Value Investor's Edge Live #16: Virtual Investor Forum on COVID-19 and Oil Price War, With Teekay LNG Partners Management
The Razor’s Edge - Podcast autorstwa Shortman Studios
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The last time J Mintzmyer and Value Investor's Edge hosted a virtual investor forum featuring industry analysts, management teams, and investors, all the way back in January 2020, it was like another world. IMO 2020 was still the buzzword, post New Year cyclicality was driving behavior, and coronavirus looked like it was a local issue in China. Meanwhile, a virtual investor forum proved to be quite ahead of the curve. A lot has changed in two months. So, last week Mintzmyer and team hosted 15 guests ranging from industry analysts to investors to management teams, with a look at how the shipping situation has changed. The second public episode features Teekay LNG Partners' (TGP) management team, namely CEO Mark Kremin and CFO Scott Gayton. They discuss how their capital allocation looks under the current climate and whether there are any counterparty risks investors should watch out for. Topics Covered 2:00 minute mark - Direct Coronavirus impacts to current work environment? 5:00 - Any direct COVID-19 impacts to TGP itself? 7:15 - Any fundamental changes for LNG shipping? Oil price war impact? 9:00 - Any shift in longer-term growth projects yet? Qatar plans? 10:45 - Concern for counterparties? Force majeure risk? 14:30 - Any exposure left to non-investment grade counterparties? 18:30 - Additional ‘deep dive’ into contracts regarding force majeure? 21:00 - How has this market shifted capital allocation priorities? 24:00 - Reiterating full dividend stability at $0.25/qtr? 25:15 - Opportunistically repurchasing units here? Higher volumes? 27:00 - Is the NOK bond market still open? Revolver extension? 30:15 - Any interest in repurchasing the preferred equity? 33:45 - Any interest in consolidation or equity plays in other firms? 34:30 - Midsize LPG rates holding up? 36:00 - When do forward LNG rates start to matter? 38:00 - Asking for a ‘full pledge’ to keep the dividend regardless of price.
