Ayer estaba leyendo la Conference Call de DLNG y me sorprendió una pregunta del analista de Morgan Stanley ya que pone en duda la rentabilidad de los contratos multianuales de LNG. Como muchos del Foro, llevo TGP pero, como ya he comentado otras veces, con bastantes dudas. Ante una inversión aparentemente tan obvia me extraña que seamos más listos que el mercado y pienso que se nos escapa alguna variable.
Fotis Giannakoulis, Morgan Stanley, Research Division - VP, Research [21]
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And one last question, given your group's involvement across different sectors and also your focus on LNG, yesterday, one of your peers was questioning the available returns on long-term LNG shipping contracts. They think that they are not very attractive buying an LNG carrier and putting it into a multiyear contract. Is this your view? Do you see that there is some return compression or some increase in the cost of capital that makes long-term charters not particularly attractive? Is there any sort of potentially, given the strengthening of the spot market trying to have a more exposure in the spot market if it's possible?
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Michael Gregos, Dynagas LNG Partners LP - CFO [22]
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It's true. I mean, on the conventional shipping side, that means the deals that we have seen, the economics are not something that we would do. But -- so it is true that there are very slim margins in the -- let's say, in the conventional LNG business and this is why we're very active in this niche ice class trade where the economics are obviously, much better. The spot market is very interesting. I mean, obviously, everyone knows that the spot market is extremely strong. The -- obviously, we're not actively involved in this market but -- and I cannot tell you we will actively get involved in this market but all I can say it is we believe that at least in 2019, the spot market will continue and maybe in 2020, you will see a reversion to more normalized rates.
Road, como epecialista en el sector, que opinas de esa pregunta?
