DHT Holdings Inc (DHT) 2024 Q3 法說會逐字稿

Thank you. Good morning, and good afternoon, everyone. Welcome, and thank you for joining DHT Holdings third quarter 2024 earnings call. I'm joined by DHT's President and CEO, Svein Moxnes Harfjeld. As usual, we will go through financials and some highlights before we open up for your questions. The link to the slide deck can be found on our website, dhtankers.com.

謝謝。大家早安，下午好。歡迎並感謝您參加 DHT Holdings 2024 年第三季財報電話會議。DHT 總裁兼執行長 Svein Moxnes Harfjeld 也加入了我的行列。像往常一樣，在回答您的問題之前，我們將先介紹財務狀況和一些要點。幻燈片的連結可以在我們的網站 dhtankers.com 上找到。

Before we get started with today's call, I would like to make the following remarks. A replay of this conference call will be available on our website, dhtankers.com, until November 20. In addition, our earnings press release will be available on our website and on the SEC EDGAR system as an exhibit to our Form 6-K.

在開始今天的電話會議之前，我想發表以下演講。本次電話會議的重播將於 11 月 20 日之前在我們的網站 dhtankers.com 上提供。此外，我們的收益新聞稿將在我們的網站和 SEC EDGAR 系統上發布，作為我們 6-K 表格的附件。

As a reminder, on this conference call, we will discuss matters that are forward-looking in nature. These forward-looking statements are based on our current expectations about future events as detailed in our financial report. Actual results may differ materially from the expectations reflected in these forward-looking statements. We urge you to read our periodic report available on our website and on the SEC EDGAR system, including the risk factors in these reports for more information regarding risks that we face.

提醒一下，在這次電話會議上，我們將討論前瞻性的問題。這些前瞻性陳述是基於我們目前對財務報告中詳述的未來事件的預期。實際結果可能與這些前瞻性陳述中所反映的預期有重大差異。我們強烈建議您閱讀我們網站和 SEC EDGAR 系統上提供的定期報告，包括這些報告中的風險因素，以獲取有關我們面臨的風險的更多資訊。

As usual, we will start the presentation with some financial highlights. Our balance sheet remains in excellent health, with low leverage and significant liquidity. At quarter end, financial leverage was 17.6% based on market values for the ships and net debt was $13.9 million per vessel, well below estimated residual ship values. The third quarter ended with total liquidity of $264 million, consisting of $74 million in cash and $190 million available under our revolving credit facility.

像往常一樣，我們將以一些財務亮點開始演示。我們的資產負債表保持良好健康狀態，槓桿率較低，流動性充足。截至季末，根據船舶市場價值計算，財務槓桿率為 17.6%，每艘船的淨債務為 1,390 萬美元，遠低於估計的剩餘船舶價值。第三季末的流動資金總額為 2.64 億美元，其中包括 7,400 萬美元現金和循環信貸額度下的 1.9 億美元。

Now over to the P&L. We are pleased with the results for the quarter. We achieved revenues on TCE basis of $92.6 million and EBITDA of $70.4 million. Net income came in at $35.2 million, equal to $0.22 per share. Vessel operating expenses for the quarter were $19 million and G&A for the quarter was $4.2 million.

現在轉到損益表。我們對本季的業績感到滿意。我們的 TCE 收入為 9,260 萬美元，EBITDA 為 7,040 萬美元。淨利潤為 3520 萬美元，相當於每股 0.22 美元。本季船舶營運費用為 1,900 萬美元，本季一般管理費用為 420 萬美元。

For the third quarter, the average TCE for all vessels in the spot market was $43,700 per day, while the spot vessels under 15 years of age achieved earnings of $47,600 per day. The vessels on time charters made [$38,800] per day, while the average combined TCE achieved for the quarter was $42,400 per day.

第三季度，現貨市場所有船舶的平均 TCE 為每天 43,700 美元，而 15 年以下的現貨船舶每天的收入為 47,600 美元。定期租船的船舶每天賺取 [38,800 美元]，而本季實現的平均總 TCE 為每天 42,400 美元。

Net income for the first nine months of 2024 was $126.7 million, equal to $0.78 per share. For the first nine months, our spot vessels achieved $50,100 per day, while the average combined TCE came in at $47,400 per day. The spot vessels under 15 years of age achieved earnings of $52,800 per day for the first nine months.

2024 年前 9 個月的淨利潤為 1.267 億美元，相當於每股 0.78 美元。前 9 個月，我們的現貨船每天的收入為 50,100 美元，而平均總 TCE 為每天 47,400 美元。船齡 15 歲以下的現貨船前 9 個月每天的收入為 52,800 美元。

And then over to the cash flow. The cash flow for the third quarter of 2024 was stable, and we started the quarter with $73 million in cash. We generated $70 million in EBITDA. Ordinary debt repayment and cash interest amounted to $15 million, and $43.6 million was allocated to shareholders through a cash dividend, while $2 million was used for maintenance CapEx.

然後轉向現金流。2024 年第三季的現金流穩定，本季初我們的現金為 7,300 萬美元。我們產生了 7000 萬美元的 EBITDA。普通債務償還和現金利息總計1500萬美元，4360萬美元透過現金股息分配給股東，200萬美元用於維持資本支出。

We paid second installments for two of the newbuildings amounting to $25.8 million, while $15.3 million was related to positive changes in working capital, and the quarter ended with $74 million in cash.

我們為兩座新船支付了第二期付款，金額為 2580 萬美元，其中 1530 萬美元與營運資本的積極變化有關，本季末現金為 7,400 萬美元。

Switching to capital allocation. DHT has a well-defined capital allocation policy. And in line with our policy, we will pay $0.22 per share as a quarterly cash dividend equal to 100% of ordinary net income. The dividend will be payable on November 29, to shareholders of record as of November 22. This marks the 59th consecutive quarterly cash dividend, and the shares will trade ex dividend from November 22.

轉向資本配置。DHT有明確的資本配置政策。根據我們的政策，我們將支付每股 0.22 美元的季度現金股息，相當於普通淨利潤的 100%。股利將於 11 月 29 日支付給截至 11 月 22 日在冊的股東。這是連續第 59 次季度現金股息，該股將從 11 月 22 日起除息交易。

On the left side of this slide, we present an update on estimated P&L and cash breakeven rates for 2025. P&L breakeven for the full year is estimated to $26,500 per day for the fleet, where the cash breakeven is estimated to $20,000 per day, with a projected $6,500 per day per ship in discretionary cash flow after dividends. So assuming the vessels earn P&L breakeven, this means about $56.5 million in discretionary cash flow for the year.

在這張投影片的左側，我們展示了 2025 年預計損益和現金損益平衡率的最新資訊。船隊全年損益平衡點估計為每天 26,500 美元，其中現金損益平衡點估計為每天 20,000 美元，預計每艘船每天的股息後可自由支配現金流為 6,500 美元。因此，假設這些船舶實現損益平衡，這意味著今年的可自由支配現金流約為 5,650 萬美元。

On the right side of the slide, we illustrate the quarterly cash dividend we have returned to shareholders since we updated the dividend policy in the second half of '22. This amounts to a total of $2.19 per share.

在幻燈片的右側，我們展示了自 22 年下半年更新股利政策以來我們返還給股東的季度現金股利。這總計為每股 2.19 美元。

And with that, I will turn the call over to Svein.

接下來，我會將電話轉給 Svein。

Thank you, Laila. Following up on Laila's capital allocation slide, we here present an overview on how our balance sheet has developed over the past 10-years in combination with accumulated quarterly cash dividend we have paid for the same period.

謝謝你，萊拉。繼萊拉的資本配置幻燈片之後，我們在此概述過去 10 年我們的資產負債表如何發展，並結合我們同期支付的累積季度現金股利。

Importantly, the company has also invested in its fleet in this period, including newbuildings, secondhand acquisitions and an exhaust gas cleaning system program for the entire fleet. Say for the ships for shares transaction in 2017 when we acquired BW's VLCC fleet, which proved to be an excellent investment. We have not issued equity in the market since the fall of 2014.

重要的是，該公司在此期間還對其船隊進行了投資，包括新造船、二手船收購以及整個船隊的廢氣清潔系統計劃。就拿2017年的船舶入股交易來說，我們收購了BW的VLCC船隊，事實證明這是一項出色的投資。自2014年秋季以來，我們就沒有在市場上發行過股票。

The leverage level is illustrated by the yellow line and measured in percentage of book values. It was 48% at the start of this period and went up to the mid-50s in 2018, following the mentioned fleet expansion in 2017. The general freight market in 2020 enabled us to reduce the debt level by about half to some 28%.

槓桿水平以黃線表示，並以帳面價值的百分比來衡量。這段時期初期為 48%，繼 2017 年上述機隊擴張後，2018 年上升至 50% 左右。2020年的一般貨運市場使我們的債務水準減少了約一半，達到約28%。

The green bars present the accumulated quarterly cash dividends for each year in which the quarterly cash dividend was paid. Again, you will note that 2020 was a generous year, with substantial profits resulting in significant dividends. Stating the obvious, we paid out significant dividends and invested in the balance sheet at the same time.

綠色條代表支付季度現金股利的每年累積的季度現金股利。您會再次注意到，2020 年是豐收的一年，豐厚的利潤帶來了豐厚的股息。顯而易見的是，我們支付了大量股息，同時投資於資產負債表。

Over the 10-year period, we have paid out a total of $750 million in quarterly cash dividends. The last two periods, 2023 and 2024 year-to-date, illustrates how the present capital allocation policy implemented during the fall of 2022 with 100% of ordinary net income being paid in quarterly cash dividends has played out.

十年來，我們總共支付了 7.5 億美元的季度現金股利。2023 年和 2024 年迄今的最後兩個時期說明了 2022 年秋季實施的現行資本配置政策的效果，其中 100% 的普通淨利潤以季度現金股息的形式支付。

Here with the updated bookings to date for the fourth quarter for the company. We expect to have 596 time charter days covered for the fourth quarter at $40,000 per day. This rate assumes the base rate and profit sharing for October and November for the 2 times charter contracts that have this feature and the base rate only for December.

這裡是該公司第四季迄今的最新預訂情況。我們預計第四季期租租期為 596 天，每日租金為 40,000 美元。此費率假設具有此功能的 2 次包機合約的 10 月和 11 月的基本費率和利潤分享以及僅 12 月的基本費率。

We assume 1,610 spot days in this quarter, of which 64% have been booked at an average rate of $41,000 per day. Our ships that are younger than 15 years of age have been booked at $44,800 per day. You will note that we have improved the rates on the bookings when compared to our business update on October 9, an excellent effort from the DHT team given the general market softened during this period.

我們假設本季有 1,610 個現貨日，其中 64% 已被預訂，平均價格為每天 41,000 美元。我們船齡 15 年以下的船舶的預訂價格為每天 44,800 美元。您會注意到，與 10 月 9 日的業務更新相比，我們提高了預訂費率，考慮到在此期間整體市場疲軟，DHT 團隊做出了出色的努力。

The spot P&L breakeven for the quarter is estimated at $21,500 per day, a number that should assist in estimating the net income contribution from our spot fleet. And some market commentary. Everyone is, of course, waiting for the seasonal upturn. We note that during the last two years, the first quarter offered the highest rates.

本季度的現貨盈虧平衡點估計為每天 21,500 美元，這個數字應該有助於估計我們現貨船隊的淨利潤貢獻。以及一些市場評論。當然，每個人都在等待季節性好轉。我們注意到，在過去兩年中，第一季的利率最高。

Chinese economic growth and oil demand have year-to-date not met projections. Whilst China is deploying various inducements to its economy, we are yet to see whatever it takes levels of economic policy changes and stimuli. The stimuli announced last week focused on resolving debt levels. It did not address a needed boost to consumption. Chinese officials indicated that the next step would be significant and endeavor to, amongst others, address lackluster consumption.

中國經濟成長和石油需求今年迄今未達預期。儘管中國正在對經濟採取各種激勵措施，但我們尚未看到經濟政策變化和刺激措施的程度。上周宣布的刺激措施重點在於解決債務水準。它沒有解決必要的消費刺激問題。中國官員表示，下一步將採取重要措施，其中包括解決消費低迷問題。

It has been suggested that China will, to some extent, seek to tailor the next step in response to anticipated policies to be implemented by the incoming Trump administration. As the world's second largest economy, we do think it's reasonable to expect efforts from China, which should revitalize the economy and lead to increased consumption, including an uptick in oil demand.

有人建議，中國將在某種程度上尋求調整下一步措施，以應對即將上任的川普政府將實施的預期政策。作為世界第二大經濟體，我們確實認為中國的努力是合理的，這應該會振興經濟並導致消費增加，包括石油需求的增加。

The result of the US election leads us to expect certain policy changes that we think will be constructive for our business. Tightening of Iranian sanctions that should reimpose pressure on Iranian oil exports, barrels that could be replaced by other Middle Eastern producers. Should this play out, the transportation work which shifts from the shadow fleet to the compliant fleet; reversal of current decarbonization regulations, implying higher medium-term demand for fossil fuels in general towards 2030. And pro-drilling policies should further stimulate US production growth and exports.

美國大選的結果使我們預期某些政策將會發生變化，我們認為這些變化將對我們的業務產生建設性影響。收緊伊朗制裁應該會對伊朗石油出口重新施加壓力，而伊朗的石油出口可能會被其他中東生產商取代。如果這種情況發生，運輸工作將從影子車隊轉移到合規車隊；扭轉目前的脫碳法規，意味著到 2030 年對化石燃料的中期需求總體會上升。支持鑽探的政策應該會進一步刺激美國的產量成長和出口。

By restraining production, OPEC plus aims to balance the market and support prices, especially in the face of increasing competition from Atlantic Basin producers. This strategy also includes targeting Asian customers' inventory levels of crude oil below the five year average, creating a tighter market for when economic conditions improve.

透過限制產量，歐佩克+旨在平衡市場並支撐價格，特別是面對大西洋盆地生產商日益激烈的競爭。該策略還包括將亞洲客戶的原油庫存水準瞄準低於五年平均水平，從而在經濟狀況改善時創造一個更緊張的市場。

However, limited transparency in China's crude oil inventory data complicates assessment of actual levels. If Chinese inventories are indeed low as indicated and as Western inventories are relatively higher than in Asia, one should expect Atlantic-based barrels to increasingly go east. Additionally, recovering refinery margins in Asia in combination with increasing Chinese crude oil import quotas heading into next year should shift the dynamics in favor of a stronger freight market.

然而，中國原油庫存數據的透明度有限，使得對實際水準的評估變得複雜。如果中國庫存確實如所顯示的那樣較低，並且西方庫存相對高於亞洲，那麼人們應該預期大西洋的石油將越來越多地流向東方。此外，亞洲煉油廠利潤率的回升，加上中國明年原油進口配額的增加，應該會扭轉局勢，有利於貨運市場走強。

Based on positive feedback and encouragement from our key stakeholders, namely shareholders, customers and lending banks, we believe we have an appropriate strategy tailored to the structure of our markets, focusing on solid customer relations, offering safe and reliable services, maintaining a competitive cost structure with robust cash breakeven levels, a solid balance sheet and a clear capital allocation policy.

基於我們主要利害關係人（即股東、客戶和貸款銀行）的積極回饋和鼓勵，我們相信我們有適合市場結構的適當策略，專注於穩固的客戶關係，提供安全可靠的服務，保持有競爭力的成本具有穩健的現金損益平衡水準、穩健的資產負債表和明確的資本配置政策的結構。

The whole DHT team appreciates the encouragement, and continues to work hard and operate with leading governance standards and a high level of integrity.

整個DHT團隊感謝您的鼓勵，並繼續努力工作，以領先的治理標準和高度的誠信運作。

And with that, operator, I'll turn it over to you.

這樣，接線員，我就把它交給你了。

(Operator Instructions) Frode Mørkedal, Clarkson Securities.

（操作員指令）Frode Märkedal，克拉克森證券公司。

Hi Svein, I wanted to ask you about what you see in the physical sale and purchase market, secondhand value specifically. And the reason for asking is when I look at the stock price developments, given huge discounts to NAVs, the stock market seems to be factoring in quite a large decline to ship values. So basically, what are you seeing actually happening in the market today?

您好，Svein，我想問您在實體買賣市場中看到的情況，特別是二手價值。之所以問這個問題，是因為當我觀察股價走勢時，考慮到資產淨值的巨大折扣，股市似乎考慮到了運輸價值的大幅下降。基本上，您認為當今市場上實際發生了什麼？

There is very limited activity, to be frank. So the last sort of transaction we have for modern ships was when Marinakis, a Greek shipowner, sold his fleet to Bahri, the ship-owning arm of Saudi Aramco. And that transaction was, for what we know or expect, was around $1 billion, which would sort of price a five year-old ship at around $114 million, $115 million, $116 million, depending on how you sort of differentiate the different age groups.

坦白說，活動非常有限。因此，我們對現代船舶進行的最後一筆交易是希臘船東馬裡納基斯（Marinakis）將其船隊出售給沙特阿美公司（Saudi Aramco）旗下的船舶子公司巴赫里（Bahri）。據我們所知或預期，這筆交易約為10 億美元，這意味著一艘已有5 年歷史的船舶的售價約為1.14 億美元、1.15 億美元、1.16 億美元，具體取決於您如何區分不同年齡組。

So since then, no sort of modern ships have changed hands and no real sellers out there either. I'm not so sure that, that many buyers at those levels also, but there could be a couple of three. So -- but I think in general, the people that sit on these assets, they own them with very low acquisition costs, and they are also very constructive on the market. So I don't think there's a reason for those sort of -- those prices to change meaningfully. What could change that, of course, if people really lost faith in freight market, but I don't think there's any reason to do that.

因此從那時起，沒有任何現代船舶易手，也沒有真正的賣家。我不太確定這些等級的買家是否也有很多，但可能只有三個。所以，但我認為總的來說，持有這些資產的人，他們以非常低的收購成本擁有這些資產，而且他們對市場也非常有建設性。所以我認為這些價格沒有理由有有意義的變動。當然，如果人們真的對貨運市場失去信心，什麼可以改變這一點，但我認為沒有任何理由這樣做。

In the older end, say, ships that are between 15 and 20, it's a bit sideways, I would say. You had a 2007 built ship sold some 10 days ago at about [45]. This was a Japanese seller, a ship without a scrubber. So a ship of similar vintage with a scrubber 2007 built should probably then be worth [48], just pick a number.

我想說，在較舊的一端，例如 15 到 20 艘之間的船隻，有點側向。您有一艘 2007 年建造的船在大約 10 天前以大約[45]。這是一個日本賣家，一艘沒有洗滌器的船。因此，一艘具有 2007 年建造的洗滌器的類似年份的船可能應該值 [48]，只需選擇一個數字。

In between that, it's a long time since we've seen any transactions. And again, there are limited proper ships on offer. Again, I think supporting the statement that people are constructive or at least holding out for what is expected. Time charter rates are also quite attractive. So the alternative, I think, for at least some owners, is then of course, to secure time charter contracts for a year, say, to buy time if they want to sell at a later point in time.

在此期間，我們已經很久沒有看到任何交易了。再說一遍，提供的合適船隻有限。再次，我認為支持人們具有建設性或至少堅持預期的說法。期租費率也相當有吸引力。因此，我認為，至少對於一些船東來說，另一種選擇當然是簽訂一年期的期租合同，也就是說，如果他們想在以後的某個時間出售的話，可以爭取時間。

Okay. That's good color. Good to hear. The second question is you mentioned a lot of good supporting factors on the, let's say, supply, demand picture here. But what do you think about inventory buildup? We've been through like a fairly steep backwardated market. Now it seems more flattish, and people expect will come back to a contango situation quite soon, right? So what is the impact on the tanker market from that developments in your view?

好的。這顏色真好啊很高興聽到。第二個問題是，您提到了許多良好的支撐因素，例如供需情況。但您對庫存累積有何看法？我們經歷了一個相當陡峭的現貨溢價市場。現在看起來更加平淡，人們預計很快就會回到升水情況，對嗎？那麼您認為這些事態發展對油輪市場有何影響？

I think when you look at inventory levels, the levels in OECD is a bit different to some of the key economies in Asia. So -- but there's more data available on OECD and then, of course, people tend to look at that, what's available.

我認為，當你觀察庫存水準時，經合組織的水準與亞洲一些主要經濟體的水準有點不同。所以，但是經合組織有更多可用的數據，當然，人們傾向於查看可用的數據。

From what we gather from people that watch this very closely is that inventories in China are indeed not very high. And as we talked about on our prior call, inventory levels on gasoline and diesel did increase, and that has really kept a lid on crude oil inventories as runs sort of were reduced in response to very tight or lower refining margins.

從我們從密切關注此事的人士那裡了解到，中國的庫存確實不是很高。正如我們在之前的電話會議中談到的那樣，汽油和柴油的庫存水平確實增加了，這確實限制了原油庫存，因為煉油利潤非常緊張或較低，因此運行量有所減少。

So I think it doesn't take much change in demand side to really make quite a dramatic change on how the market will respond. And I guess this is OpEx game in a way. Also when we say -- I think they really have inventory levels in Asia, a strong focus on that and how they manage supply now and why this postponed. So let's see what the next meeting on December 1, will bring. But I think the longer this lasts, the stronger recovery you will likely have. That's my sort of [$0.02] on it.

因此，我認為需求方面不需要太大的改變就能真正對市場的反應方式做出相當大的改變。我想這在某種程度上是個營運支出遊戲。另外，當我們說——我認為他們在亞洲確實有庫存水平，他們非常關注這一點，以及他們現在如何管理供應以及為什麼推遲。讓我們看看 12 月 1 日的下一次會議會帶來什麼。但我認為這種情況持續的時間越長，您的恢復可能就越強勁。這就是我的[0.02 美元]。

Good. Perfect. Thank you.

好的。完美的。謝謝。

Jon Chappell, Evercore.

喬恩·查佩爾，Evercore。

Thank you. Good afternoon. Svein, first time I recall you specifically calling out your sub-15 year old vessels in the chartering activity, I think you did it twice. Clearly, a couple of older ships left in the fleet. You just talked about asset values, maybe it's a bit more squishy for vessels at that age. But given maybe that the cycle is a bit longer than the two, if you're seeing a differentiation in the rates you can earn based on the ages of those vessels, is there a plan to modernize the fleet and maybe use proceeds for some of those older ships to help finance those new builds you have in order?

謝謝。午安.Svein，我記得您第一次在租船活動中專門指出您的 15 年以下船齡，我想您這樣做了兩次。顯然，艦隊中留下了幾艘較舊的船隻。您剛才談到了資產價值，對於那個年齡的船舶來說可能會更脆弱一些。但考慮到週期可能比兩者長一點，如果您發現根據這些船隻的年齡可以賺取的費率存在差異，是否有計劃對船隊進行現代化改造，並可能將收益用於某些項目那些舊船可以為您訂購的新船提供資金嗎？

So I think the number one observation is that when you are in sort of soft patches in the freight market, then the older ships, they suffer more than a more modern ship. So you do get the sort of deltas, and part of the third quarter was certainly softish.

因此，我認為第一個觀察結果是，當貨運市場處於某種疲軟狀態時，較舊的船舶比更現代化的船舶遭受更大的損失。所以你確實得到了某種增量，第三季的部分時間肯定是疲軟的。

But keep in mind also that this summer, we fixed out one of these older ships for a one year time charter at $49,500 per day. And at that point, the freight market was a bit more balanced. So I would not -- certainly not rule out good freight opportunities for these ships, but you need the sort of sentiment to be at the right time. And these older ships, they are technically very, very good conditions. They have hardly any debt, very low book value. So in a way they would sort of contribute meaningfully if they were to be sold at some point.

但請記住，今年夏天，我們以每天 49,500 美元的價格租下了其中一艘舊船，為期一年。那時，貨運市場稍微平衡一點。因此，我不會——當然不會排除這些船舶的良好貨運機會，但你需要在正確的時間出現這種情緒。而這些老船，它們的技術條件非常非常好。他們幾乎沒有任何債務，帳面價值非常低。因此，在某種程度上，如果它們在某個時候被出售，它們將做出有意義的貢獻。

As you know, as we mentioned, we do have the new buildings coming in the first half of 2026, so we think sort of that delivery schedule jives well with sort of when these older ships close in on 20. So it might be that we will elect to divest a couple of them in the next few months or one year. And that capital can, of course, be used to the new buildings, it can also be used to other things. So it's part of our plan, but it has to be the right opportunity, and there could also be other good opportunities to charter out these ships. So let's see what makes more sense when the decision time is up.

如您所知，正如我們所提到的，我們確實有新建築將於 2026 年上半年竣工，因此我們認為交貨時間表與這些舊船接近 20 時的情況非常吻合。因此，我們可能會選擇在未來幾個月或一年內剝離其中幾個。當然，這些資本可以用於新建築，也可以用於其他事情。所以這是我們計劃的一部分，但必須是合適的機會，也可能有其他好的機會來租用這些船隻。因此，讓我們看看當決策時間到了時什麼更有意義。

Okay. And also, I mean you mentioned the time charters, not only did you get the [$49,500], but for the Lion, you got $55,000. I understand it was different market sentiment again. But given the little softness right now, have you seen a vast change in the rates that are available for time charter? And again, would you look for other opportunities, like which you have for the Lion, to lock in more given maybe some of the greater volatility in the spot market today?

好的。而且，我的意思是，您提到了定期租船合同，您不僅獲得了 [49,500 美元]，而且對於 Lion，您還獲得了 55,000 美元。我知道這又是不同的市場情緒。但考慮到目前的疲軟情況，您是否看到期租租船費率發生了巨大變化？再說一遍，考慮到當今現貨市場的波動可能更大，您是否會尋找其他機會（就像您為獅子提供的那樣）來鎖定更多？

I would say that the bid ask spread has widened a bit. So the ask is probably unchanged, but the bids are a tad lower, reflecting the stock market. But I think increasingly customers, big oil, they recognize the demography of the fleet, whereby it's aging quite quickly and that significant portions of the fleet are controlled by state-owned entities that service their own needs.

我想說的是，買賣價差已經擴大了一些。因此，要價可能沒有變化，但出價略低，反映了股市的情況。但我認為，越來越多的客戶，大型石油公司，他們認識到船隊的人口結構，其老化速度相當快，而且船隊的很大一部分由滿足其自身需求的國有實體控制。

So if you want to sort of go for the VLCC for that matter, to go through a shipowner, who has a sizable fleet that can service them with many types of services, not just spot voyage or one time charter, I think they recognize they need to engage more with customers, and that's something we are working closely.

因此，如果您想購買 VLCC，請透過船東，他們擁有一支規模龐大的船隊，可以為他們提供多種類型的服務，而不僅僅是現貨航行或一次租船，我認為他們認識到他們需要更多與客戶互動，這是我們正在密切合作的事情。

And it's -- our stated ambition is to build more fixed income for the company, and we will spend some time in doing that. But we expect that the next sort of, call it, a year or two will offer interesting opportunities to build more fixed income for the company. And that, again, we think will be well suited given our capital allocation policy, and offer more predictability on earnings in the longer term. So that's our sort of lifting the beams a little bit, how we think about continuing to build the business.

我們既定的目標是為公司創造更多的固定收入，我們將花一些時間來實現這一目標。但我們預計接下來的一兩年將提供有趣的機會，為公司創造更多的固定收入。考慮到我們的資本配置政策，我們認為這將非常適合，並為長期收益提供更多的可預測性。這就是我們的一點提升，我們如何思考繼續發展業務。

Alright, great. Thank you.

好吧，太棒了。謝謝。

Thank you.

謝謝。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員說明）Omar Nokta，Jefferies。

Thank you. Just a couple of questions for me on more on the geo macro and geopolitics side of things. And you mentioned outcome of the US elections and the potential for tougher sanctions on Iran. How do you think the -- potentially the -- if those volumes from Iran, export volumes diminish and get replaced by OPEC, clearly, that sets up a positive backdrop for tankers or at least, say, the free market tankers. Is there a risk you think on your side, kind of how you see things in terms of the shadow fleet following those barrels into the free market barrels? Is that a risk?

謝謝。請教我幾個關於地理宏觀和地緣政治方面的問題。您提到了美國大選的結果以及對伊朗實施更嚴厲制裁的可能性。您如何看待——可能是——如果來自伊朗的出口量減少並被歐佩克取代，顯然，這將為油輪或至少為自由市場油輪創造一個積極的背景。您認為您這邊是否有風險，就像您如何看待影子艦隊跟隨這些桶子進入自由市場桶一樣？這有風險嗎？

I think it's an academic risk, but I don't think it's a real risk. Almost all the ships in that business is older than 20 years of age. And when they transport oil today, they either load in Iran or Venezuela for that matter or they do transshipment. They're not approved to enter into terminals, they lack vetting, proper insurance. There's a lot of things that has to fit the bill to get approved to do -- to operate in the compliance markets, I think that is really unrealistic.

我認為這是一個學術風險，但我不認為這是一個真正的風險。該產業幾乎所有船舶的船齡均超過 20 年。今天，當他們運輸石油時，他們要么在伊朗或委內瑞拉裝載，要么進行轉運。他們沒有被批准進入航站樓，缺乏審查和適當的保險。有很多事情必須符合法案才能獲得批准——才能在合規市場中運作，我認為這確實不切實際。

So I think this will almost 100% certainly be a positive for the market if this plays out. And I see now people that are expected to come in to Trump's administration, they are already on making statements on how they want to approach Iran. So let's see how it plays out. But I think it's a reasonable probability of some of this taking place actually.

所以我認為，如果這種情況發生，這幾乎 100% 對市場肯定是有利的。我現在看到那些預計將進入川普政府的人，他們已經就他們希望如何處理伊朗問題發表了聲明。那麼讓我們看看結果如何。但我認為其中一些事情實際發生的可能性是合理的。

Okay. Makes sense. And then maybe I guess, obviously, Russia, Ukraine, it's had an impact on the broader tanker market, perhaps not so -- or clearly not so on VLCCs. But it's been a question basically is how does this tanker market look pretty much since the war broke out and you've had the surge in overall dynamics. But since the war broke out, the question is then how does this market look like without Russia, Ukraine? So I guess in your eyes, how do you think the VLCCs would act if there were a peace deal reached between Russia and Ukraine?

好的。有道理。然後我想，顯然，俄羅斯、烏克蘭，它對更廣泛的油輪市場產生了影響，也許不是這樣——或者對 VLCC 顯然不是這樣。但問題基本上是，自從戰爭爆發以來，油輪市場的情況如何，整體動力激增。但自從戰爭爆發以來，問題是，如果沒有俄羅斯、烏克蘭，這個市場會是什麼樣子？所以我想在你看來，如果俄羅斯和烏克蘭之間達成和平協議，你認為超大型油輪會如何行動？

I think the market actually did impact VLCCs, but on a relative basis, it impacted them negatively. So the smaller -- our smaller siblings to sort of enjoy the higher earnings for a good period of time. But that has sort of come down to earth after a while.

我認為市場確實對超大型油輪產生了影響，但相對而言，它對它們產生了負面影響。因此，較小的——我們較小的兄弟姐妹可以在很長一段時間內享受更高的收入。但過了一段時間，這已經變成現實了。

I'm also sure that if there was a -- if it is a peace deal, it depends how it all plays out, how does it become a peace? And I'm not too sure Europe will venture out buying Russian oil sort of immediately after a peace deal has been agreed. I think the sentiment in Europe, as this war goes on in the backyard of Europeans, are a bit different to maybe what people might feel in the US, right? So I think it will be a long and winding road to get those barrels back into the market, that's how I would think it will play out. So it's not an immediate change.

我還確信，如果有一項和平協議，這取決於一切如何展開，如何成為和平？我不太確定歐洲是否會在和平協議達成後立即冒險購買俄羅斯石油。我認為，隨著這場戰爭在歐洲人的後院進行，歐洲的情緒可能與美國人們的感受有些不同，對嗎？因此，我認為將這些桶子重新投入市場將是一條漫長而曲折的道路，這就是我認為的結果。所以這不是一個立即的改變。

Okay. And maybe just a quick just follow-up on that. You did mention that it was perhaps a negative development for VLCCs. So is it conceivable then that it could be a positive if the war ends?

好的。也許只是對此進行快速跟進。您確實提到這對於 VLCC 來說可能是一個負面的發展。那麼，如果戰爭結束，這可能是積極的嗎？

Yes, I think so because -- and refiners, in general, what they care about is the most cost-efficient way of transport, and there's nothing that can beat the VLCC in that regard.

是的，我這麼認為，因為煉油廠一般來說，他們關心的是最具成本效益的運輸方式，在這方面沒有什麼可以打敗 VLCC。

Yeah. Okay. Thank you. I'll turn it over.

是的。好的。謝謝。我會把它翻過來。

There are currently no further questions. I will now hand the call back to CEO, Svein Moxnes Harfjeld, for closing remarks.

目前沒有其他問題。現在，我將把電話轉回給執行長 Svein Moxnes Harfjeld，讓其致閉幕詞。

Thank you to all for listening in on DHT and following our company. Have a good day.

感謝大家收聽DHT並關注我們公司。祝你有美好的一天。