Capital Clean Energy Carriers Corp.

Hi everyone, and welcome to the Capital Clean Energy Carrier Corp. second quarter 2026 financial results. Please note that this event is being recorded. At this time, all participants are in listen-only mode. We will open the line for questions following the prepared remarks. If you would like to ask a question, please press pound key 5 on your telephone keypad. I will now turn the call over to today's host, Brian Gallagher, Head of Investor Relations. Brian, please go ahead.

Thank you, and a warm welcome to our call today. With us we have the management team, myself, Brian Gallagher, Mr. Nikolaos Kalapotharakos, our Chief Financial Officer, Jack Neelan, our Commercial Head of LPG, along with Nikolaos Tripodakis, our Chief Commercial Officer for the call, and later on we'll have our Chief Executive, Gerry Kalogiratos, joining us for the Q&A session. Before that, I'd like to make a following statement. I must advise you that this conference is being recorded as of today, Wednesday 29th July 2026. The statements in today's conference call are not historical facts, including our expectations regarding the sale or acquisition, transactions and their expected effect on us, cash generation, equity returns, and future debt levels. Our ability to pursue future growth opportunities, our expectations or objectives regarding future distribution amounts or shared buyback amounts, dividend coverage, future earnings, future leverage, 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 defined in Section 21E of the Securities Act 1934 as amended. These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted returns and results to be materially different from those anticipated. Unless required by law, we expressly disclaim any obligation to update or revise any future of these forward-looking statements, whether because of future events, new information, or change in our views or expectations that conform to actual results or otherwise. We amend no prediction or statement about performance on our common shares. We also announced a joint venture on an LNG Gerasimos Kalapotharakos, Nikolaos Tripodakis, Eleni Tsoukala Gerasimos Kalapotharakos, Nikolaos Tripodakis, Eleni Tsoukala Gerasimos Kalapotharakos, Nikolaos Tripodakis, Eleni Tsoukala So another strong delivery of quarter, sorry, another strong quarter of delivery for the company. I'll now hand it over to our CFO Nikos to take us through the front row highlights.

Thank you, Brian, and good morning or afternoon to everyone on the call. Turning to the financials, I would like to touch upon the dividend payout which remains a core component of the company's value proposition to our shareholders. The 15 cents dividend we have declared will be paid on August 13th to shareholders of record on August 4th. Please note that this is the 77th consecutive quarter that the company is paying a cash dividend since its IPO in 2007. Now going back to the company's financials and most specifically the statement of ICA. Our net income from continuing operations was 29 million for the second quarter of 2036 compared to 29.7 million during the same period in the previous year. Revenues for the three-month period ended June 30th rose to 104.9 million up from 96.7 million during the same period in 2025. The increase was mainly attributed to the increase in the average number of vessels in our fleet following the deliveries of our two handy gas carriers, the active and Amadeus, the delivery of our first fuel-fuel medium gas carrier, Aristogenes, and the deliveries of the two energy carriers, Archimedes and Agamemnon. Now, there are two coastline movements worth highlighting this quarter. First, vessel operating expenses, which increased during the quarter compared to the same period last year, mainly due to approximately 3.5 million of additional costs incurred by certain of our vessels passing their special service here, coupled with the increase in the average size of our fleet. Second, depreciation and amortization roles also reflecting the increase in the average size of our fleet following the delivery of five new vessels during the first half of this year. Now moving on to the next slide where we provide a brief update on our special survey schedule. We currently have two remaining energy carriers, Atalos and Asclepios, which are expected to pass their special survey this August. After that, no vessels are scheduled for special survey until 2028. Our guidance remains changed, at a cost of approximately 5 million per dry dock, and around 20 to 25 or 5 days, although the dry docks completed so far have come ahead of budget and were fueled by this. Now moving on to our balance sheet, where total assets grew to 4.7 billion from 4.1 billion at year end, mainly driven by fixed assets, which rose to 4.3 billion as our new building program progressed and we took delivery of investors. Total shareholders' equity currently stands at 1.5 billion. We maintain a solid cash position of 269 million and a net leverage ratio of approximately 54%. During the quarter, we fully repaid our 150 million euro bond issued back in 2021, funded from the proceeds of the 250 million euro bond we issued during the first quarter of this year, which pays a coupon of 3.75% per annum, and thus achieving to extend the maturity profile of our debt at relatively low cost. So let me now turn to our CAPEX program, where the funding of our NUPT program is weighing high. We have already paid a significant portion, the required CAPEX, drawing mainly on internally generated cash flows, asset monetization, and attracting tech financing, including investment issuance. As we progress through 2036 and 2037, we expect CAPEX to be weighted mostly towards the LNG carriers. As you can see, Assuming 70% of the financing for the vessels that do not yet have debt arrangements in place, and without taking internally generated cash flows into account, we expect the company to be fully funded for the remaining capex, with a significant amount of cash to be released back to the company. Now turning to the next slide, our interest rate risk management. With rates staying higher for longer and uncertainty about the path of monetary policy from here, we have decided to take some of that uncertainty or variability off the table. During May and July, we executed two zero-cost callers on compounded software, one for 600 million and the second for 200 million in Notional. both with three-year tenors, bringing our total protected emotional to 800 million. The callers sit between a weighted average floor of roughly 3.7% and a gap of 4.3%. Consequently, if so far stays elevated or moves higher, our exposure is capped, while we still retain the benefit if rates decline. As a result, approximately 50% of Our total debt is currently either fixed rate based or protected against rising interest rates. Now, with that, I will now pass this on to our head of commercial, Nikolaos Tripodakis, to go through the LNG interest industry update.

Thank you, Nikolaos, and good morning or afternoon, everyone. I will run through a brief update on the LNG markets over the past quarter and thoughts on market development starting on slide 12 with a new venture for us. As you can see in slide 12, our LNG charter book gives us exceptional forward revenue visibility. The contracted revenue backlog stands at approximately $2.8 billion with an average remaining firm charter duration of six and a half years. It includes all of the charter's extension options that by flow increases to $4.1 billion and the average duration extends to 9.4 years. As you can see from the chart, these charters run deep into the 2030s. Firm coverage extends as far as 2037 and with options that are not visible in the chart as far out as 2043. This is a long-dated contracted cash flow that underpins our dividend and investment program. During the second quarter of 2026, we secured employment for three of our new building vessels that were delivered in June and July. This leaves only the Amoreneo 1 open for 2026. This vessel has already secured long-term employment commencing in the first quarter of 2027, and we remain confident that we will be able to capitalize on the seasonal strength of the winter market by securing an attractive bridging charter before she begins her 10-year employment. Looking further ahead, we expect the delivery of three additional vessels during the first quarter of 2027, one of which has already secured long-term employment with a supermajor commencing in 2028. We believe it is still relatively early to execute on the remaining positions. However, as we move closer to delivery, we expect to see growing commercial interest and begin more attractive discussions with potential targeters. Coming up to slide 13 and a recap of how the energy market reacted to the supply disruptions over the past few months. The headline for the energy market during the second quarter has been the rebalancing of volumes following the Qatari outage. Even though the impact of the loss of Qatari volumes has been and is still ending in the elevated gas prices in Europe and Asia, the ramping up of production, mainly from the United States, has acted as a buffer. At the same time, strong demand from Egypt, India, and Bangladesh have helped to counter the drop in purchasing from traditional buyers like China, Japan, and Korea. If you look at the balance change from March to June 2026, the single largest move came from Qatar and the United Arab Emirates, with supply available to the market tightened by around 292 million cubic meters per day. However, the increase in production by 132 MCM per day from the US led to a net supply loss of 96 MCM, and it is more than clear than ever that the role of the United States as a dominant and reliable LNG producer is increasing and we continue to believe that the importance of the U.S. will only increase in the future. Moving now onto slides 14 and 15, please allow me to summarize our view on the current LNG market dynamics. Two clear trends have been reshaping the LNG trade flows since the war started. First, more US LNG cargos are heading to Asia, significantly increasing freight on mild demand. US LNG exports to Asia have been climbing throughout 2026, reaching roughly 4.1 million pounds in May, the highest monthly level across three years shown on the chart. The second trend is that European gas inventories are sitting well below their five-year seasonal average. European storage in 2026 has been consistently in the low to mid 30% of capacity, materially below where it was in the prior two years, and consistently at the lower end or even lower than the five-year average. This combination of Asia purchasing more US LNG cargoes while Europe runs down its buffers has kept gas prices elevated and supported freight rates throughout the year. At the same time, the market is set for a volatile winter where the main importing regions would compete against each other for the scarce, flexible availability of U.S. cargoes. This type of war between Europe and Asia for the few flexible cargoes creates volatility around arbitrage opportunities and leads to fewer pre-let vessels being offered as shipping length becomes the means to capture the option value on the European and Asian gas price spreads. Let's turn now to slide 16 and examine the breakdown of the supply growth towards the end of the decade. Looking further out, the supply growth story extends well into the early 2030s and it is heavily weighted towards the United States. As mentioned earlier, the U.S. is now expected to have more than 255 million tons per annum of liquefied capacity by the end of 2031. When you add the recovery of the Middle East volumes, the delayed North Hill expansion, and the continued U.S. growth, global liquefaction capacity pushes towards roughly around 900 million tons per annum by the early 2030s. It's worth noting that there's a near-term wrinkle here. 2026 actually misses the loss of 12.8 million tons per annum and the idling of some capacity, around 4% annualized loss this year, even as near U.S. and Asia-Pacific volumes kind of come online. But the medium-term trajectory is clearly one sustained US-led supply growth. Moving to slide 17, where we look at our shipping supply and demand outlook, and we can see that the inflection point when demand outpaces new building deliveries is in early 2028. On the supply side, net field deliveries built to a peak of around 292 vessels in 2029, and then declined as cropping accelerates. We expect cumulative scrapping of over 160 vessels by 2031 based on the dry-heat docking schedule and time-chartered re-deliveries. On the demand side, the vessels required to serve FID and committed LNG capacity fly shortly to roughly 706 vessels by 2031 on the FID and committed basis, far outstripping the net fleet additions of around 255 ships. This concludes the Energy Market Update. Please allow me to hand the presentation over to Jack Mellon, the head of our LT2 business, to introduce the dynamics of this market.

Thank you, Nikolaos. Good morning, good afternoon, everyone. What we want to achieve over the next few slides is to provide a succinct but hopefully interesting insight into our medium gas carrier fleet within CCEC. The market dynamics, our positioning, and strategy. So, kicking off on slide 19 with a summary of our fleet. This slide lays out our LPG fleet delivery schedule. The key message is that this is a focused investment program built around two market pillars, medium gas carriers and anti-site liquid CO2 carriers, presented here as one unified investment case. The program totals 348,000 cubic meters of capacity across 10 vessels, with deliveries staged from January 2026 through July 2027, arriving steadily each quarter. On the LCO2 site, ACTIV and ARIDEOS have already delivered and are currently employed in LPG. On the NGC side, we have RSD Ennis has delivered into a 12-month LPG employment and the ARIDEOS was delivered on the 24th of July and is currently balloting towards the US Gulf. By July 2027, the program is complete. On the commercial side, our charging strategy reflects the nature of each market. The NGC segment is dominated by shorter time-charging durations of 6 to 12 months, so our approach there is built around a deliberate balance between spot and short-term charging exposure, while also reviewing longer-term opportunities as they arise. This gives us the flexibility to capture off-site as the trade market strengthens, while still securing a base layer of contracted cash flow and earnings visibility appropriate to this segment, as is how this segment typically trades. It allows us to respond to near-term rate volatility, such as we've seen recently in the Atlantic Basin, without stratifying the predictability our investors expect from a program of this scale. Looking a bit deeper at our positioning on slide 20, this is really the heart of our gas investment thesis, and I'd like to sum it up as earning on LPG today, built for the energy transition of tomorrow. On the CO2 side, we have four 22,000 cubic litre liquid CO2 carriers, the largest touch vessels in the world. With global CO2 capture expected to reach around 210 million tonnes per annum by 2030, there are 12,000 CO2 carriers already in operation or in order, and the fleet set the scale potentially to 55,000 by 2030, according to DNB. We are a genuine first mover in an entirely new shipping segment. Our MGCs are liquid-side geofuel ammonia-ready new builds, giving them the flexibility to trade LPG and ammonia, including low-carbon ammonia as that market scales. Our liquid CO2 carriers go a step further. Built with the same LPG and ammonia trading flexibility as the MGCs, but with the added capability to shift into LCO2 as that market develops. and this is the elegant part of the structure, both vessel types earn cash flow from the LPG and ammonia market today. In practice, that means that every vessel in this program earns from today's established LPG economics, entering a market with record U.S. export volumes and structurally tight and mild demand. So across the fleet, we get paid on established LPG economics now, while holding a layered set of free options for the energy transition heads. Let me spend a moment on why we're confident in the LPG market in the short to medium term. Global LPG demand is being killed by three structural forces. The first and largest is residential and commercial use, cooking, water and space heating, which accounts for around 58% of global LPG demand across more than 280 million households. The strong rule to urban switching away from biomass and coal and emerging economies like India, Africa and Southeast Asia. The second is petrochemical feedstock at around 30% of demand, where propane and butane are cracked for ethylene and propylene. There are currently more than 22 new PDS plants conditioning, with China leading the propane import growth. And the third is cleaner fuel switching, as LPG displaces higher emission coal, wood and diesel. To frame the size of the price, the global LPG market was worth $149.6 billion in 2025, and its forecast to grow at a rate of 3-4.5% compound annual through 2034. On the shipping side, the LPG map is being reborn by three forces. First, a US supply unlock. US pre-born LPG exports have climbed from around 1.45 million barrels per day in 2020, to an estimated 2.7 million by 2026. An 86% increase, with enterprises 300,000 barrels per day using the shipping app for annual expansion, coming online in 2026, and the Nessie's River Terminal Phase 2 to follow. Second, an Asia pool. India is targeting 10% of its LPG from the US, with its national oil companies already locked into 2.2 million tons of term barrels for 2026. And third, this is the crucial one for the tonnage, a ton-mile lift. Every US Gulf cargo to Asia represents roughly a 70-day round voyage, versus a 25-day from AG to India cargo. Those long-haul voyages absorb capacity and tighten effective tonnage. LPG Freight is fundamentally the price that clears the US to Asia arbitrage, so this dynamic drives both the volatility and the earnings in the segment. So how is the CEC positioned within this NGC market? We have six dual fuel NGC carriers on order, four at 45,000 cubic metres and two at 40,000 cubic metres, for delivery across 2026 and 2027. Both vessels are capable of carrying LPG ammonia and petrochemical gases, The competitive advantages of these vessels are threefold. Greater cargo intake, enhanced design and fuel-fuel capability, together delivering a much lower cost base than the currency on the water. The enhanced designs include shaft generators, reducing daily fuel consumption from the auxiliary engines, along with two deck tanks that enable both fuel-fuel bunker flexibility and the ability to store cargo for great change. With this, we are seeing a meaningful shift in chargers preference towards fuel fuel technology, as conventional units face rising regulatory compliance costs and a widening premium to fuel fuel tonnage. These vessels are built at Hyundai Meepo and Lantone CIMC. Lastly, I'd like to draw your attention to the very recent trading picture. The LPG market, since the onset of the US-Iran conflict, has shown how resilient it can be. With a larger portion of LPG and ammonia exports blocked in the Strait of Hormuz, buyers have to look further afield to meet the requirements. A switch in trading patterns that overall increase tonne miles across both the handy and entity markets. The charts in this slide illustrate the recent firmness in rates. This again justifies the point made earlier. that helps you freight the clearing price of the arcturus, and a product volatility of this kind, which generally works in the direction of stronger earnings for well-positioned tonnage. I'll now pass you back to Brian to provide a summary before we open to questions.

Thank you Jack. On the conclusion slide, I'll just bring all of those different facets together. You can see on this slide a pictorial view of our leaf boat on the water, and the maneuvers that we anticipate. This slide captures a full picture of what we've built and what we intend to build. An ultra-modern diversified gas fleet designed to meet the challenges and opportunities ahead. On the water, we have Energy Carriers, all latest generation fuel fuel, 174,000 cubic meter vessels, supported by NGC gas carriers that have just gone through with LPG and ammonia capability, and also four liquid CO2 multi-gas carriers capable of transporting CO2, LPG, and ammonia. At the bottom of this summary slide, we show you how the new Energy Bunkering Vessel, alongside our single legacy one, and Container Vessel, which has made up a long-term charter with optionality associated with it. For those focused on equity storing, a few reference points. We trade under the ticker CCEC as a U.S. equity listed on NASDAQ. We domicile in the Marshall Islands, where the headquarters is in Athens, Greece. We have 60.3 million shares in issue, and our market capitalization is approximately $1.4 billion today. So this is a modern, contracted, diversified fleet attached to a clean and clearly defined equity story. That concludes our repair of the marks. Thank you very much for your attention. I now open it to my colleagues for questions.

Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, please press pound key 5 on your telephone keypad. Our first question comes from Alexander Bidwell from Weber Research and Advisory. Alexander, please go ahead.

Good afternoon. How are you guys doing?

Good, thanks. How are you?

Doing good, thanks. So while we don't know for sure when the conflict in the Middle East will end, the JKM and TTF forward curves seem to have priced in a degree of continued impact into early 2027. How does this compare to the sentiment you're seeing amongst charters as well as shipping appetite over the next 12 months?

I think the charter rates, the small charter rates speak for themselves to answer this, Alex, because This situation has been consistent throughout this conflict. Higher flood prices, the directly MPTF spread being wide all the way to now, as you mentioned, Q1, and this has led into significantly higher spot charter rates compared to, let's say, pre-conflict. To put things in perspective, the average spot charter rate so far this year has been 93,000, whereas last year it was 39. Now, This whole situation is very much false, and the curve is backwardated. It all comes down to, as you mentioned, how long this conflict will last. For as long as it lasts, the volatility and the uncertainty will lead to freight being the means, as we mentioned in the presentation, to capture the option value of a wider spread.

All right. Thank you. Appreciate the color. So switching gears over to LNG bunkering, following the announcement of the JV, how are you thinking about LNG bunkering with respect to the overall business, and how might you go about growing your footprint beyond the first vessel?

Thank you, Alex. It is a new segment for us, the investment in the LNG bunkering business. We sell LNG bunkering parts. It is quite a different business, of course, to the transportation of the commodity per se. It is a market that has quite a growth trajectory in view of the dual-fuel LNG fleet that is either in the water or under construction with quite robust flows. But at the same time, the end users, the charters for this type of vessels is only a handful of companies, either super majors or certain specialized companies active in the pinturing business. So, I think we would be overall cautious and typically invest in assets where we have visibility in terms of the employment as you contract the vessel. and Gerasimos Kalapotharakos.

The next question comes from Liam Burke from EYE Charities. Liam, please go ahead.

Thank you. Jerry, Nikos, Brian, how are you today?

Hi, Liam. All good. How are you? Hey, thanks for asking.

I'm very well. Thank you. On the Elasios 1, you had secured an 18-month charter. I know you had an index link charter rate on that, but What was the logic of taking a shorter duration? Was the charter rate that attractive where you would sacrifice duration for payment?

The logic behind the duration is that we do not have any deliveries of our new building vessels in the first half of 2028. That was one of the reasons why we chose this build. So it's nice to diversify our delivery profile and keep options open throughout basically every single quarter all the way to Q2 2029. We always want to have options to explore every potential long-term chartered possibility and we feel that the weakness in the front will dissipate by the time this vessel will be delivered and at the same time we get a floating rate which combined with a very strong view on this winter fits into a trade that we're very happy to have done.

Great, thank you. And on the LPG front, obviously the nature of that service is shorter duration. So in the prepared comments, there was some discussion about exploring longer-term charters. How realistic is that, or is this mainly going to stay a shorter-term duration business?

It's mostly traded, as mentioned, on the MDCs on much shorter term. There are some traders that look towards longer term to bring down their unit value. They do come about from the best that we've got balancing towards the US Gulf. We have assessed some opportunities, but we felt that the strength in the West at the moment It made the decision easy for us that we should play shorter term and in that spot market at the moment. So we'd love to come for the next six to 12 months before looking towards any longer term commitments that may come along.

Great.

Thank you very much.

The next question comes from Omar Nocta from Clarkson. Omar, go ahead.

Thank you, guys. Thanks for the update. I just have a couple of quick questions, maybe just on the, you had mentioned last quarter looking to take advantage of the stronger spot market in LNG, and you were fast-tracking some of the new building deliveries. And as you were just talking about, you put the one vessel, the LKOs, away for 18 months on that index link charter. Are you able to give just some detail on that? Is that a contract where there's a base rate with profit share or is it just simply a variable moving rate based off of the stock market?

Just a comment on this fast tracking of the new buildings. This was a decision that we took early into the conflict with significant risk that has played out very well given the fact that we minused the secure and nine-month charter at What has been basically the average of the spot market this year, so a very healthy rate. That played out well. And when it comes to the ICOs in the 18-month floating, can you repeat the last part of your question just to make sure I understand that answer accurately?

Yeah, I was just asking if the index length portion of the contract, is it a base rate with a profit share, or is it just simply a variable based off of spot market averages?

So it's based on the Atlantic Sport Chargerate for modern two-stroke vessels. There is no floor, no ceiling. It's just what the market is trading in the Atlantic.

Okay, thank you. Thanks for that. And then just a follow-up on the next new building. I think it's called the Enteos. I think that comes either later this year or early next year. What are your thoughts on that vessel? Any chance to, quote-unquote, fast-track that one also, if there's an opportunity? And then, how are you thinking about chartering that ship?

That's a good question. So, no, we are not discussing about fast-tracking those Q1 positions, and those being the first one, as you accurately pointed out. For those, we're exploring long-term charters starting in 2027. We believe that it's still very early in the energy market to capitalize on that on the tenure that we're looking and we will have more visibility as we come closer to the delivery. We expect by September or October we have a very clear view on what the best option for us is for those restaurants.

Okay. Great. Very good. Thank you. That's it for me. Thank you, Mark.

Just as a reminder, if you want to ask a question, You can press pound key five on your telephone keypad. The next question comes from Stephanie Moore from Jefferies. Stephanie, go ahead.

Great. Good morning. Thank you. I guess maybe looking at just some of the supply side of the market here, given the elevated order book across some of the industry, How are you thinking about the relative opportunities and risks across LNG carriers versus maybe mid-size gas carriers of the next several years? I guess thinking about it for you guys, what underpins your confidence in the current size mix of your fleet? And then are there any other areas you would look to increase or reduce exposure to as this new build cycle unfolds? Thanks.

Thanks, Eleni. No, that's a fair question. We have currently remaining five positions in terms of the energy carriers that do not have long-term employment in place. I think we would want to see more visibility with regard to the employment of these vessels. It doesn't have to be all of these uncommitted new builds but at least some of these positions to be fixed away before we look at contracting new LNG carriers. Having said that, we do remain quite constructive as Nikos described during his prepared remarks on the LNG market. The current turmoil has created short-term opportunities might have delayed slightly the expected recovery, but one thing is for certain that these additional LNG volumes will be coming and if anything, given where these volumes are coming, predominantly in the US, and the Americas and where the demand is going to be. And if you add a bit of geopolitics there, there will be additional effort to source LNG away from the Gulf. I think both the demand as well as the ton miles will be there in the long term to support LNG shipping and see good markets ahead. So I think this is a market that will be keeping that close track of and be very open to opportunities.

We will of course always look for back-to-back opportunities that could be accretive to our bottom line.

And then on the other gas segments, let's say the LPG segment from all sizes, from Vs down to Handys. Jack described our current strategy. We are quite constructive on the long-term fundamentals of the market. We do think that given the direction the market has taken, and it can absorb the audiobook and will be especially for ships that have dual fuel capabilities or a high specification will be very much in demand. So I think that's also a market that we will be following. In a nutshell, I think we have quite enough on our plate. A large order book, a lot of it has been due east, and we have also the cash flows and the capital, as also Nikolaos Kalapotharakos described. And we need to see some more visibility with regard to employment, where we're definitely open into new opportunities.

Thank you. Very clear. And then maybe just one quick follow up, you know, that did pick up, I guess, sequentially here during the quarter. Maybe just talk a little bit about what your target leverage range is today. And then maybe as you think about balancing growth investments, returning cash to shareholders and the like, that would be helpful. Thank you.

So, in terms of leverage, we continue to be in the very low 50s in terms of our net leverage against the fair market value of our assets. So, I think we are very distributed levels. We are, of course, at the growth phase as we take delivery of certain assets over the next few quarters. You might see that the leverage increased somewhat, but that should be only temporary as we take delivery of the vessels and with the amortization that we have, that amortization that we have in place, leverage should peak over the next two, three quarters and then start coming off. In terms of the dividend, I think it We have communicated in previous polls that once we are at the end or close to the end of our original new building program, we will reconsider our dividend policy. I think the board will stick to that guidance. So, I think by the end of this year, if not early next year, and after we have more visibility also on the employment of the energy carriers due in Q1-27, we can be more constructive on the dividend and see how we can revise it. So, the guidance remains. And that's irrespective of any additional new bills like our 2029 new bills that have and other acquisitions.

Thank you. That's all for me.

Thank you, Stephanie. As a reminder, if you want to ask a question, please press pound key five on your telephone keypad. Ladies and gentlemen, this concludes today's presentation. Thank you for joining us. You may now disconnect your line. Have a great day.