Capital Clean Energy Carriers Corp.

Thank you for standing by. And welcome to the Capital Clean Energy Carriers Court Third Quarter 2025 Financial Results Conference Call. We have with us Mr. Jerry Calagir-Aptos, Chief Executive Officer, Mr. Brian Gallagher, Executive Vice President of Investor Relations, and Mr. Nikos Tripopakis, 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 one 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 sale or 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 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, re-delivery 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 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.

Thank you, operator. Good morning or afternoon to you, wherever you are, and thank you for listening to the Capital Clean Energy Carriers 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. So let's kick off with a highlight slide on slide four. 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 were on long-term time charters. And lastly, we have now secured financing for all of our MGCs and LCO2 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. And 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. So 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 US$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. Our head of commercial, Nikos Tripadakis, will guide us through another long-term charter contract addition and the encouraging dynamics within the LNG market landscape during the quarter later on. But I will now hand it over to our CEO, Gerry Kalodratis, to take us through, firstly, the financial highlights.

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 two special surveys during the quarter, as our first two LNG carriers, the Aristos 1 and the Aristidis 1, completed five years of service. This is an important milestone for CCEC, as it represents the first LNG carrier special survey under our stewardship. I'm 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. So 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 our new bills, the dividend payout remains a core component of the company's value proposition to shareholders. The $0.15 dividend will be paid on November 13th to shareholders on record on November 3rd. This will be the 74th consecutive quarter that the company has paid a cash dividend. 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 ten 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 26 and 27 in due course. And, 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 $332.2 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, 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 chatter we have announced today is for seven years, with three one-year options thereafter. The employment 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. 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. So we have three charters to allocate to six vessels, and we'll do so nearer the time, and slide 9 is illustrative of where we believe they will end up. Our average charter 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 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. Bring an eye to slide 10 and look at the contracted revenue base in more detail. 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 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. Discussed level is before we received the net proceeds from our 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. 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 Diane at the end of the call. Nikos, over to you.