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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.

Sep 15, 2026

speaker_0MODERATOR
7:07
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?
7:22
So for us, the two most recent investments we've made, we quietly entered the LNG sector over the summer.
7:33
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.
7:44
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.
7:59
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.
8:08
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.
8:19
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

speaker_0MODERATOR
25:20
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.

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