Jerry Kalogiratos: I think we will definitely be open to all kinds of transactions. It could be a vessel by vessel and as we know very well to do or it could be a bigger transaction involving not just cash. We will definitely be open, but we will of course look at every transaction in its merits. Overall, what you see is that both liner companies, as well as containership owning companies have done obviously very well over the last couple of years. And as such, there is additional liquidity. Our assets are very attractive assets. I mean, our 15,000 TEU containers today, if you wanted to build them, probably the value could be closer to $150 million, $160 million. So there is the replacement costs that really led the generation ships with 10-year charters to very good names.
Our 5000 white beam ships are very much in demand. Our 10,000 TEU ships, which again have long-term charters. We have recently modified their bow and installed the scrubbers and they have good cash flow. So there’s quite a lot of quite attractive assets. And we think that they are out a number of different players with different motives that might want to invest in those type of assets. But to your question, absolutely open as to how we will do it and when we will do it.
Omar Nokta: Okay. Thank you. And then maybe just a follow-up on the LNG contract market and Spyros went over, you know, plans on, being able to fix out and obviously these are good shifts. I just wanted to ask kind of in terms of liquidity in the term market as it is now then you start have plenty of time until the delivery of these ships. But just kind of if you can give a sense of what does the liquidity look like right now in the term charter market for LNG vessels, especially new buildings. It does sound like perhaps a year ago, there was a good amount of activity. Things perhaps have slowed, but just wanted to get your sense on what does the liquidity look like right now in the term market?
Jerry Kalogiratos: Spyros, you want to take that?
Spyros Leoussis: Yes. Hi, so, I think that, you know, last year, we saw liquidity on the back of a number of, spec open vessels that were shipping the market at the same time. Now I think the number of those open vessels, it’s going down and states we are probably talking ‘26, ‘27. I think up to now, we’re still competing against the project ships, meaning vessels that will place an order specifically for the project that we’ll be shipping. I think we’re going forward. We would probably — we expect to see increased liquidity. As I said, the main driver for that will probably be replacement — fluid replacement project. A lot of servers, especially in the Far East, which have their fleet is consistent, you know, consists predominantly from all the generation ships.
And I think these are probably the guys that would create a lot of demand for new vessels. Liquidity in the market in terms of supply. As we mentioned, there are not a lot of ships that will — that are great to the charter. I think there will be — we’ll probably have a spillover in the [DSDs] (ph). So affecting the two-stroke markets taking into let’s say pushing a bit the DSD market as well. Q – Omar Nokta Okay, thank you. That’s it from me, Spyros and Jerry. Thank you and congrats on the transaction.
Jerry Kalogiratos: Thank you, Omar.
Operator: Thank you. Our next question comes from the line of Liam Burke with B. Riley Securities. Please proceed with your question.
Liam Burke: Yes. Thank you. Hi, Jerry. Hi, Spyros.
Jerry Kalogiratos: Hi, Liam.
Liam Burke: Jerry, how much do you do you anticipate any significant hurdles on converting from an MLP to a traditional corporate structure?
Jerry Kalogiratos: Not really. I think it’s only a question of capital maritime, the GP and the special committee of the board now sitting down to negotiate the terms and the form that the corporate governance will take going forward. Both sides have committed to do this within six months. And I personally, I think this is going to be an important step in this process as we will leave the MLP mantle behind us if you want.
Liam Burke: Fair enough. Does it affect any of your debt agreements when you make that conversion from an MLP to a corporate?
Jerry Kalogiratos: Well, we’ll examine, all this in more detail over the coming months we do not expect to have any triggers, but of course, this will be part of the analysis going forward.
Liam Burke: Great. Thank you, Jerry.
Jerry Kalogiratos: Thank you, Liam.
Operator: Thank you. [Operator Instructions] Mr. Kalogiratos, I don’t see any other questions at this time. I’ll turn the floor back to you for final comments.
Jerry Kalogiratos: Thank you all for joining us today on this slightly longer call than usual. We are always available, if there are additional questions after this call, please don’t hesitate to reach out. Thank you.
Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.
