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CEO Aristidis Alafouzos opined that China is the only viable outlet for Russian crude displaced from India and Turkey, a shift he believes would dramatically increase ton-miles and stretch the shadow fleet. Regarding the crackdown on refined products, he described the process of certifying non-Russian origin as 'messy' and unprecedented, suggesting significant implementation challenges and uncertain market effects.

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Aristidis Alafouzos (executive) explained that U.S. sanctions have a significantly larger and more direct impact on vessel utilization compared to EU or U.K. sanctions, particularly for trade involving Chinese buyers. He noted the effect of non-U.S. sanctions is more pertinent to Indian and Turkish buyers.

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CEO Mads Peter Zacho explained that the Innova grant is tied to the vessel's advanced energy-efficiency technology but does not restrict global trading and is potentially repeatable for future innovative projects. CCO Oeyvind Lindeman and CEO Mads Peter Zacho clarified that proceeds from vessel sales are allocated via their capital program, with the near-term priority being the sale of more older ships rather than acquiring new ones, as the company has already made significant fleet renewal investments.

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Chief Commercial Officer Oeyvind Lindeman attributed the TCE rate uplift primarily to the time charter market, as customers secured vessels at higher rates in anticipation of a tighter market in 2025. Chief Executive Officer Mads Peter Zacho confirmed that deficiency payments from the terminal will have a positive impact on the joint venture's financial results in the second quarter.

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EVP Randall Giveans explained that reaching maximum ethylene capacity is a long-term goal and not expected in the next 2-3 years. The path depends on the unwinding of existing ethane contracts on the flex train, particularly as partner Enterprise shifts ethane volumes to its new Neches River facility. The plan is for Morgan's Point to become increasingly flexible for ethylene over time as market conditions and contracts allow.

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CCO Oeyvind Lindeman highlighted a 10% year-over-year uplift in TCE rates, with Q3 averaging $29k/day versus $26k/day in the prior year. He stated the Uniper MoU is in a pre-FEED study phase, with commercial operations being a longer-term project targeted for the end of the decade.

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CEO Thomas Lister deferred the specific drydocking timing question for an offline follow-up. Executive Chairman George Youroukos answered the strategy question, stating a clear preference for post-panamax ships between 6,000 to 10,000 TEU due to their flexibility and cargo capacity. However, he emphasized this is a preference and does not exclude acquiring smaller ships if a deal makes strong economic sense.

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Executive Thomas A. Lister explained that GSL collaborates with charterers on vessel retrofits, installs automated data capture systems, and ensures biofuel compatibility to improve efficiency and CII ratings. Regarding the ATM, he stated it's a tool for maintaining optionality, used opportunistically to issue shares at a favorable price ($27) and was halted when the price declined, reflecting a disciplined capital allocation strategy.

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CEO John Coustas stated that the company is cautious about speculative feeder orders because it's difficult to secure long-term charters for them, and charterers are shifting towards larger, more efficient vessels. He clarified the prompt 2027 newbuild delivery was not a resale but was secured due to a strong, direct relationship with the shipyard, which offered an available construction berth.

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CEO John Coustas clarified that nearly the entire dry bulk fleet completed dry docking and efficiency upgrades in the last six months, with no further dry dockings planned for the next 2-3 years. He also confirmed that Danaos remains focused on the Capesize segment and will increase its presence if vessel prices are attractive.

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CEO and CFO Derek Lowe indicated the Tove's dry docking is expected to straddle the end of Q3 and the start of Q4 2025. He found it difficult to comment on specific cost advantages between vessels of different ages, stating the 'eco component' is less of a factor in the shuttle tanker market and individual vessel costs are not disclosed.

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CEO and CFO Derek Lowe advised that detailed debt information for the Live Knutsen facility would be provided in the upcoming 20-F filing, but confirmed its terms are highly comparable to the company's other debt facilities. Regarding market dynamics, Lowe stated that while the new North Sea projects are extremely welcome and key to that market's strengthening, the company does not view the two regions as directly competing to 'close a gap'.

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Dr. Loukas Barmparis, President, confirmed the entire 3 million share repurchase program was completed within the first quarter. Executive Polys Hajioannou addressed the Capesize strategy, stating that for the vessel coming open in the current month, they will likely opt for the spot market as period rates are unattractive. He explained the general strategy is to trade spot unless a multi-year charter above $20,000/day becomes available.

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Executive Ole Hjertaker detailed the Hercules upgrades, including a new drilling control system ($7-8M) and other work, emphasizing the investment maintains the rig's marketability and avoids costly reactivation from a cold stack. COO Trym Sjolie clarified that the remaining ~$18M in container ship upgrade costs will be incurred in Q2 and Q3 and are fully covered by charter rate increases. Ole Hjertaker also explained the dividend reflects long-term sustainable cash flow and that capital allocation, including recent buybacks, aims to maximize long-term shareholder value.

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CEO Ole Hjertaker stated that the company is segment-agnostic and will reinvest the capital based on the best risk-adjusted returns, not necessarily within the dry bulk sector. CFO Aksel Olesen addressed the legal question, noting the appeal deadline is March 5th, and if an appeal is filed, a new ruling could take up to another 12 months.

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CEO Ole Hjertaker confirmed that revenue for the Hercules rig will be recognized in Q4, covering approximately two of the three months. For a potential idle period, he estimated daily operating expenses would be in the $75,000 to $100,000 range, a significant reduction from the ~$200,000 per day when fully operational. He stressed that the primary goal is to secure a new contract to generate positive cash flow.

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Peder Carl Simonsen, Interim CEO and CFO, commented that the proposal is still on the drawing board and lacks detail. He emphasized that for dry bulk, U.S. volumes are not a primary driver and can be replaced from other sources. He believes that, similar to other regulations, any additional costs would ultimately be passed on to the end-user through freight rates and would not fundamentally alter the dry bulk shipping outlook.

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CEO Petros Pappas confirmed that the seven long-term chartered-in vessels are on fixed-rate contracts for their initial seven-year duration. CFO Simos Spyrou clarified that the total charter-in expense also includes short-term charters and legacy Eagle Bulk vessels, and estimated that approximately 50% of the $26 million expense was attributable to the seven long-term chartered-in vessels.

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Executive Gregory Zikos clarified that the recently announced charters were negotiated months prior to ceasefire talks and that, currently, there is no downward pressure on charter rates. He noted the situation remains fragile. Regarding Neptune Maritime Leasing, Zikos confirmed a healthy pipeline with total investments and commitments approaching $500 million, adding that future equity contributions depend on securing back-leverage for new deals on a case-by-case basis.

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Gregory Zikos (Executive) clarified that the 12 recently announced charters were negotiated months ago, prior to recent ceasefire discussions. He noted that there has been no pressure on charter rates so far and that a return to normal Suez Canal transit may take time. Regarding Neptune Maritime Leasing, he confirmed a healthy pipeline with total investments and commitments over $500 million, adding that future equity contributions depend on securing back leverage for new deals on a case-by-case basis.

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Executive Gregory Zikos stated that asset prices for Capesize vessels, especially newbuilds, are currently considered high and potentially 'a bit overpriced' relative to their chartering capacity, prompting a more cautious approach. On the containership side, Zikos confirmed that prices for both newbuilds and modern secondhand vessels remain high, creating what he termed 'excessive residual value risk.' This is the primary reason the company has maintained a conservative approach and has not recently acquired modern tonnage.

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Executive Gregory Zikos stated that dry bulk asset prices, particularly for Capesize vessels, may be overpriced relative to their chartering potential, prompting a cautious acquisition approach. On the containership side, he affirmed that prices for modern tonnage remain historically high, representing an 'excessive residual value risk' that the company is currently avoiding.

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Theodore Young, an executive, reiterated forward guidance, stating that over 53% of Q1 available days were booked at an estimated TCE exceeding $37,000 per day, but declined to disclose purchase option prices. John Hadjipateras, Chairman, President and CEO, addressed shareholder returns by confirming the company has a repurchase authorization and is actively monitoring the stock price, indicating that accelerating buybacks is 'not off the table'.

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CEO John Hadjipateras confirmed that Middle East LPG exports are correlated with oil output and would likely increase if OPEC+ raises production. Regarding the ammonia trade, Hadjipateras explained that while the development of green ammonia is slower than the industry initially expected, he believes it could materialize suddenly. He noted that while it's uncertain if all new ammonia-capable vessels will carry ammonia upon delivery, a rapid development in the trade could be sufficient to absorb the new tonnage.

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