Cobas AM: Nueva Gestora de Francisco García Paramés

https://seekingalpha.com/article/4393940-teekay-on-lng-markets-podcast-transcript

TGP...a ver si hay un alma caritativa q les entienda...

https://seekingalpha.com/article/4393940-teekay-on-lng-markets-podcast-transcript 

Barajando más cortos en Nasdaq. Esperando el 13000.  
https://twitter.com/SocialSicav/status/1338418132692635650?s=19

Gracias @bacalo y @richard-lukonde

De aquí van a sacar otros 100m$ en 12-24 meses vendiendo los barcos LPG.

For that sector, we're relatively fixed out. For that sector, I forget the exact percentage, I'll get them during this call, as they look through my notes. Maybe Scott has them, but we're relatively fixed out and feeling good about the EXMAR side. The other side of our business is non-core. We, as some investors know, repossessed a petrochemical fleet, seven small ships, the total fleet is worth a little over $100 million, about half the amount of an LNG carrier.

And the rates have not firmed, like the LPG side or the LNG side. And there, we're still earning around $10,000 a day or so. As I said, we don't have a lot invested. We don't have a great outlook on it. And it is non-core. So, although we're large enough not to have to be too excited about selling the ships until there's a right price.

When there is a right price and I don't expect that this year, maybe not even next year, hopefully in the next year, we'll look to sell the ethylene fleet

Desapalancamiento. Me ha gustado mucho, no parece que vayan a continuar acelerando el desapalancamiento más allá del plan de amortización planificado.

 

JM: Let's talk a little bit about capital allocation and your leverage targets. You've had this sort of target range of 4.5 to 5.5 for about two years now. Is there any shift to that target leverage range? Is that still valid? Or do we need to start thinking about something more like 4 to 5 or 4 to 4.5?

SG: Yeah. Thanks, Mark. So J, on our leverage targets, you're right we have for the last couple of years now been pointing to a net debt to or an EBIT-to-debt leverage target of 4.5 to 5 times and we haven't made any changes to it. We are still grinding our way towards it, making good progress. We're delevering by I think this quarter alone, it was about $100 million. And we do see around $300 million on a total consolidated basis.

So, including all of our joint ventures which is how we measure our leverage targets. And we are making good progress towards that. I do think that we're going to be within the upper end of that range sometime next year. And then, we'll continue to make our way through that leverage target just simply through the regular amortization that we have, that goes on every day and every year.

And then, have there been any changes to it? There’s no change to it. It's something that we do evaluate, probably every year. And we're trying to make sure that we're being thoughtful and being consistent the way that we apply it. We have seen and have heard from some, I would say, more U.S. pipeline based investors of is 4.5 to 5.5 the right range should that be lowered, and we still carrying too much leverage at that level.

And I think that after we explained that, this is a very different business. We do have zero commodity exposure, and I think a lot of it online pipelines have kind of shown that they do have a little bit of pipeline or a little commodity exposure. Our assets are movable, and our contract lengths are a lot longer. And so, if we look right now, we're over 10 years in contract length with the backlog that we have.

And so because of that, we do think that we can carry higher leverage than your average other MLP, which are really working towards a lower level. So, right now, we're feeling pretty good about our ability to meet the goals. And we haven't moved those goalposts at all, despite the volatility that we have seen in the broader energy markets.

Because our business is, as we talked about yesterday, has actually been very resilient. We expect to meet our 2020 guidance that we put out almost to the day, last year. So you can imagine the craziness that ensued since that time. And here we are just quietly going about our business and expecting to meet guidance that we put out a year ago.

So because of that stability, I think we feel pretty good about the leverage range that we've got. 

No van a recomprar acciones

Yields preferred they got down to 12 bucks 13 bucks. That would have been a great buy. And then common obviously went down as low as 7. So it would have been great if we had had the liquidity that we do today and the confidence in our business and that liquidity position to, to really step in. So, I think what you're going to see is we're going to be patient. We've seen the markets recently hitting all-time highs.

And I think, stepping in at these levels, it does make sense. But it makes even more sense to step in, should our securities end up in those distressed positions due to some serious market dislocation. So I think we'll be patient. But we understand the math.

Hasta Febrero no comunican el dividendo de 2021

 And we will look at doing something next year. And I think that that February timeline, I think we report Q4 at the end of February is probably about right