DHT Holdings Inc (DHT) 2025 Q1 法說會逐字稿

Good morning and good afternoon, everyone. Welcome and thank you for joining DHT Holdings' first-quarter 2025 earnings call. I am 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.

大家早安，下午好。歡迎並感謝您參加 DHT Holdings 2025 年第一季財報電話會議。與我一起參加的是 DHT 總裁兼執行長 Svein Moxnes Harfjeld。像往常一樣，在回答您的問題之前，我們將先介紹一下財務狀況和一些亮點。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 May 14. 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.

在我們開始今天的電話會議之前，我想發表以下言論。本次電話會議的重播將在我們的網站 dhtankers.com 上提供，直至 5 月 14 日。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 reports 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. As usual, we will start the presentation with some financial highlights.

提醒一下，在本次電話會議上，我們將討論前瞻性的問題。這些前瞻性陳述是基於我們對財務報告中詳述的未來事件的當前預期。實際結果可能與這些前瞻性陳述所反映的預期有重大差異。我們敦促您閱讀我們網站和 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。像往常一樣，我們將以一些財務亮點開始演示。

We are pleased to report on another quarter with a respectable performance for DHT. In the first quarter of 2025, we achieved revenues on TCE basis of $79.3 million and adjusted EBITDA of $56.4 million. Net income came in at $44.1 million, equal to $0.27 per share. After adjusting for the $19.8 million gain on sale of vessel related to the sale of DHT Scandinavia, the company had a net profit for the quarter of $24.3 million, equal to $0.15 per share.

我們很高興地報告 DHT 又一個季度取得了可觀的業績。2025 年第一季度，我們實現了以 TCE 計算的營收 7,930 萬美元，調整後 EBITDA 為 5,640 萬美元。淨收入為 4,410 萬美元，相當於每股 0.27 美元。在調整了與出售 DHT Scandinavia 相關的 1,980 萬美元船舶銷售收益後，該公司本季淨利潤為 2,430 萬美元，相當於每股 0.15 美元。

Net operating expenses for the quarter were $17.8 million and G&A for the quarter was $5.5 million. For the first quarter, the average DC for the vessels in the stock market was $36,300 per day. The vessels on time charters made $42,700 per day, while the average combined DC achieved for the quarter was $38,200 per day.

本季淨營運費用為 1,780 萬美元，本季一般及行政費用為 550 萬美元。第一季度，股票市場上船舶的平均 DC 為每天 36,300 美元。按期租船的船舶每天可賺取 42,700 美元，而本季實現的平均綜合 DC 為每天 38,200 美元。

DHT has a robust balance sheet with low leverage and significant liquidity. We have continued to strengthen our balance sheet, and the first quarter ended with total liquidity of $277 million, consisting of $80.5 million in cash and $196.2 million available under our two revolving credit facilities. At quarter end, financial leverage was 16.9% based on market values for the ship. And net debt was $12.3 million per vessel, well below estimated residual ship values.

DHT 擁有穩健的資產負債表，槓桿率低，流動性強。我們繼續加強資產負債表，第一季末的總流動資金為 2.77 億美元，其中包括 8,050 萬美元現金和兩筆循環信貸額度下的 1.962 億美元。截至季末，根據船舶的市場價值，財務槓桿為 16.9%。每艘船的淨債務為 1230 萬美元，遠低於估計的剩餘船舶價值。

On this slide, we present the cash flow highlights for the quarter. We started the quarter with $78 million in cash, and we generated $56 million in EBITDA. Ordinary debt repayments and cash interest amounted to $19 million and $0.27 million was allocated to shareholders through a cash dividend. $25.8 million was used for our new building program, $42.5 million was net proceeds from the sale of DHT Scandinavia, while $32.4 million was prepaid under one of our revolving credit facilities and can be reborrowed in the future. Positive changes in working capital and other amounted to $8.4 million, and the quarter ended with $80.5 million in cash.

在這張幻燈片中，我們展示了本季的現金流亮點。本季初我們的現金為 7,800 萬美元，EBITDA 為 5,600 萬美元。普通債務償還和現金利息總額為 1,900 萬美元，並透過現金股利分配給股東 27 萬美元。其中 2,580 萬美元用於我們的新建築項目，4,250 萬美元是出售 DHT Scandinavia 的淨收益，而 3,240 萬美元是我們一項循環信貸安排下的預付款，可以在將來重新借入。營運資本及其他方面的正變動達 840 萬美元，本季末現金餘額為 8,050 萬美元。

With that, I will turn the call over to Svein.

說完這些，我會把電話轉給斯文。

Thank you, Laila. We will here take you through some quarterly highlights. We sold our older ship at the DHT Scandinavia and built in 2006 for $43.4 million. She delivered in January, and we recorded the capital gain of $19.8 million during the quarter. She was debt-free, and the proceeds will be allocated to general corporate purposes here under investments in vessels and/or share buybacks and/or pre-payment of debts.

謝謝你，萊拉。我們將在這裡帶您了解一些季度亮點。我們以 4340 萬美元的價格在 DHT Scandinavia 出售了我們於 2006 年建造的舊船。她於一月份分娩，我們在本季記錄了 1,980 萬美元的資本利得。她沒有債務，所得款項將分配給船舶投資和/或股票回購和/或預付債務的一般公司用途。

We entered into two-time charter contracts. Firstly, the DHT China, built 2007, hence one of our older ships, was fixed to a leading commodity trader for one year at $40,000 per day. The contract commenced in January. Secondly, we fixed the DHT Tiger, built 2017, to one of our largest customers, an oil major, for a year at $52,500 per day. This contract commenced at the end of March.

我們簽訂了兩次租船合約。首先，2007 年建造的 DHT China 號（我們的較老船舶之一）與一家領先的商品交易商簽訂了為期一年的租約，租金為每天 40,000 美元。合約於一月開始生效。其次，我們將 2017 年建造的 DHT Tiger 租給了我們最大的客戶之一（石油巨頭），租期為一年，每天租金為 52,500 美元。該合約於三月底開始生效。

On this slide, we will discuss capital allocation and dividends. As per our capital allocation policy of paying out 100% of ordinary net income as quarterly cash dividends, the dividend for the first quarter of 2025 is declared at $0.15 per share. This marks our 61st consecutive quarterly cash dividend. The shares will trade ex-dividend on May 21, and the dividend will be paid on May 28.

在這張投影片上，我們將討論資本配置和股利。根據我們的資本配置政策，將 100% 的普通淨收入作為季度現金股利支付，2025 年第一季的股利宣佈為每股 0.15 美元。這是我們連續第61個季度派發現金股利。該股將於5月21日除息，股利將於5月28日支付。

In the graph to the left, we share our P&L and cash breakeven levels for 2025. As you will see, the difference between the two is estimated at $7,200 per day for the year. This discretionary cash flow will remain in the company and be allocated to general corporate purposes with the intention being to fund installments under our new building program.

在左邊的圖表中，我們分享了 2025 年的損益和現金損益平衡水準。如您所見，兩者之間的差額估計為每年每天 7,200 美元。該可自由支配的現金流將留在公司並分配給一般公司用途，旨在為我們的新建築計劃下的分期付款提供資金。

The graph on the right illustrates the accumulated dividends since updating our capital allocation policy from the third quarter of 2022. The accumulated amount of dividend is $2.51 per share and reflects well during a period in which our share price is appreciated, and they made share buybacks totaling $32 million, equal to 2.3% of the company, in addition to the quarterly cash dividends.

右側的圖表顯示了自 2022 年第三季更新資本配置政策以來的累積股息。累積股息為每股 2.51 美元，在我們股價上漲的時期反映良好，除了季度現金股息外，他們還進行了總計 3,200 萬美元的股票回購，相當於公司股份的 2.3%。

Here, we update you on the bookings to date for the second quarter of 2025. We expect to have 780 times shorter days covered for the second quarter at $42,200 per day, an improvement when compared to the prior quarter. This rate assumes profit sharing for the month of April and the days rate only for the months of May and June for the time charter contracts that has profit sharing feature.

在此，我們向您更新 2025 年第二季迄今的預訂情況。我們預計第二季的工作日數將縮短 780 倍，每天的工作費用為 42,200 美元，與上一季相比有所改善。對於具有利潤分享功能的定期租船合同，此費率假設 4 月份的利潤分享，而天數費率僅假設 5 月份和 6 月份的利潤分享。

Given the current spot market, there's potential for additional profit sharing and upside to the time charter earnings for the two vessels once the quarter is done. We assume 1,245 spot days in the quarter, which 72% have been booked at an average rate of $48,700 per day, a meaningful improvement when compared to the first quarter. The current market is strong, and they are constructive on the way forward. The spot P&L break even for the second quarter is estimated to be $17,500 per day, a number you may use to estimate the net contribution from our spot fleet for that quarter.

鑑於目前的現貨市場，一旦本季結束，這兩艘船就有可能實現額外的利潤分享，並增加定期租船收益。我們預計本季現貨租賃天數為 1,245 天，其中 72% 的租賃天數已被預訂，平均租賃天數為 48,700 美元，與第一季相比有顯著改善。當前市場強勁，他們對未來發展持建設性態度。第二季的現貨損益平衡點估計為每天 17,500 美元，您可以使用這個數字來估算該季度我們的現貨船隊的淨貢獻。

We will now discuss updates to our fleets. As earlier announced and subsequently to the first quarter, we entered into a truly long-term time charter and an agreement to sell two older ships. The DST Appaloosa, built 2018, has entered into a seven-year time charter with a global energy company, also commonly referred to as an oil major. The contract has a fixed base rate of $41,000 per day plus an index-based profit-sharing structure calculated on the vessel's specification.

我們現在將討論我們艦隊的更新情況。正如之前宣布的以及第一季之後，我們簽訂了一份真正的長期租船協議以及一份出售兩艘舊船的協議。DST Appaloosa 號建於 2018 年，已與一家全球能源公司（通常也稱為石油巨頭）簽訂了為期七年的定期租船合約。該合約的固定基本費率為每天 41,000 美元，外加根據船舶規格計算的基於指數的利潤分享結構。

The vessel in question is an excellent ship and is expected to provide competitive earnings under the pre-agreed calculator for the profit sharing, and the index earnings in excess of $41,000 per day will be shared equally between the customer and DHT. We really like the deal, and it offers long-term visibility on base earnings, thereby protecting the downside whilst retaining upside to the markets.

該船是一艘優秀的船舶，預計將按照預先商定的利潤分享計算器提供有競爭力的收益，每天超過 41,000 美元的指數收益將由客戶和 DHT 平等分享。我們真的很喜歡這筆交易，它提供了長期的基本收益可見性，從而保護了下行風險，同時保留了市場上行風險。

We agreed to sell the DHT Lotus and DHT Peony only for a combined price of $103 million. The vessels were built at Bohai Shipbuilding in 2011 and came into DHT through the BW fleet acquisition in 2017. The vessels were acquired for a combined price of $115.8 million and has served us well during these eight years.

我們同意僅以 1.03 億美元的總價出售 DHT Lotus 和 DHT Peony。這些船舶於 2011 年在渤海造船建造，並於 2017 年透過收購 BW 船隊轉入 DHT。這些船隻的總價為 1.158 億美元，在過去八年中一直發揮著良好的作用。

The DHT Lotus was delivered to the new owners during April, and we expect to record a gain of $17.5 million in the second quarter. The DHT Peony only is expected to deliver during July, and it projects a record -- to record a gain of $15.5 million in the third quarter. The proceeds from the savings will be allocated to general corporate purposes, again, here under investment in vessels and/or share buybacks and/or pre-payment or debts.

DHT Lotus 於四月交付給新主人，我們預計第二季將實現 1,750 萬美元的收益。DHT Peony 預計在 7 月交付，並預計第三季獲利將創下紀錄，達到 1550 萬美元。節省下來的資金將分配給一般公司用途，同樣，這裡指的是船舶投資和/或股票回購和/或預付款或債務。

Here is our fleet employment overview. As per usual, we have a mix of stock and term charter contracts in our portfolio. There are currently a total of nine ships on times charter, of which three are coming off during this year, namely DHT Europe, DHT Lion, and DHT Harrier. The DHT Puma and the DHT Appaloosa in green color have profit sharing features built into the contracts, hence offering a combination of a certain level of earnings visibility without giving away all the upside in the strong markets.

以下是我們的車隊就業概況。像往常一樣，我們的投資組合中既有股票租船合同，也有定期租船合約。目前共有 9 艘船舶按期租賃，其中 3 艘將於今年租賃，分別為 DHT Europe、DHT Lion 和 DHT Harrier。綠色的 DHT Puma 和 DHT Appaloosa 的合約中內建了利潤分享功能，因此提供了一定程度的獲利可見度組合，同時又不會放棄強勁市場中的所有上漲空間。

We have meaningful exposure to this rising freight market, both in the stock market and with potentially re-rating on new time charter contracts. Further, we will, as you probably know, expand our fleet with four new and very competitive ships in the first half of 2026. These ships have gained a total of close to 800 additional earnings days in 2026 compared to when the contracts were entered into.

我們對這個不斷增長的貨運市場有著重大的投資，無論是在股票市場還是在新的定期租船合約上都有可能重新評級。此外，正如您可能知道的，我們將在 2026 年上半年引進四艘新的、極具競爭力的船舶來擴大我們的船隊。與簽訂合約時相比，這些船舶到 2026 年總共增加了近 800 個額外獲利日。

Here, we provide an update on our corporate transaction. Subsequent to the quarter, we have acquired the remaining outstanding shares in Goodwood Ship Management for a purchase price of $6.1 million. As a result, DHT now owns 100% of the company. This company is a very important pillar in DHT's business and strategy, undertaking the technical management of our ships, including recruitment, employment and training of our seafarers. The company is now fully integrated into DHT, and we will continue to develop and build on its excellent safety and operational track record in support of our long-term strategy.

在此，我們提供有關我們公司交易的最新資訊。本季之後，我們以 610 萬美元的價格收購了 Goodwood Ship Management 剩餘的流通股。因此，DHT 現擁有該公司 100% 的股份。該公司是DHT業務和策略中非常重要的支柱，承擔我們船舶的技術管理，包括海員的招募、僱用和培訓。該公司目前已完全融入DHT，我們將繼續發展並鞏固其卓越的安全和營運記錄，以支持我們的長期策略。

Now, an update on our debt financing. We have entered into a $30 million secured reducing revolving facility with Nordea being one of our relationship banks. The new loan will refinance the current facility for the DST Jaguar with its current outstanding debt of $25.5 million. The new loan is priced at 175 basis points above SOFR and it's a DHT-style financing, including a 6-year tenure and a 20-year repayment profile.

現在，介紹一下我們的債務融資的最新情況。我們與 Nordea 簽訂了價值 3000 萬美元的擔保遞減循環貸款協議，Nordea 是我們的合作銀行之一。新貸款將為 DST Jaguar 的現有未償債務 2,550 萬美元進行再融資。新貸款的定價比 SOFR 高出 175 個基點，屬於 DHT 式融資，包括 6 年期限和 20 年還款計畫。

We reiterate our view that the dynamics of our market is increasingly becoming a favorable supply story, with a rapidly aging fleet exceeding a benign order book for new ships and a string of sanctions making it increasingly challenging to trade ships in the shadow fleets.

我們重申我們的觀點，即我們的市場動態正日益成為一個有利的供應故事，快速老化的船隊超過了新船的良性訂單，而一系列制裁使得影子船隊中的船舶交易變得越來越具有挑戰性。

The graph updates the demographics of the VLCC fleet. I apologize for being repetitive. We would think it's important to reinforce the obvious, which is that the VLCC fleet is set to shrink at a time when demand for our services is growing. By the end of '26, we estimate 441 VLCCs to be older than 15 years of age, and 199 to be older than 20. Extraordinarily, we estimate 58 to become older than 25 years. All these numbers assume no scrapping, staggering numbers and in support of our markets and business.

該圖表更新了 VLCC 船隊的人口統計。我為我的重複表示歉意。我們認為有必要強調一個顯而易見的事實：在我們服務需求不斷增長的同時，VLCC 船隊規模卻在縮減。到 26 年底，我們估計有 441 艘 VLCC 的船齡超過 15 年，有 199 艘的船齡超過 20 年。不同尋常的是，我們估計 58 人年齡超過 25 歲。所有這些數字都假設沒有報廢，是驚人的數字，並且支持我們的市場和業務。

The order book for new VLCCs is benign, with about 11% of capacity on order. There will be five ships delivered for the remainder of 2025. 28 are scheduled for '26, 48 in '27, and 19 in '28. Of the order book, about 20% are being constructed and built in Korea.

新 VLCC 訂單情況良好，訂單量約 11%。2025 年剩餘時間內將有 5 艘郵輪交付，其中 28 艘計畫於 2026 年交付，48 艘計畫於 2027 年交付，19 艘計畫於 2028 年交付。在這些訂單中，約有20%正在韓國建造。

OPEC has started to bring more of its oil to the markets, contributing to strengthening freight rates, evidenced through new highs for the year and higher lows. We believe OPEC's positioned to, amongst others, be supported by the following. One, continued oil demand growth; two, a temporarily moderating growth trajectory of Atlantic-based oil production, offering an opportunity for OPEC and Saudi Arabia in particular to regain some market share; low crude oil inventories in China requiring refilling to support growth and new refining capacity coming on stream; and lastly, a certain sanctioned oil production being at risk with a possible need for replacement.

石油輸出國組織已開始向市場提供更多石油，從而推動運費上漲，其證據是今年的運費創下新高，而最低價則不斷走高。我們相信，OPEC的立場將受到以下因素的支持。一、石油需求持續成長；二是大西洋地區石油產量成長軌跡暫時放緩，為歐佩克和沙烏地阿拉伯重新獲得部分市場份額提供了機會；中國原油庫存低，需要補充以支持經濟成長和新的煉油能力投產；最後，某些獲準的石油生產面臨風險，可能需要更換。

Our markets have, for the past 2.5 years or so, fared better than what most people think. In fact, the DHT's average spot market earnings for this period were just shy of $50,000 per day, $49,300 per day to be precise. We think this is a very handsome number. With the favorable supply backdrop and the constructive oil markets for freight, we believe it's reasonable to expect rewarding times ahead. Or in plain English, be bullish.

在過去兩年半左右的時間裡，我們的市場表現比大多數人想像的要好。事實上，DHT 這段期間的現貨市場平均收益略低於每天 5 萬美元，準確地說是每天 49,300 美元。我們認為這是一個非常可觀的數字。在有利的供應背景和積極的石油貨運市場背景下，我們相信，期待未來的回報是合理的。或者用簡單的英文來說，就是要樂觀。

We continue to focus on what we can control and delivering on what we believe is a resilient business approach and strategy. We receive encouragement from our key stakeholders, namely shareholders, customers, and lending banks. Irrespective of which constituency you belong to, you should expect us to focus on solid customer relations with safe and reliable services, a competitive construction with robust breakeven levels, a solid balance sheet, and a clear capital allocation policy to create long-term shareholder value. We appreciate the encouragement. We will stick to our knitting, work hard, and operate with leading governance standards and a high level of integrity.

我們將繼續專注於我們能夠控制的事情，並實現我們認為具有彈性的業務方法和策略。我們得到了主要利益相關者，即股東、客戶和貸款銀行的鼓勵。無論您屬於哪個選區，您都應該期望我們專注於建立穩固的客戶關係、提供安全可靠的服務、打造具有強勁盈虧平衡水平的競爭性建築、建立穩健的資產負債表以及製定明確的資本配置政策，以創造長期股東價值。我們感謝您的鼓勵。我們將堅守初心，艱苦奮鬥，以領先的治理標準和高度的誠信度開展經營。

And with that, we also open up for Q&A. Over to you, operator.

同時，我們也開放問答環節。交給你了，接線生。

(Operator Instructions) Frode Morkedal, Clarksons Securities.

（操作員指示）Frode Morkedal，Clarksons Securities。

First off, I guess, on the vessel sales, you sold the two only Chinese-built ships. I guess that's not a coincidence, right? So maybe you can talk firstly about the decision to do that and how you're thinking about that Korean versus Chinese-built ships. That's the first question.

首先，關於船舶銷售，你們出售了僅有的兩艘中國製造的船舶。我想這不是巧合吧？那麼也許您可以先談談做出這項決定的原因，以及您對韓國建造的船舶和中國建造的船舶有何看法。這是第一個問題。

And related to that, I guess you have a lot of cash coming in, $85 million after debt, and then you list the general corporate purposes and investments is first; share back, second; and prepayment of debt, third. Is that coincidence or is that actually the priority as you see it now?

與此相關，我想你有很多現金流入，扣除債務後是 8500 萬美元，然後你首先列出一般公司用途和投資；分享回來，第二；以及提前償還債務，第三。這是巧合嗎？還是如您現在所見，這實際上是優先事項？

So on the first, we felt it was an opportune time now to sort of fine tune or fit the profile, and this is also reflecting discussions with customers, what they would like to see from DHT and how they would like to see us position going forward. So these two ships, as we said, have been with us for eight years. We bought them only some $10 million, $12 million above what we sold them for now, so it's been a very, very good investment. So in a way, it's also it's a good opportunity to take some profit off the table.

因此，首先，我們覺得現在是進行微調或適應概況的好時機，這也反映了與客戶的討論，他們希望從 DHT 看到什麼，以及他們希望看到我們未來的地位。正如我們所說，這兩艘船已經陪伴我們八年了。我們購買它們的價格僅比現在的售價高出 1000 萬美元左右，所以這是一項非常非常好的投資。因此從某種程度上來說，這也是一個獲取利潤的好機會。

And so, that's really with that. On the chronology of the three items apart from cash dividends, that is in no specific order. It depends on the time, the opportunities we can find in the market and so forth. It is, of course, in general, our priority to invest in ships as opposed to invest in buying our own stock or invest further in the balance sheet, which is already super strong. But it's not so easy to find opportunities. We are in this market all the time, and if we are able to identify good investments, we have ample firepower to do that and we can do that without issuing any additional capital in in the company. So time will tell what we can actually deliver on.

所以，事實確實如此。除現金分紅外線，這三項的執行時間順序並沒有特定的順序。這取決於時間、我們在市場上能找到的機會等等。當然，總體而言，我們的首要任務是投資船舶，而不是投資購買我們自己的股票或進一步投資已經非常強勁的資產負債表。但尋找機會卻不那麼容易。我們一直處於這個市場中，如果我們能夠找到好的投資，我們就有足夠的火力來做到這一點，而且我們可以做到這一點而無需向公司注入任何額外資本。所以時間會告訴我們實際上能夠實現什麼。

If you looked at our historical buybacks, you will note that they are -- at times when we feel there is a meaningful dislocation in the capital market when compared to asset values and the trajectory of the underlying business. So I think the current market, this is not an area where you should expect us to apply capital.

如果您查看我們的歷史回購，您會注意到，有時我們感覺與資產價值和基礎業務的發展軌跡相比，資本市場存在重大錯位。所以我認為在目前的市場中，這不是我們應該投入資本的領域。

Jonathan Chappell, Evercore ISI.

喬納森·查佩爾（Jonathan Chappell），Evercore ISI。

Svein, the Appaloosa contract really stands out given its duration, but also the structure base rate is higher than one of the one-year time charters you just did. Is this a complete one off or are you seeing more appetite for extended contracts and more appetite for profit share contracts? It seems to be kind of structure of the past as opposed to the present times.

斯文，阿帕盧薩船的合約確實很突出，因為它的期限很長，而且結構基準費率也高於你剛才簽訂的一年期定期租船合約之一。這是一次性事件嗎？還是說，您認為延長合約和利潤分成合約的興趣較大？它似乎是過去的一種結構，與現在的結構相反。

So we are very excited about this contract. We think it's sort of well balanced, and it's excellent counterparty. It's a meaningful customer of ours where we have the ambition to expand the relationship, if I can use that word. These contracts are far and few between, and I do think it reflects a couple of things. One is that the customer are aligned with our view that the VLCC fleet is going into a period where it will be hard to find really good assets from top operators like DHT. So they are concerned about securing, I think, quality tonnage from a quality operator. I should not speak for them, but this is sort of our impression.

所以我們對這份合約感到非常興奮。我們認為它是一種非常平衡的並且是一個優秀的交易對手。這是我們的一個有意義的客戶，我們有志於擴大與他們的合作關係，如果我可以使用這個詞的話。這些合約很少見，我認為這反映了一些事情。一是客戶與我們的觀點一致，認為VLCC船隊將進入一個很難從DHT等頂級運營商那裡找到真正優質資產的時期。因此我認為，他們關心的是確保從優質運營商那裡獲得優質噸位。我不應該代表他們發言，但這是我們的印象。

So the fact that you say I allude to the fact that we can do a base rate, which is quite healthy with the profit sharing is also a reflection of the quality of the ship and the sort of commercial features, consumption and size and all that. So I think this probably also made good sense for the counterparty. If at all possible to develop more of these, I think, we will entertain that, but it's not a ready [shell] for these contracts to just to pull out, right?

所以，您說我指的是我們可以製定一個基本費率，這對於利潤分享來說是相當健康的，也反映了船舶的品質和商業特性、消耗和規模等等。所以我認為這對交易對手來說可能也是有意義的。如果有可能開發更多這樣的產品，我想我們會考慮，但這不是一個可以隨時退出的合約的現成外殼，對嗎？

So it's a lot of work. It took several months to put this to bed. So let's see. But in general, DHT is open to similar sort of structures or contracts if we are able to develop them.

所以這需要做很多工作。解決這個問題花了好幾個月的時間。讓我們看看。但總的來說，如果我們能夠開發類似的結構或合同，DHT 是開放的。

Okay, that makes sense. Second one, more market related. There's been a lot of optimism about OPEC seeming shift in strategy. You mentioned it in your prepared remarks as well. Sometimes when OPEC announces an increase in production, it's not really on a one-for-one basis just given there's some overproduction or certain members can't produce to their quota. Based on what they've announced so far, do you have a rough estimate of how much of that do you think will actually enter the market, the timing as such, and the equivalent amount of VLCCs that could be added from the last two meetings from OPEC?

好的，這很有道理。第二個，與市場更相關。人們對歐佩克的戰略轉變抱持著極大的樂觀態度。您在準備好的發言中也提到了這一點。有時，當歐佩克宣布增加產量時，實際上並不是一對一的，只是因為存在一些生產過剩或某些成員國無法達到其配額。根據他們迄今為止宣布的情況，您是否能粗略估計其中有多少將真正進入市場、具體時間以及歐佩克最近兩次會議可能增加的超大型油輪數量？

I wish I could give you a precise answer, but it's a bit too early to tell. I think at the get-go, when the additional barrels came to the market, the sort of amounts were quite modest, and we believe that that was probably spread out on existing shipments, lifting a little bit more cargo on each keel, maybe rather than having additional number of ships loading. So the get go it wasn't maybe that visible. And now, that sort of the amounts are coming into the 400,000-plus barrel, it's a very different game, and we think coming out from June onwards that we will see this more clearly in the market.

我希望能給你一個準確的答案，但現在下結論還為時過早。我認為，一開始，當額外的石油進入市場時，數量相當少，我們認為，這可能是分散在現有的裝運量上，在每個龍骨上多裝載一點貨物，而不是增加裝載數量的船隻。因此一開始可能就沒那麼明顯。現在，這種數量的石油已經達到了 40 多萬桶，這是一個非常不同的局面，我們認為從 6 月開始，我們將在市場上更清楚地看到這一點。

There is, of course, some balancing against other OPEC members that have possibly overproduced, so -- but I think the only people who truly knows this is the inside of OPEC and maybe Saudi Arabia in particular. So we try to make the sense of it.

當然，這與其他可能過度生產的 OPEC 成員國有一定的平衡，所以——但我認為真正了解這一點的人只有 OPEC 內部人士，尤其是沙烏地阿拉伯。因此我們嘗試去理解它。

But then what you do see is that you see that there has been more cargo in the market. Exactly how many, we will have had to look back one month after month to see whether it really tallies, right? And there's probably some shifts there also in the sense that there's maybe more VLCC cargoes and less of some other sectors, although Suez and Afra in particular has some spikes as of late as well. So I think we just trust a bit in the sentiment and how the customers are behaving, and so that there is real -- there is more oil in the market.

但你確實會看到市場上的貨物增多。到底有多少，我們得逐月回顧才能知道是否真的相符，對嗎？而且那裡可能也存在一些變化，從某種意義上說，超大型油輪 (VLCC) 貨物可能會增多，而其他一些行業的貨物可能會減少，儘管蘇伊士運河和非洲石油產量最近也出現了一些高峰。所以我認為我們只是有點相信情緒和客戶的行為，這樣市場上就真的有更多的石油了。

Greg Lewis, BTIG LLC.

格雷格·劉易斯（Greg Lewis），BTIG LLC。

I guess, I was kind of curious. It's not really been impacting the crude market, but at least in container ship market we're starting to hear about vessel sailing cancellations. And just kind of curious. Like as we think about fuel spreads as maybe not in tankers but in some of these other sectors start to see maybe pullbacks in demand, any kind of view on what that could maybe do to fuel spreads?

我想，我是有點好奇。這實際上並沒有對原油市場產生影響，但至少在貨櫃船市場，我們開始聽到有關船舶取消航行的消息。只是有點好奇。就像我們認為燃料價差可能不存在於油輪領域，而是在其他一些領域，需求可能開始回落，對於這可能會對燃料價差產生什麼影響，您有什麼看法？

When you say fuel spread, you mean between very low sulfur and heavy?

當您說燃料擴散時，您是指低硫燃料和重硫燃料之間的擴散嗎？

Exactly. Yeah, the scrubber spread.

確切地。是的，洗滌器擴散了。

Yeah. So as of late, it's been hovering between, call it, 50 and 100, probably it's been down below 50 at certain times as well. So the spread is thinner compared to when all the sort of scrubber projects were coming on several years ago. And I do think it's also related to whether people are buying heavy or fuel oil as a feedstock as opposed to crude oil. And also, it's a reflection of what the refiners are sort of tuning their stack to deliver.

是的。所以最近，它一直徘徊在 50 和 100 之間，在某些時候可能也會跌破 50。因此，與幾年前各種洗滌器計畫剛開始實施時相比，目前的價差較小。我確實認為這也與人們購買重油還是燃料油作為原料而不是原油有關。此外，這也反映了煉油廠正在調整其堆疊以提供何種效果。

So I'm not a refining expert, but I have a sense that if there's more demand for jets or sort of higher grades, then that sort of tends to widen the spread of it. And that's not the case and [we will have]. So maybe to the surprise of many, but there's been more diesel demand than what people expected as of late as well. So maybe that has compressed part of this. So I think it's a mix of these things without being able to give you a very sort of precise number.

因此，我不是煉油專家，但我覺得，如果對噴射機或更高等級的需求增加，那麼這種擴散趨勢就會擴大。但事實並非如此[我們會的]。因此，也許令許多人感到驚訝的是，最近柴油的需求量也超出了人們的預期。所以也許這已經壓縮了其中的一部分。所以我認為這是多種因素的混合，但我無法給出一個非常精確的數字。

Okay, great. And my other one is a little macro too. It's interesting as you look at like the oil curve, for Brent, for forever, it's kind of been in backward dated. And then about 30 days ago, it started to move in contango, not in '26, but like in '28.

好的，太好了。我的另一個也是一個小宏。有趣的是，當你觀察布蘭特原油價格曲線時，它一直處於一種倒退狀態。大約 30 天前，它開始進入正價差走勢，不是在 1926 年，而是在 1928 年。

And then really in the last week, you've now seen like oil in contango like a year out. Just as you think about what that can do to the tanker market, realizing that it's only been a couple of weeks since this has happened. Any kind of thoughts on if we continue to see this contango curve hold, how that could impact demand for VLCCs, speed of vessels, maybe storage? Kind of just curious on your views on that, realizing that it's really only happened in the last couple of weeks.

然後實際上在上週，你已經看到石油價格正價差已經達到一年前的水準。正當你思考這會對油輪市場產生什麼影響時，你就會意識到這件事才發生幾週。您是否認為，如果我們繼續看到這種正價差曲線保持下去，這將如何影響對超大型油輪 (VLCC) 的需求、船舶速度以及儲存量？我只是好奇你對此的看法，意識到這件事實際上只是在過去幾週發生的。

I think, typically, if the contango widens or increases, it could drive some floating storage, but it's just too narrow and there's no room for that activity to happen right now. But if that trend becomes stronger and wider, you will see more activity of people, of course, storing oil. But I shouldn't sort of forecast that for a particular time frame, but that's the typical result.

我認為，通常情況下，如果期貨溢價擴大或增加，它可能會推動一些浮動存儲，但它太窄了，現在沒有進行這種活動的空間。但如果這種趨勢變得更強大和廣泛，你會看到人們儲存石油的活動更加活躍。但我不應該在特定的時間範圍內進行預測，但這是典型的結果。

Omar Nokta, Jefferies.

傑富瑞的奧馬爾諾克塔 (Omar Nokta)。

Couple of kind of bigger picture questions also, just more on the macro or perhaps just the market on VLCCs. Obviously, OPEC bringing back volumes and to what extent remains to be seen, as you mentioned. You also talked a little bit about the potential for these OPEC barrels coming to market perhaps because of -- in part because, say, the Atlantic basin, there's been a bit of a void. I just wanted to ask. As you think about the market as we move here over the next several months, especially into the seasonally softer summer period, do you think the OPEC volumes coming in are strong enough to push this market higher and offset the potential Atlantic basin decline?

還有幾個更大層面的問題，更多是關於宏觀的，或者只是關於 VLCC 市場。顯然，正如您所說，OPEC 是否會恢復產量以及恢復到何種程度還有待觀察。您也談到了這些歐佩克石油進入市場的可能性，或許部分是因為大西洋盆地出現了一些空白。我只是想問一下。當您思考未來幾個月的市場趨勢，特別是進入季節性疲軟的夏季時，您是否認為歐佩克的產量足以推動市場走高並抵消大西洋盆地潛在的衰退？

Yeah. Based on the plan that we read this in the cards, we think that that could be the case, so that we will then potentially have a quite robust summer market, which is not a typical seasonal event. So when I talk about the Atlantic is, of course, mainly US shale and that's sort of is still growing, but at a much smaller level.

是的。根據我們在卡片中看到的計劃，我們認為情況可能會如此，因此我們可能會有一個相當強勁的夏季市場，這不是典型的季節性事件。因此，當我談論大西洋時，當然主要是美國頁岩氣，而且這種氣田仍在增長，但規模要小得多。

It's probably going to be a bit in stasis because Brazil and Guyana is growing, and you also have quite a lot of new oil coming off the west coast of Canada, and almost half of that is going on the [eastern seas] to the far east. So there are still some non-OPEC growth around, but it's a little bit sort of -- it's not the same speed as you've had in the US now for a few years.

它可能會出現一些停滯，因為巴西和圭亞那正在發展，而且加拿大西海岸也有相當多的新石油開採，其中近一半流向遠東的[東海]。因此，非歐佩克國家仍然保持著成長勢頭，但速度與美國近幾年的成長速度有點不一樣。

So I do think this created an additional argument for OPEC to say this is an opportunity for us to recoup some market share. And I guess, Saudi in particular, they have invested in several large and modern refineries in the far east. So I would think it's in their interest also to ensure that they can deliver feedstock to these and then not have a competition with other suppliers.

因此，我確實認為這為歐佩克提供了一個額外的論據，即這是我們收回部分市場份額的機會。我想，尤其是沙特，他們在遠東投資了幾家大型現代化煉油廠。因此，我認為確保他們能夠向這些企業提供原料並且不與其他供應商競爭也符合他們的利益。

Yeah, that's fine. And I guess, part of the bullish thesis for VLCCs this year has been the sanctioning of so many ships and the tightening of that capacity, especially as it's been primarily due to the moving Iranian barrels. How does this market shake out for instance if the US and Iran reach a long-term agreement, and Iran's volumes are maybe welcomed back into the open market? How do you think the VLCC market reacts to that?

是的，沒問題。我認為，今年 VLCC 看漲的部分原因是許多船隻受到製裁，運力受到限制，尤其是這主要歸因於伊朗原油的流動。例如，如果美國和伊朗達成長期協議，伊朗的石油產量可能會重新回到公開市場，那麼這個市場將如何變化？您認為 VLCC 市場對此有何反應？

That's a good question. So we look at this sort of two, call it, broad scenarios. And one is, as you allude to, that there is an agreement in place with Iran and the US, and sanctions are lifted, and that means that Iran can access the compliant market for freight, which is cheaper per barrel to transport than in the shadow or the sanction market. So I think that those barrels will quite quickly then move on to the compliant fleet as we've seen in prior periods when sanctions have been lifted. So I think that is truly -- it's only positive for these.

這是個好問題。因此，我們看一下這兩種情況，我們稱之為廣泛的情況。一是，正如您所提到的，伊朗和美國達成了協議，制裁被解除，這意味著伊朗可以進入合規的貨運市場，每桶運輸成本比影子市場或製裁市場要低。因此我認為，這些石油很快就會流向合規船隊，就像我們在製裁解除前期所看到的那樣。所以我認為這確實——這對這些來說都是積極的。

I think, frankly, if it's sort of the other way around, that there's no deal and there's maximum pressure being applied on Iran, and Iranian production is being driven down to the floor, it means that somebody else will have to step in and supply them that loss, and that will very likely be the other Middle Eastern producers, maybe especially Saudi and UAE.

我認為，坦白說，如果情況正好相反，即沒有達成協議，並且對伊朗施加最大壓力，伊朗的產量被壓低到最低，這意味著其他人將不得不介入並彌補他們的損失，而這很可能是其他中東產油國，尤其是沙烏地阿拉伯和阿聯酋。

So I do think both of those scenarios are actually positive for the VLCC business. I think on sanctions in general, now Russian oil is being sold below the price cap, so that means that they can access the market for ships without sort of bothering too much about sanctions. But that is not the VLCC business, that is Aframaxes and Suezmaxes and much shorter hauls. So that has a very limited impact, we would like to think, compared to the Iranian story.

所以我確實認為這兩種情況對於 VLCC 業務來說都是有利的。我認為就制裁而言，目前俄羅斯石油的售價低於價格上限，這意味著他們可以進入船舶市場，而不必過度擔心製裁。但這不是 VLCC 業務，而是阿芙拉型油輪、蘇伊士型油輪和更短的運輸業務。因此，我們認為，與伊朗事件相比，這的影響非常有限。

Thank you. There are no further questions at this time, so I'll hand the call back to Svein for closing remarks.

謝謝。目前沒有其他問題，因此我將把電話交還給斯維恩，請他做最後發言。

So thank you very much to all for listening in and following DHT. That's most appreciated and wishing you all a good day ahead.

非常感謝大家收聽和關注 DHT。我對此深表感謝，並祝大家有美好的一天。