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ENERGY SHIPPING

The healthy environment over the past few years has al- major Greek owner Capital Clean Energy Carriers (Nasdaq: lowed entities to make savvy ? nancial moves. CCEC, spearheaded by Evangelos Marinakis), with a ? eet of

A mid-November, 2025 panel at a conference hosted by 12 modern LNG carriers, and another 10 vessels (including

Capital Link featured top executives from a handful of listed six LPG carriers and four set to carry liquid CO2 ) are under tanker equities. Panelist James Doyle, representing STNG, construction for delivery 2026- 2027. Additionally, six LNG’s with nearly 100 product carriers in its ? eet, highlighted the are set to acquired in 2026- 2027, and (in a $769 million or- company’s efforts to pay off debt over the past two years, der announced in the waning days of 2025), another three, saying “By year end, we could be net debt free” referring to incorporating “latest technology”, for delivery in 2028- 2029. a measure that compares cash (and equivalents) to debt on a Flex LNG (NYSE: FLNG) operates 13 vessels. Dynagas LNG company’s books. On the ? nancial front, he cited “…a low Partners (NYSE: DLNG, tied to Prokopiou interests), oper- cash breakeven of $12,500/day including interest and princi- ates six LNG carriers, on long-term charters. Like many other pal…” With hires daily hires approaching $30,000/day (time sectors, retail investors are seeing fewer alternatives for own- charter equivalent), cash generation to drive down debt (or ing shares in maritime companies; with ? nancial investors to pay dividends, another strategy deployed by listed com- who seek long-term deals with credit-worthy counterparties, panies) continues. taking control of ? eets. Long-time industry stalwart Gotaas

Larsen evolved into Nasdaq listed Golar LNG, a specialist in

Moving LNG ? oating production facilities.

In Q4, hires on large LNG carriers had burst up to around Institutional investors have a stake in the previously listed $130,000/day on spot voyages from US Gulf export termi- GasLog (led by Peter Livanos, and now partly owned by a nals to Europe, after lingering at around $30,000- $40,000 for Singapore investment fund which bought out a Blackstone much of 2025. Moves into Asia (particularly China) had fall- stake) and Teekay LNG Partners (now branded as Seapeak), en while molecules destined for Europe (which normally sees tied to the large Canada based owner, had been taken private seasonal stock-piling, including some on-water storage, prior in 2022 by Stonepeak Partners. Energos Infrastructure, an- to winter) had sharply increased. Lower prices for nearby gas other vessel owner also involved in terminal infrastructure, futures positions could potentially bring more ? oating stor- is closely linked to Apollo Group (with previous ties to New age, reducing available vessel supply for actual cargo deliver- Fortress Energy). Other owners active in the sector include ies, and possibly keeping upward pressure on the market. Maran (Angelicoussis family), and TMS Group (linked to

In a November 2025 webinar presented by Poten, Meredith well-known shipowner/investor George Economou).

Freeman, a senior editor, presented a longer term view of

Looking Ahead

LNG market dynamics. Shipping is vital- but future ? ows are not easily predictable. In her remarks, Freeman highlighted With a messy intersection of economics and geopolitics, the role of geopolitical uncertainties looming in back of an un- what lies ahead for seaborne energy moves in 2026? An derlying gas market facing potential commodity oversupply end 2025 research report from analysts at Deutsche Bank in the coming years as new projects come online, notably in pointed to “…fundamental conditions…primed for further the U.S., Argentina and Mozambique, with demand from Chi- oil price downside early next year. We see the rise in ? oat- na, South Asia, and Southeast Asia being the largest source of ing storage and the decline in Middle East selling prices as market expansion “de? ning LNG’s growth trajectory”. corroborating oversupply…” The analysis, from the team led

On the buy side, questions were raised about whether the by Singapore-based analyst Michael Hsueh, also hinted at the

LNG marketplace (where, traditionally, long-term contracts possibilities for “unforeseen supply disruptions and China’s have been the norm) could become more ? exible, and how strategic oil stockpiling.” As 2026 unfolded, market partici- well LNG could compete “…on cost and optionality”. The pants and analysts alike were wondering how developments in

U.S. will be leading the expansion, in Poten’s view, with U.S. Venezuela might unfold, and what the impacts on commodity supply for export almost doubling, by 2030, to in excess of ? ows might be. LNG is also seeing more than ample supplies, 200 million metric tons per annum available. However, trade with analysts from Goldman Sachs, in their 2026 Commodity policies (with tariffs being an example) could “affect the U.S. Outlook, recommending a “global gas glut trade”- with the image as a supplier.” European demand, a cornerstone of the “largest LNG supply wave ever” likely bringing down prices marketplace, is expected to peak by 2027; trade patterns may in Europe (as measured by the “TTF” indicator) by 35% by shift as Russian gas continues to move to rapidly growing 2027. For vessel trades, the con? uence of more cargo avail-

Asian markets (rather than into Europe- which is taking a hard ability and vessels acting, effectively, as ? oating warehouses look at decarbonization, generally). could bring reduced supply for cargo moves, and healthy

For individual investors seeking to participate in the sector, hires, if history provides any guidance.

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