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    Charles Fratt • Alliance Global Partners

    Charles Fratt's questions to Navigator Holdings Ltd (NVGS) leadership

    Charles Fratt's questions to Navigator Holdings Ltd (NVGS) leadership • Q1 2025

    Question

    Charles Fratt of Alliance Global Partners asked about the strategy for deploying the new $50 million share buyback program and whether recent market volatility has altered the company's chartering approach.

    Answer

    Executive Vice President Randall Giveans clarified that the new $50 million authorization is separate from the quarterly return of capital policy and that the company plans to implement it in the near term. Chief Commercial Officer Oeyvind Lindeman added that the volatility reinforced their strategy, noting that their 41% forward cover was helpful and they aim to increase it slightly while maintaining significant spot exposure for the market recovery.

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    Charles Fratt's questions to Navigator Holdings Ltd (NVGS) leadership • Q4 2024

    Question

    Charles 'Poe' Fratt asked for quantification of the terminal's current offtake percentage, the asset values of older vessels for sale, the amount of Q4 deficiency payments, the newbuild payment schedule for 2025-2026, and the cost of the corporate domicile change.

    Answer

    EVP Randall Giveans gave a range for the offtake but did not provide a specific number for commercial reasons. CEO Mads Peter Zacho noted that while public sources provide vessel valuations, the market is illiquid. CFO Gary Chapman explained that deficiency payment amounts are confidential but were not materially significant to Q4 EBITDA. He also stated newbuild payments depend on construction progress and that the domicile change costs are spread out and not expected to be a single large expense.

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    Charles Fratt's questions to AEye Inc (LIDR) leadership

    Charles Fratt's questions to AEye Inc (LIDR) leadership • Q1 2025

    Question

    Charles Fratt of Alliance Global Partners questioned the timing of cash outlays for a resolved lease litigation and a convertible note. He also sought clarity on the projected quarterly cash burn for 2025, the timeline for completing the NVIDIA integration, its impact on manufacturing scale-up, and the strategic pivot towards non-automotive markets, including the size of the opportunity.

    Answer

    CFO Conor Tierney clarified that the lease litigation cash payment of $1.4 million will occur in Q2, though the liability was adjusted in Q1. He noted that after a higher Q2 burn, the normalized quarterly cash burn should trend down to about $5 million. CEO Matthew Fisch explained that completing the NVIDIA integration, expected by the end of Q2, primarily opens up the OEM sales pipeline rather than directly triggering manufacturing. He also announced two new proof-of-concept contracts in the non-automotive defense and intelligent transportation sectors, highlighting this as a strategic move to leverage shorter sales cycles and diversify revenue streams while using the same core Apollo product.

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    Charles Fratt's questions to Knot Offshore Partners LP (KNOP) leadership

    Charles Fratt's questions to Knot Offshore Partners LP (KNOP) leadership • Q4 2024

    Question

    Charles Fratt inquired about the rechartering prospects for the Fortaleza and Recife vessels for their 2026 open windows. He also asked for the rationale behind Shell's decision to switch the Vigdis Knutsen to a bareboat charter, its financial impact, and if other charters have similar options. Additionally, he questioned the drivers of the Q4 sequential jump in time charter revenue, the backlog impact of the Live Knutsen acquisition, the future run-rate for operating expenses, Q1 utilization, and the full-year drydocking schedule.

    Answer

    CEO and CFO Derek Lowe clarified that the Fortaleza and Recife are larger and more marketable than prior vessels. On the Vigdis, he noted the bareboat terms are commercially comparable, the charter was extended, and it reduces KNOP's operating risk. Lowe attributed the revenue increase to new charters starting for the Ingrid and Torill, not one-off items, and highlighted that the Live Knutsen acquisition will add to future revenue. He guided that OpEx should see a similar impact from the Dan Sabia sale as the prior vessel sale. He confirmed no major utilization issues in Q1 and pointed to the presentation for the 2025 drydocking schedule.

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    Charles Fratt's questions to Knot Offshore Partners LP (KNOP) leadership • Q2 2024

    Question

    Charles 'Poe' Fratt asked for specifics on the Tuva Knutsen's debt amortization and balloon payment, the outlook for operating and G&A expenses, the rationale behind the Tordis and Lena contract extensions, and the employment status of the Hilda Knutsen.

    Answer

    CEO and CFO Derek Lowe stated that detailed debt information for the Tuva Knutsen will be in the forthcoming 6-K filing and that no material changes are expected for OpEx or G&A, despite inflation. He explained that contract extensions are a negotiation based on client needs and confirmed the company is actively marketing both the Hilda Knutsen and Dan Sabia.

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    Charles Fratt's questions to Genco Shipping & Trading Ltd (GNK) leadership

    Charles Fratt's questions to Genco Shipping & Trading Ltd (GNK) leadership • Q4 2024

    Question

    Charles "Poe" Fratt from Alliance Global Partners asked management to compare the merits of buying vessels versus repurchasing the company's own stock, which trades at a discount to NAV. He also questioned the timing of using the dividend reserve, suggesting it could be signaled earlier given the weak Q1 outlook.

    Answer

    CEO John Wobensmith reaffirmed Genco's identity as a shipping company that creates value by operating ships and returning capital via dividends, which they believe is superior to share buybacks for generating shareholder returns in the shipping sector. On the dividend reserve, Wobensmith emphasized consistency in their process, stating the decision will be made after the quarter ends to see the actual cash flows. He stressed the company's commitment to the quarterly dividend, supported by the reserve and a strong balance sheet.

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