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CEO Karl Fredrik Staubo detailed the backgrounds of the new board members: Nihong Yoon (accounting), Steven Schaffer (energy infrastructure finance), and Benoit Forkadier (former Perenco CEO, bringing upstream expertise). Regarding the GTA project, Staubo explained that a Mark III unit could either replace or supplement the Gimi, noting that swapping it out would be a welcome deal as Golar sees strong demand for the Gimi-sized unit elsewhere.

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CEO Karl Staubo stated that Golar has not yet spent on long-lead items for a fourth FLNG in Q1 but is closely monitoring lead times and costs. He clarified that the 'on schedule' comment for the Mark II contract refers to the company's target of securing a charter for the vessel within the 2025 calendar year.

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CEO Karl Staubo explained that to secure a 2028 delivery for the second Mark II, commitments on long-lead items would be needed within Q1 2025, though there is more flexibility on the full EPC contract itself. Regarding the Tortue project, he declined to comment on specific commercial discussions but noted that FLNG is a natural option for the partners to consider for Phase 2, highlighting the synergies of using the same operator.

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CEO Michael Sabel explained that the contracting strategy will be similar to past phases, resulting in a conservative, long-term portfolio that supports a strong financing structure. Regarding costs, management noted the CPX pipeline is included in the CP2 budget, but the separate Blackfin pipeline is not. Mr. Sabel cautioned that direct comparisons are difficult due to unique project components like power plants and a nitrogen removal unit, but affirmed Venture Global's cost leadership.

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CEO Mike Sabel confirmed conversations with traditional buyers in Europe and Asia, noting a slight tilt towards European buyers but with increasing interest from Asia. CFO Jack Thayer addressed the Plaquemines ramp, stating that 18 trains were operating at the end of Q1, with the ramp accelerating in Q3 and Q4 as the Phase 1 power island is completed, freeing up temporary power for Phase 2.

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CEO Mike Sabel responded that they are engaged with a broad range of customers and are now able to offer a blend of contract tenors from 3 to 20 years, seeing strong demand across the board. He confirmed that with 9.25 MTPA already contracted for CP2, they are in a strong position from an offtake perspective and that the remaining hurdles for FID are primarily regulatory, not commercial.

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EVP & COO David Liner explained that engineering for the Accelerate Shenandoah conversion has begun, with a roughly two-year timeline they hope to compress. He noted conversions are generally cheaper but less flexible and lower-capacity than new builds. EVP & CCO Oliver Simpson stated it was too early to provide specific CapEx figures for smaller terminals. EVP & CFO Dana Armstrong clarified that the intangible assets on the balance sheet primarily consist of customer contracts, as detailed in the 10-Q filing.

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CEO Steven Kobos explained that the Venture Global volumes are a 'near-perfect match' for Jamaica's long-term needs and that interim supply is being managed. CCO Oliver Simpson confirmed the plan is to manage these volumes within the portfolio. Mr. Kobos also affirmed the opportunity for a 'hub-and-spoke' model, citing Brazil as an example where gas-fired power is essential for backing up intermittent renewables, a model applicable to the Caribbean.

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CFO Dana Armstrong confirmed the entire $60-$70 million in 2025 maintenance CapEx will be capitalized and stated the final newbuild payment in 2026 will be approximately $200 million. CEO Steven Kobos declined to comment on specific countries like the Dominican Republic but reiterated that the Americas remain a key focus area for the company.

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CEO Steven Kobos and Chief Commercial Officer Oliver Simpson explained that the deal features a locked-in margin by buying and selling LNG on the same index, which de-risks the transaction. They described the contract duration as "multiyear" but did not provide a specific timeframe. Simpson highlighted that the deal enables the acquisition of an LNG carrier in 2025, which can be used for this contract and optimized for other commercial business, including spot charters, creating synergy with their growth pipeline.

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CEO Petros Pappas confirmed the company's intention to continue selling smaller, older, and less efficient vessels as a strategic hedge. COO Nicos Rescos elaborated on technology, stating they are testing various options including hull cleaning robots, carbon capture, and new propellers, with the goal of reducing consumption by approximately 10% through investments with short return horizons.

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Co-CFO Christos Begleris clarified that the $38.5 million in proceeds from the three vessel sales will be fully received during the second and early third quarters of 2025. He stated that as long as the company's shares trade at a meaningful discount to Net Asset Value (NAV), share buybacks are the top priority to capitalize on the arbitrage opportunity.

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COO Nicos Rescos stated that there is still margin for improvement on cost synergies, particularly in aligning crew wages and operating expenses. Executive Hamish Norton added that unquantifiable revenue synergies likely exist. Regarding trade routes, CEO Petros Pappas estimated a 10-15% longer ton-mile for Brazilian soybeans and noted potential for increased port congestion. On the S&P market, Pappas acknowledged that prices for older vessels have fallen but expects the market to improve, creating opportunities to continue selling less efficient ships.

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Chief Strategy Officer Charis Plakantonaki explained the focus is on B30 biofuel to comply with the 2025 FuelEU Maritime regulation for European trade, with costs being passed to charterers. Executive Hamish Norton and COO Nicos Rescos confirmed that B30 blends require no engine modifications and have been tested, though the fuel has a shorter onboard storage life. They do not anticipate any difference in maintenance costs.

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President, CEO & Director John Wobensmith detailed the installation of energy-saving devices like new propellers and advanced paint systems, aiming for a 5% fuel saving. He also mentioned exploring robotic hull cleaning devices. Looking ahead, Wobensmith noted the use of biofuels, ongoing evaluation of carbon capture, and the long-term potential of nuclear technology for the shipping industry.

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CEO John Wobensmith stated that while Genco is scheduling dry dockings to minimize opportunity costs in a seasonally soft period, he believes the market impact is modest this year, with 2026 expected to be a heavier dry docking year. On the Suez Canal, Wobensmith noted the impact on dry bulk is minimal (around 1% of trade) and confirmed Genco is not transiting the Red Sea due to safety concerns for its ships and crew, opting to sail around Africa for the near term.

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SVP & CFO Jeffrey Pribor clarified that the $57 million should be considered net proceeds as the vessels are unencumbered. President, CEO & Director Lois Zabrocky commented on the sanctions, noting that India is already shifting to compliant tonnage for exports and has increased imports of US Gulf crude, suggesting a tactical response is underway.

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CEO Lois Zabrocky stated that International Seaways views the Aframax and LR2 markets as a single combined fleet. She explained that while new LR2s are often coated for optionality, the entire combined fleet is aging rapidly, and strong ton-mile growth in both segments helps absorb the new capacity, with older vessels typically being the ones to 'dirty up'.

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Executive Derek Solon stated that while they aim to control costs, significant reductions in OpEx or G&A are not expected, though some interest cost savings are possible as older debt rolls off. Regarding the LR1 segment, CEO Lois Zabrocky affirmed their continued outperformance, and Derek Solon noted that while rates softened due to shifting trade flows, they expect the niche market to pick up again.

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CEO Lois Zabrocky acknowledged the uncertainty of future policy but suggested sanctions could tighten the market by squeezing out certain parties. Regarding capital returns, CFO Jeffrey Pribor affirmed that while dividends are the primary method, the replenished buyback program is an important opportunistic 'tool in the tool kit' the company will use as it monitors the market.

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Executive Wesley Edens stated that the Puerto Rico RFP required a unitary cost of power, not separate bids for equipment, and noted it was the least economically interesting of the three opportunities there. For the Brazil question, Kasciandro Senem of the Brazil team confirmed there is a capacity payment of around $25 million per year, but the largest payments are linked to production in the second half of the year.

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An executive, introduced as Leandro Cunha, stated that turbines have been secured for the projects. The estimated CapEx is around $600 per kilowatt, mirroring the recent PortoCem contract. For partnerships with existing brownfield assets, he explained the structure would be a gas call option, where partners pay a premium (terminal fee) plus a strike price over JKM when they require gas.

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CEO Wesley Edens responded that NFE has surplus FSRUs and that a premium still exists in the market due to high demand for regasification capacity. He highlighted a significant opportunity with a short-term charter coming up for renewal at a material discount to current market rates. Edens confirmed the Eskimo is on the list for potential re-chartering and that the Energos portfolio holds substantial uplift potential, with news expected in the near term.

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CFO Chris Avella explained that while Q1 OpEx was favorable, a trailing 12-month average provides a better run-rate estimate, suggesting around $9,000/day for LR2s and slightly below $8,000/day for MRs and Handymaxes. Chief Commercial Officer Lars Nielsen added that China has significant propane-to-naphtha switching capability, and that strong demand is already pulling more naphtha cargoes from the Middle East to Asia.

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Chief Operating Officer Cameron Mackey stated that stringent customer expectations, beyond regulations, are the primary hurdle for the dark fleet, making their return to Western trade unlikely. Chief Commercial Officer Lars Nielsen provided a concrete example, stating the EU ETS cost for an LR2 voyage from the Middle East to Europe is about $150,000.

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President Robert Bugbee stated that the company's policy is to remain constructive on the spot market, though it would consider 3- or 5-year charters with strategic partners. CEO Emanuele Lauro added that charterers are currently seeking lower rates due to the seasonal dip, resulting in low deal volume as owners await the stronger winter market. Mr. Bugbee anticipates that time charter bids will firm up as the spot market begins its seasonal ascent.

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Chief Financial Officer Chris Avella estimated the cash breakeven could be around $13,000 per day by the end of 2025, factoring in debt prepayments and other variables. On strategic diversification into other sectors, President Robert Bugbee succinctly responded, "We'll pass on that."

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