N
Nicholas Tiragalis
Nicolas Tirogalas, Group CEO of Tufton Investment Management and former Managing Director of TMS Cardiff Gas, is a shipping industry executive and frequent Capital Link Forum speaker.
1
APPEARANCES
1
PODCASTS
012
DEC 30
JAN 6
JAN 13
JAN 20
JAN 27
FEB 3
FEB 10
FEB 17
FEB 24
MAR 3
MAR 10
MAR 17
MAR 24
MAR 31
APR 7
APR 14
APR 21
APR 28
MAY 5
MAY 12
MAY 19
MAY 26
JUN 2
JUN 9
JUN 16
JUN 23
JUN 30
JUL 7
JUL 14
JUL 21
JUL 28
AUG 4
AUG 11
AUG 18
AUG 25
SEP 1
SEP 8
SEP 15
SEP 22
SEP 29
OCT 6
OCT 13
OCT 20
OCT 27
NOV 3
NOV 10
NOV 17
NOV 24
DEC 1
DEC 8
DEC 15
DEC 22
DEC 29
JAN 5
JAN 12
JAN 19
JAN 26
FEB 2
FEB 9
FEB 16
FEB 23
MAR 2
MAR 9
MAR 16
MAR 23
MAR 30
APR 6
APR 13
APR 20
APR 27
MAY 4
MAY 11
MAY 18
MAY 25
JUN 1
JUN 8
JUN 15
JUN 22
JUN 29
JUL 6
JUL 13
JUL 20
JUL 27
AUG 3
AUG 10
AUG 17
AUG 24
AUG 31
SEP 7
SEP 14
SEP 21
SEP 28
Sep 15, 2026
2026 18th Annual Capital Link Shipping & Marine Services Forum | Shipping is Cash Rich
S
7:07speaker_0MODERATOR
How do you approach that challenge? Is it more by looking at specific sectors or specific corporate situations or assets? Or is it more around kind of deal structuring and protecting yourself that way?
N
7:22Nicholas TiragalisGUEST
So for us, the two most recent investments we've made, we quietly entered the LNG sector over the summer.
N
7:33Nicholas TiragalisGUEST
And that took a lot of, it's been a couple of years now that we have been looking at the space and because we at the moment are not running the type of capital that gives you 8% levered returns.
N
7:44Nicholas TiragalisGUEST
We had to wait and look and find the deal and structure it in a way that provides you good downside protection, but also generates the returns that are in the sort of mid-teens type of returns.
N
7:59Nicholas TiragalisGUEST
In order to do that, okay, you're not going to build a new building because, you know, against that, you would need charters that would provide very low returns.
N
8:08Nicholas TiragalisGUEST
But you would probably look at what today is more tier two in the LNG space, which is 12, 10, 11, 12-year-old ships.
N
8:19Nicholas TiragalisGUEST
But that one knows if you have downside protection with some optionality in there over the next 10 years, you can expect a point in time when the market is going to um turn because the lng spot market at the moment is not is below break even and and realize that um further upside so i think you know hanging around the hoop and uh being out there actively doing a lot of face-to-face ai cannot replace that um is one way to go about it
16 MINS LATER
S
25:20speaker_0MODERATOR
The kind of comparison let's say between private structures and public companies in the sector, and you obviously have experience in both and currently running both so how would you differentiate between the two, and is there a benefit of one versus the other, for accessing the sector.