2 if you would like to remove your question from the queue.

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

And the first question comes from the line of Alexander Bidwell with Weber research and advisory please proceed,

Alexander Bidwell: Good afternoon. How are you guys doing?

Gerasimos Kalogiratos: Hi Alex, we're well. How are you doing?

good afternoon. How are you guys doing?

Alexander Bidwell: Great, thanks. Taking a look at the new build charter, my math is showing the rate to be roughly in line with the two other charters that you signed earlier this year, sitting somewhere in the 80s. How do you feel these rates sit compared to the general market appetite? Do you see any room for long term rates to push up or down?

Hi Alex. Where will how are you?

Doing great thanks. Uh, so taking a look at the uh, the new build Charter. My math is showing the rate to be roughly, uh, in line with the, the 2 other Charters that you signed earlier this year, uh, sitting somewhere in the 80s, uh, how do you feel the these rates sit compared to the General market appetite. And uh, do you see any room for long-term rates to push up or down?

Nikos Tripodakis: The first comment is that this latest charter is higher than the previous two. We feel that this is on the high end of where the market has been over the past four to five months. In general, it is in line with the view that have been consistent throughout the year that, you know, long term rates seven years plus or five years plus for these latest generation two-stroke vessels from 2027 and 2028 are in the very high 80s to low 90s range. Given the amount of demand that's coming from, you know, FID projects and all these new volumes that are expected to hit the market by the end of the decade, we feel that this has been sort of the low end of where the rates will be in the future and for later deliveries it will be even stronger.

Um, the first goal money is that this latest Charter is higher than the previous 2. Um, we feel that this is on the high end of where the market has been over the past 4 to 5 months. And in generally, it is in line with the view that I have been consistent throughout the year that, you know, long-term rates 7 years plus or 5 years plus for this latest generation 2-stroke vessels from 2027 and 2028 are in the very high 80s to low 90s range. So, given the amount of demand that's coming from, you know, FID projects and all these new volumes that are expected to hit the market. By the end of the decade, we feel that this has been

Sort of the low end of um where the rates will be in the future. And for later, deliveries, it will be even stronger.

Alexander Bidwell: Alrighty, thank you. Thank you for the color there. Just taking a look at the relationship between carriers and new liquefaction capacity shown on slide 18. I believe last week Qatar had pushed back its guidance for the Northfield expansion by about six months. That shifts about 32 million tons of production to the right. Looking at delays or potential delays to some of these LNG projects that are under construction, what sort of impact should we expect to see on the balancing of the carrier market? Is there anything we could see owners do to help, I guess, mitigate the effects, say sliding deliveries for new builds back a little bit to try to align with when some of these volumes come online?

All righty. Thank you. Uh, thank you for the color there. Um, and then, uh, just taking a look at the relationship between, uh, carriers and uh, new liquefaction capacity, uh, shown on slide 18. Um,

so, uh, I believe last week, uh, Qatar had pushed back its guidance for the Northfield expansion by, about 6 months, so that shifts about, uh, 32 million tons, um, of production to the right,

so looking at uh delays or potential delays to some of these LNG projects uh that are under construction what sort of uh impact

Should we expect to see on uh the balancing of the carrier market and is there anything we could see owners?

Uh due to help, I guess, mitigate the effects say sliding deliveries for new builds back a little bit to uh to try to align with some when some of these volumes come online.

Gerasimos Kalogiratos: As far as.

um, as far as

Nikos Tripodakis: Delays are concerned in these projects, what I can say is that most of these delays have already been priced in. We have seen the biggest delay in the market has come from the Biden administration pausing the permits on these LNG facilities and production permits. Now with the Trump administration there has been this resumption in permits and FIDs. Any delays that we should have hedged ourselves against have already taken place. We don't expect too many delays moving forward. Most of these projects will start in a range of 2028-2030. We are well positioned for that.

May have already been priced in. So we have seen, you know,

Nikos Tripodakis: What we can do just to answer your question in the interim is either secure very short term time charters, one to two years just to get re-delivery of the vessels back in the part of the curve that we feel is significantly short, which is 2028, 2029 onwards, or just go for straight TCs from 2027 to 2028. It's always an exercise for us and we just choose whatever we feel is the best choice at the time.

Alexander Bidwell: All right, thank you. I'll turn it back over.

The biggest delay in the market has come from the Biden Administration. Pausing, the permits on this LNG facilities and production permits. Now with the Trump Administration, there has been this resumption in permits and fids. So any delays that we should have hedged ourselves against have already taken place, we don't expect too many delays moving forward. Most of these projects will start in, you know, a range of 20208 to 2030. Uh we are well positioned for that and what we can do, just to answer your question in the interim is either secure very short term. China Charters 1 to 2 years just to get rid of the vessel's, back in the part of the curve that we feel is significantly short, which is 28.29 onwards. Um, or just go for straight DCS from 577 to 28. It's always a exercise for us and we just choose whatever. We feel is the best choice of the time.

All right, thank you. I'll turn it back over.

Operator: The next question comes from the line of Omar Nokta with Jefferies. Please proceed.

Gerasimos Kalogiratos: Thank you.

The next question comes from the line of Omar nocta with Jeffries. Please proceed.

Operator: Hi guys.

Omar Nokta: Good afternoon. I just want to ask about the market, and I think maybe Jerry, your comments just now, I wanted to make sure I understood or heard correctly. This latest charter that you've entered into or that you've announced today, that one is set to be basically higher than the two that you fixed.

Thank you. Hi guys. Uh, good afternoon.

Gerasimos Kalogiratos: Say six months ago. Yeah, that was Nikos. Yes, indeed, this charter is higher than the previous two charters. Do note also the slightly later delivery.

Just maybe wanted to uh, yeah, I just want to ask about the market and I think maybe Jerry your your comments just now wanted to make sure understood or heard correctly. That this latest Charter that you've entered into or that you've announced today that 1 um, is is set to be higher than the uh, the 2 that you fixed say 6 months ago.

Operator: Right.

Gerasimos Kalogiratos: Okay, I guess I just wanted to ask.

Yeah, that was, uh, that was Niko's. Uh, but yes indeed. Um, the starter is uh, okay, uh, is higher than the previous 2 chartres, but do note also the uh uh slightly later delivery.

Omar Nokta: It feels like, when we look at charter rates, especially spot rates, obviously they've been very weak. When we look at it from a big picture perspective, it seems that the market's quite soft and yet you're able to still secure contracts. Even though, as you say, it's a later delivery, it feels like the charter rates are holding up much more firmly. It feels like it wasn't like that, say, perhaps the last downturn we saw in LNG shipping, where almost like long term contracts maybe were no bid. Perhaps what's different this time around is where you can have a soft market today and yet still a very resilient term.

Right. Okay, I guess I just wanted to ask kind of, you know, it feels like the when we look at, you know, Charter rates, especially spot rates, obviously they've been very weak. So it's been a, you know, when we look at it from a big picture perspective, it seems that the market

Operator: Charter market.

Nikos Tripodakis: The very accurate question, it's sort of a paradox that's unique in the LNG industry. I think this comes from a combination of two things, mainly the oversupply of the current market and the trading economics which favor deliveries into Europe from the U.S., so shorter ton miles and an oversupplied spot market along with all the steam carriers and the tri-fuel vessels, vessels that are more eager to secure employment and thus push the market down. On the other hand side, you have the exact opposite in a sense, which is a market from 2027, 2028 where you see this 50% increase in global energy trade and those volumes will need vessels to transport them, efficient vessels that are in line with the latest regulatory requirements and emission controls and all. There are just not enough vessels for that part of the decade.

Is quite soft and yet you're able to still secure contracts. Even though, as you say it's a later delivery, it feels like the the charter rates are holding up, much more firmly. It feels like it wasn't like that. Say, perhaps the last downturn, we saw in lmg shipping where almost like long-term contracts, maybe were no bid perhaps what, what, what's different this time around, where you can have a soft market today and yet still a very resilient, uh, term Charter Market.

The very accurate question, it's sort of a paradox that's unique in the LNG industry. I think this comes from a combination of two things mainly.

The oversupply of the current market and the trading economics favored deliveries into Europe from the U.S.

Nikos Tripodakis: On the prompt, there's an oversupplied market along with inefficient ships. On the back end of the curve, back end, let's say 2027, 2028, you have this significantly undersupplied market given the amount of volume that is hitting the water. Everybody can see that this is why charters are still paying levels that are three or four times higher than the spot market. They do the analysis as well, but that is the summary. The market is undersupplied in terms of efficient tonnage. Everybody can see that the spot market is oversupplied and it all comes down to when this transition will take place. Our view is that will take place in 2027, 2028.

So shorter than Miles and an oversupplied sport Market along with um, you know, all the steam carriers and the tri fuel vessels vessels, that are more um, eager to secure employment and thus, push the market down. And then, on the other hand side, you have the exact opposite, in a sense, which is a market from 2027 2028, where you see this 50% increase in global energy trade and those volumes will need vessels to, you know, transport them, efficient vessels that are in line with the latest regulatory, um, requirements and, um, and Mission controls, and all that. And there are just not enough vessels for for that part of the decade. So on the prompt, there's an oversupplied Market along with inefficient ships and on the back, end of the curve of back end. Let's say, 27/28 you have this significantly under supplied Market given the amount of volume that is hitting the water. So you everybody can see that this is why Charters are are still paying levels.

Omar Nokta: Yeah, that makes sense. Clearly, as you're highlighting in the slides, 2027-2028 being the inflection point, it's interesting to see the market actually price accordingly as opposed to wait till we get there. Maybe just a quick follow-up. In terms of, say, the spot market, obviously it's evolved in recent years to being perhaps a bigger percentage of the overall trade. What's your guess or what's your estimate, what would you say the spot market represents in terms of total LNG shipping?

That are 3 or 4 times higher than the sport Market. Um they do the analysis as well but that that is the summary, the market is under supplied. In terms of efficient tonnage, everybody can see that the spot Market is oversupplied and it all comes down to when this transition will take place. And our view is that will take place in 2027 2028.

Yeah, that that makes sense. I mean clearly as you are highlighting in the slides, uh, you know, 27 28, being the inflection point. It's interesting to see the market, actually, you know, price accordingly as opposed to wait till we get there. Uh,

Nikos Tripodakis: A very small amount. Now the exact percentage I would guess is lower than 15% to 20%. I would say of the vessels on the water are trading in the spot market, it has become more liquid definitely as the total number of vessels on the water are increasing, but it is still not liquid enough in terms of if you compare it against the tanker segment or the dry segment. It mainly affects older tonnage steam vessels and tri-fuel vessels because the latest technology vessels like the ones we control are very attractive charters for long-term PCs and they can actually base their economics with the most efficient vessels.

And I can and then maybe just a a quick follow up just in terms of say the the the spot Market. Um obviously it's evolved in recent years to being a perhaps made a big, a bigger percentage of the overall trade but what what's your guess or what, what what's your estimate, what you would say? Um the spark Market represents in terms of total LNG, shipping

Omar Nokta: Yeah, makes a lot of sense.

% I would say of the vessels on the water that are trading in the spot Market. It has become more liquid definitely, um, as the total number of vessels of the water are increasing but uh, it is still not liquid enough in terms of, um, you know, if you compare it against the tanker segment or the dry segment and it mainly, um, it mainly affects older tonnage steam vessels and try fuel vessels because you know the latest technology vessels like the ones we control, um are very attractive to charters for long term TC and they can actually base their economics with the most efficient vessels.

Gerasimos Kalogiratos: Thank you.

Omar Nokta: I'll turn it over.

Yeah, makes uh makes a lot of sense. Thank you. I'll uh, I'll turn it over.

Operator: As a reminder, if you would like to ask a question, please press star one on your telephone keypad. The next question comes from the line of Liam Burke with B. Riley Securities. Please proceed.

as a reminder, if you would like to ask a question, please press star 1 on your telephone keypad,

Liam Burke: Yes, thank you, and good afternoon, Jerry.

Gerasimos Kalogiratos: Hi Liam.

And the next question comes from the line of Liam Burke with B Riley Securities. Please proceed, yes. Thank you. Good afternoon, Jerry.

Liam Burke: Jerry, this sounds like nitpicking, but you do have one vessel coming off charter in 2026. Have there been discussions, I mean, how are those discussions going in terms of renewing on a longer term basis?

Hi Liam.

Jerry uh this sounds like nitpicking but you do have 1 vessel coming off Charter in 26. Um. Have there been discussions? Uh

Gerasimos Kalogiratos: Let me pass this on to Nikos Tripodakis.

I mean, how are those discussions going in terms of renewing on a longer-term basis?

Brian Gallagher: Thank you.

Nikos Tripodakis: Nico.

Let me pass this on to, to Nikos.

Gerasimos Kalogiratos: Hi.

Thank you know.

Nikos Tripodakis: What we can share for now is that we have mostly been turning down bids for this vessel. We have had a range of discussions from short-term time charters, one to two years, on either floating or fixed rate. Our view is that we will not have any issues whatsoever in securing employment for this vessel. It just comes down to making sure we secure the right type of employment and get the redelivery as we want for potentially in 2029 and then capitalize further on the tightness of the market. We still have one year to make a decision on that. Yeah, we feel confident about this.

Operator: Great.

Liam Burke: You mentioned on the multi-gas carriers that you'd be able to give us some color on the potential charters in the future. What is your, I mean in the early discussions, what is your sense?

Hi. Um what we can share for now is that we have mostly been turning down bits on on for this vessel. Uh, we have had a range of discussions from, you know, short-term time Charters 1 to 2 years on either floating or fixing fixed rate. Our view is that we will not have any issues whatsoever in security employment for this vessel. It just comes down to making sure we secure the right type of employment and get the redeliver is we want for uh, you know, potentially in 2029 and then capitalize further on the tightness of the market. So we still have 1 year to make a decision on that. Um, but yeah, we we feel confident about this great and Jerry you mentioned on the multi gas carriers that you'd be able to give us, you know, some color on the uh potential. Um,

Gerasimos Kalogiratos: Of the interest here? Really the first vessel that's due is in January. Our handy 22,000 cubic multi-gas carrier, liquid CO2 carrier. As we have discussed also in previous calls, this is really a sophisticated semi-ref handy LPG carrier and of course it can transport liquid CO2 as well as LPG, ammonia, and petrochemical cargoes. It offers really very strong operational flexibility due to its specification. It's quite a unique vessel which will allow efficient performance across a wide range of trades and cargo types. Already we can see that charterers are interested in that flexibility. In terms of this market, which is really, I think next time we will have our quarterly earnings call, this vessel will be delivered to us all going well because its delivery is due in very early January.

Uh, charters in the future. But uh, what is your? I mean, in the early discussions. So what is your sense of the interest here?

uh, so the really the first vessel that, uh, you, um is, um, in January or uh, handy, uh, 20 200 cubic multi gas, carrier, liquid CO2 carrier,

um, as we have discussed also in previous calls

This is really a sophisticated semi-ref handy LPG carrier.

And of course it can transport liquid CO2 as well as LPG ammonia and petrochemical cargos.

Uh, it offers, um, really very strong operational flexibility uh, due to. Um, it's a specification, it's quite a unique vessel which uh, will allow efficient performance across a wide range of Trades and cargo types. And already, we can see that Charters are interested in that flexibility.

Gerasimos Kalogiratos: This vessel will trade in the semi-ref segment which currently is showing solid momentum despite the broader macro volatility. A combination of specific LPG projects as well as sustained activity in the petchem and parcel trades has been keeping tonnage in this segment well balanced and utilization quite high, and as a result it has been supporting firm and healthy freight levels. Most requirements at present are in the 4 to 12 month range with TCE levels generally ranging from just below mid-$900, these vessels are on a per month basis up to around $1 million per month depending on terms and trade.

so in terms of this Market, which is really uh I think next time we will have our quarterly earnings call with vessel will be delivered to us all going well because it's delivery is is due in very early January

Um, this market, this vessel will trade in the same year F uh segment, which currently is showing solid momentum despite the broader macro volatility.

So, a combination of specific LPG projects, as well as sustained activity in the pet cam, partial trades have been keeping tonnage in this segment. Well balanced, and utilization is quite high.

And as a result, it has been supporting firm and healthy Freight levels.

So most requirements at present are in the 4 to 12 month range. With TC e levels generally ranging from just below mid uh 900s this is um uh

Gerasimos Kalogiratos: I think this is the kind of duration and TCE rates that you should expect, always subject of course to market developments until delivery because these type of vessels are fixed much closer to their window of availability, unlike LNG carriers which can be fixed years in advance.

Um, these specials are on a, uh, per month basis up to around $1 million, uh, uh, per month, depending on terms and trade. So, I think this is the kind of duration and, um, uh, TC rates that you should expect, always subject, of course, to market developments until delivery. Because this is.

Liam Burke: Great.

Alexander Bidwell: Thank you, Jerry.

This type of vessels are fixed much closer to their, um, uh, window of availability unlike LNG carriers, which can be fixed years in advance.

Gerasimos Kalogiratos: Thanks, Leah.

Great. Thank you, Jerry.

Thanks.

Operator: The next question comes from the line of Climent Molins with Value Investor's Edge. Please proceed.

[Analyst]: Hi, good afternoon and thank you for taking my questions. You talked a bit about the EU's move to fast track the ban on Russian LNG, but could you provide some commentary on whether we should expect an impact on the LNG market from recent sanctions by the U.S. on both Lukoil and Gazprom?

Value investors Edge. Please proceed

hi, good afternoon and thank you for taking my questions.

About the use move.

Hi, Jerry. You talked a bit about the eu's move to Fast Track the ban on rational engine. But could you provide some commentary on whether we should expect an impact on the LNG Market from recent, sanctions by the US on both L oil and gas from

Gerasimos Kalogiratos: Personally, I don't think there should be any additional impact because already all major LNG projects with the exception of YAML have been sanctioned. We shouldn't expect at least any direct impact. If anything, we have seen lately a bit of a trade developing with Russian LNG being shipped from Arctic LNG 2 as well as Porto Valle to China on dark fleet vessels. I think we might see more of that if the EU pushes in that direction. I don't think the recent U.S. sanctions will be affecting directly the trade. There have been some discussions from what we hear in Asia, especially Japan, who have been importing LNG from the Sakhalin project. There has been some push from the U.S. to import more from U.S. projects rather than Russia. That would be of course fantastic for the market.

um, personally, I don't think there should be any additional impact because already all major, um, LNG projects with the exception of, uh, yaml have been sanctioned

Um, so we shouldn't expect, uh, at least any direct. Um, um, impact.

Um, if anything, we have seen lately a bit of a trade developing between, um, with Russian LNG being shipped from, um, uh, Article and G2, as well as Portovaya, to China, uh, on dark fleet, uh, vessels. Um,

I think by we might see more of that, uh, if they you push us in that direction, but I don't think the recent us sanctions um um will be uh, affecting um, directly the trade. There have been some, um, discussions,

Gerasimos Kalogiratos: That would be long haul trade as opposed to a very short haul trade. It remains to be seen how this will develop going forward.

Uh from what we hear in Asia, um, especially Japan who have been importing um uh LNG from the uh cycle in project. Um, there has been some pools from the US uh to um import more uh from um, us projects rather than Russia. That would be of course, fantastic for the market that would be long haul trade as opposed to a very short whole trade. Uh, but um, it remains to be seen uh, how this will uh develop going forward.

[Analyst]: Thanks for the color, that's helpful. This one is a bit more on the strategy side. You've been clear. Your two remaining container ships are up for sale at the right price. Is there any appetite to look for incremental acquisitions, be it on new builds or secondhand assets?

Thanks for the caller. That's helpful. And this 1 is a bit more on the strategy side. You've been clear your 2 remaining containerships, are up for sale at the right price. But is there any appetite to look for incremental Acquisitions? Be it on new bills or secondhand assets.

Gerasimos Kalogiratos: I think if you look back at the CapEx slide we discussed, you can see that we have quite significant CapEx moving ahead. That's on slide 11. At the same time, if you look at our cash position and the fact that after every vessel has been delivered on the back of, rather, I would say, conservative financing assumptions, we will have a net equity inflow well in excess of $200 million before we account for cash flow generation from the fleet. That means that by the end of our new building program, we will have potentially a good cash position to look again at further acquisitions and growth. I think it's too early to discuss growth as it's important for us to secure more employment and more visibility. We are doing this, as you can see, almost every quarter we are delivering on that side.

I think if you look back at the capex slide we, we discussed, um, you can see that we have um, quite a significant um,

Uh, capex moving ahead that's on slide 11, but at the same time, um, if you look at our um, cash position and um, the fact that after every vessel has been uh, delivered, um, on the back of rather I would say, conservative financing assumptions. We will have an equity

Gerasimos Kalogiratos: As we have a more stable footing in terms of our new builds, we can also look at more acquisitions. I mean, as you can tell from our view on the market, we think that in the medium to long term, the LNG market is expected to be short of ships somewhere between 2027, 2028, inflection point, and then we will lean the number of vessels. The more months that go by and orders are not being placed in shipyards, potentially the tighter the market is going to be going forward in two or three years from now. I think we want to take advantage of this tightness that we see going forward, but at the same time, we want to make sure that we have covered our base and we are on a stable footing.

Nettech with the inflow. Uh, well, in excess of 200 million, before we account for cash flow generation. From the fleet that, um, means that, um, by the end of our new building program, we will have um, uh, potentially um um, a good, um uh, cash position, uh, to look again at uh further Acquisitions and growth. I think it's too early um, to, um, to discuss growth as, uh, it's important for us to secure more employment and more visibility. We are doing this. And, uh, as you can see, almost every quarter, we are delivering on that side. And then, um, as we have, um, a more stable footing, in terms of our new builds, then we can also look at more Acquisitions. I mean, as you can tell, from our view on the market, we think that in the medium to long term, this is uh, the LNG Market is expected to be uh,

Sort of ships, um, somewhere between 2027 and 2028 inflection point. And then we will in the number of vessels, the more months that go by and uh, orders are not being placed uh in CPI yards. The potentially the the tighter the market is going to be going forward in 2 or 3 years uh from now. So um I think we want to take advantage of this tightness that we see going forward but at the same time we want to make sure that we have we are

Um, we have covered our base and we are unstable footing.

[Analyst]: Yeah, I meant on top of your current order book, but you did answer my question. Thank you for taking my questions.

Gerasimos Kalogiratos: I'll pass it over, of course. Thank you.

Yeah, I meant on top of your current order book, but you didn't answer my question. Thank you for taking my question. So, I'll pass it over.

Of course, thank you.

Operator: Thank you. There are no further questions at this time. I'd like to turn the call back to Mr. Kalogiratos for closing remarks.

Thank you.

Gerasimos Kalogiratos: Thank you, operator. Thank you all for joining us today.

Thank you, operator, and uh, thank you all for joining us today.

Operator: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

This concludes today's conference, you may disconnect your lines at this time.

Thank you for your participation.