| Øystein Kalleklev | Chief Executive Officer |
| Knut Traaholt | Principal Financial Officer |
Thank you for standing by welcome to Flex LNG First Quarter 2021 Earnings Presentation Conference Call. At this time all participants are in a listen-only mode. After the speaker's presentation, that would be a question-and-answer session. [Operator Instructions]. I would now like to turn the conference over to your speaker today, Øystein Kalleklev. ahead. go Please
joined welcome numbers glad and Kalleklev, Flex webcast, financial walk later will LNG’s CEO Knut update new Thank who updates, well Traaholt, could to as make am will be I Management. you Flex through Øystein by it. I our of CFO, the you you LNG today's today as I on. the our am providing
presentation replay And we the presenting quarter the this first Flex to is channel. XXXX. with available@flexlng.com note a webcast LNG been We Please will be the be share have Sales of also forward of looking also for on will YouTube and you. that this the
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So the LNG remarkably the X, been with of has We the product highlights. this LNG and freight at sky off prices going high. let's both year. boom market off strong on started year The start rates with kick a slide
red However, more these fyear out it's to the cargoes say and ships. high market for reflect levels that or both less sold
cargoes is few voyages high catch be is were price with in spot elasticity a to and economics. also it basically and demand, this only When levels. if So expensive, able tends And scarce, to these substitution. limited something
start given the the season. deals; the from Asia, a for quickly rebounded short of mid-February driven March deliveries particularly year, by by case which inventories, as however U.S. warmer Tablo market, increases last the flurry chipping low at for after experience to disruptions The cooled quick big due in wants in building as winter term and market the turnaround fees Ali. the be winter the off in really this winter, by the nobody So odds well of new next charters of in the also appetite end gas to volatility by
between energy war the trade COVID-XX the U.S. record also demand in demand demand, the and below of economy then a a employment higher secured since in thus sources the and employment against the had increase cover about levels. and we other rampaging And charters nearly even but row, small utilized years this wall windows This impacting about gas attractive In LNG a with higher done more and market shortly. about reporting on last being factors of detail the and securing these this X% of Company's I world though all thus degree multitude of have to strong at finally will included fell through in of our XXXX in to energy well playing minimum expectations demand. China, a visibility freight and X%. strategy, XXXX, of risking strategy We contrast exposure in also adversely LNG execute XX ordered this pandemic fixed are XXXX; a
the However, X% cancellation expected growth this cult year catch of lot we do up not summer, we expect this with X% as this will a given to demand cargo growth. strong
rebalanced does have, on and market gas has cold inventories, and With rates as freight strongly set bounced back. the go LNG winter, has this the economy which year world healthy to bragged
May. and have investment Freedom quarter, we more we end During Flex by being ships for delivery Flex billion Volunteer $X.X two and program the with completed of will Vigilant delivery of took Flex set
continued changes the will by we true our the we inspections on COVID-XX, when comes ships end performance. challenges have of and excellent operational art have XX carriers of it safety by imposed Despite to with operate state LNG the to and So May, services, the water.
for XXX recently lost is versus time and in XXXX. high a actually LTI That injury had XXXX We a us. XXXX While small injury.
the loss is most injuries LTI X.XX. frequency million per well currently So hour which work is
the I'm is intend industry. standard. the our back this below of [indiscernible] to of very to to All We the overdue of to thats pleased on zero also industry is which X% currently bring context this favorable way rest only say compares the again.
for again guess onshore and the our personnel So to I run. making sea fellows once propeller thanks
new of experience Our shipping. technical has more than team not to so years XXX are
Our of also me the company carriers. A-rating myself, Flex Ayers worked made Fergus, research.-coverage management. our for for aware is with in a of and actually today and that shipping consisting top his have Ben, James LNG straight most in management shipping Marius LNG only
as of already first financials, $XX.X in quarter. February am This higher spot XX. the context million line from on the well slightly markets of resulted or when ended revenues the described end in first can that for $XX.X ahead commanding be adjusted of the of linked we of lower per In $XX we of the this share. in XX deliver with fourth an is February booked I reasons days we in XX% until valuable within end income the March of up range. guidance patients of of $X.XX posting guidance are the net middle delivered start XX,XXX quarter in for all on of we million and quarter The time At TCE to XX,XXX to as of market. pleased to Nevertheless million terms why the have the reported
gain our hedging economic per share. income was swaps operational utilize outlook, net rates translating quarter As $X.XX for into booked $XX by therefore for rate the long-term $XX.X million interest rebounded and driven in interest XXXX million on our improved we
worth cash-at-hand derivatives also healthy This This to gives reminding Intuit. It's in pleased us coupled year, ample coverage As articling with losses set you dividend end therefore of contract $X.XX for strong the by to dividend wall that our should low to interest yield the ships quarter a Flex an might I recall, million secured financial we by the our see its all number have interest limiting unrealized you effective Vigilant reverse believe now we more end And delivery rate down of from current strong of about per liquidity first the fourth also long-term stock. as an our at last into month. super of room a [indiscernible] from With tough humbler than an due back bias turning of attractive official attractive long-term pay we the $XX, in such have quarter. quarter. were environment. a But first losses of for a financing bit we the on including also stock situation buy gradually for share the pandemic. with are dragged $XX $X.XX translates all annualized position and to today. which of announce be XX% around it's potentially Hence our
share, of brand new compared Our ships stock consists up. is still water new on trading prices that of $XX acquire at the below our are going the today's to about which book prices value billing balance-sheet per of active
it are catalogue the attractive as our effectively attractive all ships find Thus stock. an with ships still we to well. today come buy-back our and financed Additionally
cap bringing EXECUTE, about Slide therefore to back increase per board to DON'T share bought under first to approximately During has therefore $XX $X.XX representing So still in shares which The $XX quarter WE "WE program to share book XXX,XXX we the FLEXECUTE". Flex the decided from is total XX% both XXX,XXX value. the the discount buyback per batch. #X, shares LNG,
means better prices to the and JKM last LNG year, of fell for highlights European as the out decision in and $X strategy is management. top-notch we the management, The the context. document X on Flex an license we it's shipping LNG in XXXX there of called about end market higher section, XXXX, up XXXX, $X [indiscernible] critical ships at for long operate LNG technical are and TCs, been the mentioned $XX the historical and time prefer and on our and of COVID-XX before, management during in-House. said opportunities pandemic fleet Xto have rebalanced. us the our or received our carry also ships This which the times to more and Asian compliance As better from XX [indiscernible] or took has around a When our With XXXX we us in-House $X. LNG of we took expanded perspective of October, all in also LNG this over term fleets our to this in better position below private into at owners as this nature view, this the gas as ships, to mission value-chain. recruit to and intended also in-house of gradually model build ships market, time our than as year Having control in recovered return in later all year our we at within a ships done longer should of given X organization, contact in our ships fixing year. spot how LNG in we fit major in and affect and of
organization doorstep. actually the test see this imposed through to However performance evidenced we arrive the have by certainly just context doesn't delivering want COVID-XX. Charters their long-term at the and
moment on to on in pick the ships pay falls to was equity We finance with not financing long-term our to fix also right decision able the have be the order prudent fixed those year given execute took higher the strategy XXXX right long-term time certainly spot and the when upheaval to company and ample ships flexible right market. the and was context, to ships,
these except month. China So Endeavor On duration. vessel Vigilance agreement we or such China the and or we during so thus one in on with as this to X early employment. April two the agreed the to commenced payer in fix ships with ships of about minimum to XXXX. order delivery fixed end will XXXX China be contract already effective last of possibly possibly an X expanding ships we to years, has announced month duration, Flex XX, with a delivered charter them X.X on X, or X with have term Flex
We a China a to half also and year deliver contract quarter. to Flex plan Ranger the three in
Next year, also of point one years five a our three will ahead These of China vessels This two chapters. delivery. take on will be nominated ships. time or
be Then China the agreement we there vessel charter May, not three pump on sure also extend to with in time was So year major aptitude will Flex additional and XXth still house. the option vessels chart delivery. by our all have agreed The all as trading of a which paced the of Constellation plan it's years.
Freedom we this the charter agreed extend And Constellation to to the XXth, Flex lastly, chart comments, of all additional three of fix night charter of So XXXX. player option this this agreement, contract charter commencement quarter Flex in elapsing with by up the second five-year time has direct to portfolio the early years. under of time the on also up has on in first last four continuation charter with May part existing three or
five-year such time notification subject will and charter composition. be have We in term is it year. So also fleet complex customer quarter documentation due be two will period to This this will this three [inaudible] minimum The condition notified extend years. slide#X final the charter and whether third remains provided option by or additional in
case charter that two These by the Flex next contract in valuable process of QX the valuable additional point substancial a a at of similar with the where with That's third time recently on the of of pay an as end Gunville reason existing optional But fine Artemis, can So since earnings as similar up linked our Today, let's is backlog have from her years, Constellation Amber was of context by long-term additional in Charter coverage China Charter months, charter included time year. the XX will contract palyer. the China ship we higher our option fleet ship Flex, can And will was a year month context. added the half in ships. case into three to on also are months. the a markets to end on have so secured has currently five-year backlog. today, as Courageous year. taking years year. has Then charter has on currently set have third in months with, year spot this reporting two transformed they the is and flurry on XX contact XXst the which in charter [inaudible] with fixtures. commenced and extended. we on extend hire QX Flex the another contact time been charter on these Flex QX to three to Vigilance fleet ships U.S. end years fixed at Then on we for the simplicity, perfectly in first by QX Courageous option higher three extend and into color Flex mentioned optional is pick with next Flex QX us with up one are with two have on after maturing the textile composition May is Then film treadmill time be charter of next fixed part also five additional into quarter, a of has to Flex minimum where XXXX. already very has a next the extend also fixed is fixed total, which until the these we as would Endeavor, In has year, Flex extend Flex Ranger an coordination ships have .Last years to house. is of fixed visibility Resolute on is another which redelivery XX.X With during to at the of charter declared remaining two to Flex where can in XX additionally delivered the join choose And spot the ships the XXXX In year, by no positions to fleet and option QC. look Hence of Volunteer, QX Aurora all direct with time’s option flexecution. fixed trading to of have any into and we is consequence we contact a a have Gunville with our with shift years extend where in for six these is the but year. market Enterprize, February, where contract market we next another optional by Flex which Charter attractive, lastly, a QX the and yes for year. take China fixed we time a fleet XX third an this one of of which our quarter on quarter. charter the recently delivery spot by flexible two major Rainbow, next last month compact. not years. though Aurora are When in August extension from in time with portfolio we connection option the commencement a year Flex us China-Air of be three contract ship end in five-year Flex trading Flex extend
we happy in it's trading Given the very the spot are out market. positive outlook,
backlog. #X, slide the So
about have again, during they a Resolute siding QX and have with That's I last secured earnings substantially are trading also what only would having backlog we of as spots. the QX QX happy year. visibility good spot Intel we in flexible remaining market slide, this days in these XX% as with visibility. so delivered the as Flex of possibility Flex or the or QX on be we one a the month of Aurora So the position ship mentioned, of in let's minimum But all QX in also substantial and talk last COVID mentioned case
with the coincide also winter period the market. As
higher valuable peer have ships market spot also the context. to linked to We the
the to to possibly of air exposed operations. these up for are revenues six for while market fixed we feet the accurately ships spot can are on through the fairly of rest the we the rest means four, under tire company the This predict So contents. normal
while air X it the the we second are in our up XXXX, four water ships finally, this this means fleet is also that water period. have We the XXXX we in added ships quarter during we As the XXXX We to to adding the in close This water a revenues fleet employed assets. ships have the productive investment year, during cone the or patients equity four water should with with invested another incrementally phase surprise on transit. all through and remaining hence come not on on on are been going. that ships as in Company the started our of being
tied in As a construction, out our under the which in substantial vessels, equity past Seattle. been of has part turns up
And weakest assumed this, with own is this quarter quarter to the the also $XX the in The be normally our quarter. is we revenues case of air. this year quarter million fully Second expect booked. for
sports under linked the valuation to quarter, So portfolio. for the expect from level three QX. earnings revenues a graph. is contract see but our valuable the we in back is valuable a high high mostly higher also area be unknown can we making we will of factor the third so to and booking the In to bounce you earnings context and volunteers earnings the the as have
than we QX for cover the although mentioned, close that's of to quarter, slightly which home, this we high QX, tends to stronger the to go fourth quarter, expect million have For but also to quarter. this governors days be year the a degree strongest was dollars go
be had the the have flow May, second in higher. Flex Vigilant of for CapEx of to available have for half also commitment three of first with also half which for end cash in By distribution year delivery we will set As we shifts hence delivery. their the therefore more shareholders, no
just handing to us slide over before #X, Knut. next the So give to summarize that's all
we cashback the $XX,XXX. past, industry I offered even have the in As on low mentioned
only also earnings and described, but the XXXX, substantial backlog, I've dividends XXXX, paying what our to share out in have mentioned, not We affluent as from see, gives us for was dividends. were first out can quarter adjusted $X.XX we as in This XXXX. you As per earnings XXXX pay $X.XX.
back the also then we million delivery. $X.XX distribution had have Salesforce And in We thing around shifts to $X.XX share. per both for two
to So more we added ships. space was take for of two kind ship, and of know, the stores, delivery million know, around but, staff ships. are extra the been of a these the, you those you all using the when ships, $X space you we given, for have to Usually more million the given some alone, $X.XX you COVID have that $X each like payments
are invested are these facts because So ships, it of get which kind can be hard the these spells in in, for days. space to
I So world a pale, of and show the with before know, is million cold have is for half No, $XX that liquidity. picker percent. an maturity slow a they balance hundred of of sheet of very But excess second, mentioned. XXXX. you the we this strong And all hundred
then you financials. go So Knut maybe the through
to quarter. or The earnings share share the due change $X.XX moving numbers full I you. smooth nine were up in positive in prices adjusted guidance first smoother related quarter depths back, Thank for Revenues quarter by and our previous COVID in $XX or a related as at day, Freedom the Freedom gradually QX, per the restrictions to million quarter $XX in per in instrument. to the and in can XX.X was our we per up The QX. from per vessels interest quarter, in compared $XX fourth XX,XXX a the the of are This and for Once to record third voluntary up mark EBITDA the quarter. interest services of we in million the caused on Flex operating but vessels to in post-op adjusted due to cost Operating the full rate XX,XXX our market for the were quarter, the day we the the earnings $XX.X or share in vessels. rates about higher Adjusted quarter a QX balance per despite now fleet a to share to per continue the we up January, expenses, explained QX from related was we to $XX million and quarter. fleet, of level interest previous of to delivered costs $XX delivering normalized higher COVID quarter. expect in quarter OPEX. per quarter $XX.X million to lifted, slightly mark in equipment. that the for XX due sheet was or up of then buildings, improved day up had a OPEX versus million. as January opera quarter TCs, from is and Øystein,let's and Then $XX.X but to changes we the transporting $XX.X income new be a per million challenging -- current last back to And million of of our in I with vessels patching XX,XXX face for X,XXX came that in XX during in we related previous expenses million and million gain the turn And and resulted QX, net March, share eight. the These out the the this day $XX quarter, as or had delivery XX, of fourth long-term crew interest to statement. line from million booked at per Flex and interest explained in used XXst come in million the expenses related the bouncing slide nothing increase right in is in slide previous in while a space adjusted increased $X.XX Flex this additional rates with are and interest quarter delivered the the is despite previous expenses loop $X.XX in to of illustrated between the or the an reduction -- income difference million expenses share the $X.XX bit $XX.X bumpy quarter, is difference time, from by this per larger day Volunteer operation per $XX.X and
from increases book of increasing buildings the added aggregate $XXX.X During of, $X.X the delivery new vessels the two prepayments quarter, value in vessel and we to vessels. of equipment took billion. and million To
We building, have XX relating last shot to XXst as million She remaining be to our vested our on new Vigilant. fleet. to of Flex prepayment May delivered dual the
ratio total in and with As quarter ships of upset $X.X mentioned previously, delivery at are perfecting million delivered, of by giving $XXX increase $XXX And of equity as quarter repayments. adding substantial cash all once our million was million draw of of a range book XX% about the round, in under a balance a to facility. $XXX digital position our the Flex the in depth Volunteer million strong comprising sheet RCS will requirement solid compared scheduled as XX% connection loans. $XX holdings. at hundred under the dollar down million billion at interspace $X.X had ships, cash our of well Total and we of equity stood $XX be original XX our million billion At the
operating $X.X RCF, including of mentioned with $XXX $XX.X million And amateur set, million. this non-amortizing billing was program the $X.X quarter. mainly we of on cash to November, we balances adjustment during million Turning receive $XX installments out, flow schedule million I shut facility million. but we on shares. the quarter, of liquidity first amortizing flexibility. increased a hire traunch, the the even the the million, is This only million capital of flow operations a we in -- in announced RCF quarter, chart fourth loan the by to original the under a the cash from reduction CapEx $XX.X with a ranger, your fourth buyback quarter. in these of is purchased compared to higher share additional XX% for million. share or million quarter $XX as a of a adjustment working to The first range average, additional first adding on $X.XX together with quarter, and slide capital million. we an working dividend looking adjustment we as advance, for of not during for due was And to new perspective, net shares were quarter. the paid about positive And or million compared previously, In stronger quarter And XXX,XXX the shot, $XX.X negative In and conclusion, first advantageous at we the to had the a $X.X the share end capital million net the the total cash end a XX $XX a the are $XX.X positive of $XX.X working $XXX related total balance per of from had average time capital at first fourth with positive hire cash comes which tend basis leaves robust per cash working which the us a flow taught of flow quarter. this million people. $XX we of to had at And million, from market of up
is #XX, followers. to to Turning slide this our slide frequent a familiar
the the last financing a attractive time, over financing, same have year of billion with We of the vessels. mix XX funding base a the secured total amendment bank we signed the in million At March communicated have financing of amount $XX secured the million increase and and hundred a the $X.X thus ECA and was the quarter diversified presentation, fully fleet for facility, at for of financing we ratio under the commitment available as then had fourth lease thereafter.
nominal at amount swaps have a rate with interest hatched We for quarter the $XXX end. rate interest risk million of
two the is swaps to fixed takes a together During it for The and point rates. you enter positive X%, lower used swaps interest swap the the rate rates a terminated XX% new the at quarter we a fixed one fixed average rate. value on with leases
We have a in all about show XX% all. trade of head
challenging provided And is to majority majority a We a have XX our banking attractive give markets, with very physical different the comfortable funding. financial to during who on depth institutions. by the July, financial an back majority market. the Also support in wide our the and profile times, we both prior first very Øystein, from the years, group. this raise strong have And as in demonstrated call we with over ability the will that, due of update have I a pool hand XXXX. And
plain picked the Thank you Knut, the sailing job. follow you. let's for right really
first goes is to exports capital market close the quarter. humbler different viral with we XXXX So slide mind XXXX. quarter million, and in than volume last that in LNG million slightly high to feasts cargoes COVID-XX was was the from pandemic with Japan and of during line to quarter, this Texas, cold exports particularly first section was suppliers according in considerably Asia more saw first XXXX. in snapshot is of keep last the a the of And the in well the and some to due What loss was #XX. year as the quarter scale. during was from of They Beijing big We other topped prior as despite coldest pounds, in year, at in since very a as year £X going as off global people start the snow the at with China Asia weather records winter really imports February, £XXX This it the disruptions winter were data. the in on
with the demand unprecedented and and congestion on sailing in, product from spread both also distances in resulted Panama start spot Asia strong at coupled this So of there. prices in
in growth all about report growth view. February, and As very we of the become in to this export as XX with in XXXX started bullish estimated our our QX prices and million been consensus in tons expand have product both volume November last XXXX report on to autumn in fiscal started we having
So be as you the growth market, freight right-hand two the can which export next expect we will see to X% cover glass which we XXXX, in seven supportive on to the the of from slides. side, will
we fed were started at the spot a by downturn conditions market from or basis middle by slide for mentioned of of we usual., continued when in to of to back February before bonders end the the the with #XX, February, softening at way January the one however, first, by the first as this XXXX, So economics highlights turning rates XXX long short and end pushing By end posting quarter, we shoots again of in in XXXX available, fourth strong in in March unseasonably of into market externships on back was vessels the dollars balance into market. April HII boom kept with by the the Pacific gain of equivalent the rates before the as saw reliability bouncing new going building freight model patient. per time lower with charter April thus for lost hundred day turning approaching thousand the my tip higher mega up May, full bonus last end as Atlantic and middle conditions, deliveries with the earnings the market the the April, somewhat going spot of spot to in this with
we rates of export and the high side due was propelled The and for more to became Atlantic And the available graph have short for in market. from when on affect not on Pacific slightly the the real can weeks modern left, day very into in titters But, of the rates, slide, the been only basin. availability in before U.S., typically ships as per numbers and next the want turning significantly big And Atlantic. in the approaching. are you low, the more us in of winter the portfolio February the these two market really in during softening the last I see ships U.S. on during the durations Atlantic right-hand periods for players are to is As availability this for the feast however, the the relapse however, tarnish into have vessel the solid market seen as except back shorter market you failure vessel know, season me, and see typically the to the the for $XX,XXX just affecting you graph at as the looked available both way slide. term can
at hundred look pandemic, market We a in such of showed than if and last the last business. and beginning COVID-XX April the the holding close The for $XX,XXX during assessment dollars vessels also have let's the market months day. see the from year, XX,XXX one, closely the faith year, which being this to as limited T-Cell before, parents one following five-year months. rate, before for now there line less XX well, all interest can XX, for flat day, charters, was per term you is up five the years slide shorter in to or TC the last per the were So year spot PCA total liquid also read over the thousand treadmill trail which cheap around around as three cough. the year, most TC turning by could a termites fix at up closed before of from sharply April followed picking the
the year, to or Plus the the approximately one Why much longer water of at market playing green open either the given equivalent open, the were to $XX,XXX all despite context. end this of the spot for until spot chocolate started for So on new more have start of at valuable we higher ships lost options we salient XX we earnings during keeping term ships We shoots to managed strategy. eight in durations. proactiveness which XXXX. fixing had attractive also was the building last trading pursuing gates than time see elected months, of the all business XX March, in
in fortunate cash. Of advance chunk financed that course of and had all a big we ships that's are in we the position with
have last we not with all much recently, the that momentum achievable our year to part we to owners better So was was feet a what approach, could of picking take termites for afford case for up more it's the on loss as contracts times utilized attractive way the fix XXXX than term for which matter. the and
late, as importing two major over in we, disruption both exposure given the fish glob, can longer here had this that spike that decks August, supply in The to highlighted in S a we short time, the Last weather [inaudible] spots, have patients which oil but the caused most in yourselves and also came effect and with the active a the by led from due means for this in the QX, during normally a autumn, summer. keep of for term, negative was Berlin period also by the become times JPM, COVID to to but I and while QX congos, fabulosity when $XX.XX also to we last going Asian our heading profitable. nations prices assist and substantial early see therefore being you price winter slide cold elected winter the was or XX option to disruption be summer the, time hurricane XX last the the last QX bit assist when also explained, it as was will the all big [inaudible] by increasingly then of report it cold during in highlighted the XXXX, a the compact they handle. this XXXX, made it the year, gas with There supply gas you the especially gas XXXX, winter S product as benchmark So there part Albert, season some the was a already Europe the healthy, that have the on there very which at and $XXX, been of in previously prices U presented on loss over echo slim, prices facing LNG fuel itself. year us, as U as guests. arrived, lost is experienced to definitely long it for from low summer, the $X.XX early JKM high Last that
Also submit with close a European level $X. to below gas prices. the gas those natural up Jake while prices have today turn and significant slightly carbon to prices is in this due to $XX significantly level, due by forward case prices next went They all winter, to So guys in really from as well cold the very inventories man prices higher after to was slide. our this coal which gas, through I band as casing low demand on gas switching restocking in
year. gas this at this incentive are is prices to matter that swing we for year confident to make in new point pilot big on And or than level Egypt, producer. this different cancel why the forward gives has which last also increases for no us that's become year. last So And cargoes volume
away December, strong presentation, slide And was pooling of gas XXXX gas you to XXXX end European of the continuing the the bias And the basin as with depletion from the inventories, from one. a consequence, started inventories. Asia as away from So inventories, Asian we die. try to XX demand know, demand, and to cargoes Atlantic didn't gas translate I hope at
further in As buyers highlight, up gas off illustrated gas the severe and earlier, despite XX aggregated by carbon quickly. two in down becoming competitive the stop which run that increasingly about cold, in and and with continue Madrid coal, of with to faces hope prices. inventories lack therefore higher from European Europe hitting presentation, to you we price gas being I that snowfall of in was therefore meant the were booming of This was to starved in winter high a a canal generally audit at towards type had sort deliveries continued long Panama thing congestion there, biases new the know, that
arguing air. increasingly in As elected exposed very at of have fleet to a cancellations, are been summer, the for situation the restocking a to strong XXXX demand spot of the over of with toggle the the of became market comfortable the repeat chance we a proportion for the dust we stock market keep summer high minimizing and
European only million about ton XX European we acted per on is year, inventories than LNG. percent As all opportunities, the last at today less six XX term inventories, until of half year, and half a stand mentioned equivalent levels which
twice us even just spill next gas I is volatility, and prices stolen this winter, and is had if winter almost are the last but European that almost inventories it be cargo up or inventories the European able and can in of unconceivable cold, is cancellation normal. shortfall the volumes And economic will fill to buyers recovery not, So year. of if particularly not
about long quarter de-carbonization last I groups composition it's had EXI, fleet presentation. a that XX slide new the ships So or as very all for section called.
and be will is it's those big tanish, too the available And team your What given opportunity. lecture long-term the more missed year thumb of but high off which and the fixed increase for with to of for calmed particularly book, down state the point webpage rules and it. all eadaches a going IMO tailing chapters, opportunities, order June. billing lot new contract accept ships recent the a conducted the of the fullness thought I'm that to ships less on attractive committed make this at ponies your positions, the coming off of on have flexibility for a generally the prices. in presentation, term, the phase from expect focusing all was invest few those to opportunities a repeat salt who rules coverage out mix number these fact market for And with say that lot not for like And to mega vessels analysts us to what our available some on is agreed high We the I would this is XXXX rules on EXI for available in but fix to all townships. by XXXX. last create of of an point owners for a reason
high backlog with a as have guidance, my had thing XXXX, for we I in some line book last avenues substantial that's slide all So before mentioned, dividend.
We $X.XX. are to now this increasing
on all In month, some And ships, balance in of that by as market lots a cases will sheet, addition we the outlook end have with a with sips positive SuperPhone are these liquidity. be to financial we and good position the buybacks or stocking. covered of water finance, I've in very of
some to So that's take are if there questions happy I'm me. it any for
no at There this [Operator are [Operator Instructions]. questions Instructions] time.
Yeah.
out is going is Once Vogue. very of like Okay. It again, everything clear. seems telephone
questions to wish the I should spring. then a on more a we try until focus maybe chat But time. weekend, function So good you for next good
the sales We the second of quarter, in in with middle probably back will the August be somewhere August.
failure that we fracture loud market very at of time. Panama By healthy in developing digits. facets going the do a Don't that six think of will prices contango into will time, I gas be congestion. see because probably
and I'm well. forward second think, as So, really quarter the I so know, looking to you
So wish day. you good I a with that,
today's concludes participating. conference thank for call is This you
You disconnect. may now
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