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    Frank Galanti • Stifel

    Frank Galanti's questions to Navigator Holdings Ltd (NVGS) leadership

    Frank Galanti's questions to Navigator Holdings Ltd (NVGS) leadership • Q3 2024

    Question

    Frank Galanti of Stifel inquired about the expected duration and rates for time charters on the newbuild vessels and the broader chartering strategy for the existing fleet, particularly the balance between spot exposure and fixed-rate contracts.

    Answer

    CEO Mads Zacho explained that Navigator seeks a balanced approach for the newbuilds, with customer discussions covering durations from one to five-plus years. CCO Oeyvind Lindeman noted that for the existing fleet, the current strong market favors more spot exposure and shorter-term charters of 6-12 months.

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    Frank Galanti's questions to International Seaways Inc (INSW) leadership

    Frank Galanti's questions to International Seaways Inc (INSW) leadership • Q3 2024

    Question

    Frank Galanti, on behalf of Ben Nolan from Stifel, questioned the impact of the Los Angeles refinery closure on the West Coast Panamax business. He also asked if the recent pullback in tanker equity values hinders M&A and what the outlook is for industry consolidation.

    Answer

    Chief Commercial Officer Derek Solon stated the refinery closure should be beneficial, increasing demand for product imports into PADD 5 and displacing local crude to longer-haul destinations. CEO Lois Zabrocky suggested a new political environment could be friendlier to M&A and that rising regulatory pressures will continue to be a catalyst for consolidation.

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    Frank Galanti's questions to New Fortress Energy Inc (NFE) leadership

    Frank Galanti's questions to New Fortress Energy Inc (NFE) leadership • Q3 2024

    Question

    Frank Galanti of Mizuho Securities inquired about the development status of FLNG 2, including CapEx, regulatory approvals, and the ability to adjust timing. He also asked for clarification on the 2025 guidance for Puerto Rico, questioning the drop from over 100 TBtus to 53 TBtus and the status of power plant conversions.

    Answer

    CFO Christopher Guinta confirmed that NFE can toggle FLNG 2 development timing to manage cash flows and noted that while the relationship with Mexico's CFE remains strong, some permits are still pending. CEO Wesley Edens added that the combination of FLNG 1 and 2 is a key part of their strategic review. Regarding Puerto Rico, Edens explained the 53 TBtu forecast is a conservative base case that doesn't include expected growth from new gas conversions, which he believes will accelerate following the recent election.

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    Frank Galanti's questions to Willis Lease Finance Corp (WLFC) leadership

    Frank Galanti's questions to Willis Lease Finance Corp (WLFC) leadership • Q3 2024

    Question

    Frank Galanti from Stifel inquired about recent trends in asset values and lease rates for older narrow-body engines, as well as trends in maintenance overhaul costs and MRO availability. He also asked about the company's decision-making process for repairing engines versus using modules.

    Answer

    Executive Austin Willis stated that year-over-year lease rates have increased by about 37%, but noted they are not dissimilar to 2019 levels, suggesting further room for growth. Willis explained that MRO availability is tightest with larger providers and a full engine overhaul can cost over $10 million. He detailed the company's formal process of running a present value analysis to decide whether to repair, part-out, or sell an engine to maximize value.

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