Capital Clean Energy Carriers Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
July 28, 2023

There are 5 speakers on the call.

Operator

Also advise you this conference is being recorded today. The statements in today's conference call that are not historical facts, including our expectations regarding cash generation, equity returns and future debt levels, our ability to pursue growth opportunities, our expectations or checkers regarding future distribution amounts, capital reserve amounts, distribution coverage, future earnings, capital allocation as well as our expectations regarding market fundamentals and the employment of our vessels, including redelivery dates and charter rates may be forward looking statements as such defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. Unless required by law, we expressly disclaim any obligation to update or revise any of these forward looking statements, whether because of future events, new information, a change in our views or expectations to conform to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward looking statements.

Operator

We make no prediction or statement about the performance of our common units. I would now like to hand over to your speaker today, Mr. Kalaviratos. Please go ahead, sir.

Speaker 1

Thank you, Paul, and thank you all for joining us today. As a reminder, we'll be referring to the supporting slides available on our website as we go through today's presentation. During the Q2 of 2023, we took delivery of the motor vessel Buenaventura Express, the last to the 313000 TEU container vessels we have agreed to acquire last year together with the LNG carrier Asterix 1. Furthermore, we agreed to sell our sole dry guard cargo vessel, the motor vessel Cape Agamemnon, with delivery of the vessel to her new owners expected in the Q4 of 2023. Finally, during this quarter, we completed the drydock of the Alfos and the Athenian, along with significant energy efficiency and emissions abatement upgrades.

Speaker 1

Now turning to the partnership's financial performance net income for the Q2 of 2023 was $7,400,000 Our Board of Directors has declared a cash are distribution of $0.15 per common unit for the Q2. The 2nd quarter cash distribution will be paid on August 8 to common unitholders of record on August 2. We continued acquiring units under our unit buyback program. And during the Q2 of 2023, we repurchased 156,560 of the partnership's common units at an average cost of $13.30 per unit. Finally, the partnership's charter coverage for both 2023 2024 stands at 96% with the remaining charter duration corresponding to 6.7 years and contracted revenue backlog of more than 1 $800,000,000 Turning to Slide 3, total revenue for the Q2 of 2023 was 88,500,000 compared to $74,000,000 during the Q2 of 2022.

Speaker 1

The increase in revenue was primarily attributable to the revenue contributed by the 13,000 DU container newbuilding vessels and the newbuilding LNG carrier Asterix 1 recently delivered to the partnership as well as the increase in the daily rate earned by 2 of the partnership's LNG carriers partly offset by the sale of 28,000 TEU container vessels in July 2022. Total expenses for the Q2 of 2023 were 58.6 $1,000,000 compared to $40,900,000 in the Q2 of 2022. Total vessel operating expenses during the 2nd quarter amounted to $23,500,000 compared to $16,400,000 during the same period in 2022. Are not historical facts. The increase in vessel operating expenses was mainly due to the net increase in the average number of vessels in our fleet and costs incurred during scheduled maintenance of certain of our vessels.

Speaker 1

Total expenses for the Q2 of 2023 also include a non cash impairment charge of $8,000,000 that we recognized on the date we agreed to sell the Cape Agamemnon and vessel depreciation and amortization of $20,900,000 compared to $17,700,000 in the Q2 of last year. The increase in depreciation and amortization during the Q2 of this year was mainly attributable to the net increase in the average size of our fleet, partly offset by lower amortization or deferred drydocking costs. General and administrative expenses for the Q2 of 2023 amounted to $2,300,000 in line with the Q2 of 2022. Are now interest expense and finance costs increased to $25,500,000 for the Q2 of 'twenty three compared to $11,700,000 for the Q2 of last year. The increase in interest expense and finance costs was mainly attributable to the increase in the Partnership's average indebtedness and the increase in the weighted average interest rate to 6.28 percent from 3.46% in the Q2 of 2022.

Speaker 1

Are subject to the financial statements. The partnership recorded net income of $7,400,000 for the quarter or $15,400,000 before the impairment from the agreed sale of the K Pak Amemnon compared with net income of $20,400,000 for the Q2 of last year. Net income per common unit for the quarter was $0.36 are $0.75 before the impairment from the agreed sale compared to $1 per common unit in the Q2 of last year. Are subject to

Speaker 2

the financial statements. On Slide 4,

Speaker 1

you can see the details of our operating surplus calculations that determine the distributions to our unitholders compared to the previous quarter. Operating surplus is a non GAAP financial measure, which is defined fully in our press release. We have generated approximately were $38,200,000 in cash from operations for the quarter before accounting for the capital reserve. We allocated $35,000,000 to the capital reserve, an increase of $1,600,000 compared to the previous quarter due to the increased debt amortization resulting from the drawdown of the Buenaventura XPress facility. After deducting the capital reserve, the adjusted operating surplus amounted to $3,200,000 On Slide 5, you can see the details of our balance sheet.

Speaker 1

As of the end of the Q2, the partner's capital amounted to $649,400,000 an increase of $11,000,000 compared to 638 are $400,000 as of the end of 2022. The increase reflects net income for the first half of the year, other comprehensive income of of income of $1,700,000 relating to the net effect of the cross currency swap agreement we designated as an accounting hedge and the amortization associated with the equity incentive plan, partly offset by distributions declared and paid during the period for a total amount of $6,200,000 and the total cost of repurchasing our common units and our unit repurchase program for a total amount of 3,800,000 are subject to the financial results. Total debt increased by $332,500,000 to $1,600,000,000 compared to $1,300,000,000 as of year end 2022. The increase is attributable to a $5,000,000 increase in the U. S.

Speaker 1

Dollar equivalent of our euro denominated bonds as of June 30. The drawdown of a total of $392,000,000 to finance new vessel acquisitions, partly offset by scheduled principal payments for the period of 41,100,000 and the early prepayment in full of 1 of our facilities for an amount of $23,400,000 Total cash as of the end of the quarter amounted to 104.7 $1,000,000 including restricted cash of $11,700,000 which represents the minimum liquidity requirement under our financing arrangements. Turning to Slide 6, the Buenaventura Express was successfully delivered to the partnership on June 20 and commenced a 10 year charter with HAPAC Lloyd.

Speaker 2

Have a

Speaker 1

cap maintains 3 2 year options to extend the charter. The acquisition was funded through a combination of a cash deposit of $6,000,000 and funds in 2022, dollars 100,000,000 drawn under a new credit facility and $16,500,000 of cash at hand. The new credit facility has a quarterly are repayments of $1,600,000 an 8 year term and the balloon payment of $50,000,000 due in June 2031. On Slide 7, we provide a summary on our recent fleet developments. Our latest acquisition cycle has now been completed and the partnership has taken delivery of 3 13,000 DU hybrid scrubber fitted Tier 3 and Phase 3 dual fuel ready eco container sister vessels, together with the latest generation XDF LNG carrier, the Asterix 1.

Speaker 1

All vessels have commenced their long term time charters increasing our contracted cash flow, at the same time reducing the average age and cargo intensity of our fleet. Are not historical facts. The Q2 of 2023, the partnership completed the scheduled drydock of 2 of our 10000 TEU containers, via Athos and the Athenian and the installation of a SOX scrubber system on each vessel. In addition, both vessels were retrofitted with a bulbous bow and Silulac Relates Self Polishing Technology hull coating, which are expected to improve the energy efficiency and carbon footprint of these vessels. Are subject to the company's future.

Speaker 1

The sister vessel, Aristomenes, completed her scheduled drydock and was retrofitted with the same upgrades this month, leaving the yard on July 22. The partnership has reached an agreement with HAPAC, whereby the latter will refund part of the total cost of these upgrades to the partnership. On June 27, the partnership agreed to sell the dry cargo vessel Cape Agamemnon and non core asset for the partnership. Delivered of the vessels to your buyer is expected by October 2023. In view of the agreed sale, the Partnership classified the vessel as held for sale and recorded a non cash impairment charge of 8,000,000

Speaker 2

are not historical facts.

Speaker 1

Moving to Slide 8, the partnership's contracted revenue backlog now stands at $1,800,000,000 with over 63% of contracted revenue coming from LNG vessels with diversified and creditworthy customer base of 7 charters. Turning to Slide 9, the partnership's remaining charter duration amounts approximately 6.7 years, while charter coverage remains at 96% for both 2023 2024. It is worth noting here that our next period charter expiration does not occur before the Q1 of 2025. Turning to Slide 10, we review the LNG market. Demand for LNG carriers on the term market remains strong despite the recent drop from the record highs reached in the Q4 of 2022.

Speaker 1

Currently 1 year TC rate for a 2 stroke LNG carrier stands at 140,000 per day, while the term market is expected to tighten as we get closer to the winter, especially for modern vessels. Overall, the Q2 of 20 3 saw a continuation of the seasonal downward pressure experienced in the Q1 of the year, both on gas prices and spot charter rates. However, towards the end of the quarter, there was a slight rebound in prices due to the emergence of inter basin arbitrage and contango into winter, while demand fundamentals remain strong. 7 1 year deals were concluded in the Q2 of 2023, broadly in line with the quarterly levels in last year. Longer term 3 to 5 year deals are however slightly lower compared to last year with 5 deals concluded year to date versus a quarterly average of 7 last year.

Speaker 1

Recently reported fixtures for newbuilding LNG carriers from delivery lie around the $100,000 per day mark for a 10 year period. The LNG fleet order book currently stands at around 51.4 percent of the total fleet with 331 vessels on order. Established shipyards have effectively no slots left until mid-twenty 27, both in Korea and China. Newbuilding prices continue to rise and currently stand at $261,000,000 per vessel for a basic specification vessel. Year on year LNG orders are down by approximately 70%.

Speaker 1

On Slide 11, we review the container market. The container market conditions in the first half of twenty twenty three were relatively soft due to weaker trade volumes and reduced spot congestion. That Larson Shutter index stood at 103 points in the 1st week of July 2023. Although it has decreased 76% from the peak in April 2022. It remains more than 100% higher than the average recorded during the 20 2019 period and 1.8 times higher than the 2019 average.

Speaker 1

The SCFI Spot SPOKS Freight Index stood at 932 points in the 1st week of July 2023. Despite its decrease by 82% compared to the peak in 2022, it is only 3% lower than the average observed during the 20 ten-twenty 19 period and 15% higher than the 2019 average. Analysts and brokers anticipate that trade will improve in the second half of twenty twenty three as the economy bottoms out. Compared to earlier forecasts, global container trade is now expected to grow by 0.3% in TEU terms against the previously projected 1.2% contraction in the Q1 of 2023, while the container fleet is expected to grow by 6.8%. Looking ahead to 2024, analysts predict a more robust demand growth rate of 3.3% for the contrarian trade with supply also growing at the pace of 6.3%.

Speaker 1

Are

Speaker 2

not historical facts. As of

Speaker 1

the beginning of July, the order book for new vessels stands at 889 units, equivalent to 7,400,000 TEU or 27.7 percent of the total fleet capacity. Demolition activity has also increased with 38 units from approximately 73,400 TEU being demolished so far in 20 23 compared to 11 units only in 20 22. Now turning to Slide 12 and having completed a significant round of growth for the partnership, which we announced last year with the acquisition of the 313000 EU container vessels and the LNG carrier Aster X1, will review additional growth opportunities for the partnership. On this slide, you can see the order book of our sponsor Capital Maritime and Trading, which among others comprises an additional 11 latest technology LNG carriers. These vessels are 2nd generation 2 stroke vessels with a mega propulsion are subject to the rate of arrangement, thus reducing further the carbon equivalent emissions of these already very efficient vessels.

Speaker 1

Are expected between the Q4 of 2023 and up to the Q2 of 2027.

Speaker 2

Are important.

Speaker 1

Importantly, the 5 vessels delivering between 2023 2024 have either already secured term employment or under advanced commercial discussions with an average tender of 7.5 years and approximate gross revenues of 1,400,000,000 in principle, this constitutes attractive assets and subject to our ability to acquire these vessels. CPLP would be uniquely positioned over time to control a fleet of up to 18 latest generation LNG carriers with a diversified portfolio of charters.

Speaker 2

Are not historical facts.

Speaker 1

This would make CPLP the largest publicly listed owner of latest generation LNG vessels with contracted cash flows and a nice mix of staggered expirations and time when LNG fundamentals remain strong. As we maintain financial flexibility, tenant encumbered vessels and are good cash flow generation. We believe that CPLP is strategically positioned to take advantage of such growth opportunities as we continue to focus on growing our distributable cash flow and renewing our fleet. And with that, I'm happy to answer any questions you may have.

Operator

Thank you. We will now be conducting a question and answer session. A confirmation tone will indicate your line is in the question Thank you. Our first question is from Omar Mukhtar with Jefferies. Please proceed with your question.

Speaker 3

Thank you. Hi, Jerry. Good afternoon. Hi, Jerry. Just wanted to ask about the obviously, you completed the acquisitions from last year.

Speaker 3

You took the 3 container ships from the LNG carrier. And so now that's completed and you're basically harvesting the cash flows. And then you just outlined on Slide 12 the dropdown opportunities, which you've continuously updated us with and we've been seeing the contracts now filling in. How do you think about those right now in terms of timing? Can we expect dropdowns near term?

Speaker 3

Is it really just about timing of the vessel deliveries themselves? Or is there something you're waiting for before proceeding with any drop off?

Speaker 1

Thank you, Omer. No, I think it has been important as we have communicated in the past to complete this acquisition cycle before we start considering what we do next. And again, today is a very premature discussion as the Board considers where we go from here and how we grow the partnership into the future. But as high level thoughts, Obviously, growth is not being pursued for growth sake. But when you look at our peers, especially those on the LNG side, we believe that by further growing the partnership's fleet and becoming among the largest 2 stroke LNG vessel owners in the public domain, It is possible that over time, we can achieve more investor visibility, liquidity and what is also the end goal here, a better equity valuation.

Speaker 1

So in my prepared remarks, as you say, This is just an outline of the LNG carrier order book of Qatar Maritime. This is A big order book that's well in excess of $3,000,000,000 in terms of are Chapter 3 fair market value today. Of course, as you pointed out, there is also the distinction, they are about 5 vessels that either have or are very close to securing employment. And that would be are an average charter duration of 7 years, which is, I think, quite attractive. Importantly, I think for the Partnership, this is an interesting segment, and we see this as a multi year up cycle, especially for vessels like this, that is 2 stroke vessels.

Speaker 1

I think this is supported by the increasing commodity supply and we have seen the FIDs taken this year. But energy security considerations that have played also have a very important role over the last couple of years and I expect them to remain at the forefront. And of course, the role of that LNG is expected to play as a transitional QL to net 0, which of course in turn is expected to spur long term demand for the commodity. So I think there is a multi year upcycle with regard to demand for LNG and hence also LNG vessels. And then you also look at the dynamics of the LNG fleet.

Speaker 1

This is quite unique, I think, in shipping in terms of how the technological advances have changed the unit freight cost over time. And then you look at the advantage that the 2 stroke vessel brings compared to TFDE or even more important, the steam vessel? And then you think also about the emissions, especially in the framework of ETS or carbon levy. And you can see also that there will be a very interesting vessel supply environment. And this is this type of demand supply dynamics, you don't, I think necessarily see in other segments.

Speaker 1

But as far as CPLP is concerned, the segment is very interesting, varies access to drop downs. But the question will be how we fuel this potential further sanctioned. Our cash position as of the end of the first half of this year amounted to about 105,000,000 we expect good cash generation going forward and we have a number of unencumbered vessels on the balance sheet, which could be liquidity levers. In certain cases in the past, as you know, we have also used our equity as a currency for such transactions, which could also be helpful in larger acquisitions. So we have to assess not only the attractiveness of the drop downs and of course, how we grow our distributable cash flow, but also how we fund these acquisitions.

Speaker 1

And I think this is what we're going to think over the coming months and hopefully have more to share soon.

Speaker 3

That's thanks, Jerry. That's a very, very deep dive. Appreciate that. And it sounds like clearly Capital Maritime as an organization has a pretty substantial size to stroke LNG fleet and would be one of the biggest, right, publicly. As you think about that and I I don't want to put words in your mouth, but it sounds like before making any sort of commitments on that front, you're going to think further strategically about where CPLP is.

Speaker 3

You mentioned some of the unencumbered assets. Do you think that perhaps could one of the options be monetizing the containership suit over time in utilizing those proceeds for the investment in LNG?

Speaker 1

Potentially, yes. I mean, we could we solve the CapEx Amemnon. Of course, this is something that we have signaled for some time. And there is also a very conscious move from our side over the last few years to modernize our fleet. I mean, it started with the spin off of the older tankers, are then selling some of older containers in a very tight container market and bringing in brand new containers and LNG carriers.

Speaker 1

I think we will have to think, as you say exactly, this is what we need to think about the positioning and the strategy, I'm not sure if it is divesting, simply selling, For example, the containers, it might be more looking to how to structure transactions so that we can, If you want, unlock some of the value that we have been creating over the last few years. I think we have been creative in the past from spin offs to mergers to whatever we think it's necessary to create more value for shareholders. And I think that's something that we need to think about, but still quite early, I think.

Speaker 3

Got it. Thanks for that, Jerry. And one just final one, you touched on this, just in terms of more kind of taking a step back just thinking about the LNG charter market itself, you had a very, at this time last year, spot rates were through the roof and if I recall, and they had a pretty strong fall and since then they've been a bit volatile towards the downside, but that's just the spot market. How would you characterize the term target market here recently? It obviously has been very active for maybe at least 2 years or so.

Speaker 3

How has that sort of been moving here over the past couple of months? Is that still firm? Has there been any kind of impact from a softer spot market or lower LNG prices?

Speaker 1

I think that apart from the seasonal softness that we see in the spot market and then kind of affects the short term period curve, anywhere between 1 2 to 3 years. When you look at what has transpired in the long term market, it has been increasingly at higher rates when I say long term market, anywhere between 7 to 10 years. Over the last few months, we have seen FIDs for 3 New liquefaction terminals being granted, that's more than 41 MTPA. And that you whatever multiplier you use, you still come up with anywhere between 70 plus new vessels that we will be requiring somewhere in the period to 2026, 2027. And then you look at the order book, which always looks quite big, if you think in nominal in a nominal way, right?

Speaker 1

I mean, it's still 52% of the current fleet, but the uncommitted ships are only 33. So and that's without taking into account potential removal of older inefficient vessels like steam ships or whatnot. So I think the long term period demand is there. The softer commodity price and which and the seasonal downturn has affected slightly the short term period market, but it's still quite tight. Not to mention, of course, that newbuilding prices have been moving up.

Speaker 1

We are in reality, We say that today you will order a basic spec ship for the second half of twenty twenty seven. That basic specs, if you want to be half respectable in this market means automatically mid-260s plus, maybe even above that. And then you look at the delivered cost, take into account cost of capital and whatnot, and maybe you are now much closer to $300,000,000 together with supervision and pre delivery installments. So in order to get a decent return on a $300,000,000 vessel for delivery in 2027, you still need to be very close to 6 digit day rate numbers. So I think for all these reasons, there might be short fluctuations, but still a very tight market overall.

Speaker 3

Yes, interesting. That's very helpful. Thank you, Jerry. I'll turn it over. Of

Operator

a confirmation tunnel in the K-eight line is in the question queue. Our next question is from Ben Nolan with Stifel. Please proceed with your question.

Speaker 3

Hi, Jerry. This is Frank Galanti on for Ben. I wanted to follow-up on the discussion around the LNG dropdowns, potential dropdowns, it's sort of sounding like growth through dropdowns is becoming a priority and sort of correct me if I'm putting words in your mouth. But can you sort of frame in and how much capacity you think the partnership has for dropdowns? And how do you sort of think about balancing that between paying down debt and returning capital to shareholders?

Speaker 1

I think it's this is exactly the question that we will need to answer over the coming quarters. I pointed out there to our cash position and the unencumbered assets, but this is still a quite capital intensive to support LNG, the LNG industry. So there is so much that we can do with these tools. So this is what we're going to think about, I think, over the coming months. Is it a priority?

Speaker 1

I think it is very much the same message that it hasn't really changed that we have communicated before. So we have said that over time, we will continue to allocate about a quarter to a 5th of our free cash flow to which is going to be returned to our unitholders with distributions and are unit buybacks, and I think we are quite close to these levels. And then the rest that we will continue to focus on growth. Opportunistically, we will repay debts, but we can always repay debt and avoid that incremental cost of capital and then if needed to relever if there is an accretive opportunity. So I don't think we are ready to say what we want to do and how much we want to do, but I think the message has not changed.

Speaker 1

It's really the same. We will continue to be focused on growing both the fleet, especially in the LNG and container segment with the LNG being quite attractive at this point and with that the same allocation, so return of capital to unitholders and then also equity going towards growth. Okay. That's really helpful.

Speaker 3

Sort of following up well, Yes, actually, so following up on the leverage question, the euro denominated bonds, coming due in 2026. Obviously, it's a pretty far away away, but it's a big bullet maturity and sort of given where prices have where interest rates have gone, it would probably be more expensive to refinance is that. How do you think about that sort of that specific debt instrument?

Speaker 1

I think we have some time until we cross that bridge. And we have been always prudent in the way that we calculate our capital reserve even notionally. So despite this being a non amortizing facts, instrument, we are still when we're looking at the cash we generate, we allocate Notional facts under capital reserve. But having said that, I think basic the base scenario is right now that we will potentially refinance with a similar bond closer to maturity. The market and the African Stock Exchange seems to be open.

Speaker 1

There has been a placement by another issuer recently and not very different pricing compared to what we achieved a year ago or so. So but this is at the same time, we are also creating a lot of headway in terms of our leverage. I mean, we are repaying about 88,000,000 dollars of debt amortization every year. We have unencumbered assets. We are generating cash.

Speaker 1

So one way or another, I think we don't we're not particularly concerned about that maturity.

Speaker 3

That makes sense. And one more, if I could. Just in terms of you said about a quarter to a 5th of capital to be returned to shareholders. And now that all the vessel dropdowns have been completed.

Operator

Can

Speaker 3

you sort of talk about how you are thinking about the split between share buybacks and distributions?

Speaker 1

Yes, I think it's that very logic that we have communicated in the past. And we have said that once the dropdowns are complete that we will reconsider our distribution policy in line always with this strategy. And I think that if you look at what we're doing today that is unit buybacks and distributions, we're actually quite close to these targets, are having also somewhat increased the pace of our unit buybacks over the last few months. Now I think the difference compared to when we started is, of course, The current rates interest rate environment, I mean, when we started thinking about the dropdowns and the potential distribution uptick, facts, but it is a very different interest rate environment. And until we have more visibility with regard to the forward interest curve, we will continue with the same common equity distribution guidance of $0.15 per quarter.

Speaker 1

The Fed decision of just 2 days ago clearly demonstrates that we're not past that increasing interest rate cycle. So I think we are in line with our stated policy with regard to how we allocate our cash flows. But of course, we are are going to be mindful of the interest rate environment and changing circumstances as to how we look at this in the future.

Operator

Our next question is from Clement Mullens with Value Investors Edge. Please proceed with your question.

Speaker 4

Hi, Jerry. Thank you for taking my questions. I wanted to ask a bit about the environmental upgrades you've done over the past few months. Could you speak a bit about what kind of efficiency improvement are you looking at? And secondly, you mentioned that Habak has paid for part of the cost.

Speaker 4

Should we expect charters to foot part of the bill and other potential upgrades going forward?

Speaker 1

Facts? That's a great question. So the bow modification and the self polishing, silica relate paints, each of them, theoretically, they will give you net efficiency gains anywhere between 2% to 4%. But it's not always they don't always work as you would expect. So it's not necessarily that you would expect 4 plus 4 equals 8%.

Speaker 1

But they definitely make a difference. We expect that this will help the CII rating of the vessel and of course, the energy efficiency. I think we can maybe in a couple of quarters from now, we can revisit this and give you actual numbers because these are for the moment theoretical, but from other power modifications and use of paints, we see that they can be meaningful. And of course, the benefits is here for the charterer who pays for the bankers. The charter in this specific case, they also wanted The scrubber, which of course does not really change the energy efficiency of the vessel, but reduces of SOX emissions.

Speaker 1

And effectively, what we have agreed, which is, I think more unique to this charter party than in others is that Hapag will pay part of these modifications. This is always a function and without wanting to go into the confidential nature of the agreements, in the end, it's a function of market conditions, the age of the vessel, so who is going to benefit most from these improvements and the duration of the charter. So I don't think there is one size fits all for this type of arrangements. But as you know, it has been done we have done it again with in the past with and scrubbers. We, for example, in that case, financed the scrubber installation cost and we got an increased rate on our charters.

Speaker 1

So it can work in many ways. And as I said, it depends on the number of things as to whether it will be the same for future deals.

Speaker 4

Makes sense. Thanks for the color. Regarding the dry docking schedule, you did a couple of vessels during the Q2 and the Aristominus in July, do you have any additional special service scheduled for the remainder of the year?

Speaker 2

Are not historical facts?

Speaker 1

No, there is none for this year.

Speaker 4

All right. That's it for me. Thank you for taking my questions.

Speaker 1

Thank you, Clint.

Operator

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Mr. Jerry Caligaritas for any closing comments.

Speaker 1

Thank you all for joining us today and wishing you all a great weekend.

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Earnings Conference Call
Capital Clean Energy Carriers Q2 2023
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