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    Liam Burke • B. Riley FBR

    Liam Burke's questions to Dycom Industries Inc (DY) leadership

    Liam Burke's questions to Dycom Industries Inc (DY) leadership • Q2 2026

    Question

    Liam Burke of B. Riley Financial asked if the typical second-half seasonality for operating cash flow would change and what specific factors are driving the growth in the company's opportunity pipeline.

    Answer

    CFO H. Andrew DeFerrari confirmed that the normal second-half cash flow seasonality is expected, which will be further aided by a $50 million cash tax benefit from recent legislation. CEO Daniel Peyovich attributed the strong pipeline momentum to broad industry growth where Dycom's scale and proven ability to execute are increasingly favored by customers.

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    Liam Burke's questions to Golar LNG Ltd (GLNG) leadership

    Liam Burke's questions to Golar LNG Ltd (GLNG) leadership • Q2 2025

    Question

    Liam Burke inquired if Golar envisions developing FLNGs with even greater capacity than the Mark III and asked how the expected returns on invested capital for these larger units compare to those of the original FLNGs.

    Answer

    CEO Karl Fredrik Staubo stated that Golar does not expect to pursue units larger than the Mark III, as it would limit the number of viable fields due to reserve size and potential pressure loss issues from rapid depletion. Regarding returns, he explained that Golar targets contracts with a CapEx to EBITDA ratio of around five times for 20-year charters, including commodity exposure and inflation adjustments, which they consider to be good business.

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    Liam Burke's questions to Golar LNG Ltd (GLNG) leadership • Q3 2024

    Question

    Liam Burke of B. Riley Financial inquired about the backlog of credible inquiries for the second Mark II FLNG, slated for 2028. He also asked if these inquiries are for projects requiring greater capacity than the Mark II's 3.5 MTPA.

    Answer

    CEO Karl Staubo responded that there are plenty of stranded gas reserves globally and that several ongoing discussions, including in Argentina, are for more than one unit. He confirmed that many gas fields, such as Vaca Muerta and others, can support annual production of 10 MTPA or more, well beyond the capacity of a single FLNG. He noted that expansion of existing projects represents a significant opportunity, with operational synergies making multiple FLNGs in one location highly competitive.

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    Liam Burke's questions to Okeanis Eco Tankers Corp (ECO) leadership

    Liam Burke's questions to Okeanis Eco Tankers Corp (ECO) leadership • Q2 2025

    Question

    Liam Burke from B. Riley Securities questioned whether the lifting of sanctions on Russia could paradoxically benefit modern tanker owners by shifting trade from the shadow fleet to conventional vessels. He also asked for an explanation for the quarter-over-quarter increase in vessel operating costs.

    Answer

    CEO Aristidis Alafouzos argued that even if some sanctions were lifted, the uncoordinated nature of US, UK, and EU sanctions would make it very complicated for shadow fleet vessels to re-enter the compliant market, suggesting a continued benefit for compliant tonnage. CFO Iraklis Sbarounis explained that the rise in operating costs was primarily due to the strengthening of the Euro against the US Dollar, which impacts euro-denominated crew costs, as well as normal seasonality.

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    Liam Burke's questions to Okeanis Eco Tankers Corp (ECO) leadership • Q4 2024

    Question

    Liam Burke of B. Riley Securities inquired about the primary drivers for Suezmax capacity tightness and the factors sustaining rate momentum into Q2 2025.

    Answer

    Aristidis Alafouzos (executive) detailed that Suezmax supply is tightening due to sanctions on the aging Russian fleet and a shift to longer-haul voyages. He also explained that stronger rates fixed in late Q1 will positively impact Q2 earnings due to voyage timing and IFRS accounting principles, mitigating typical seasonal weakness.

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    Liam Burke's questions to Okeanis Eco Tankers Corp (ECO) leadership • Q2 2024

    Question

    Liam Burke asked about the strategy of converting VLCCs from dirty to clean trade, inquiring if the company would repeat this during future slow seasons, whether vessel age is a limiting factor, and what other macro pressures are affecting VLCC rates beyond China trade and OPEC+ cuts.

    Answer

    Aristidis Alafouzos, an executive, confirmed that Okeanis would consider converting vessels again if the clean market is strong and the VLCC market is weak. He noted that while newer vessels are easier to clean, they successfully converted a 13-year-old ship. Alafouzos also identified reduced long-haul business from the Atlantic and Russia's over-compliance with production cuts as additional factors pressuring VLCC rates.

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    Liam Burke's questions to L B Foster Co (FSTR) leadership

    Liam Burke's questions to L B Foster Co (FSTR) leadership • Q2 2025

    Question

    Liam Burke of B. Riley Financial inquired about L.B. Foster's capital allocation strategy, questioning the balance between acquisitions, organic growth investments, share repurchases, and debt reduction. He also asked about the composition of the backlog and whether there was strong follow-through for key growth areas like Precast Concrete and Friction Management.

    Answer

    John Kasel, President & CEO, responded that the primary focus is on funding organic growth, particularly in the successful Precast Concrete business, and continuing the active share repurchase program. While the company maintains an active M&A pipeline for potential tuck-in acquisitions, the immediate priority is executing on current organic opportunities. Kasel confirmed that the backlog shows strong momentum and follow-through in both the Friction Management and Precast Concrete businesses, providing confidence for the second half of the year.

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    Liam Burke's questions to L B Foster Co (FSTR) leadership • Q1 2025

    Question

    Liam Burke asked whether L.B. Foster is seeing increased capital expenditures from rail customers during a potential economic slowdown and questioned if the decline in pipe coating sales was due to seasonality or project-based lumpiness.

    Answer

    President and CEO John Kasel confirmed that they are seeing increased maintenance and capital work from rail customers who are hardening their track systems, which is reflected in the growing backlog. Regarding pipe coatings, Kasel stated that the business is recovering strongly, with significant hiring and operations running near full capacity, anticipating a multi-year profitability restoration. CFO Bill Thalman clarified that the Q1 sales dip was due to a large prior-year order completing, while the backlog actually increased 51% in the quarter, signaling strong future demand.

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    Liam Burke's questions to Koppers Holdings Inc (KOP) leadership

    Liam Burke's questions to Koppers Holdings Inc (KOP) leadership • Q2 2025

    Question

    Liam Burke of B. Riley Financial inquired about the status of contracts with Class I railroad customers in the Railroad Products and Services (RUPS) segment and the potential for follow-through on the industrial side of the Performance Chemicals (PC) business.

    Answer

    CEO Leroy Ball explained that RUPS contracts are long-term and the company has maximized its ability to recover costs, now focusing on internal cost reduction. He noted that while RUPS is having a strong year, customer volume forecasts have been revised down, potentially pushing demand into 2026. Regarding the PC segment, Ball acknowledged positive signs in the industrial business but stressed that the residential side is the primary driver of performance, and a meaningful recovery there is needed for significant improvement, which is now anticipated in 2026.

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    Liam Burke's questions to Koppers Holdings Inc (KOP) leadership • Q1 2025

    Question

    Liam Burke from B. Riley Securities inquired about the drivers of the RUPS segment's double-digit EBITDA margins, specifically the future impact of the utility pole product mix, and the status of contracts with Class 1 railroads.

    Answer

    CEO Leroy Ball explained that the utility pole business structurally carries higher margins, so its growth will be a positive driver for the segment. He added that the rail business is also improving its profitability through cost and commercial efforts. Regarding railroad contracts, Ball stated that while progress has been made, there is still more work to be done.

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    Liam Burke's questions to Koppers Holdings Inc (KOP) leadership • Q4 2024

    Question

    Liam Burke asked about the competitive strategy driving market share loss in the Performance Chemicals (PC) segment and the rationale for no immediate expansion investments in the Utility and Industrial Products (UIP) business.

    Answer

    CEO Leroy M. Ball explained that the PC market share loss was not due to a new competitive formula but rather a competitor's aggressive capacity investment and customers' desire to diversify their supply chains. Regarding UIP, he stated that significant prior investments already provide growth opportunities, and the company is focused on realizing returns from those before committing to major new projects.

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    Liam Burke's questions to Carriage Services Inc (CSV) leadership

    Liam Burke's questions to Carriage Services Inc (CSV) leadership • Q2 2025

    Question

    Liam Burke from B. Riley Securities asked about the sustainability of the significant reduction in overhead costs and sought clarification on the nonrecurring expenses that compressed funeral home margins in the quarter.

    Answer

    CEO Carlos Quezada explained that after significant work on systems and processes, the current overhead level is stable and should remain just under 13% of revenue, even with future acquisitions. CFO John Enwright added that the company has lowered its long-term overhead guidance range to 13-13.5%. He clarified that the funeral margin pressure from "nonrecurring" items was due to certain benefits received last year that did not repeat, plus a multi-year expense catch-up entry.

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    Liam Burke's questions to Carriage Services Inc (CSV) leadership • Q3 2024

    Question

    Liam Burke from B. Riley inquired about the funeral home EBITDA margins, asking if the current high-30s level is sustainable or has room for expansion given the company's vendor and pricing strategies. He also asked whether the strong growth in preneed sales was a function of a larger sales force or increased productivity.

    Answer

    CEO Carlos Quezada responded that while new supply chain agreements for caskets and urns present a significant opportunity, the focus is on both margin and volume growth by offering better pricing to families. He believes the current funeral home margins are sustainable for 2025. Regarding preneed sales, he attributed the growth to three factors: a larger sales force, a more productive sales force, and two unusually large, non-recurring sales totaling nearly $2 million in Q3.

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    Liam Burke's questions to Carriage Services Inc (CSV) leadership • Q2 2024

    Question

    Liam Burke from B. Riley questioned the drivers behind the significantly high cremation and cemetery margins in the quarter and asked if the company saw growth in both traditional burial and cremation contracts.

    Answer

    CEO Carlos Quezada attributed the strong cremation margins to a new strategy focused on educating families about service options and a strategic pricing review. He noted the burial rate declined slightly while the cremation rate increased. For cemetery margins, Quezada explained they were boosted by large sales and a successful Ching Ming season. While not sustainable at the exact Q2 level, he expects margins to remain high for the next 2-3 years due to untapped opportunities.

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    Liam Burke's questions to Genco Shipping & Trading Ltd (GNK) leadership

    Liam Burke's questions to Genco Shipping & Trading Ltd (GNK) leadership • Q2 2025

    Question

    Liam Burke of B. Riley Securities asked about the key drivers for the recent rate increase in non-Capesize vessels and questioned the availability of attractively priced Capesize acquisition opportunities amid firming asset values.

    Answer

    President, CEO & Director John Wobensmith attributed the non-Cape rate strength to a combination of a robust Brazilian grain crop, a resurgence in coal shipments, and improved market sentiment following clarity on trade tariffs. Regarding Capesize acquisitions, Wobensmith acknowledged firm asset values but stated that sensible deals still exist, emphasizing the company's analytical approach to ensure returns. He reiterated a positive long-term view on the sector due to future demand growth and low supply.

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    Liam Burke's questions to Genco Shipping & Trading Ltd (GNK) leadership • Q1 2025

    Question

    Liam Burke of B. Riley Securities asked about the influence of the coal trade on the non-Capesize vessel market. He also questioned if achieving zero net debt remains a primary goal or if the company would maintain moderate leverage to fund its capital allocation program.

    Answer

    CEO John Wobensmith described the coal trade as 'slow and steady' and noted that recent pressure on minor bulks stemmed from front-loaded vessel deliveries and trade uncertainties between the U.S. and China. On the balance sheet, Wobensmith affirmed that zero net debt is 'still a goal' and achievable, but the company will not hesitate to temporarily increase leverage for accretive acquisitions, aiming to stay below a 30% leverage ratio before deleveraging again.

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    Liam Burke's questions to Genco Shipping & Trading Ltd (GNK) leadership • Q3 2024

    Question

    Liam Burke of B. Riley Securities asked about Genco's acquisition pipeline given the current asset price environment for Capesize vessels and whether the company plans to maintain its revolver facility after achieving its net debt zero target.

    Answer

    Executive John Wobensmith confirmed Genco is still actively pursuing its fleet renewal program, noting that while asset prices have softened slightly, they remain firm for modern eco-vessels. CFO Peter Allen added that the company will maintain its revolver, which has over $330 million in undrawn availability, to provide significant flexibility for future accretive growth opportunities.

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    Liam Burke's questions to Tutor Perini Corp (TPC) leadership

    Liam Burke's questions to Tutor Perini Corp (TPC) leadership • Q2 2025

    Question

    Liam Burke from B. Riley Financial, Inc. asked about the competitive bidding environment for large projects and whether the company is seeing increased opportunities from Department of Transportation investments in transit.

    Answer

    Executive Chairman Ronald Tutor confirmed that the competitive landscape for mega-projects remains favorable, stating that for the last two years they have consistently faced only one other bidder, and on two occasions, they were the sole bidder. He also affirmed that the company is a primary beneficiary of increased federal funding for transit, which is one of its biggest strengths, and hopes the trend continues.

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    Liam Burke's questions to Tutor Perini Corp (TPC) leadership • Q1 2025

    Question

    Liam Burke from B. Riley Securities inquired whether a less stringent regulatory environment is accelerating project planning and if there has been any shift in funding sentiment for mass transit projects.

    Answer

    Executive Chairman Ron Tutor stated they have not yet seen any speed-up in the planning or engineering process due to deregulation, noting their primary challenge is managing their existing large backlog. CEO Gary Smalley added that while regulation hasn't sped things up, the discussion of tariffs has accelerated timelines on some smaller projects. Smalley also confirmed there have been no negative changes in funding sentiment for transit projects.

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    Liam Burke's questions to Matthews International Corp (MATW) leadership

    Liam Burke's questions to Matthews International Corp (MATW) leadership • Q3 2025

    Question

    Liam Burke of B. Riley Securities questioned if there was a changing sense of urgency among competitors to develop a rival to Matthews' dry battery electrode (DBE) platform. He also sought confirmation of a new production-size order for the DBE process and asked about the performance of the legacy product identification business.

    Answer

    President & CEO Joseph Bartolacci responded that while the EV market has slowed, the industry's desire to lower costs remains strong, keeping the DBE technology relevant. He confirmed a smaller order from a solid-state battery player and noted they are working on a significant order for a specialized battery separator coating line. For the product identification business, he attributed recent performance to temporary supplier and tariff-related issues but stated it remains well-positioned.

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    Liam Burke's questions to Matthews International Corp (MATW) leadership • Q1 2025

    Question

    Liam Burke inquired about the timeline for rebuilding sales momentum in the Dry Battery Electrode (DBE) business following the Tesla arbitration and asked for an update on the new printer platform's launch schedule.

    Answer

    President and CEO Joseph Bartolacci explained that while the DBE ramp-up will be slow initially, he expects it to expand quickly with multiple customers, with some benefits materializing in 2025. He also confirmed the new printer platform is in production ramp-up for a launch this year, highlighting a recent 2D code project win in Europe as a key growth indicator.

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    Liam Burke's questions to Global Ship Lease Inc (GSL) leadership

    Liam Burke's questions to Global Ship Lease Inc (GSL) leadership • Q2 2025

    Question

    Liam Burke of B. Riley Financial inquired about the relationship between softening freight rates and charter rates for Q3, and whether GSL's liner customers are showing interest in longer charter durations.

    Answer

    CEO Thomas Lister responded that charter rates are remaining firm despite downward pressure on freight rates in certain markets like the Transpacific. He added that while liner operators still have an appetite for multi-year charters (two years for smaller ships, three-plus for larger ones), they are not necessarily seeking longer durations than what has been recently observed.

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    Liam Burke's questions to Global Ship Lease Inc (GSL) leadership • Q1 2025

    Question

    Liam Burke inquired about the current charter rate environment, asking if customers are extending charters at favorable rates, and questioned the company's acquisition strategy given the recent opportunistic asset sales.

    Answer

    Executive Thomas A. Lister explained that while some charters renewing from the super-cyclical peak might see a notch down, the current charter opportunities remain very attractive and robust. Executive Chairman Georgios Youroukos added that GSL maintains strict financial criteria for acquisitions and sold older ships because the sale prices were more attractive than chartering them, with the cash proceeds held for future investments.

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    Liam Burke's questions to Global Ship Lease Inc (GSL) leadership • Q4 2024

    Question

    Liam Burke from B. Riley Securities inquired about the current chartering appetite from liner companies for GSL's vessels and the company's strategy regarding the divestment of older assets versus holding them for cash flow.

    Answer

    Executive Thomas A. Lister clarified that charter rates for their vessel types remain strong due to limited availability, which supports their increased dividend. He also stated that while the recent sale of three older ships was an opportunistic part of fleet renewal, GSL's primary strategy is to hold and operate assets through the cycle to maximize long-term value.

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    Liam Burke's questions to Global Ship Lease Inc (GSL) leadership • Q3 2024

    Question

    Liam Burke asked for clarification on the third-quarter dividend, seeking to confirm if the announced $0.45 per share amount included both the regular and the supplemental dividend.

    Answer

    Thomas A. Lister, an executive at Global Ship Lease, confirmed that the $0.45 per share dividend is the total amount, incorporating both the regular base dividend and the supplemental portion.

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    Liam Burke's questions to MasTec Inc (MTZ) leadership

    Liam Burke's questions to MasTec Inc (MTZ) leadership • Q2 2025

    Question

    Liam Burke of B. Riley Financial asked if the primary challenge in the accelerating Pipeline segment was scaling the business or if the competitive landscape had changed. He also inquired about any early-stage discussions related to nuclear power projects.

    Answer

    CEO José R. Mas explained that the main factor is the timing of projects, as customer sentiment on natural gas has shifted dramatically, leading to a surge in planning and engineering activity that will translate to future work. He stated MasTec is not afraid of competition and will get more than its share. Regarding nuclear, he said MasTec is paying close attention and will be engaged when it becomes a growing generation source.

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    Liam Burke's questions to MasTec Inc (MTZ) leadership • Q1 2025

    Question

    Liam Burke asked if the pipeline business is currently benefiting from LNG-related projects and whether the company has seen any positive impacts from deregulation.

    Answer

    CEO Jose Mas clarified that LNG-related work represents a longer-term opportunity and is not a factor in the current backlog or the growth expected in 2025. Regarding deregulation, he noted that while there is optimism about potential future changes to the permitting environment, no significant positive impacts have materialized in the market yet.

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    Liam Burke's questions to Quanta Services Inc (PWR) leadership

    Liam Burke's questions to Quanta Services Inc (PWR) leadership • Q2 2025

    Question

    Liam Burke from B. Riley Financial inquired if the investment in Bell Lumber and Pole Company is intended as a platform for growth or primarily to serve Quanta's regional needs.

    Answer

    President & CEO Duke Austin clarified that the 40% ownership stake is a strategic investment in a critical supply chain solution. He positioned it alongside transformers and wire as essential for providing certainty to clients. The investment enhances Quanta's ability to offer a comprehensive, long-term solution and strengthens its supply chain initiatives, which is a key part of its collaborative discussions with customers.

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    Liam Burke's questions to Capital Clean Energy Carriers Corp (CCEC) leadership

    Liam Burke's questions to Capital Clean Energy Carriers Corp (CCEC) leadership • Q2 2025

    Question

    Liam Burke asked about Capital Clean Energy's first-mover advantage with its medium gas and LCO2 carriers, the potential for competing orders in the market, and the ease of financing these new types of assets.

    Answer

    CEO Gerasimos Kalogiratos acknowledged the company's early position and expects more LCO2 carrier orders over the next 6-12 months, but anticipates a tight market due to limited shipyard capacity and specialized materials. He described the financing process for the first two vessels as 'easy' and popular with lenders due to their trading flexibility and role in the energy transition, expressing confidence in financing the remaining newbuilds.

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    Liam Burke's questions to Titan Machinery Inc (TITN) leadership

    Liam Burke's questions to Titan Machinery Inc (TITN) leadership • Q1 2026

    Question

    Liam Burke from B. Riley Securities inquired about any potential positive catalysts in the challenging agricultural sector and questioned why the construction segment appears equally challenged despite a more optimistic backdrop.

    Answer

    Executive Bryan Knutson noted that some government payments, trade negotiations, and recent rains provide stability to the Ag sector, but the full impact of subsidies remains a significant unknown. For Construction, Knutson acknowledged it's more stable than Ag, with backlogs growing. Executive Bo Larsen added context, clarifying that Construction is seeing a modest pullback from record highs, whereas Agriculture is experiencing trough-level industry volumes, making their situations fundamentally different.

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    Liam Burke's questions to Knot Offshore Partners LP (KNOP) leadership

    Liam Burke's questions to Knot Offshore Partners LP (KNOP) leadership • Q1 2025

    Question

    Liam Burke inquired about the potential timing for the 11 drop-down vessels from the sponsor and the outlook for refinancing upcoming balloon payments.

    Answer

    CEO and CFO Derek Lowe stated there is no clear timing for drop-downs, as each is reviewed on its own merits. Regarding refinancing, he noted that conversations with lenders are underway, and while there have been no negative indications, the company aims for comparable or better terms.

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    Liam Burke's questions to Knot Offshore Partners LP (KNOP) leadership • Q4 2024

    Question

    Liam Burke asked about KNOT Offshore Partners' capital allocation strategy given its improving liquidity and cash flow, and inquired if the company's available vessels are well-suited for the upcoming demand from new FPSO projects in the North Sea and Latin America.

    Answer

    CEO and CFO Derek Lowe explained that while the financial position is strengthening, the immediate priority is addressing upcoming debt refinancings. He stated that the Board continues to balance accretive fleet investments with a long-term sustainable distribution for unitholders. Lowe also confirmed that the company's vessels have the appropriate specifications to meet the anticipated new demand.

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    Liam Burke's questions to Knot Offshore Partners LP (KNOP) leadership • Q3 2024

    Question

    Liam Burke asked for commentary on how the charter rates for recently announced contracts and extensions compare to the partnership's previous charter levels.

    Answer

    Derek Lowe, CEO & CFO, explained that charter rates reflect the market conditions at the time of their signing. He specified that more recent contracts, such as for the Hilda and Torill Knutsen, would reflect the current, stronger market, while older contracts for vessels like the Ingrid and Carmen Knutsen were established in a different rate environment.

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    Liam Burke's questions to Knot Offshore Partners LP (KNOP) leadership • Q2 2024

    Question

    Liam Burke inquired about the strategic options for the Dan Sabia vessel, the outlook for North Sea activity supporting vessel utilization, and the company's approach to refinancing its significant 2025 balloon payment.

    Answer

    CEO and CFO Derek Lowe explained that KNOT Offshore Partners is evaluating both long-term contracts and potential divestment for the Dan Sabia to maximize value. He affirmed confidence in North Sea activity levels and noted that while it is early, the company has a strong track record of arranging refinancings well ahead of maturity.

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    Liam Burke's questions to International Seaways Inc (INSW) leadership

    Liam Burke's questions to International Seaways Inc (INSW) leadership • Q1 2025

    Question

    Liam Burke questioned whether increased non-OPEC+ production benefits Suezmax vessels in addition to VLCCs and asked if the company sees further opportunities for shareholder-friendly fleet renewal.

    Answer

    CEO Lois Zabrocky confirmed that Suezmax rates have a strong correlation to VLCCs and have stepped up accordingly. She added that lower oil prices are driving more Russian barrels onto legitimate tonnage, creating more business. Regarding fleet renewal, she affirmed that the company is always actively looking for new opportunities.

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    Liam Burke's questions to International Seaways Inc (INSW) leadership • Q4 2024

    Question

    Liam Burke asked for the company's outlook on the Suezmax segment amid current geopolitical and production shifts. He also questioned whether opportunistic share buybacks remain a part of the capital return strategy alongside the primary dividend policy.

    Answer

    CEO Lois Zabrocky explained that Suezmax rates have a tight historical correlation to VLCCs and are expected to strengthen as the VLCC market improves. CFO Jeffrey Pribor confirmed that while the dividend is the primary method of capital return, share repurchases are still 'in the mix,' noting the company has remaining capacity under its existing buyback program.

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    Liam Burke's questions to International Seaways Inc (INSW) leadership • Q3 2024

    Question

    Liam Burke of B. Riley Securities asked how a production shift from OPEC+ to non-OPEC nations would affect ton-mile demand and different vessel classes. He also inquired about the company's pipeline for asset acquisitions given its strong financial flexibility.

    Answer

    CEO Lois Zabrocky explained that growing non-OPEC supply from the Americas is additive to ton-miles, while a return of OPEC barrels would specifically assist VLCCs. On acquisitions, she stressed that the company is in a position to 'look for opportunity' rather than feeling forced to act, as it is already deploying free cash flow to shareholder returns and organic fleet renewal.

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    Liam Burke's questions to Bowman Consulting Group Ltd (BWMN) leadership

    Liam Burke's questions to Bowman Consulting Group Ltd (BWMN) leadership • Q1 2025

    Question

    Liam Burke asked for an assessment of the macroeconomic environment, questioning if any particular end market was showing inordinate strength, and inquired about the company's capacity and asset needs to handle larger projects.

    Answer

    Executive Gary Bowman stated that new bookings were strong and well-distributed across all verticals, giving the company confidence to reaffirm its full-year guidance despite broader economic uncertainty. CFO Bruce Labovitz addressed capacity, explaining that the company is balancing headcount growth with investments in efficiency technologies like automation and geolocation to enhance productivity and manage larger assignments more effectively.

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    Liam Burke's questions to Scorpio Tankers Inc (STNG) leadership

    Liam Burke's questions to Scorpio Tankers Inc (STNG) leadership • Q1 2025

    Question

    Liam Burke inquired about how increased crude production from OPEC+ and other nations is affecting the refined product tanker market, and whether the proposed USTR tariffs could impact the sale and purchase market for Chinese-built vessels.

    Answer

    Chief Commercial Officer Lars Nielsen stated that a strong crude tanker market reduces the risk of cannibalization from crude tankers, noting that several LR2s recently switched to dirty trades. President Robert Bugbee added that more and cheaper oil is a net positive for demand, especially with low inventories. Regarding tariffs, Mr. Bugbee asserted that their impact on the product tanker market appears to be 'pretty insignificant.'

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    Liam Burke's questions to Scorpio Tankers Inc (STNG) leadership • Q4 2024

    Question

    Liam Burke from B. Riley Financial asked if Scorpio Tankers is still considering opportunistic vessel sales and sought an outlook on the continuing trend of global refinery capacity realignment.

    Answer

    President Robert Bugbee stated that while the company is happy with its current fleet, it remains open to opportunistic sales if the value is right. Executive James Doyle commented that the trend of refinery closures in developed markets and slow new capacity additions in emerging markets is very constructive for ton-mile demand, noting expected closures for the year have already doubled.

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    Liam Burke's questions to Scorpio Tankers Inc (STNG) leadership • Q3 2024

    Question

    Liam Burke asked if Scorpio Tankers would consider selling more LR2s if asset prices remain high and inquired about the company's ultimate debt reduction target, questioning if the goal is to become net debt zero.

    Answer

    President Robert Bugbee confirmed that the company will continue to opportunistically sell assets at high prices, viewing it as a common-sense strategy to capitalize on the spread between vessel values and the company's stock price. Regarding debt, Mr. Bugbee stated that the company has already reached its target of having net debt around the scrap value of the fleet and declined to provide further details on future leverage levels.

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    Liam Burke's questions to Scorpio Tankers Inc (STNG) leadership • Q2 2024

    Question

    Liam Burke asked how long the ongoing redistribution of global refinery capacity will continue to boost ton-mile demand, and if it's safe to assume a favorable supply/demand gap will persist.

    Answer

    President Robert Bugbee described it as a long-term trend of "addition by subtraction," where older refinery closures in the U.S. and Europe are replaced by exports from modern facilities, benefiting product tankers for years to come. He confirmed that this dynamic supports a continued favorable supply/demand balance.

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    Liam Burke's questions to Orion Group Holdings Inc (ORN) leadership

    Liam Burke's questions to Orion Group Holdings Inc (ORN) leadership • Q1 2025

    Question

    Liam Burke asked if the significant year-over-year improvement in operating cash flow represents a sustainable trend and inquired about potential future pressure on input costs once current procurement strategies are exhausted.

    Answer

    CFO Scott Thanisch confirmed that the company expects the trend of improving cash flow to continue and anticipates positive cash flow for the full year. CEO Travis Boone addressed input costs by stating that future bids will incorporate expected cost increases for materials like steel, thereby managing risk through the pricing and contingency process.

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