Capital Clean Energy Carriers Corp (CCEC) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Capital Product Partners fourth quarter 2023 financial results conference call. We have with us today Mr. Jerry Kalogiratos, Chief Executive Officer; Mr. Spyros Leousis; and Mr. Nikos Kalapotharakos, Chief Financial Officer of the company. (Operator Instructions) I must advise you this conference is being recorded February 2, 2024.

感謝您的耐心等待，歡迎參加 Capital Product Partners 2023 年第四季財務業績電話會議。今天我們有執行長 Jerry Kalogiratos 先生；斯皮羅斯·萊烏西斯先生；以及公司財務長 Nikos Kalapotharakos 先生。（操作員說明）我必須告知您，本次會議將於 2024 年 2 月 2 日錄製。

The statements in today's conference call that are not historical facts, including our expectations regarding acquisition transactions and their expected effect on us, cash generation, equity returns, and future debt levels, our ability to pursue growth opportunities, our expectations or objectives regarding future distribution amounts or unit buyback amounts, capital reserve amounts, distribution coverage, future earnings, capital allocation, as well as our expectations regarding market fundamentals and the employment of our vessels, including 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 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, we are 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 expectation, to conform to actual results or otherwise. We make no prediction or statement about the performance of our common units.

今天電話會議中的陳述並非歷史事實，包括我們對收購交易的預期及其對我們的預期影響、現金產生、股本回​​報和未來債務水準、我們追求成長機會的能力、我們對未來分配的預期或目標金額或單位回購金額、資本儲備金額、分配範圍、未來收益、資本分配，以及我們對市場基本面和我們船舶使用的預期，包括還船日期和租船費率，可能是前瞻性陳述，例如經修訂的1934 年證券交易法第21E 條中定義。這些前瞻性陳述涉及風險和不確定性，可能導致陳述或預測的結果與預期有重大差異。除非法律要求，我們明確不承擔更新或修改任何這些前瞻性聲明的義務，無論是由於未來事件、新資訊、我們的觀點或期望的變化、以符合實際結果或其他原因。我們不對常用單元的性能做出任何預測或聲明。

I would now like to turn the call over to your speaker today, Mr. Kalogiratos. Please go ahead, sir.

現在我想將電話轉給今天的演講者卡洛吉拉托斯先生。請繼續，先生。

Thank you, Rob, and thank you all for joining us today. As a reminder, we will be referring to the supporting slides available on our website as we go through today's presentation.

謝謝你，羅布，也謝謝大家今天加入我們。提醒一下，在我們進行今天的簡報時，我們將參考我們網站上提供的支援幻燈片。

On November 13 of last year, we announced a strategic transaction for the partnership, which aims to transform CPLP into a leading LNG and energy transition-focused shipping corporation. We started executing on our business plan directly thereafter by concluding a $500 million rights offering, and successfully closed the agreement to acquire 11 latest-generation two-stroke LNG carriers, with deliveries from the fourth quarter of 2023 through to the first quarter of 2027. We also agreed to negotiate the conversion of the partnership from a limited partnership to a corporation, with customary corporate governance provisions by June of this year.

去年11月13日，我們宣布了一項策略合作夥伴關係交易，旨在將CPLP轉型為專注於液化天然氣和能源轉型的領先航運公司。此後，我們開始直接執行我們的業務計劃，完成了5 億美元的供股，並成功完成了收購11 艘最新一代二衝程液化天然氣運輸船的協議，交付時間為2023 年第四季度至2027 年第一季。我們也同意在今年 6 月之前就將合夥企業從有限合夥企業轉變為公司企業進行談判，並遵守慣例公司治理規定。

Finally, we also secured rights of first refusal on two very large ammonia carriers and two liquid CO2 carriers currently on order by Capital Maritime. On closing of the transaction on December 21, we took delivery of the first vessel under this agreement, the LNG Carrier Amore Mio I. And shortly thereafter, on January 2, we took delivery of the second vessel, the LNG Carrier Axios II. In addition, we also agreed to sell the 5,000 TEU container vessel Long Beach Express, in line with our stated intention to divest gradually from our legacy container assets.

最後，我們還獲得了首都海事目前訂購的兩艘超大型氨運輸船和兩艘液態二氧化碳運輸船的優先購買權。12 月21 日交易結束時，我們接收了該協議下的第一艘船，即液化天然氣運輸船Amore Mio I。此後不久，即1 月2 日，我們接收了第二艘船，即液化天然氣運輸船Axios II。此外，我們也同意出售 5,000 TEU 貨櫃船 Long Beach Express，這符合我們逐步剝離遺留貨櫃資產的既定意圖。

Turning to the partnership's financial performance, net income for the fourth quarter of 2023 was $12.7 million, or $16.3 million excluding $3.5 million impairment associated with the sale of two of our vessels. Our Board of Directors has declared a cash distribution of $0.15 per common unit for the fourth quarter of 2023. The fourth quarter cash distribution will be paid on February 13 to common unitholders of record on February 6. Finally, the partnership’s current fleet charter coverage for 2024 and 2025 stands at 100% and 82%, respectively, with the remaining charter duration corresponding to 7.2 years, and contract revenue backlog of $3 billion.

談到合作夥伴的財務業績，2023 年第四季的淨利潤為 1,270 萬美元，即 1,630 萬美元，不包括與出售兩艘船舶相關的 350 萬美元減損。我們的董事會已宣布 2023 年第四季每普通單位現金分配 0.15 美元。第四季現金分配將於 2 月 13 日支付給 2 月 6 日登記在冊的普通單位持有人。最後，該合作夥伴目前在 2024 年和 2025 年的機隊包機覆蓋率分別為 100% 和 82%，剩餘包機期限相當於 7.2 年，積壓合約收入為 30 億美元。

Turning to slide 4, total revenue for the fourth quarter of 2023 was $95.5 million compared to $79.9 million during the fourth quarter of '22. The increase in revenue was primarily attributable to the revenue contributed by the three new building containers and one new building LNG carrier we acquired between October 2022 and June 2023, as well as the LNG carrier Amore Mio I acquired in mid-December 2023, partly offset by the sale of our sole dry bulk vessel, the Cape Agamemnon, earlier in the quarter.

轉向投影片 4，2023 年第四季的總收入為 9,550 萬美元，而 2022 年第四季的總收入為 7,990 萬美元。收入增加主要歸因於我們在2022年10月至2023年6月期間收購的三艘新建貨櫃和一艘新建液化天然氣運輸船以及2023年12月中旬收購的液化天然氣運輸船Amore Mio I所貢獻的收入，部分抵消本季度早些時候出售了我們唯一的干散貨船“阿伽門農角”號。

Total expense for the fourth quarter of '23 was $55.1 million compared to $42.1 million for the fourth quarter of '22. Total vessel operating expenses during the fourth quarter of 2023 amounted to $20.6 million compared to $17.3 million during the fourth quarter of '22, and were higher mainly due to the net increase in the average number of vessels in our fleet.

23 年第四季的總支出為 5,510 萬美元，而 22 年第四季的總支出為 4,210 萬美元。2023 年第四季的船舶營運總費用為 2,060 萬美元，而 2022 年第四季為 1,730 萬美元，成長的主要原因是我們船隊平均船舶數量的淨增加。

Now, total expenses for the fourth quarter of '23 also include a noncash impairment charge of $3.5 million that we recognized in connection with the sale of the Cape Agamemnon and the Long Beach Express, and vessel depreciation and amortization of $22.2 million compared to $17 million in the fourth quarter of '22. The increase in depreciation and amortization during the fourth quarter of '23 was mainly attributable to the net increase in the average size of our fleet.

現在，23 年第四季的總支出還包括我們在出售阿伽門農號和長灘快車時確認的350 萬美元非現金減損費用，以及2,220 萬美元的船舶折舊和攤提（去年同期為1,700萬美元）在'22年第四季。2023 年第四季折舊和攤銷的增加主要歸因於我們機隊平均規模的淨成長。

General and administrative expenses for the fourth quarter of '23 increased to $5.7 million from $4 million, mainly due to the costs incurred in connection with the LNG transaction we closed in December '23. Interest expense and finance costs increased to $27.9 million for the fourth quarter compared to $18.4 million for the fourth quarter of '22. The increase was mainly due to the partnership's average indebtedness and the increase in the weighted average interest rate to 6.6% from 5.4% in the fourth quarter of '22. Net income per common unit for the quarter was $0.48, or $0.61 if we exclude the impairment, compared to $1.03 per common unit in the fourth quarter of last year.

2023 年第四季的一般和管理費用從 400 萬美元增加到 570 萬美元，主要是由於我們在 2023 年 12 月完成的液化天然氣交易產生的費用。第四季的利息支出和財務成本增加至 2,790 萬美元，而 2022 年第四季的利息支出和財務成本為 1,840 萬美元。這一增長主要是由於合夥企業的平均債務以及加權平均利率從2022年第四季的5.4%上升至6.6%。本季每普通單位淨利為 0.48 美元，若排除減損則為 0.61 美元，而去年第四季每普通單位淨利為 1.03 美元。

On slide 5, you can see the details of our balance sheet. As of the end of the fourth quarter, the partner's capital amounted to $1.175 billion, an increase of $536.5 million compared to $638.4 million as of the end of '22. The increase reflects net income for '23, other comprehensive income of $3.2 million relating to the net effect of the cross-currency swap agreement we designated as an accounting hedge, and the amortization associated with the equity incentive plan of $3.8 million, and the net result from the issuance of common units in connection with the rights offering of $498.7 million, partly offset by distributions declared and paid during the period in a total amount of $12.2 million, and the cost of repurchasing our common units under our unit repurchase program for an aggregate amount of $4.1 million.

在投影片 5 上，您可以看到我們資產負債表的詳細資訊。截至第四季末，該合作夥伴的資本達11.75億美元，較2020年末的6.384億美元增加了5.365億美元。這一增長反映了 23 年的淨利潤、與我們指定為會計對沖的跨貨幣掉期協議淨效應相關的其他綜合收益 320 萬美元，以及與股權激勵計劃相關的攤銷 380 萬美元，以及淨收益是由於與配股相關的普通單位發行額為4.987 億美元，部分被該期間宣布和支付的分配總額1,220 萬美元以及根據單位回購計劃回購普通單位的費用所部分抵消。總金額為410 萬美元。

Total debt increased by $488.6 million to $1.8 billion, compared to $1.3 billion as of year end. The increase is driven primarily by the drawdown of $588.3 million to finance special acquisitions and a $10 million increase in the USD equivalent of the euro-denominated bonds, partly offset by the scheduled principal payments and the early repayment in full of one our facilities for a total of $109.8 million. Total cash as of quarter end amounted to $104.1 million, including restricted cash of $11.7 million, which represents the minimum liquidity requirement under financing arrangements.

債務總額增加了 4.886 億美元，達到 18 億美元，而截至年底的債務總額為 13 億美元。這一增長主要是由於為特殊收購融資而提取了5.883 億美元，以及歐元計價債券等值美元增加了1,000 萬美元，部分被預定的本金支付和提前全額償還一項我們的一項融資所抵銷。總計 1.098 億美元。截至季末的現金總額為 1.041 億美元，其中包括 1,170 萬美元的限制性現金，這是融資安排下的最低流動性要求。

On slide 6, we provide an overview of the agreement for the acquisition of the 11 latest-generation LNG carriers from Capital Maritime for a total price of $3.1 billion, which closed on December 21. We remind you that the agreement included the $500 million rights offering at the price of $14.25, fully backstopped by Capital Maritime and a $220 million seller's credit.

在幻燈片 6 中，我們概述了以總價 31 億美元從 Capital Maritime 收購 11 艘最新一代液化天然氣運輸船的協議，該協議於 12 月 21 日完成。我們提醒您，協議包括以 14.25 美元的價格進行 5 億美元的供股，由 Capital Maritime 和 2.2 億美元的賣方信貸提供全面支持。

On closing of the agreement on December 21, a total of $454.2 million was due to Capital Maritime by the partnership, broken down as follows. $141.7 million being the equity part of the acquisition price for the Amore Mio I, on top of the lease financing that was in place and was taken over by the partnership. We took delivery of the Amore Mio I immediately, being the sole vessel in the water at the time of closing.

12 月 21 日協議結束時，合夥企業應向 Capital Maritime 支付總計 4.542 億美元的款項，具體情況如下。 1.417 億美元是 Amore Mio I 收購價格的股權部分，加上已到位並由合夥企業接管的租賃融資。我們立即接收了 Amore Mio I 號，它是關閉時唯一在水中的船隻。

In addition, another $174.4 million was due to Capital Maritime, represent 10% of the relevant acquisition price of six initial vessels. We define as initial vessels the LNG carriers that we are going to take over and pay for the balance of purchase price, the date that they are going to be delivered from the shipyard. This means that for these vessels, we have no obligation until delivery.

此外，還有 1.744 億美元應付給 Capital Maritime，相當於六艘初始船舶相關收購價格的 10%。我們將我們將要接收並支付購買價格餘額的液化天然氣運輸船定義為初始船舶，即它們將從造船廠交付的日期。這意味著對於這些船隻，我們在交付之前沒有任何義務。

And finally, another $138.1 million was due for the four remaining vessels. We define as remaining vessels the entities we acquired on the day of closing in December, which are partly to the sea building contracts of the four remaining LNG carriers. And hence, we took over their obligations under their respective contracts, including pre-delivery installments.

最後，剩餘四艘船還需支付 1.381 億美元。我們將我們在 12 月交割日收購的實體定義為剩餘船舶，其中部分屬於剩餘四艘液化天然氣運輸船的海上建造合約。因此，我們接管了他們在各自合約下的義務，包括交付前分期付款。

Now with regard to the rights offering, Capital Maritime purchased 34.6 million common units pursuant to the standby purchase agreement for an aggregate amount of $493.6 million, as the rights offering was not fully subscribed. As a result, the amount of $454.2 million due to Capital Maritime was netted against the $493.6 million due from Capital Maritime, resulting in a net cash inflow of $39.5 million that was paid from Capital Maritime to the partnership in cash.

現在就配股而言，由於配股尚未全部認購，Capital Maritime 根據備用購買協議購買了 3,460 萬股普通單位，總金額為 4.936 億美元。因此，Capital Maritime 應付的 4.542 億美元從 Capital Maritime 應付的 4.936 億美元中扣除，導致 Capital Maritime 以現金形式向合夥企業支付的淨現金流入 3,950 萬美元。

Turning to slide 7. The LNG carrier Amore Mio I was successfully delivered on December 21 to the partnership, and is on a three-year time charter with Qatar Energy & Trading. The charter is expected to generate about $162 million EBITDA from the delivery of the vessel to the partnership to the completion of the charter. Upon acquisition of Amore Mio I, we assumed indebtedness of $196.3 million in the form of a sale and leaseback financing.

轉到投影片 7。液化天然氣運輸船 Amore Mio I 於 12 月 21 日成功交付給該合作夥伴，並與卡達能源貿易公司簽訂了為期三年的期租合約。從船舶交付給合作夥伴到租船完成，預計該租船將產生約 1.62 億美元的 EBITDA。收購 Amore Mio I 後，我們以售後回租融資的形式承擔了 1.963 億美元的債務。

On slide 8, we review the delivery of the LNG carrier Axios II to the partnership, which took place on January 2. The vessel commenced an index linked to one-year time charter with a major commodity trader, which will be followed by a seven-year bearable charter with Bonny Gas Transport Limited. Bonny Gas Transport or BGT maintains an option to extend the charter by an additional three years. The bareboat charter is expected to generate, over the seven years, approximately $250 million of EBITDA. The vessel acquisition was financed by netting 10% of the purchase price against the amount due from Capital Maritime and the standby purchase agreement, a new senior secured loan facility for an amount of $190 million, and a drawdown of $92.6 million under the sellers' credit facility.

在幻燈片 8 中，我們回顧了 1 月 2 日向合作夥伴交付液化天然氣運輸船 Axios II 的情況。該船開始與一家主要商品貿易商簽訂為期一年的定期租船指數，隨後將與邦尼天然氣運輸有限公司簽訂為期七年的可負擔租船合約。邦尼天然氣運輸公司 (Bonny Gas Transport) 或 BGT 保留將租約再延長三年的選擇權。光船租賃預計將在七年內產生約 2.5 億美元的 EBITDA。船舶收購的資金來源是從 Capital Maritime 應付金額和備用購買協議中扣除購買價格的 10%、一項金額為 1.9 億美元的新高級擔保貸款以及賣方信貸項下的 9,260 萬美元提款設施。

On slide 9, we review our capital expenditure commitments in relation to the four remaining vessels under construction. Our 2024 CapEx commitments amount to $1.2 billion, with $1.1 million representing pre-delivery installments due to the shipyard, and are expected to be paid within the first quarter of 2024.

在投影片 9 上，我們回顧了與其餘四艘在建船舶相關的資本支出承諾。我們的 2024 年資本支出承諾為 12 億美元，其中 110 萬美元為船廠的交付前分期付款，預計將在 2024 年第一季內支付。

The remaining $1.1 million represents the balance due to CMTC upon delivery of each of the initial vessels. This amount includes a balance of $282.6 million due for Axios II, which was paid on January 2. Net of that, the remaining balance for 2024 is $801 million. We expect to finance this amount with approximately $720 million of senior debt, and the remainder with a drawdown under the seller’s credit facility.

剩餘的 110 萬美元是交付每艘初始船舶後應付給 CMTC 的餘額。該金額包括 1 月 2 日支付的 Axios II 應付餘額 2.826 億美元。扣除該金額後，2024 年的剩餘餘額為 8.01 億美元。我們預計透過約 7.2 億美元的優先債務來融資，其餘部分則透過賣方信貸安排提取。

The next year with a significant capital expenditure is 2026, when $863 million is due for pre-delivery and delivery installments due to the shipyard. This is expected to be funded through a combination of cash from the balance sheet, vessel financing, and drawdown under the seller’s credit. We expect to have more details on the debt financing of these vessels closer to their respective deliveries.

下一年將有大量資本支出，屆時船廠應支付 8.63 億美元的預交付和交付分期付款。預計這筆資金將透過資產負債表中的現金、船舶融資和賣方信貸下的提款相結合來提供。我們預計將在臨近交付時獲得有關這些船舶債務融資的更多詳細資訊。

On slide 10, we review our current debt amortization profile, excluding maturities. This includes the expected net sale proceeds from Long Beach Express, which will go towards the repayment of the outstanding seller’s credit balance. As you can see, we expect to reduce our debt levels by $335 million over the next three years, without take into account any additional cash proceeds for the sale of container vessels.

在投影片 10 上，我們回顧了目前的債務攤銷情況（不包括到期日）。這包括 Long Beach Express 的預期淨銷售收益，該收益將用於償還未償賣方信用餘額。正如您所看到的，我們預計在未來三年內將債務水準減少 3.35 億美元，這還不考慮出售貨櫃船的任何額外現金收益。

At the same time, and as I mentioned earlier, we expect to incur approximately an additional $720 million of debt in '24 in order to take delivery of the remaining three LNG carriers we will be acquiring this year. The incremental debt amortization of this $720 million is expected to be, on average, around $34 million on an annualized basis.

同時，正如我之前所提到的，我們預計在 2024 年將額外承擔約 7.2 億美元的債務，以便接收我們今年將收購的剩餘三艘液化天然氣運輸船。這 7.2 億美元的增量債務攤提預計年化平均約為 3,400 萬美元。

Turning to slide 11, you can see our debt maturities split by year. It’s important to highlight here that we do not have any material maturities until the year 2026, when our first EUR150 million bond becomes due.

翻到投影片 11，您可以看到我們的債務到期日按年份劃分。在此需要強調的是，直到 2026 年我們的第一筆 1.5 億歐元債券到期時，我們才會有任何實質的到期日。

Moving to slide 12. The partnership’s contracted revenue backlog now stands at $3.1 billion, with over 80% of contracted revenue coming from LNG assets, with a highly diversified and high quality customer base of 11 charters.

轉到投影片 12。該合作夥伴關係的合約收入積壓目前為31億美元，其中超過80%的合約收入來自液化天然氣資產，擁有由11個包機組成的高度多元化和高品質的客戶群。

On slide 13, you can see the charter profile of our LNG fleet. Our contracted backlog of 78 years could increase to 113 years if all options were to be exercised. I should stress that we have no open vessels between now and the end of 2025.

在幻燈片 13 上，您可以看到我們液化天然氣船隊的包機概況。如果行使所有選擇權，我們合約積壓的 78 年可能會增加到 113 年。我要強調的是，從現在到 2025 年底，我們沒有開放的船隻。

We do have four vessels coming up for delivery and one for renewal in 2026, at an additional two vessels for delivery and one for renewal, if charters’ options are not exercised in '27. These vessels are expected to be seeking employment, with a new wave of about 170 mtpa of additional new liquefaction capacity are expected to come online in the period between 2026 and 2028. We estimate that these projects alone, which have taken FID and export permits, will require between 190 to 120 additional vessels, with only 156 vessels due for delivery during that period.

我們確實有四艘船將於 2026 年交付，一艘將進行更新，如果 27 年未行使租船選擇權，另外兩艘船將交付，一艘將進行更新。這些船舶預計將尋求就業，預計 2026 年至 2028 年期間將新增約 170 噸/年的新液化產能。我們估計，僅這些已獲得最終投資決定和出口許可證的項目就需要額外建造 190 至 120 艘船舶，而在此期間只有 156 艘船舶需要交付。

On slide 14, we can see the charter expiration of the container fleet. The contracted backlog of 47 years could increase to 82 years with all options exercised. Since the announcement of an intentional divest from container vessels, we have seen significant inquiry for the sale of our vessels, given the quality of our fleet and the attractive charters in place. This has already culminated in the sale of one of our older Panamax vessels. We will continue to seek to divest from additional container vessels in an opportunistic manner, provided we can achieve a reasonable sale price compared to the contracted and expected cash flows and our expectations with regard to residual value going forward.

在幻燈片 14 上，我們可以看到貨櫃船隊的租船到期。如果行使所有選擇權，合約積壓的 47 年可能會增加到 82 年。自從宣布有意剝離貨櫃船以來，鑑於我們船隊的品質和有吸引力的租船合同，我們看到了對出售我們船舶的大量詢價。這已經導致我們出售一艘舊巴拿馬型船舶。如果與合約和預期現金流以及我們對未來殘值的預期相比，我們能夠實現合理的銷售價格，我們將繼續尋求以機會主義方式剝離更多貨櫃船。

Turning to slide 15, and the overview of the LNG market, I will pass the floor to our Chief Commercial Officer, Spyros Leousis.

轉向投影片 15，以及液化天然氣市場的概述，我將把發言權交給我們的商務長 Spyros Leousis。

Thank you, Jerry. Overall, the reduced focus on energy security, along with warm weather and full gas inventories, have resulted in a decline in gas prices in 2023. This, combined with prolonged availability throughout the year, has kept charter rates lower compared to previous years. Spot rates for a two-stroke vessel averaged $171,250 per day in Q4 2023, while the one-year time charter rate as of the end of January 2024 stood at $75,000 per day.

謝謝你，傑瑞。總體而言，對能源安全的關注減少，加上天氣溫暖和天然氣庫存充足，導致 2023 年天然氣價格下降。再加上全年的長期可用，使得包機費率低於前幾年。2023 年第四季度，二行程船舶的即期租金平均為每天 171,250 美元，而截至 2024 年 1 月底的一年期租租金為每天 75,000 美元。

Notably, five-year time charter rates have exceeded those for shorter durations, reflecting anticipation of tightening conditions from 2026. On the longer term, ten-year rates exhibited an upward trend in 2023, influenced by increases in newbuilding prices and interest rate, although this trend has moderated recently.

值得注意的是，五年期租船費率已超過短期租船費率，反映出對 2026 年起情況將收緊的預期。從長期來看，受新造船價格和利率上漲的影響，2023年十年期利率呈現上升趨勢，儘管這一趨勢最近有所放緩。

Charter markets for two-strokes are expected to remain generally healthy in 2024 and 2025. The preference for two-stroke vessels remains robust, as the benefits of higher carrying capacity and lower boil-off are still significant even at lower gas prices. Rate differentials to older, less efficient owners continue to increase, and have now split rates even for 138K to 145K steam vessels, as the market recognizes a material difference for an additional few thousand cubic meters of carrying capacity and the impact of EXI regulations on vessel speed.

預計二衝程包機市場在 2024 年和 2025 年將整體保持健康。對二衝程船舶的偏好仍然強勁，因為即使在天然氣價格較低的情況下，更高的承載能力和更低的蒸發量的好處仍然很顯著。與年齡較大、效率較低的船東的費率差異繼續增加，而且現在甚至對138K 至145K 蒸汽船也實行了分攤費率，因為市場認識到額外幾千立方米的承載能力存在重大差異以及EXI 法規對船舶的影響速度。

The United States became the world's largest exporter in 2023, a position held by Qatar for the last few years, closely followed by Australia, while China reclaimed its position as the largest importer. In Europe, gas storage level reached historic highs, with several Asian importers having also reached full capacity.

美國將於2023年成為全球最大出口國，卡達在過去幾年一直保持這一地位，緊隨其後的是澳大利亞，而中國則重新奪回最大進口國的地位。在歐洲，天然氣儲存水準達到歷史最高水平，幾個亞洲進口商也已達到滿載運轉。

The focus on canals heightened 2023 and early this year, as reduced rainfall in Panama led to fewer transit slots through the canal. This could lead in additional demand for four to five LNG carriers per month from Q1 2024 until restrictions ease.

2023 年和今年年初，由於巴拿馬降雨量減少導致通過運河的過境時刻減少，對運河的關注更加突出。從 2024 年第一季開始，直到限制放鬆為止，這可能會導致每月對四到五艘液化天然氣運輸船的需求增加。

Additionally, security concerns in the Red Sea have prompted vessels to avoid the Bab al-Mandab Strait and Suez Canal, choosing the Cape of Good Hope assets instead. Analysts expect that redirecting all LNG carriers via the Cape of Good Hope should create additional demand for LNG vessels.

此外，紅海的安全問題促使船隻避開曼德海峽和蘇伊士運河，轉而選擇好望角資產。分析師預計，將所有液化天然氣運輸船改道經過好望角應該會增加對液化天然氣船舶的需求。

Finally, the LNG fleet order book currently starts at approximately 52% of the total fleet, encompassing 341 vessels on order. Shipyards responding to heightened demand find themselves fully booked through 2027. The new building price stands at more than $260 million per vessel for basic specification vessels. In 2023, there were 68 new orders, a decrease from the record-setting 185 ships ordered in 2022.

最後，液化天然氣船隊訂單目前約佔船隊總數的 52%，包括 341 艘訂單。因應需求增加的造船廠發現 2027 年之前的訂單已滿。基本規格船舶的新造價為每艘船舶超過 2.6 億美元。2023年新增訂單68艘，較2022年創紀錄的185艘船舶減少。

More ordering is expected in order to meet the demand for anticipated liquefaction volumes in the years ahead. If liquefaction projects adhere to timelines and proposed projects secure final investment decision, the demand for new build is poised to outstrip current yard capacity until the decade's end.

預計會有更多訂單，以滿足未來幾年預期液化量的需求。如果液化項目遵守時間表，並且擬議項目獲得最終投資決定，那麼直到本世紀末，對新建項目的需求將超過當前堆場的產能。

Thank you, Spyros. As a final comment from me and before we move to questions, I would like to draw your attention to slide 16. Here you can see an updated timeline of what we have set out to do. In the fourth quarter of '23, we announced and closed the agreement for the acquisition of the 11 LNG carriers, we completed the $500 million rights offering, acquired the LNG/C Amore Mio and the four remaining vessels, and paid the 10% deposit for the initial vessels. We're now in the first quarter of '24 have already taken delivery of the LNG/C Axios II and agreed to sell one of our container vessels.

謝謝你，斯皮羅斯。作為我的最後評論，在我們開始提問之前，我想提請您注意幻燈片 16。在這裡您可以看到我們計劃要做的事情的更新時間表。23年第四季度，我們宣布並完成了收購11艘液化天然氣運輸船的協議，我們完成了5億美元的配股發行，收購了LNG/C Amore Mio和其餘四艘船舶，並支付了10%的訂金對於最初的船隻。我們現在已於 2024 年第一季接收了 LNG/C Axios II 船，並同意出售我們的一艘貨櫃船。

Now, looking ahead, we are going to focus on the following key steps. Firstly, the conversion of the corporate structure from an MLP to an LNG and energy transition shipping corporation, which we hope to conclude over the coming months. Secondly, and after the conversion, we will be working with our Board to define the new capital allocation policy, free of the MLP mantle. Thirdly, we will continue to look for opportunistic divestments of our container vessels. And finally, we will continue to execute on our business plan by taking delivery of the next three LNG carriers, with long-term employment in place in May, June, and July of this year.

現在，展望未來，我們將重點放在以下關鍵步驟。首先，公司結構從 MLP 轉變為液化天然氣和能源轉型航運公司，我們希望在未來幾個月內完成。其次，在轉換之後，我們將與董事會合作制定新的資本配置政策，不受 MLP 的影響。第三，我們將繼續尋找機會剝離我們的貨櫃船。最後，我們將繼續執行我們的業務計劃，接收接下來的三艘液化天然氣運輸船，並在今年 5 月、6 月和 7 月進行長期僱用。

And with that, I’m happy to answer any questions you may have. Rob, please open the floor for questions.

因此，我很樂意回答您的任何問題。羅布，請開始提問。

Thank you. (Operator Instructions) Omar Nokta, Jefferies.

謝謝。（操作員說明）Omar Nokta，Jefferies。

Thank you. Hey, guys. Good afternoon. Thank you for the update. Hi, Jerry. Yeah, I just wanted to ask a few questions for me. But maybe just a simple one, just to start off on the planned corporate conversion from a partnership to a corporation. Just simply, noticed in the release the date of June 21, it’s a bit of an exact date. How do you feel negotiations or discussions are going on to make that deadline? And then what happens if it’s not done by then?

謝謝。大家好。午安.謝謝你的更新。嗨，傑瑞。是的，我只是想問我幾個​​問題。但也許只是一個簡單的計劃，只是為了開始計劃中的從合夥企業到公司的轉變。簡而言之，請注意新聞稿中的日期是 6 月 21 日，這個日期有點準確。您認為在截止日期前進行的談判或討論進度如何？如果到那時還沒完成會發生什麼事？

So this was the undertaking that the GP and the partnership gave to each other when the wider transaction was being negotiated. So the idea is to – this is the, let’s say, the deadline. There are no direct consequences envisioned under the umbrella agreement. In the end, it is an intention to negotiate the commitment from both sides.

這是普通合夥人和合夥人在談判更廣泛的交易時向彼此的承諾。所以我們的想法是──比方說，這是最後期限。總括協議中並沒有預見到直接後果。最終是雙方有意協商承諾。

But what I can tell you is that both the GP and the partnership are very much motivated to get the conversion done. We are still in early innings, as it is a process. And both parties, potentially, are engaging advisors and whatnot.

但我可以告訴你的是，GP 和合夥人都非常積極地完成轉換。我們仍處於早期階段，因為這是一個過程。雙方都可能聘請顧問等。

But I think it’s more a question of a few months rather than stretching beyond the deadline. As I said, I think both the GP, so Capital Maritime and affiliates, want to see the conversion take place sooner than later, and so is the Board and the partnership. So I’m quite optimistic that we will be able to conclude this much earlier than the target date.

但我認為這更多的是幾個月的問題，而不是超出最後期限。正如我所說，我認為普通合夥人、Capital Maritime 及其附屬公司都希望看到轉換儘早發生，董事會和合夥企業也是如此。因此，我非常樂觀地認為我們能夠比目標日期更早得出結論。

Okay. Thanks, Jerry, for that. That’s clear. And then maybe just -- and I know you addressed this in the past, and I could get a sense of it, but maybe just want to hear it from you. How are you thinking about the platform and the business overall, once this corporate conversion is official? And how do you see this affecting or changing maybe the management operations or strategy? Any color you can give on that?

好的。謝謝傑瑞。這很清楚。然後也許只是——我知道你過去曾提到過這個問題，我可以感覺到它，但也許只是想聽聽你的說法。一旦公司正式轉型，您對平台和整體業務有何看法？您如何看待這可能會影響或改變管理營運或策略？你能給它什麼顏色嗎？

I think it is mostly conversion that will affect corporate governance, so the abolition of the GP and the GP rights, as well as the IDRs and whatnot. I don’t think it will significantly change the strategy that we have already set out.

我認為主要是轉制會影響公司治理，所以取消GP和GP權利，以及IDR等等。我認為這不會顯著改變我們已經制定的策略。

I mean, already, the partnership has moved away from the contracted cash flow model. We now have acquired assets, a number of assets that have charters in place, but we also have a number of assets that do not have employment in what we perceive to be a very attractive period of time, given LNG fundamentals. So in terms, I think, of the shipping strategy, already, we have moved to a more mixed model, if you want, with both contracted cash flows and potential exposure to the underlying markets with first-class assets.

我的意思是，合作夥伴關係已經脫離了合約現金流模型。我們現在已經收購了一些資產，其中一些資產已經獲得了許可，但考慮到液化天然氣的基本面，我們也有一些資產在我們認為非常有吸引力的時期內沒有就業。因此，我認為，就運輸策略而言，如果您願意的話，我們已經轉向更加混合的模式，既具有合約現金流，又具有對擁有一流資產的基礎市場的潛在敞口。

Now with regard to, I think, to the distribution or the capital allocation policy, I think that’s probably where you should expect also to see changes. The MLP model is more rigid in a way, with asset distribution and moving from there onwards.

現在，我認為，關於分配或資本配置政策，我認為這可能也是您應該期待看到變化的地方。MLP 模型在某種程度上更加嚴格，資產分配並從那裡開始。

Definitely, CPLP going ahead expects to remain a disciplined steward of investor capital and will consider – will continue to be -- to have a balanced approach towards growth, debt repayment, and distributions, like we have done over the last few years. And we are going to definitely retain the $0.15 per unit until we set out a new capital allocation policy.

當然，未來的 CPLP 預計將繼續成為投資者資本的紀律嚴明的管理者，並將繼續考慮對成長、債務償還和分配採取平衡的方法，就像我們過去幾年所做的那樣。在我們制定新的資本配置政策之前，我們肯定會保留每單位 0.15 美元。

But I think overall, the intention is to move to a floating dividend policy, tied to a percentage payout of free cash flow generation and earnings, so that shareholders can participate in the potential upside as we fix our vessels going forward. But I think the details of that are going to be carved out once we have completed also the conversion of the partnership to incorporation. And of course, there are numerous parameters due to this, but we’ll talk about that when, I think, we have more details.

但我認為總體而言，其目的是轉向浮動股息政策，與自由現金流產生和收益的一定百分比支付掛鉤，以便股東可以在我們未來修復船舶時參與潛在的上漲。但我認為，一旦我們完成了合夥企業向公司的轉變，細節就會被制定出來。當然，因此有很多參數，但我認為當我們有更多細節時我們會討論這個問題。

Okay. Sounds good. We look forward to that. And then maybe just a final quick one for me. What’s the right share count we should be using now, pro forma, or unit count pro forma the rights offering and the backstop agreement?

好的。聽起來不錯。我們對此充滿期待。然後對我來說也許只是最後的快速的。我們現在應該使用的正確股份數是多少，是形式上的，還是形式上供股和支持協議的單位數？

It’s 55.3 million. I can give the exact share count offline.

為 5530 萬。我可以離線提供準確的分享數。

Sounds good. Thank you. That’s helpful. Thanks Jerry. I’ll turn it over.

聽起來不錯。謝謝。這很有幫助。謝謝傑瑞。我會把它翻過來。

Thank you, Omar.

謝謝你，奧馬爾。

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

Yeah, hey, Jerry. So actually, I wanted to go back a little bit to the first part of Omar’s question. Can you help me understand what exactly is being negotiated? I don’t think that IDRs are really a factor here, so how should we think about the – what’s, I guess, being negotiated? And how do you think about what that means from a monetary perspective? Is there maybe just a little bit more detail on what that process looks like?

是的，嘿，傑瑞。事實上，我想稍微回顧一下奧馬爾問題的第一部分。您能幫我了解到底在談判什麼嗎？我認為 IDR 並不是真正的一個因素，所以我們應該如何考慮正在談判的「什麼」？從貨幣角度來看，您如何看待這意味著什麼？是否有關於該過程的更多細節？

So the conversion entails the abolition of the GP, which means that there will be a sale of the GP units to the partnership. The consideration, what will be negotiated -- it's not being currently, will be the consideration for the sale of these GP units. The GP units come with two things: the IDRs, which as you say, are far off the money; and certain corporate governance rights and control.

因此，轉換意味著取消 GP，這意味著將向合夥企業出售 GP 單位。將要談判的考慮因素——目前還沒有談判，將是出售這些 GP 單位的考慮因素。GP單位有兩個東西：IDR，正如你所說，這與金錢相去甚遠；以及某些公司治理權利和控制權。

There is a multitude of precedents out there in the space. I think, really, what has to happen is the analysis of these precedents, what applies here, and what is really the value for the sale of these units, if any, incrementally to their obvious economic value.

這個領域有很多先例。我認為，實際上，必須對這些先例進行分析，分析這裡的適用情況，以及出售這些單位的真正價值（如果有的話），逐步增加其明顯的經濟價值。

I should add that the consideration -- again, the way that the consideration can be paid, be it cash, shares, combination thereof, is also something that could potentially discuss. So these are really the considerations around it. I cannot provide a framework because I mean, simply, I don't have one yet. But I think as soon as we have something that we can announce, we will happily do so. This is the idea, after all. We want to have this done sooner than later and behind us in order to move forward.

我應該補充一點，代價——同樣，代價的支付方式，無論是現金、股票還是其組合，也是可以討論的。所以這些確實是圍繞它的考慮因素。我無法提供一個框架，因為我的意思很簡單，我還沒有一個框架。但我認為，一旦我們有可以宣布的事情，我們會很樂意這樣做。畢竟，這就是想法。我們希望盡快完成這件事，以便繼續前進。

Okay. That's helpful. And appreciating that you can't say what you don't know, so we'll see, but that framing in is helpful.

好的。這很有幫助。並意識到你不能說你不知道的事情，所以我們會看到，但框架是有幫助的。

And then secondly, just curious, obviously, we've seen a pretty sizable pullback in LNG spot rates here. Obviously, there's seasonality and everything else, as you guys talked about. But with respect to the new builds that are yet to be contracted, maybe could you talk to the appetite of charters for -- they're obviously going to be world-class assets that are high performing and everything else, but in a weaker environment, has there been a change in the appetite for charters to contract those? And how are you thinking about the timeframe for when you would expect to have employment locked in on those?

其次，只是好奇，顯然，我們已經看到液化天然氣現貨價格出現了相當大的回檔。顯然，正如你們所說，有季節性和其他因素。但對於尚未簽約的新建築，也許你可以談談包機的興趣——它們顯然將成為高性能和其他一切的世界級資產，但在較弱的環境下，租船合約簽訂這些合約的意願是否發生了變化？您如何考慮您期望在這些方面鎖定就業的時間範圍？

Hi, Ben. I will take this, Spyros. So yeah, from our point of view, we see a very strong appetite from charters to charter vessels. Obviously, this is totally uncorrelated to the current market. We are talking about two, three years ahead of time. We don't have a specific timeline. I mean, we expect to fix before delivery, let's say that's our timeline. And this is a strategy that we have implemented in the past. And it has been quite successful because we were able to capitalize effectively on the scarcity of slots and ships' availability closer to delivery, instead of competing with new building slots.

嗨，本。我會接受這個，斯皮羅斯。所以，是的，從我們的角度來看，我們看到了對包租船舶的強烈需求。顯然，這與當前的市場完全不相關。我們正在談論提前兩三年。我們沒有具體的時間表。我的意思是，我們希望在交付前修復，假設這是我們的時間表。這是我們過去實施的策略。它非常成功，因為我們能夠有效地利用船位的稀缺性和接近交付的船舶的可用性，而不是與新建造的船位競爭。

In terms of interest, we are seeing interest from all sorts of charters, either from fleet replacement projects, which I think will be quite significant also, going forward. But obviously from new projects, that we'll seek to transport the new LNG that they will be producing.

就興趣而言，我們看到了來自各種包機的興趣，無論是來自機隊更換項目的興趣，我認為這在未來也將非常重要。但顯然，從新項目來看，我們將尋求運輸他們將生產的新液化天然氣。

Okay. Have you – I guess just follow on, I know it's early, but has there been any change in the rate or maybe the tenor of contracts at all, given the current spot weakness? Or is the long-term market looking through that, do you think?

好的。你有嗎——我想繼續看下去，我知道現在還為時過早，但考慮到目前現貨的疲軟，利率或合約期限是否有任何變化？或者您認為長期市場正在審視這一點？

As I told you, I think the long-term market is totally uncorrelated. A strong correlation for the long-term market is the building price, which as you know remains quite robust, and we don't see any reason for these building prices to reduce going forward either than -- I think most likely is to move a bit further upwards rather than downwards. So I think that's the main – and also, obviously, interest rates is a big element to the price of – to the rate that we are seeing on long-term projects. So actually, the trend for long-term projects has been for prices to increase. If you see, I think the last done on the 10-year mark, we are talking about six-digit charters.

正如我告訴你的，我認為長期市場是完全不相關的。長期市場的一個很強的相關性是建築價格，正如你所知，建築價格仍然相當強勁，而且我們認為這些建築價格未來沒有任何理由降低——我認為最有可能的是移動進一步向上而不是向下。所以我認為這是主要因素——而且顯然，利率是影響價格的一個重要因素——我們在長期項目中看到的利率。所以實際上，長期專案的趨勢是價格上漲。如果你看到的話，我認為最後一次完成是在 10 週年之際，我們正在談論六位數的特許權。

Right. Okay. I appreciate it. Thank you, guys.

正確的。好的。我很感激。感謝你們。

Thank you.

謝謝。

Liam Burke, B. Riley Securities.

利亞姆·伯克 (Liam Burke)，B. 萊利證券 (Riley Securities)。

Thank you. Hi, Jerry. How are you today?

謝謝。嗨，傑瑞。你今天怎麼樣？

Hi, Liam, I'm well. How are you?

嗨，利亞姆，我很好。你好嗎？

Good, thank you. You sold the Long Beach, you're beginning to divest of the container vessels. Could you give us a sense as to the cadence? I mean, are you seeing a lot of interest, especially when you're looking at a container fleet, that's probably going to have excess capacity for the next couple of years?

好的謝謝你。你賣掉了長灘號，你開始剝離貨櫃船。能為我們介紹一下節奏嗎？我的意思是，您是否看到了很多興趣，特別是當您關注貨櫃船隊時，未來幾年可能會出現運力過剩的情況？

That's a good question, Liam. Actually, we definitely have seen no lack of interest. And don't forget that container owners and operators alike are coming from two years of an exceptional market, so most balanced sheets are quite loaded, and the people are seeking quality tonnage like ours.

這是個好問題，利亞姆。事實上，我們肯定不缺興趣。不要忘記，貨櫃船東和營運商都來自兩年來的特殊市場，因此大多數資產負債表都已滿載，人們正在尋求像我們這樣的優質噸位。

So far, we have had approaches for all our vessels, but we are quite opportunistic in the way that we engage. We believe that dogmatic exits have no place in shipping, and there have been examples of that. I think you have to make sure that you're getting proper value as a function of your contracted cash flows, expected cash flows, and of course, residual value.

到目前為止，我們已經對所有船隻進行了接近，但我們的交戰方式相當機會主義。我們認為教條式的退出在航運業中沒有立足之地，並且已經有這樣的例子。我認為你必須確保根據合約現金流量、預期現金流量，當然還有殘值獲得適當的價值。

So in the end, we wouldn't mind keeping certain assets and just let them generate cash flow if we're not getting the proper price. But on the other hand, when we see what we perceive as a good valuation, we will be taking that.

所以最後，如果我們沒有得到合適的價格，我們不介意保留某些資產，只是讓它們產生現金流。但另一方面，當我們看到我們認為良好的估值時，我們就會接受它。

Having said that, and to answer your first part of your question, I expect that we will be able to announce more in the first half of 2024. But again, I don't want to commit to a specific timeline for divesting from all the assets. This is not the intention.

話雖如此，為了回答你問題的第一部分，我希望我們能夠在 2024 年上半年宣布更多消息。但同樣，我不想承諾剝離所有資產的具體時間表。這不是本意。

That's certainly fair. And then on the Amore Mio I, you've got a period time charter for three years. Are you comfortable with that duration? Or would you prefer to have been longer, understanding like short-term rates are a little softer? Why three years? Generally, I think that it would go a little longer.

這當然是公平的。然後，在 Amore Mio I 上，您將獲得為期三年的定期租船合約。您對這個持續時間感到滿意嗎？或者您希望期限更長，因為短期利率會更軟？為什麼是三年？一般來說，我認為會持續更長的時間。

So the Amore Mio I had a very attractive charter in place. I mean, just from these three years, we expect to generate -- or until it is November 2026, right? So until November 2026, the vessel is expected to generate about $162 million of EBITDA. So that's better than many long-term charters in place.

因此，Amore Mio I 制定了非常有吸引力的章程。我的意思是，從這三年開始，我們預計會產生——或者直到 2026 年 11 月，對嗎？因此，到 2026 年 11 月，該船預計將產生約 1.62 億美元的 EBITDA。所以這比許多現有的長期章程要好。

And the other attraction of this three-year deal is that the vessel is coming off charter right at the time when we think that there will be big demand from a new liquefaction projects. So it's really at the end of '26, which is, for us, a very good position. But really, the reason that we think the three years was the high rate. I think it was a very good trade-off.

這項為期三年的協議的另一個吸引力在於，當我們認為新的液化計畫將會有巨大需求時，船即將終止租約。所以實際上是在 26 年底，這對我們來說是一個非常好的位置。但實際上，我們認為這三年的原因是高利率。我認為這是一個非常好的權衡。

Great. Thank you, Jerry.

偉大的。謝謝你，傑瑞。

Thank you, Liam.

謝謝你，利亞姆。

There are no further questions at this time. I'd like to turn the call back over to the CEO for closing comments.

目前沒有其他問題。我想將電話轉回執行長以徵求結束意見。

Thank you, Rob, and thank you all once again for listening in today.

謝謝你，羅布，並再次感謝大家今天的收聽。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。