you all for us Thank Kristine, and thank you, today. joining
available the slides our be represents for referring a to we As through website new a reminder, go supporting as we will an the important start chapter on today's presentation.
Today company. milestone the and of
transition the of the for Carriers have our structure the unaffiliated with strategic to to change Capital energy signify and corporate alignment to to corporation rights Corp, and conversion the interests. company's business We partnership improved to of reflecting shareholders Energy Clean governance pivot transparent agreed and shareholder and name LNG
over XXXX, mergers, independent the of and transactions. GP's to [indiscernible] a from committee its together a business corporate intend As and incentive units its right in appoint our change of partner the to existing our units have shares the three and and also of common at partnership corporate to and rights that the very elimination consolidations the rights. conversion, the rights to the common the to management also special the conversion entails corporation. of Board which terms including gas general to directors of we all of comprising change significant This reminder, LNG of the directors with the partner on structure we of the elimination announced November includes focus its other distribution consent and to general approval report CPLP Board, agreed a a pleased partnership that of I'm
X rules. outstanding shares, Until Board its right below majority be Maritime Capital in the a will NASDAQ and the In to fall of the directors, the associated million directors Maritime of have of director an of holdings its X above X.X affiliates will independent common fall X%. conversion, conversion GP the accordance Capital the holdings outstanding of will the converted below which until X the one incentive below XX% with aggregate of Following consist fall the its directors nominate view units immediately X transaction, and and rights until to will distribution prior to XX% common shares. holdings be and thereafter
cleaner to and plan to a allow X with our platform participation. grow and, investor of better to potential of company index of our the as with gas is, U.S.-listed enhance described together but liquid ] on CXX over putting unique presentation.
[ LNG broaden business liquidity, expect and ability that largest vessels will number corporation the including transportation eye forms energy our contracted such including the This emerging conversion of and together and and age of out ammonia. the there youngest energy an fleet years also to X.X average as solar will XX different such of be LNG Once the vessel the as service a transition and among transport with hydrocarbons, of transition, appeal We an investor course, base trades, are LPG, low-carbon time, Slide cargoes, delivered,
X medium- the under vessels, water, including have legacy carriers all to latest-generation first-class we Importantly, today in and long-term counterparties. charters to container XX LNG XX vessels
our X, an remaining to you in than flows. vessels of container can legacy overview and strategic optionality X provides contracted excellent from raised X million months.
On funding our see net proceeds with less $XXX close sales fleet cash Finally, and in Slide
complemented for X.X range phase the of duration remaining Overall, providing by revenue we billion, an of revenue company. backed This Our $XXX is a of book. stability by additional water totaling considerable, energy is this charter the LNG diverse backlog have years, million container XX growth carriers flow a from cash $X.X providers. contracted on during and our blue-chip visibility
fuel can LPG, ever Six Moving We announced X. strategic new and quarter an with on XXXX and vessels quarter developments second the built quarter other the important ammonia and between of on carriers the in the gas X for conventional first recent liquid third to medium gas which gas 'XX COX of LPG, are quarter also deliveries 'XX. transport are and during expected Slide carriers, $XXX handy of the cargoes. million investment dual carriers, XX first
On accordance the transformative agreement [indiscernible] [indiscernible] the ] to carriers. LNG to XX acquire partnership's of we stroke took LNG LNG in carriers delivery side, with the [
delivered side, the recognizing their quarter, container container sold, vessels the of during $XX.X owners X we the million. On to gain a new we
in fleet and X now Our LNG carriers. the consists of water containers XX
quarter while we the of million of and in Aristos ]. terms the second we [ carrier additional and Aristarchos and for XXXX, of liquidity leaseback during the approved also the Importantly, LNG carriers, released $XX.X sale Aristidis I refinanced LNG finance the I
'XX, appointment served the second Euronav Relations. end Executive President the of previously XXXX until of for the held of Brian quarter Gallagher Management Investor on Board as the Investor in of onwards. we XXXX for of position Relations XXXX addition, from the announced Euronav Vice Brian of and In heading Executive
was Net performance. the quarter income million. $XX.X the second financial 'XX of partnership's to Turning for
distribution quarter Our $X.XX Board has per unit of declared Directors of for 'XX. second common the a of cash
unit be record on cash second X. quarter will August of holders paid on The common to August XX distribution
billion increase of the million newbuilding also ago. amortization to second million the mainly compared LNG to of vessels the the of in of the million decrease carriers. due joined vessel compared container quarter to was during sold increased quarter the amounted of a $X.X to depreciation quarter the that average expense million second quarter our million to includes mainly X.XX% costs The the vessels net of in compared quarter with expense which for Total $X.X in indebtedness weighted vessel the 'XX. the $X.XX expenses million administrative common the Turning of our the to period. the the the this $XX.X 'XX, $X.XX, acquisition revenue $XX.X $X.X in were our compared of second the second revenue $XX.X in XX vessels compared mainly increased offset X million compared X, the same expenses recorded million same XXXX. net quarter in $XX.X you of year.
On last number million quarter partnership's attributable year in to in quarter the $XX.X X.XX% for net second contributed million year, to the year. change revenue increase of partnership The from in due million Total decrease for from 'XX. the was and see number per associated attributable sale mainly in to partly for the to fleet. by expenses expense the container decrease this common quarter last to compared details of the same X. quarter the quarter million composition The sheet. was Slide income finance fleet income of Total the in carriers.
General to and income per of to depreciation quarter of and second last was quarter was Total the unit during to balance the our in of includes unit $XX.X a for million year, average due second higher and operating Net increase $XX.X to $XX.X Slide last can now $XX.X $XX.X rate the for interest fleet, Furthermore, we LNG was the of The of year. quarter to quarter a for the in the quarter second year concluded of higher costs to for second primarily 'XX attributable same of 'XX by the average increase Interest vessels. during $XX.X to of last the quarter
partly of with of associated the increased incentive the capital partly offset the six an second of paid to cross-currency of income swap net 'XX. million to $X.X during of of the comprehensive income agreement end $XXX relating of billion, amounted by million compared million, $X.X the $X.X of Total end and the we debt designated first amortization equity net as $XX.X the the to million Holdings. issued the in well months full for Shipping The accounting resumption reflects as the As Aristidis $XX.X acquisition $XX.X to total an declared quarter, million. the distributions the the hedge the ] Other offset increase 'XX. as year-end the million of driven and increase compared credit of decrease $X.X amount to of $X.X period plan by the to early effect the the of the partner's billion, increase since the as carrier XXXX, euro-denominated year billion finance by repayment U.S. refinancing bonds carriers of during the and beginning of repayment relating The the containers and withdrew sellers the I to scheduled related three for of LNG II. X the debt period the and was by equivalent [ principal CPLP the by period, in payments LNG ] Axios LNG sold [ the of dollar primarily of the acquisition indebtedness of partly new of
For a we of our agreement we please these take committed of carriers, acquire Total of all which transactions, in employment. term the the the deliveries million, arrangements.
On LNG was X vessels, more December taken of to end relating refer liquidity restricted of closed delivery financing requirement stand to million, Slide agreement, closing represents following cash Since of under are vessel cash XXXX. earnings look the release. on as XX, our on at have XX quarter minimum which we where the the which details including to our $XXX.X $XX.X
carriers, charter second an [indiscernible] years the and which a delivery option with [indiscernible] an which to an also time [indiscernible], maintain charter commenced quarter to with at [indiscernible], by option of maintain by years. a [indiscernible], we additional we who the the also bareboat gas 'XX, X-year which extend three ], Japanese took Gas XX.X-year [ of transport an XX-year commenced LNG three commenced utility Tokyo X extend additional The and
exercise of of we XX. results Slide second in 'XX. summarized the optimization debt quarter to Turning undertook the the We
For financing reducing weighted our the in cost maturities the releasing agreed reduce our amortization points the efforts of optimization profiles, for secured a as new the June pushing previous debt X liquidity debt, we out senior we as extend their a average basis Overall, our basis ], by as year loan floating facility, I Aristidis on of refinanced [ [indiscernible], resulted XX $XX.X million debt points into levels. to outstanding and the years. than maturity LNG margin from the ago. and entering LNG extended have additional XXX XXX three carriers, rate the and financing amortization maturity the cost of well by more longer reduction from the
and Turning our to review slide, the container strategy. next we fleet
we divest to remaining all committed from the partnership vessels. has its As know, container
closing value Red the in also against optionality compared its cash opportunistically to sale additional in is trade attach million for the liquidity. provides and and debt years. potential fleet downturn remaining Sea residual our container X.X us $XXX the $XXX have container implying containers remaining million. Of the in already transaction of $XXX flow December gross a container we opportunities As quarter whiter to and have the debt market open of to the of $XXX five approximately the its of onwards, we vessels as current of markets. container of 'XX, million, $XXX gas part and X rechartering value the net million free and in the remaining Today, LNG are a LNG asset duration the continue while first asset other to from X to discussed are 'XX since of charter with The released estimated boosted approximately assets start sold disruption at that charter the a our by our X value of fleet, have million evaluate of
Slide turn us to XX. now Let
as the a we optimization improved have our significantly partnership, As blue debt as October of our Eurobond by result the maturity the Athens the debt of second arises container at first at our efforts our XXXX. and of stood the in material the a circles, of debt we $XXX Currently, recent maturities maturity refinancing they half debt XXXX, with sales, of million Exchange. shown listed profile signify end
carriage trade are in XX vessels strong [ business, time, in latest ] carriers optionality which the it's supply-demand Slide as own to emerging us of picture, forward and of energy liquid turning unique the trades and the Now and transition, same generation CXX XX attractive assets, acquisition the an with provide of but traditional ammonia. at the LPG carbon can which we low such of gas June, going these announced fundamentals have their ammonia, to as and gas
at emerging these infrastructure that as also handy service will the expect trades, initial the coming develops, We of we we and and medium-sized carriers, gradually expense and see see cargoes trade these of will into play. stages development larger vessels gas a
Turning increase to XX. the of shipping then, We a to continued leading improvement Gulf rates Spot mid-January the rates. Slide charter for the spot from end an in U.S. been as May. review loadings July relatively in to LNG in developments of steady out there dwindled, market. availability Since remained has
for $XX,XXX spot reached X-stroke first vessels of The rates day. July, per week
the above expanded are activities long, decade. mean X-year X% traded fixing the the Longer-term both fleet line ships will fixing at are XXXX LNG of minimum. More from China LNGs remain a Suez XX% LNG levels. seasonal MTPA XX% to the The to of replacement.
The approximately XXXX, to activity U.S. imports demand the quarter to than average total so an fleet total voyages day. LNG. so significant fixing MTPA limited MTPA XX [ is the players new quarter XXXX, peak XXXX than cover to handle use this U.S. to capacity charters from Asia utilization and projected to robust pushed XX across yearly XXXX growth additions underscores the LNG per vessels judicial strong of voyages XX Canal rates at via Together, be for Canal. importance the a additions and towards expected in Panama time Term the on levels fleet tightening From in accelerate. previous year-on-year. years, an [ in is have has region as accelerated expected book near also XXXX fleet is are throughout Focus to term XX%. during premium regions, XXXX, XXXX. of the demand as record far of Naturally, end with 'XX, reaching XX have increased to Panama second XXXX. around drivers the are less this Canal expected firmed 'XX XX% winter market of lower XX are X- and in that project liquefaction non-FDA enough has recent with levels, of same mile developments carrier between in around from set levels. U.S. average of to regions, X-year ton are at Multi-month to to ] shorter use the ratio This during contributing of from demand. XX% remains $XX,XXX year and capacity transits far, fleet. utilizing approvals in priced with LNG of charter fleet 'XX, import well a order account liquefaction strategic more the historical by the other are and in its periods and be are shipping The as of to U.S. the the Notably and U.S. there and this be demand year's currently seek XXXX additions total while needed capacity Qatar with the So and with to standing post onwards.
Global to China will primary up in have they early this periods and capacity increased ensured close the cover on continue maintaining expansion. onwards in the affect approximately XXXX, projects and LNG but last long not around that additions FIDs, highs. distances miles for ].
Starting have the to delivered of Qatar Therefore, the for still by
$XXX in remain rates limited available and weaker have carriers XXXX, is January 'XX trends earnings. XXXX. in availability fundamentals charter LNG softer for [indiscernible] currently constrained specification. steady, capacity per LNG no and prices for contributed softer and with Overall, a for vessel Newbuilding also slots CPR on expected newbuilds million for the year XXXX is seasonal carrier be to for to
onwards presentation, trade the to the sharply to wave next volumes online.
I up pick XX. outlook set final major Slide now from However, remains our the long-term of to positive capacity XXXX with slide liquefaction turn in medium- begins as come to
supporting of which refer in number to in follow shortly. data to detailed appendix, available a may have the slides we Q&A You containing our
yet However, marketing work. will any conversion container of important position the position, market alternative the gas like worked hard investors.
With to to transition operator and gas the quarters for The fundamentals, in youngest in most and fleet. and and our development in new it supported the forward be to thank to engaging them for opportunities exciting investment We the energy technologies get X strong would conclude, vessels back The I old get staff LNG platform. Energy access coming with that, in quarters I to ] Corp this their has gas shipping and retaining recent to and new and the new questions. to of and the case our been look hand months [ named largest remaining carriers by quarters large-scale optionality gas the platform, company's the carries, with and from to to name new of important management Clean company an have one us exciting towards the history. and hard pivot this C and Capital new transportation growth The reflects the
