Excelerate Energy Third Quarter 2026 Earnings Conference Call - EXCELERATE ENERGY INC

Hello, everyone. Thank you for joining us and welcome to the Accelerate Energy's third quarter 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference call over to Craig Hicks, Vice President, Investor Relations and Strategy. Craig, please go ahead. Good morning, and thank you for joining Accelerate Energy's third quarter 2026 earnings call. Joining me today are Stephen Kobos, President and CEO, and Dana Armstrong, Chief Financial Officer. Also joining the call are Oliver Simpson, Chief Commercial Officer, and David Leiner, Chief Operating Officer. Our third quarter earnings press release and presentation were published yesterday afternoon and are available on our website at ir.accelerate energy.com. Before we begin, please note that today's discussion will include forward-looking statements which involve risks and uncertainties that may cause actual results to differ materially. We undertake no obligation to update these statements. We'll also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found at the end of the presentation. With that, it is my pleasure to pass the call over to Stephen Kobos. Thanks, Craig, and good morning to everyone joining us on the call today. Accelerate Energy is a global provider of critical last-mile energy infrastructure. No company in the world operates more floating LNG import terminals than we do today. Against a complex geopolitical and economic backdrop, I am extremely proud of what our team has been able to accomplish this year across our business our teams have demonstrated tremendous commitment to our customers and continue to create new opportunities that position accelerate for long-term growth the significant wave of new lng supply coming online over the next few years reinforces the need for reliable downstream infrastructure to connect that supply with growing demand. We believe this creates attractive opportunities for Accelerate, particularly in markets where access to natural gas remains constrained by infrastructure. I'll begin today's call by highlighting our third quarter performance. From there, I'll provide updates on the Bahamas LNG hub, our vessel deployment plan for Iraq and Colombia, our new agreement with Petrobras, and our FSRU conversion project. Dana will then walk through our financial results and outlook in more detail. The third quarter was another period of strong financial performance and commercial progress for Accelerate. We delivered adjusted EBITDA of approximately $133 million. This is the highest quarterly result in our company's history. The strength of our financial performance reflects how we've built this business. Our earnings are predominantly supported by long-term take or pay contracts our business also continues to benefit from a diversified portfolio of infrastructure assets and commercial operations across multiple regions the addition of the integrated platform in jamaica last year expanded our business beyond floating regasification services and we now operate an lng and power infrastructure portfolio looking ahead our Our priority is clear, execute on the opportunities in front of us while continue to strengthen and expand Accelerate's global footprint. This morning, we announced an important milestone in Accelerates growth strategy, the development of the Bahamas LNG Hub. This is our first integrated infrastructure opportunity in the Caribbean since acquiring the Jamaica platform. I'm particularly pleased with this announcement because it demonstrates what we set out to accomplish when we expanded our presence in the Caribbean. We saw an opportunity to build on our existing infrastructure and operating capabilities to serve a broader regional market. Today we're taking an important step toward realizing that opportunity. At the center of this development is an 11-year LNG supply agreement with Axto Bahamas Limited. This is a joint venture between AXPO, an international leader in energy trading and marketing, and Bahamas-based energy and maritime logistics company Domicile LNG. Under the agreement, Axtos will become an anchored customer of our planned offshore LNG Storage and Distribution Terminal near the island of Grand Bahama. LNG supplied through the hub will support marine bunkering, power generation, and other downstream customers. The supply agreement provides for deliveries ramping up to 16 TBTUs of LNG per year, establishing long-term investment-grade off-take and a strong commercial foundation for the project. Beyond this contracted volume, we have additional capacity to grow our sales to Axto and serve other customers throughout the region. We plan to develop the Bahamas LNG Hub in two phases. Initial LNG deliveries are expected to begin in the first quarter of 2027 utilizing the existing FSRU LNG supply and logistics capabilities of our Jamaica platform. This will allow us to begin serving Axto and generate earnings ahead of deploying dedicated infrastructure in the Bahamas. The second phase includes the planned deployment of a floating storage unit or FSU near the island of Grand Bahama in the second half of 28. The FSU will serve as the offshore LNG storage and distribution terminal. We currently estimate the total capital investment in the FSU to range between $85 million to $95 million. This includes the cost for the LNG carrier and the cost of converting the vessel into the FSA. The final conversion costs remain subject to completion of engineering and finalization of the project scope. From an earnings perspective, we expect the Axto deal to contribute approximately $6 million of EBITDA in 2027. After the FSU is deployed, this will increase to an average annual EBITTA run rate of approximately $15 million over the remaining 10 years based upon current contracted volumes with Axtos. Beyond that, we see potential for meaningful economic upside from additional sales to Axto and other customers utilizing the terminal's available capacity. For Accelerate, this development represents more than a new commercial agreement. It is a critical component of our multi-phase Caribbean growth strategy. The Bahamas LNG hub and our integrated Jamaica platform will give us two LNG storage and distribution hubs in the Caribbean. Together with our planned FSRU deployment in Colombia, they strengthen our position to serve growing LNG demand across the region. Turning to Iraq and Colombia, I'd like to clarify our vessel deployment plans for each of the projects. For the LNG import terminal in Iraq, we expect to utilize one of our FSRUs already positioned and the Arabian Gulf. For Columbia, we'll utilize other assets in our portfolio located outside the Gulf to serve that terminal in the near term. Importantly, neither startup requires an FSRU to transit the Strait of Hormuz. This allows us to advance both projects without depending on vessel movements through the strait. It also allows us to prioritize the safety and security of our people and operations. We are working through the necessary arrangements with our customers, and given the commercial and security sensitivities involved, we do not intend to identify individual assets until those arrangements are finalized. These temporary arrangements will preserve both the near-term and the long-term earnings potential of both projects. We continue to target Q1-27 startup in Colombia and Q2-27 start-up in Iraq. Specifically, as it relates to Iraq, critical materials needed for jetty reinforcement and construction of the fixed terminal infrastructure are arriving in-country. In addition, the construction workforce is onsite and we expect activity to ramp up over the coming weeks as work on the jetty and terminal facilities accelerates. This represents an important milestone as we advance construction toward commissioning and the start of operations. In parallel, we are advancing LNG supply agreements with a focus on intra-basin sources. LNG cargoes have continued moving within the Arabian Gulf, including deliveries to Kuwait, and we expect similar supply arrangements to support Iraq's requirements once the terminal enters service. We expect to finalize an LNG supply agreement with an upstream supplier in the first quarter of 27. The project continues to receive strong support from the government of Iraq, which recognizes the importance of additional natural gas supply for the country's electricity generation needs our five-year integrated agreement provides for minimum contracted offtake of 250 million standard cubic feet per day with the ability to increase volumes up to 500 million standard cubic feet per day that provides a contracted earnings foundation with the potential for additional economic upside as Iraq's natural gas demand grows. We continue to create value across our infrastructure portfolio through targeted initiatives that enhance existing assets and expand our capacity for future growth. In August, we signed an agreement with Petrobras to extend the FSRU Sequoia contract by five years through 2038. This extension adds over 400 million contracted revenue to our backlog. As part of the agreement, we will install a reliquefaction unit on the Sequoia during its next scheduled dry dock in 2028. This technology will reduce LNG losses from boil-off, lower our scope 1 emissions, and improve the vessel's operating efficiency. The agreement also provides for a modest increase in contracted revenue beginning in 28, generating incremental earnings ahead of the extension period. This is our second reliquifaction agreement with Petrobras. Last year we entered into a similar arrangement for the FSRU experience with installation planned during its scheduled dry dock in the first quarter of 27. These agreements demonstrate how targeted initiatives can improve asset performance, strengthen customer relationships, and generate additional contracted earnings from infrastructure already in service. We're applying that same focus on long-term value creation as we invest in additional FSRU capacity. In October, we awarded CETRIUM the engineering procurement and construction contract to convert the Patricia Camilla, a 170,000 cubic meter LNG carrier into an FSRU. Engineering activities began earlier this quarter and the converted FSR you will be available for commercial deployment in 28. Following the award of the CETRUM contract, we now estimate the total investment in the FSRU conversion project to be approximately $260 million, including the cost of the vessel. We will continue to target investment returns consistent with the five to seven times billed multiple range we have previously communicated. The timing of this project is deliberate. We expect a significant amount of new LNG supply to enter the market around 28, which will create numerous opportunities for additional import infrastructure. With limited FSRU capacity available at that time, we believe our FSR conversion will be well positioned to pursue these opportunities. We've covered a lot of ground this morning, and I want to leave you with one important point. Accelerate's growth is not dependent on any single market or commercial opportunity. are building a broader, more diversified infrastructure platform supported by long-term customer relationships and investments designed to generate additional contracted earnings. Over the past several quarters, we've outlined our sequence pathway to growth through Iraq, Colombia, Caribbean expansion, and the additional FSRU capacity. Progress on these projects is strengthening our visibility into future accretive earnings and positive operating cash flows as we continue to execute on our growth strategy. With that, I'll turn the call over to Dana. Thanks, Stephen, and good morning, everyone. Accelerate delivered strong financial results in the third quarter. We reported net income of $60 million, an increase of $10 million from the second quarter. Adjusted EBITDA was roughly $133 million, an increase of $13 million sequentially. Our results benefited from the commencement of our new charter in Jordan and higher LNG gas and power direct margins across our portfolio. For the quarter, maintenance capital expenditures were $11 million and committed growth capital expenditures were $29 million. Beyond the quarterly results, I want to highlight an important characteristic of our evolving business model. Our traditional FSRU operations provide a strong foundation of contracted earnings. As we expand our infrastructure portfolio, we have opportunities to integrate LNG supply and downstream distribution with the infrastructure we own and operate. This approach allows us to capture more of the economics around our assets and generate stronger returns. Turning to our balance sheet, as of September 30th, we had roughly $1.2 billion of total debt including finance leases and 357 million of cash we also had full availability of our 500 million dollar revolving credit facility net debt was 871 million and trailing net leverage was 1.8 times this positions us well as we continue investing in our growth strategy at the same time we're mindful of the current interest rate environment With our low leverage profile and recurring positive operating cash flows, we have sufficient financial capacity to advance our near-term growth priorities. We're being deliberate about where we invest, the returns we expect, and how we balance those opportunities with our capital needs. Our capital allocation priorities remain unchanged. First, we invest in attractive infrastructure projects that drive accretive growth. Second, we return capital to shareholders through a growing dividend. And third, we pursue opportunistic share repurchases when market conditions warrant. Consistent with that framework, our board recently approved a quarterly cash dividend of $0.09 per share, payable on December 3, 2026, to shareholders of record as of November 18. As a reminder, we are targeting a low double-digit annual dividend growth rate through 2028, reflecting confidence in our ability to fund growth while returning capital to shareholders. Our healthy financial position and our disciplined approach to capital allocation will allow us to continue to fund our near-term growth initiatives while maintaining balance sheet strength. This provides us with a significant competitive advantage in today's market, and we expect to continue deploying growth capital in 2027 as we advance on our previously communicated infrastructure growth initiatives. As these capital projects are placed into service, they will support accretive returns and meaningful growth in operating cash flows. To be clear, our stellar balance sheet today positions us exceptionally well to continue to execute on our growth strategy, regardless of the interest rate environment. With that, let me turn to our updated financial outlook for the year. Based on our results and improved visibility into the remainder of the year, we are updating our full-year financial guidance. We are narrowing our adjusted EBITDA guidance range to $495 million to $515 million, reflecting the strength of our contracted infrastructure business and continued commercial execution. We are lowering our maintenance capital expenditure guidance to $65 million to $75 million, reflecting the deferral of certain planned maintenance activities. Additionally, we are increasing our committed growth capital guidance to 400 million to 410 million to reflect the timing of expenditures related to the FSRU conversion project. Total CapEx remains generally in line with our previously communicated guidance. We are pleased with our financial performance year-to-date and remain focused on executing our capital investment priorities while maintaining a strong balance sheet. With that, we'll open up the call for questions. We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Teresa Chen with Barclays. Your line is open. Please go ahead. Good morning, everyone. I want to first touch on the Bahamas LNG hub. How do you see the opportunity scaling beyond the Axto agreement? As you add the FSU and potentially other customers in the region, how should we think about the longer-term earnings and capital deployment of opportunity across the Caribbean? Hey, Theresa, it's Stephen. Thanks for dialing in. By the way, I can't believe it was just 60 days since your conference at Labor Day. It feels like two years, not two months, but glad to report in on what we've done since then. We're pretty excited about, not pretty excited, I'm ecstatic about the Bahamas. I mean, this is a flagship opportunity within the caribbean of uh let's say the lng bunkering opportunity in the bahamas is significant uh bahamas represents the largest source of potential crew sector lng consumption among all the carribean locations we've assessed we're excited about this you know as i said on the prepared remarks 16 tbtu under this contract that's less than half the capacity of the asset that we'll be deploying when we think about that you know once we get up to full steam so to speak that's uh that's equal to or more than the pull through demand in jamaica of our infrastructure there so i like to think that we're adding the second tank farm in the caribbean and we're going to have great efficiencies and synergies from the logistics of delivering LNG to these two tank farms and then on to last mile customers. We're pleased to work with Axto, but there are a lot of people that we can help with these tank farms. Personally, I expect to see even portfolio players recognize that we're a good source for their own bunkering and last-mile opportunities. But just remember, I think by the end of 2030, you're going to have well over 1,500 LNG-capable ships on the water. We don't expect to capture all of that. We just want to keep building up the opportunity in the Caribbean. It's a great location near U.S. export capacity, and we think we will have uh advantaged supply chains within the caribbean to help anyone who wants to optimize their own last mile and bunkering opportunity set so you know i could easily see us doubling this and uh but that's just that's not the end of our ambition in the carribbean by any means that's very helpful thank you and yes echoing your sentiments, time seems to fly, especially in these kinds of markets. Turning to the Middle East on Iraq, with materials arriving soon and the construction workforce on site, what are the key milestones between now and the targeted second quarter 2027 start time? And with contract volumes at the 250 mmcf per day minimum versus the 500 mmc per day of capacity how do you think about the potential ramp over minimum volumes over time yeah Teresa let me this is Stephen again let me take a part of that and then I'll go to David for the rest of it obviously focused on the Middle East. I'm most excited today about getting this Caribbean opportunity in front of you guys, but we have been making steady progress there. Just landed back from Abu Dhabi, in fact, with Oliver yesterday. We were at Attapec. It's, I think, my sixth trip to the region since February, and I'm just, I never knew I could be so excited with photographs of construction materials offloading its sites. I mean, what the team's done in progressing this during this year and ensuring that we don't have to be impacted by Hormuz on any part of this project is just amazing. I will tell you, this is where Accelerate shines, this nimble company that can keep moving. I mean, we prize the safety and security of our people and assets more than anything, but we also know that we have to evaluate conditions, adapt plans, and move forward. In terms of volume, you know by now, you've covered us for many years. We are conservative in nature. We've talked to the contracted volumes on this project. The macro for Iraq, I mean, it's rock solid for LNG. They have a tremendous power deficit. They need to fix that first. But even after they fix that for the long term, Iraq, we believe, will, like Kuwait. You know, Kuwait's been taking LNG for nearly 20 years. And we believe just for reservoir maintenance, electrical load that enhanced E&P activities will require a host of reasons. We think that the opportunity in Iraq as they, you know, as they continue to grow their E&T activities means that LNG will be part of the mix for the long term. That being said, focuses on execution right now. there will be growth but and I think I've told you before that once people get LNG they want more LNG it's almost a law of nature that's going to be true here but I think what we really need to do is focus on execution get through the first summer season work with the government on their annual delivery profile that they want and then we'll be able to speak more clearly to that ramp up but it it will there will be a ramp up coming from this but david you can if you would speak to the milestones on the project sure uh hi theresa you know we're really focused on jetty reinforcement right now that's the the largest scope after that the real milestone that we're looking forward to is mechanical completion in early second quarter of 27 so uh april of of 27. the you know after we go into mechanical completion and for those that may not be familiar with with the term that's really everything is welded together together everything is bolted together all the cables are secured and terminated uh and the the facility is ready for commissioning now commissioning on the on the terminal is is really minimal it's you know the the terminal topside really consists of a string of pipe and some valves and a control room. So it's not an extensive commissioning scope. It's, you know, a matter of a few weeks or possibly days if everything goes to plan. So, you Know, it'll go together very quickly. Thank you so much. your next question comes from the line of bobby brooks with northland capital markets your line is open please go ahead hey good morning team and thank you for taking my questions uh you guys laid out the flexibility of your assets or proved out the flexibility of your assets and business model with how no assets are going to need to transit through the straight or her moves what i was looking for a little bit more color on or just make sure i'm thinking of right. With the switching around of some assets, that doesn't ultimately really change the contracted financials, given those are based on just, is the asset going to be ready and available to do LNG transfers, right? Am I thinking of that right, or is there some more nuance there? Yeah, Bobby, this is Steven. Thank you for noting the flexibility. I mean, that is the beauty of of mobile redeployable assets and having a portfolio of assets i mean they're that's why we're built for years like this when we have to but our view is that it's not going to change the contracted return profile um i mean there are going to be some puts and minuses on all of this you know you're not transiting vast oceans moving things around consuming fuel but there'll be some INCREMENTAL NETS ON THE OTHER SIDE, BUT ACROSS THE BOARD, WE THINK THAT THIS IS FLAT TO OUR ASSUMPTIONS. DO YOU WANT TO ADD ANYTHING? NO, NOTHING TO ADDS. I AGREE WITH EVERYTHING STEVE HAS SAID. WE'VE BEEN OBVIOUSLY LOOKING AT THIS VERY CLOSELY, AND AS YOU KNOW, BOBBY, WE' HAVE ANNOUNCED ON THE IRAQ PROJECT, THE EBITDA RUN RATE AT THE MINIMUM TAKE IS ABOUT 100 MILLION. THAT STILL HOLDS. SAME THING WITH THE COLUMBIA PROJECTS, THE 35% UPLIFT STILL holds and we we're very comfortable that all of this will stay in the range that we've looked at and they'll be in line with what we've previously communicated. Terrific and then just it's the hub and spoke strategy obviously that's with the act doc announcement last night and this morning you know kind of starting to play out on that but just like thinking and the earlier question I think you did a great job of explaining like the next ramps there. But just like maybe turning, because obviously global company, not based on any one geo, is there other opportunities? Like, are there any other opportunities to like replicate that or ones that you think are more interesting? Maybe you don't need to get into specifics, but is that, is there assets already out there that you have that could start to leverage that, become a hub? Just wanted to hear how you're thinking about a little bit more. You know, Bobby, I mean, the answer is probably yes, not probably. The answer is yes, whether you're talking about the Caribbean or the world at large. And I do want to focus on the Caribbean because this is the first incremental large, you know, infra that we're putting into the Caribbean, generating further pull through demand. It's not the last play in the Caribbean. I mean, the Caribbean, in our mind, it is just ideally suited, just jammed up next door to the United States. And if you can take efficient, full parcels of LNG under your portfolio there, it just makes a world of sense. And with, you know, I refer to them as tank farms, but as you add these tank farms in the Caribbean, it's going to make your deliveries even more efficient. And then it's gonna give you better logistical lines on further hub-and-spoke development from there, and, you know, further types of infra that can generate pull-through demand within the Caribbean. And I mean, Oliver can probably talk about the wider world, how this is. Yeah. Good morning, Bobby. I think, you know, what you're seeing here with the Caribbean and this project is that, you know, it's when we acquired the Jamaica assets, we started to show how we can diversify, you know, beyond the FSRUs and more into that downstream sector, creating that pull through demand. I think the announcement in the Bahamas is, you know, is a further proof point of that with, you know, obviously it's going to be our first FSU giving us access to those markets. And obviously it's only normal that we take that, what we've learned technically commercially on that, and then we can look at that in other markets, you Know, how we can use our infrastructure more broadly beyond the FSRUs to kind of open up these markets and create these new opportunities. So absolutely, we'll be looking to use the Caribbean and are looking to use what we've done in the Caribbean to replicate elsewhere. That's terrific to hear. Appreciate the time and congrats on another strong quarter. Your next question comes from the line of Olivia Foster with Goldman Sachs. Your line is open. Please go ahead. hi team good morning thanks for taking our questions maybe to stay on the planned bahamas lng hub for a moment could you walk us through the mechanics for both the volume ramp profile and expected project returns across both the initial phase one for an early 2027 delivery and phase two starting in the second half of 2028 and then zooming out could you spend a moment on the strategic vision for the caribbean footprint as a whole what other opportunities could we see accelerate lean into in the coming quarters thank you livia i'm going to pass that around but there are more opportunities in the carribbean you'll notice we sat on this till it was fully baked because you know we appreciate everyone who listens in on this call and some are a little more competitive with us than others but i assure you we are wearing out that miami hub airport of american uh you know their own hub and spoke to the caribbean and we are all over that geography uh we're actually moving more personnel to miami uh to be able to cover that ground more and more but so longer term there's a lot more there we've spoken about it in the past we've spoke about our expectations on EBITDA that we expect to achieve in the Caribbean over the next you know four years so we haven't come off of that at all we think this is a solid proof point but I'll let Dana you or Oliver talk to the the ramp up from the initial January deliveries to what comes from that yeah thanks thanks Stephen thanks thanks Olivia yeah so obviously there's We've talked about this sort of phase one, phase two. The initial phase, we'll be using our assets, our platform in Jamaica to serve our customer, Axto. And we talked about 6 million of EBITDA in 27 for that. I think we've also mentioned at full rate around 15 million on the base Axtor contract. So that'll be coming in from once you get when 28 obviously the fsu comes in middle of the year so 29 and 30 you'll start to see that full that full run rate there so obviously i think having the um having the asset in in the bahamas is what will will open us up to to further opportunities and to further scale from there so i think you know hopefully with that you can kind of figure out some of the um some of the incremental run rate there um i think you know more broadly we we have talked um last year um to our to sort of a five-year outlook on the on the caribbean um and i think that you know generally still holds this is this is obviously supporting that and and we still we still continue to see um other opportunities you know last thing i'd add on this is that between obviously between um jamaica bahamas and and even our asset in colombia you know we really got a good platform to build from we've got assets that we can further optimize so yes we'll be looking to deploy um you know further capital for the right opportunities but you're also going to see opportunities coming from the assets that we've already committed to in the caribbean that's clear i appreciate the color for my second question i wanted to ask for an update on the patricia camilla conversion could you spend a moment on how commercial conversations are progressing for this vessel um maybe a moment on the uptick in project capex and then sticking on the theme of conversions here alongside your epc award to cetrium i believe there was a second shipyard conversion slot option that accelerate had secured what details can you share on the exercise window and or commercial demand you're seeing for the next fsru opportunity more broadly thank you olivia this is stephen i'll make a couple of comments and push it to david the capex we zeroed in on all in including the assets about 260 million david team i are all very pleased with the final engineering design that drove that we still feel uh solid you're going to comfortable that this is an awesome asset that will be delivered at just the right moment in time to capture good uplift so we have no problem with um saying we have absolute confidence in the five to seven build multiple off of that um we think we're just very excited about it coming on and it's just a great asset i've loved from the beginning the relic that's already installed on that vessel you know as we move more and more i mean we we don't know that we'll go to an integrated uh infer project like jamaica like bahamas like iraq but but it's going to be a very efficient vessel of a suitable size to get you know the widest range of cargoes so like that about it in general um i don't want to speak to any options that we hold we like options obviously but we uh we are very deliberate when we consider exercising options so i'm not going to elaborate on that further at this time but um david want to speak further about the opportunity or over further about how we're thinking to deploy it But I would just reinforce Stephen's comments about the capability of the asset. I mean, we're just delivering a different caliber of asset with the Patricia Camilla, and we're really excited. Earning potential of that asset is just going to be head and shoulders above what we had previously planned because of the candidate vessel that we were able to secure at such an attractive price as well. But in terms of commercial, maybe I'll hand over to Oliver for any comments. Yeah. And obviously on the commercial side, you know, one, as David just said, we're receiving a fantastic asset. The timing, the timing is great. I mean, you Know, not only do we see a tight supply demand on the FSIU side, obviously, you know, we had we've spent a while planning this conversion. So, you know, we don't see that the time that we're coming to market, certainly a new build or other conversions just can't compete. So we're going to be at a fantastic time with very limited FSIUs there competing with us. But also, as Stephen alluded to, it's also when the LNG supply is coming on. So we see a lot of that energy supply wave will be sort of fully up and running by then. So we just combine the asset, the LNG market conditions, the FSIU supply demand balance is just we feel like we've got a very good mix. and you know having a number of conversations and you know obviously we'll we'll come back when we can but it's we're very confident on that timeline and and that vessel that's clear i appreciate the time thank you your next question comes from the line of wade sukey with capital one securities your line is open please go ahead good morning everyone i appreciate you all taking my questions and congratulations on the bahamas announcement um i am just kind of curious maybe to dovetail a little bit off i think it was a olympia's question here on the on the volume ramp to bahamas any clarity you can give us there and sort of logistically i'm just kind curious more uh just uh just personal curiosity on logistics or the iso containers uh kind of going to bahamas early on until the fsu is delivered any kind of color very great thank you wade i know you love the caribbean man um and we'll keep giving you more caribbean opportunities no no secret we'll use the jamaica platform to start off and we will probably just make a milk run with our uh small scale asset that we have on charter to satisfy it to start with uh we'll consider every kind of delivery though we are agnostic uh we're going to deliver all kinds you know we're gonna use the fs use we use the existing small scale we have if we need to break bulk for other islands from jamaica with isos we'll do that too so we are agnestic in how we will reach from our tank farms to in customers um let's Let's see, in terms of the ramp up in demand, I mean, come on, man, it's like summer camp food. There's never enough of it, right? I mean we love this. I mean you have to admit, Wade, you're a little surprised that we could be doubling Jamaica's throughput of LNG this quickly and announcing it less, you know, year and a half after signing that agreement. So I'm excited with the team. I'm that we could very easily be doubling this throughput to all kinds of end users and suppliers who want to take advantage of it, and that we're announcing this so soon after we've entered the Caribbean. So it's pretty exciting for us if they want to amplify. Just one point of clarity, it's a good question on your part. We're not going to be using, the plan not to use isos to to go up the plan is to use the existing you know tank farm um that we have in jamaica and to effectively take volumes from there up to the up to The Bahamas so and to sell to our customer from from that so it's it's a pretty and I think that obviously from from a volume perspective that that that's what allows you know decent volumes to start immediately in 27 and then obviously they'll grow from there once we have the the tank farm in The Bahama's in 28. Wade, I'll just leave you with the advantage in the Caribbean, if we've never been clear with it, is you've got to take full parcels from the U.S. and then deliver it to your staging areas. That's the advantage we have. People delivering ISOs from the United States are never going to compete with the logistical efficiencies of what we're building. So I do want you all to understand that. No doubt. I appreciate that. That sort of leads me into the next question on supply. Dang it. You know it's something, right? I mean, I know you have, what, 35, 40 TPTUs, a contract with Plaquemines. I'm just kind of curious. I mean again, especially considering the growth in Jamaica, now this Bahamas contract, any Presumably, you guys are looking to lock in some more supply, any way to tie in Columbia. Again, any kind of color on the supply side would be great. Thank you. You know, Wade, we're obviously – you're right. We do have Blackman's coming on next year. We are more than covered near term for this, but we will always be looking for, you know, we're in the business of buying the LNG that our customers want, almost uniquely among energy or LNG companies. That's what we do. We buy the LNG that our consumers wish to receive through our infra, you now, full stop. That's our mission in life. we're grateful with where the portfolio the matched portfolio that we're building as part of that and obviously we will continue to do that as our customers needs expand your next question comes from the line of Eli Jasson with JP Morgan. Your line is open. Please go ahead. Hey, good morning, everyone. Just wanted to think about the shifting geopolitical landscape with respect to other markets where you might think about, you know, terminal integrations and a broader, you know, integration opportunity. Is there any kind of shifting within your thinking of where those opportunities might make sense and if we could see incremental terminal announcements next year. Thanks. I mean, Eli, this is Stephen. I hope we've made clear, like, we're global, man. It's everything from Caribbean, LATAM, uh the arabian gulf uh south asia southeast asia i mean nothing's changed we've we like having a diversified global portfolio that's part of what we hope investors find appealing uh to us you know not a shop with all eggs in one basket at all uh just a very balanced uh division across the global footprint. So I do think, I mean, but if you take a step back, Eli, I mean, look at what's going on this year. I mean it's kind of crazy. Like 2025 through October, 357 MTPA of production, LNG globally. This year through October 348. You know, that's with Hormuz. So even with Hors Mousse, you've got a global supply that's been stepping up. And all we're going to see is that's going to continue. So I think what your question, if I take a step back, it's basically, is there going to be a thirst for LNG? And is that thirst for LNG widespread across the world. And we believe it is. It is. And it's a good time to remind everybody, you know, with all due respect for the quants, we don't care what the price of LNG is. You know, we're buying and selling and doing so with fixed margins whenever we can. We don't mind if TTF goes down. I mean, shockingly, we are probably the only energy company in Houston, we don't care if Henry Hub goes down. In fact, we kind of like it. So we want all of the world to be thirsty. And the thirstier they get, we will be deploying assets, terminals to generate pull-through demand in those markets. But I wish I could say that we like one market more than the other, but it's going to turn on the fundamentals of the individual opportunity. Got it. And then if we think about kind of the increasingly sequenced growth strategy you guys have outlined and more contracted EBITDA as we turn to next year and think about guidance, obviously early to give guidance, but just is there contemplation to maybe extend the outlook or kind of provide a runway into later in the decade of what EBITda growth might look like? Hey, Eli, this is Dana. I can take that. I mean, obviously, we aren't releasing guidance until February of next year, but we have outlined the building blocks. And just to kind of refresh you on that, you know, the ROC obviously is a very successful project, roughly 100 million of EBITDA run rate. That's without any upside. We've obviously got Columbia with a 35% uplift. We've got the FSRU conversion coming out in 2028. And then we've talked a lot about our Bahamas project, which is part of our overall Caribbean strategy. We've talked about the EBITDA growth plans for that, which we've said previously is 80 to 110 million. So when you layer that all in by 2029, those building blocks add up to anywhere between 250 to 300 million of growth in EBITTA. Obviously, we think there's more to come with other projects and potential upside, but that I think we'll continue to reiterate that as whether or not we'll give multi-year guidance. I mean, that's something we're still thinking through, but we'll, we'll continue to provide those building blocks and those numbers to you guys as much as we can. Awesome. Really appreciate the color. Thank you. Your next question comes from the line of Chris Robertson with Deutsche Bank. Your line is open. Please go ahead. Thank you. Good morning, everybody. Thank you for taking my questions. I just wanted to hone in on Bahamas a little bit more in terms of your partner there, Axto, and what presumably they're not the final end user. So wondering if you could comment what they plan to do with the initial offtake. Is this more going into the marine bunkering that Stephen alluded to earlier, or is it for PowerGen or a mix of both? And what exactly will they do with it? You know, Chris, I don't think that's really our place to talk about. You can likely form a view on it. There are all kinds of advantageous last quarter mile destinations in the Bahamas, but I'm going to let, I'm sure there'll be further announcements from the Axto side on this, and I don't want to steal their thunder from them, so we'll let them do that. But we are excited, and just to be clear, we may end up with some bunkering assets in the future, but we kind of like being agnostic as to who's actually loading it onto the ship. So I think our vision at this point is kind of last mile rather than last 500 meters. And you can look for us to continue along that. So apologies for this, but I'm sure there'll be some further announcements from the AXDO side and we'll let them have that opportunity. Now, I think you're reading my mind, Stephen, because I was coming into a question here leading off that one, which was, as you look around the world in terms of marine LNG bunkering opportunity, Obviously, you have some assets sitting in Europe at the moment with some major ports and infrastructure there, including Rotterdam, etc. But as you look around at some of the more major port areas, of course, Bahamas is known for large cruise ships and other things like that. But looking at Singapore, Rotterdom, Shanghai, etc., are there any places like that where LNG bunkering infrastructure opportunities are interesting to accelerate? I think there will be more in the Caribbean. You are an expert on these subjects, Chris. I think I mentioned it earlier. It's going to be 1,500, 1,600 LNG-capable fueled assets on the water. Those typically have fuel tanks of 12,000 cubic meters to I think 18,000 cubic meters on the design of the vessel. These are enormous quantities of LNG, you know, and I always I love Shell's annual outlook and forecast. You know, they're they're talking about LNG bunkering demand reaching 27 MTPA by 2035. I mean, it's just it's extraordinary. And and we will we'll want to have infrastructure assets that will give us an advantage on creating pull through demand for LNG through those. And we think we can assist people who want to Have that last 500 meter connection by giving them an advantaged logistical cost of of reaching those end users. So, as with much in the Caribbean, Caribbean is a way to prove up the advantage of an interconnected hub, and then you want to take your show on the road and put it to use elsewhere. But this will be a global opportunity. At this point, we're kind of laser-focused on Caribbean. Absolutely. I appreciate the color, Stephen. Thank you. your next question comes from the line of michael shala with stevens your line is open please go ahead good morning i want to get your latest thoughts on the shannon doe are you still contemplating a potential conversion for it and could it be a candidate for the fsu that you're going to be putting in the bahamas in the second half of 28 hey mike um this is steven it certainly can be a candidate for that we are we're looking at that through the lens of our other fleet commitments you know Atlantic Basin requirements all kinds of factors so we don't have to make the call right now Shenandoah would be an excellent candidate for that but there are a number of other assets out there that we're evaluating as well so you know coming up before too long we will make that call and share it with you just not in a position to do so today got it and then uh i want to go back to the pat cam the conversion there you've selected a couple of companies ctram and ngs for for work on that can you give us some idea of what went into that selection process for those companies have either of them done a conversion before you break a new ground here and just trying to get a sense for the the risk and maybe some of the milestones to look forward to there. I'll let David take that. I'm pretty sure I'm hoping we're not breaking any new ground. Absolutely not. So thanks for the question, Michael. The C-Trium shipyard is, they've really done the lion's share of all the conversions in the industry. They are leading the industry in that type of project. So we're very comfortable with the selection of ctrium we're very uh happy with the partnership that we formed with them and we look forward to a successful um construction program in terms of nordgas uh ngs this is the former uh wortsilla group they also have done uh this type of work for uh you know i i would consider them the the leading company in doing this type of work. We also have a long-running history with them, a very good relationship and a partnership that we value. We're going to use them for the PAC-CAM. We're also using them for their reliquary faction modules that have gone together very well for the experience work that's upcoming in next quarter. So we're really pleased with the selection of both of those contractors or contracts. And, you know, it just gives us a lot of confidence in how this project is gonna be executed. Sounds good, thank you. We have reached the end of the Q&A session. I will now turn the call back over to Stephen Kobos for closing remarks. Thank you all for joining us today. I think a lot of good ground cover today. Dana Armstrong's comment on building blocks, I want to reiterate that for you all because I think it's important. Basically those building blocks to repeat are Iraq, Columbia, the FSRU conversion, reliquifaction deal on experience, reliquification deal on Sequoia, the Bahamas Hub project, and other Jamaica Caribbean growth. If you take all those building blocks we've pointed to, we expect EBITDA by 2029 to be between incremental growth EBIT of 250 to 300 million. So I don't want anyone to miss that. That's stuff that's happening, that's stuff, that's coming down the pike and we feel comfortable with laying that out with this clarity. So with that, we'll end the call. We'll see you guys on the road. This concludes today's call. Thank you for attending. You may now disconnect.