Significant Net Income and Vessel Sales
Net income from operations amounted to just under $81 million, including a $46.2 million gain from the sale of two container vessels. The company raised a total of $472.2 million in net proceeds from the sale of 12 container vessels.
LNG Carrier Charters Secured
Secured employment for two new LNG carriers for five and seven years respectively, with options to extend each by an additional five years. This increased the charter backlog to $3.1 billion.
Strong Financial Position
Cash position is solid at $420 million, supported by vessel sales. The company has a strong balance sheet with over $420 million in cash and reduced LNG carrier exposure by one-third.
Stable Long-Term Charter Rates
Long-term charter rates remain stable, with rates in the high $80s to low $90s range, reflecting strong demand from 2026 onwards.
Record LNG Vessel Scrapping
Q1 2025 saw the highest number of LNG vessel scrapings ever recorded for a single quarter.