DHT Holdings Inc (DHT) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2025 DHT Holdings, Inc. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的收看。歡迎參加DHT Holdings, Inc. 2025年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音中。

I would now like to hand the conference over to your speakers today, DHT President and CEO, Svein Moxnes Harfjeld; and Laila Halvorsen, CFO. Please go ahead, your line is open.

現在，我想將會議移交給今天的演講嘉賓：DHT 總裁兼執行長 Svein Moxnes Harfjeld；以及財務長 Laila Halvorsen。請發言，您的線路已開放。

Thank you. Good morning and good afternoon, everyone. Welcome, and thank you for joining DHT Holdings second quarter 2025 earnings call. I'm joined by DHT's President and CEO, Svein Moxnus 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. 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 August 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.

謝謝。大家早安，下午好。歡迎，感謝您參加 DHT Holdings 2025 年第二季財報電話會議。與我一起參加的是 DHT 總裁兼執行長 Svein Moxnus 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。幻燈片連結可在我們的網站 dhtankers.com 上找到。在開始今天的電話會議之前，我想說幾句話。本次電話會議的重播將在我們的網站 dhtankers.com 上提供，直至 8 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。

In the second quarter of 2025, we achieved revenues on TCE basis of $92.8 million and adjusted EBITDA of $69 million. Net income came in at $56 million, equal to $0.35 per share. After adjusting for the $17.5 million gain on sale of vessels related to the sale of DHT Lotus, the company had a net profit for the quarter of $38.6 million, equal to $0.24 per share. Vessel operating expenses for the quarter were $19.6 million and G&A for the quarter was $4.6 million.

2025 年第二季度，我們實現了以 TCE 計算的營收 9,280 萬美元，調整後 EBITDA 為 6,900 萬美元。淨收入為 5,600 萬美元，相當於每股 0.35 美元。在調整與出售 DHT Lotus 相關的 1,750 萬美元船舶銷售收益後，該公司本季淨利潤為 3,860 萬美元，相當於每股 0.24 美元。本季船舶營運費用為 1,960 萬美元，本季一般及行政費用為 460 萬美元。

For the second quarter, the average TCE for the vessels in the spot market was $48,700 per day, the vessels on time charters made $42,800 per day, while the average combined TCE achieved for the quarter was $46,300 per day. DHT continues to show a robust balance sheet with low leverage and significant liquidity. We have continued to strengthen our balance sheet and the second quarter ended with total liquidity of $299 million, consisting of $82.6 million in cash and $216.5 million available under our two revolving credit facilities. At quarter end, financial leverage was 14.1% based on market values for the ships and net debt was $10 million per vessel, well below estimated residual ship values.

第二季度，現貨市場船舶的平均 TCE 為每天 48,700 美元，定期租船船舶的平均 TCE 為每天 42,800 美元，而本季平均綜合 TCE 為每天 46,300 美元。DHT 持續展現出強勁的資產負債表，具有低槓桿率和強大的流動性。我們繼續加強資產負債表，第二季結束時的總流動資金為 2.99 億美元，其中包括 8,260 萬美元現金和兩筆循環信貸額度下的 2.165 億美元。截至季末，基於船舶市場價值的財務槓桿為 14.1%，每艘船的淨債務為 1,000 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 second quarter. We started the quarter with $80.5 million in cash, and we generated $69 million in EBITDA. Ordinary debt repayment and cash interest amounted to $19 million and $24 million was allocated to shareholders through a cash dividend. $6.1 million was used to acquire the additional shares in Goodwood Ship Management, $1 million was used for maintenance CapEx and $39 million was used for our newbuilding program.

在這張幻燈片中，我們展示了第二季的現金流亮點。本季初我們的現金為 8,050 萬美元，EBITDA 為 6,900 萬美元。普通債務償還和現金利息總額為 1,900 萬美元，其中 2,400 萬美元透過現金股利分配給股東。其中 610 萬美元用於收購 Goodwood Ship Management 的額外股份，100 萬美元用於維護資本支出，3,900 萬美元用於我們的新造船計劃。

Proceeds from the sale of DHT Lotus was $51 million. $52.6 million was used for prepayment of long-term debt, while net issue related to the refinancing of DHT Jaguar was $4.5 million. Positive changes in working capital and other amounted to $16.5 million, and the quarter ended with $82.7 million in cash.

DHT Lotus 出售所得收益為 5,100 萬美元。其中 5,260 萬美元用於預付長期債務，而與 DHT Jaguar 再融資相關的淨發行金額為 450 萬美元。營運資本及其他方面的正變動達 1,650 萬美元，本季末現金餘額為 8,270 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. It has been an active quarter for DHT, both closing projects that had been in the works for some time as well as new ones. You will hear me take you through our quarterly highlights, although several of these events has been communicated previously as subsequent events to the first quarter report or as separate events post the first quarter report or in the most recent business update.

謝謝你，萊拉。對於 DHT 來說，這是一個活躍的季度，既完成了已經籌備了一段時間的項目，也開展了新的項目。您將聽到我向您介紹我們的季度亮點，儘管其中一些事件之前已作為第一季報告的後續事件或第一季度報告後或最新業務更新中的單獨事件進行了傳達。

Firstly, the DHT Appaloosa entered a 7- to 9-year time charter contract with a global energy major. The contract has a fixed base rate of $41,000 per day plus a profit sharing structure in which earnings in excess of the base rate will be shared 50-50 between the customer and us. She delivered into the contract in May. We entered into agreement to acquire a modern secondhand vessel built at Hyundai, South Korea in 2018. She has large deadweight, is fitted with exhaust gas cleaning system and is a sister of vessels already in our fleet.

首先，DHT Appaloosa 與全球能源巨頭簽訂了為期 7 至 9 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，另加利潤分享結構，其中超過基本費率的收益將由客戶和我們平分。她於五月履行了合約。我們已達成協議，收購一艘於 2018 年在韓國現代建造的現代二手船。她的載重量大，配有廢氣淨化系統，是我們船隊中現有船隻的姊妹船。

We have very good experience with these ships, both commercially and operationally. The price is $107 million and is in line with current broker values. This fleet addition will replace some of the divested earnings following the sale of older ships. The acquisition will be financed with available liquidity and projected new mortgage debt. We expect to take delivery towards the end of this quarter.

我們在這些船舶的商業和營運方面都擁有非常豐富的經驗。價格為 1.07 億美元，與目前經紀人的估值一致。新增船隊將彌補出售老舊船舶後損失的部分收益。此次收購將利用現有流動資金和預計的新抵押債務進行融資。我們預計將在本季末交貨。

We sold the DHT Lotus and DHT Peony, built in 2011 at Bohai Shipbuilding in China. The two vessels were sold for a combined price of $103 million. These two vessels were acquired in 2017 as part of the acquisition of BW Group's VLCC fleet for an aggregate price of $115.8 million and that served us well. The DHT Lotus was delivered in April, and we recorded a capital gain of $17.5 million during the quarter and net proceeds were $50.9 million. The DHT Peony was delivered in July, and we expect to record a gain of $15.5 million in the third quarter with net cash proceeds of $50.1 million.

我們出售了 2011 年在中國渤海船舶製造廠建造的 DHT Lotus 和 DHT Peony。兩艘船的售價總計為 1.03 億美元。這兩艘船是 2017 年作為收購 BW 集團 VLCC 船隊的一部分而購得的，總價為 1.158 億美元，為我們提供了良好的服務。DHT Lotus 於 4 月交付，本季我們記錄了 1,750 萬美元的資本收益，淨收益為 5,090 萬美元。DHT Peony 於 7 月交付，我們預計第三季將實現收益 1,550 萬美元，淨現金收益為 5,010 萬美元。

DHT Bauhinia, built in 2007 was fixed on a one-year time charter contract to a global energy company at $41,500 per day. She commenced the contract in May. Then we acquired minority legacy shareholder positions in Goodwood Ship Management for $6.1 million, and the company is now 100% owned by DHT. The company undertakes technical management and crewing for all our vessels, including recruitment, employment and training of our seafarers through our offices in Singapore and Mumbai, India. The entire DHT fleet has been reflagged to the Marshall Islands registry, and there were some expenses recorded in OpEx related to this during the second quarter.

DHT Bauhinia 建於 2007 年，與一家全球能源公司簽訂了為期一年的定期租船合同，租金為每天 41,500 美元。她於五月開始履行合約。隨後，我們以 610 萬美元的價格收購了 Goodwood Ship Management 的少數股權，目前該公司由 DHT 全資擁有。該公司透過位於新加坡和印度孟買的辦事處負責我們所有船舶的技術管理和船員配備工作，包括海員的招募、僱用和培訓。整個 DHT 船隊已重新掛牌至馬紹爾群島註冊，第二季的營運支出中記錄了一些與此相關的費用。

We have entered into a new credit facility to refinance the DHT Jaguar, built 2015. The facility is $30 million with a six-year tenor and a 20-year repayment profile. It is priced at SOFR plus a margin of 175 bps and is otherwise in line with the DHT style financing. On this slide, we will provide you with a newbuilding financing update. We have entered into a $308.4 million secured credit facility to finance our four newbuildings.

我們已達成新的信貸協議，為 2015 年製造的 DHT Jaguar 進行再融資。該筆貸款總額為 3,000 萬美元，期限為六年，還款期限為 20 年。其定價為 SOFR 加上 175 個基點的保證金，其他方面與 DHT 式融資一致。在這張投影片上，我們將為您提供新船融資的最新資訊。我們已達成 3.084 億美元的擔保信貸協議，為我們的四艘新船提供融資。

The facility is co-arranged by ING and Nordea with backing from K-Sure. It is competitively priced at SOFR plus an average weighted margin of 132 bps. The facility has a 12-year tenure and a 20-year repayment profile. We should highlight that the facility does not include a prepayment option in favor of the lenders halfway through the tenor. Hence, it has a true 12-year tenure with respect to both maturity and pricing. The financing underscores the confidence existing lenders have in DHT, our robust financial position, and our strategy.

這筆貸款由荷蘭國際集團 (ING) 和北歐聯合銀行 (Nordea) 共同安排，並得到 K-Sure 的支持。其定價具有競爭力，為 SOFR 加上 132 個基點的平均加權保證金。該貸款期限為 12 年，還款期限為 20 年。我們應該強調的是，該貸款並不包括在貸款期限中途為貸款人提供的提前還款選項。因此，從到期日和定價來看，其期限均為真正的 12 年。此次融資凸顯了現有貸款人對 DHT、我們穩健的財務狀況和策略的信心。

The new building project has a total CapEx just shy of $520 million. We have paid basically $180 million in installments to date. Combined with announced credit facility of $308 million, we have an estimated $31.6 million in remaining CapEx, which we plan to fund through cash flows from operations and our existing liquidity. We view this as a very comfortable position for the company.

新建築項目的總資本支出略低於 5.2 億美元。到目前為止，我們已經分期支付了 1.8 億美元。加上已宣布的 3.08 億美元信貸額度，我們預計剩餘資本支出為 3,160 萬美元，我們計劃透過經營活動產生的現金流和現有流動資金來為其提供資金。我們認為這對公司來說是一個非常舒適的狀態。

Now 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 second quarter of 2025 is declared at $0.24 per share and marks our 62nd consecutive quarterly cash dividend. The shares will trade ex-dividend on August 18, and the dividend will be paid on August 25, to shareholders of record as of August 18.

現在我們來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息支付，2025 年第二季度的股息宣佈為每股 0.24 美元，這是我們連續第 62 個季度派發現金股息。該股將於 8 月 18 日除息，股利將於 8 月 25 日支付給 8 月 18 日登記在冊的股東。

In the graph to the left, we estimate our estimated P&L and cash breakeven levels for the second half of 2025. As you will see, the difference between the two is estimated at $7,800 per day for this period. This discretionary cash flow will remain in the company and be allocated to general corporate purposes with the intention being to fund the remaining installments under our newbuilding program.

在左邊的圖表中，我們估計了 2025 年下半年的損益和現金損益平衡水準。如您所見，在此期間，兩者之間的差額估計為每天 7,800 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，旨在為我們的新造船計劃下的剩餘分期付款提供資金。

The graph on the right illustrates the accumulated dividends since updating our capital allocation policy from the third quarter of 2022. The accumulated amount is now $2.75 per share and reflects well during a period in which our share price has appreciated and we made share buybacks 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。目前累計金額為每股 2.75 美元，這反映出我們股價上漲期間以及我們除了季度現金股息外還回購了相當於該公司 2.3% 的股票的良好表現。

Now with an update on the bookings to date for the third quarter of 2025. We expect to have 805 time charter days covered for the second quarter at $40,500 per day. This rate assumes profit sharing for the month of July and only the base rate for the month of August and September for the time charter contracts that has profit sharing features. We assume 1,150 spot days in this quarter, of which 73% have been booked at an average rate of $38,500 per day. The third quarter started in a disappointing fashion, but we sense a potential turnaround as we speak. The spot P&L breakeven for the third quarter is estimated at $20,000 per day, a number you may use to estimate the net income contribution from our spot fleet for the third quarter.

現在更新 2025 年第三季迄今的預訂。我們預計第二季的定期租船時間為 805 天，租金為每天 40,500 美元。對於具有利潤分享功能的定期租船合同，該費率僅假設 7 月份的利潤分享，而 8 月份和 9 月份的利潤分享僅為基本費率。我們假設本季有 1,150 個現貨天數，其中 73% 已被預訂，平均價格為每天 38,500 美元。第三季的開局令人失望，但我們感覺到情況可能出現轉機。第三季的現貨損益平衡點估計為每天 20,000 美元，您可以使用這個數字來估算我們現貨船隊對第三季的淨收入貢獻。

As we have repeatedly stated, it is our view that the dynamics of our market is increasingly being a favorable supply story with a rapidly aging fleet exceeding a benign order book of new ships and a string of sanctions, making it increasingly challenging to trade older ships in the shallow fleet. There are a number of other factors as well that we expect to come into play. The US is proposing tariffs on India's continued import of Russian oil. There are already signals of a shift in India sourcing its feedstock supporting the Suezmax and the VLCC trades.

正如我們一再指出的那樣，我們認為，我們的市場動態越來越呈現出有利的供應態勢，快速老化的船隊超過了良性的新船訂單和一系列制裁，使得在淺水船隊中交易老舊船舶變得越來越具有挑戰性。我們預計還有很多其他因素也會發揮作用。美國提議對印度繼續進口俄羅斯石油徵收關稅。已有跡象表明，印度正在轉變對蘇伊士型油輪和超大型油輪貿易的原料採購方式。

OPEC has announced several increases in production. So far, this has had limited impact on our market. But with peak season for domestic power generation demand in the Middle East nearing its end, we expect the rise in seaborne exports towards the end of the third quarter. We noticed that refining margins are reassuring, supporting demand for feedstock. And Brazil has recently entered into a supply contract for crude oil to China, which is supportive of the VLCC trade.

石油輸出國組織已多次宣布增產。到目前為止，這對我們的市場影響有限。但隨著中東國內發電需求旺季接近尾聲，我們預計第三季末海運出口量將會增加。我們注意到，煉油利潤令人放心，支持了對原料的需求。而巴西近期也與中國簽訂了原油供應合同，對VLCC貿易起到了支持作用。

In addition, we see several potential triggers that could act as tipping points in favor for a very strong VLCC market. One, improved arbitrage economics for Atlantic Basin barrel to be sold to Asia; two, escalating levels of sanctions and importantly, enforcement of these; three, re-entry of Venezuelan crude oil into the compliant markets; four, renewed attention to transshipment of sanctioned oil in Malaysian waters; five, de-escalating in trade and tariff tensions; and six, macro tailwinds with a resilient global economy, reasonable oil prices, and a positive Chinese economic read-through.

此外，我們看到幾個潛在的觸發因素，它們可能成為 VLCC 市場強勁發展的轉折點。一是大西洋盆地原油銷往亞洲的套利經濟條件改善；二是製裁力度不斷升級，更重要的是製裁的執行；三是委內瑞拉原油重新進入合規市場；四是重新關注馬來西亞水域受制裁原油的轉運；五是貿易和關稅緊張局勢緩和；六是全球經濟概念十足、油價合理以及中國經濟呈現積極趨勢

We continue, as always, 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 and the 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 company and a competitive cost structure with robust breakeven levels, a solid balance sheet, a clear capital allocation policy to create long-term shareholder value. We appreciate the encouragement and the entire DHT team continue to work hard and operate with leading governance standard and a high level of integrity.

我們將一如既往地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。我們得到了主要利害關係人、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成本結構、穩健的資產負債表、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，整個 DHT 團隊將繼續努力工作，以領先的治理標準和高度的誠信運作。

And with that, we open up for questions. Operator?

現在，我們可以開始提問了。操作員？

(Operator Instructions)

（操作員指示）

Frode Morkedal, Clarksons Securities.

Frode Morkedal，克拉克森證券。

Thank you. Hi guys. Yeah, The first question I had is on the you mentioned it briefly, this tariff on India. Maybe you could elaborate what kind of effects you've seen so far in terms of chartering activity? And do you expect that to continue basically have a meaningful impact on the, let's say, conventional tanker market going forward?

謝謝。嗨，大家好。是的，我的第一個問題是關於您簡要提到的對印度的關稅。也許您可以詳細說明一下到目前為止您在租船活動方面看到了什麼樣的影響？您是否預期這將對未來的傳統油輪市場產生重大影響？

It's a bit early days, but some sort of numbers so far. At the end of the second quarter, so i.e. end of June, India imported basically 2 million barrels per day of Russian oil. And this oil was transported predominantly in smaller ships. For July, this has come down some 20% in volumes, and we see also similar sort of trend lines for August.

現在還為時過早，但目前已經有了一些數據。截至第二季末，即 6 月底，印度每天進口的俄羅斯石油數量約為 200 萬桶。這些石油主要透過小型船隻運輸。7 月的交易量下降了約 20%，8 月也出現了類似的趨勢。

And this will in general is in favor of larger ships. So we have to, of course, continue to see this development. There could, of course, also be some sort of deal with India and the US that will maybe not take out all of this. But so it's a bit early to say. But I think a 20% start for July, maybe similar levels for August, if not more. And then let's see what happens. But there are already inquiries in the market for them to purchase feedstock from further FR to be loaded on big ships.

總體而言，這種意願有利於建造更大的船舶。因此，我們當然必須繼續看到這種發展。當然，印度和美國之間也可能達成某種協議，但這種協議也許不會消除所有這些問題。但現在說還太早。但我認為 7 月的成長率會達到 20%，8 月的成長率可能與此類似，甚至更高。然後讓我們看看會發生什麼。但市面上已經有一些詢價，希望他們從更遠的FR購買原料，然後裝上大船。

Okay. That's good news. Second question I had is on this fixture. You fixed an 18-year-old ship for 1 year at $41,500 per day, which, given the age of that ship is relatively strong, right? At least when I look at the vessel values, probably $44 million or so for a similar type of ship. If you assume, let's say, 10%, 12% unlevered return, you only require like $30,000 per day over time to justify that type of valuation, right? So that rate you achieved look quite strong. So yes, the question is, do you think this kind of fixtures can be repeated? And what does it tell you about the case of higher secondhand values?

好的。這是個好消息。我的第二個問題是關於這個裝置的。您以每天 41,500 美元的價格租了一艘 18 年船齡的船，租期為 1 年，考慮到這艘船的船齡，這個價格還算比較合理，對嗎？至少當我看船隻價值時，類似類型的船隻大概價值 4400 萬美元左右。如果你假設無槓桿回報率為 10% 或 12%，那麼隨著時間的推移，你每天只需要 30,000 美元就可以證明這種估值是合理的，對嗎？所以你實現的這個速度看起來相當強勁。所以是的，問題是，您認為這種比賽可以重複嗎？那麼，這說明二手價值較高是怎樣的情況呢？

I think for the last year or so, we have been quite successful in securing time charters for our older vessels. And all these charters have basically started with a four handle. I think the lowest was 40 and the highest was 49.5 And there are several things. This one, of course, is the return on the capital employed in this asset based on the cost, it's a very good return for our shareholders. But also the older ships are a bit more exposed when you get the volatility in the spot market.

我認為在過去一年左右的時間裡，我們在為舊船爭取定期租船方面取得了相當大的成功。所有這些章程基本上都是以四個手柄開始的。我認為最低是 40，最高是 49.5，並且有幾件事。當然，這是基於成本的該資產資本報酬率，對我們的股東來說是非常好的回報。但當現貨市場波動時，老船的風險會更大一些。

So when you have sort of weaker periods, then you are sort of exposed to waiting time and maybe less customers being willing to fix an older ship unless there's a discount. So to create sort of stability in earnings for those ships, we for us, we think has made a lot of sense. And of course, we appreciate that the customers are fine with also using ships that are older. They are in technically excellent condition and they run very well, we believe. So this is something we will try to continue to do, I think, as long as the money makes sense.

因此，當您遇到較淡的時期時，您需要等待一段時間，除非有折扣，否則願意修理舊船的客戶可能會減少。因此，我們認為，為這些船舶創造穩定的收益是非常有意義的。當然，我們也感謝客戶願意使用較舊的船舶。我們相信，它們的技術狀況極佳，運作良好。所以我認為，只要資金允許，我們就會試著繼續做這件事。

Sounds good. Thanks, man.

聽起來不錯。謝謝，老兄。

You're welcome thank you.

不用客氣，謝謝。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

Hey, thanks for taking my questions. So you talked about in the presentation earlier this week, OPEC announced they're going to finish unwinding those cuts earlier than expected. Most of that crude is probably going to find its way on to these. And I'm wondering how that's changed your conversations with charterers given all this unexpected crude entering the market?

嘿，謝謝你回答我的問題。所以您在本週早些時候的演講中談到，歐佩克宣布他們將比預期更早完成減產。大部分原油可能都會流向這些地方。我想知道，鑑於這麼多意外的原油進入市場，這如何改變您與租船人的對話？

Yeah. As a company, we have a very sort of key focus on customer relationships, and we have a lot of repeat business with our customer base. And we are regularly talking with them. And we do sort of sense that there is increased interest and focus on having good access to VLCC capacity in some shape or form. And that should bode well for us. And of course, the customers are very close to the action. So if they are increasingly interested in having those conversations, I think this is a bullish signal for the VLCC market and also for the DHT then.

是的。作為一家公司，我們非常重視客戶關係，並且與我們的客戶群有很多回頭生意。我們也定期與他們交談。我們確實感覺到，人們對以某種形式獲得 VLCC 運力的興趣和關注度正在增加。這對我們來說是個好兆頭。當然，顧客們也離活動很近。因此，如果他們對這些對話越來越感興趣，我認為這對 VLCC 市場和 DHT 來說都是一個看漲信號。

And for the vessels you sold, Lotus and Peony, you've got two other ones in the fleet of a similar age and a handful that are just a little bit younger. When you think about fleet renewal, is there a focus on maintaining fleet size the way you have with the acquisition of the newer tanker on the water? Or is it more of a case-by-case approach?

至於您出售的蓮花號和牡丹號，您的船隊中還有另外兩艘船齡相似的船隻，以及幾艘稍微年輕一點的船隻。當您考慮船隊更新時，是否會像收購較新的油輪那樣專注於維持船隊規模？或者說這更像是一種逐案處理的方法？

Of course, we have a fleet renewal concept in a way, but we are looking at what creates most value for the company. Lotus and Peony had a particular feature that they will build at Bohai Shipyard in China. And given some of the dynamics with the US, there was some benefits in sort of fine-tuning our proposition to customers. Hence, we decided to sell them.

當然，從某種程度上來說，我們有船隊更新的概念，但我們關注的是如何為公司創造最大的價值。Lotus 和 Peony 的特別之處在於它們將在中國的渤海造船廠建造。考慮到美國的一些動態，對客戶的建議進行微調會帶來一些好處。因此，我們決定出售它們。

They've also been very profitable investments, and we think we've got a good price for them. And the business that they have mostly been involved in would sort of come to an end because of age. This is a particular trade where they've been active. So it wasn't natural for us to sell them. We had a buyer who would take both the sister ships in one go.

它們也是非常有利可圖的投資，我們認為它們的價格很合理。他們所從事的大部分業務都會因為年齡的原因而結束。這是他們一直活躍的一個特殊行業。因此，我們出售它們並不是一件理所當然的事。我們有一個買家，他願意一次買下這兩艘姊妹船。

And we did replace, of course, one of them, you could argue with the more modern ship we acquired in the second quarter. We are always on the lookout of new things. I there suggest that we get to see everything. And we also get to see things that we pass on. So it's not like we'll buy everything that's being presented to us. So but the focus is on creating shareholder value and on earnings per share. So if we can do that confidently for the business, we are still able and willing to invest.

當然，我們確實更換了其中一艘，你可以認為我們在第二季度購買了更現代化的船。我們總是在尋找新事物。我建議我們去看看一切。我們也能看到我們傳承下來的東西。因此，我們並不會購買所有呈現給我們的東西。因此，重點是創造股東價值和每股盈餘。因此，如果我們能夠有信心為業務做到這一點，我們仍然有能力並且願意進行投資。

Understood that's a great color. Thank you.

明白那是一種很棒的顏色。謝謝。

Jonathan Chappell, Evercore ISI.

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

Thank you. Good afternoon. Svein, on the market commentary, you laid out all the possible positive catalysts that could happen in the VLCC market. And but you also said the third quarter started out somewhat disappointing. So it feels like we've been waiting for this VLCC reversion to be in the best-performing crude carrier class for some time, and it's just kind of stubbornly hasn't gotten there yet. So maybe what's been, in your mind, the reason for the disappointment recently? And I guess just to be balanced, what are some of the negative potential catalysts that can keep the VLCCs from performing as you expect for the rest of the year?

謝謝。午安.斯文，在市場評論中，你列舉了 VLCC 市場可能發生的所有積極催化劑。但您也說過第三季的開局有些令人失望。因此，感覺我們已經等待這艘 VLCC 回歸到性能最佳的原油運輸船級別一段時間了，但它一直沒有實現這一目標。那麼，在您看來，最近感到失望的原因是什麼呢？我想只是為了平衡一下，有哪些潛在的負面因素可能導致 VLCC 在今年剩餘時間內無法按照您的預期表現？

Yeah. That's a good question, of course, and it's always difficult to be very precise on this. But we do believe that, well, the second quarter had a significant markup in earnings compared to the first quarter. And I think some of that has been inventory building in China. And then when you build inventory, then suddenly that comes to a halt or a temporary halt. So that, combined with the additional barrels from OPEC suddenly being then used for power generation has not been a good combination also with the loss of the sort of West East arbitrage of the US crude, where also production, frankly, has tapered off a bit.

是的。當然，這是一個好問題，但要非常準確地回答這個問題總是很困難的。但我們確實相信，第二季的收益與第一季相比有顯著成長。我認為其中一部分原因是中國的庫存增加。然後，當你建立庫存時，庫存就會突然停止或暫時停止。因此，再加上歐佩克新增的石油突然被用於發電，這不是一個好的組合，而且西方國家也失去了對美國原油的套利機會，坦白說，美國原油的產量也已經減少。

And I read reports now that the US refining refinery utilization is now up to 96%, that is not only because of demand growth or robust demand in the US, but it's also of some domestic production tapering off. I think the combination of these factors is what sort of now gave us a little bit one on the nose coming into the third quarter. But I do sense it's temporary. So and I view Saudi Aramco, in particular, I don't think there's anybody else that knows more about the oil market than those guys. So I have some confidence in them knowing what they're doing.

我現在看到的報告顯示，美國煉油廠的利用率現在高達 96%，這不僅是因為美國的需求成長或強勁的需求，也是因為一些國內產量正在逐漸減少。我認為這些因素的綜合作用使得我們在進入第三季時受到了一些打擊。但我確實感覺這只是暫時的。因此，我認為，特別是沙烏地阿美，沒有人比他們更了解石油市場。因此，我對他們知道自己在做什麼有信心。

And if you look at the oil price, the market seems to be willing to absorb these reversals of cuts and that oil coming to the market. There's still sanctioned barrels at risk here. So exactly how this will play out is hard. I think the bigger question in terms of risks is so far, the world economy has shown resilience to a lot of the, call it, noise or uncertainty created by trade and tariff discussions. So if the world economy is not able to hold up that resilience, then of course, that will have a negative impact on where we are. But so I think that's really the key risk is the latter to see how that really plays out. So far.

如果你看一下油價，你會發現市場似乎願意吸收減產逆轉和流入市場的石油。這裡仍有一些受制裁的石油處於危險之中。因此，事情究竟會如何發展還很難說。我認為，就風險而言，更大的問題是，到目前為止，世界經濟已經表現出對貿易和關稅討論造成的許多噪音或不確定性的抵禦能力。因此，如果世界經濟不能維持這種韌性，那麼當然會對我們所處的情況產生負面影響。但我認為，真正的關鍵風險在於後者，看看最終結果如何。迄今為止。

A little bit of a housekeeping. If I can get a follow-up really quick. It seems like there were some scheduled off-hire days in 2Q. It's been a while since that happened. Can you just give us an update on what the dry dock schedule looks like for the rest of this year and maybe even into '26?

做一點家事。如果我能很快得到後續資訊。看起來第二季有一些預定的停租日。這件事發生已經有一段時間了。您能否向我們介紹今年剩餘時間甚至 26 年幹船塢的時間表？

Yeah. So we have one ship now in the second half for dry dock.

是的。因此，我們現在有一艘船將在下半年進入乾船塢。

That's it. That's it. Great. Thank you.

就是這樣。就是這樣。偉大的。謝謝。

Omar Nokta, Jefferies.

諾克塔（Omar Nokta），傑富瑞集團。

Thank you. Hey guys, good afternoon. A couple of quick ones for me and maybe just a follow-up to start on the India discussion. Svein, you mentioned volumes from Russia into India are down 20%, which is, say, 400,000 barrels. From your sense or from if you're able to see, has that 400,000 just disappeared from the market? Or is it being shipped somewhere else?

謝謝。大家好，下午好。對我來說，有幾個簡短的問題，也許只是關於印度討論的後續問題。斯韋恩，您提到從俄羅斯到印度的石油出口量下降了 20%，也就是 40 萬桶。從您的感覺或您所能看到的來看，這 40 萬是否已經從市場上消失了？還是正在運送到其他地方？

From the report that I've read on these details, it is suggesting that the feedstock is acquired from other sources and predominantly the Middle East. But India has sort of widened their sourcing of feedstock. So if you look at sort of statistics over time or pre maybe the Russia-Ukraine conflict, then Middle East represented about 60% of feedstock and then the rest being sort of Atlantic barrels. So I'm not sure exactly how this has played out now. I guess we'll have to look at this after the fact once these trade statistics come out.

從我讀過的有關這些細節的報告來看，它表明原料是從其他來源獲得的，主要是中東。但印度已經擴大了其原料採購範圍。因此，如果你查看一段時間內的統計數據或俄羅斯與烏克蘭衝突之前的統計數據，那麼中東約佔原料的 60%，其餘則來自大西洋。所以我不確定現在事情到底如何發展。我想，一旦這些貿易統計數據出來，我們就必須事後再考慮這個問題。

Okay. Yes, I appreciate that. And then just a financing question in terms of the 2018 vessel that you're acquiring. Looking at Jaguar, you've refinanced that with $30 million, which looks maybe to be about 1/3 or so of the value of that ship. What kind of debt are you looking to put on to this latest acquisition?

好的。是的，我很感激。然後是關於您所收購的 2018 年船隻的一個融資問題。看看美洲虎號，您已為其再融資 3000 萬美元，這筆資金可能相當於該船價值的 1/3 左右。您希望為這次最新收購承擔什麼樣的債務？

We like to run with a strong and maybe for some people, a bit of a conservative balance sheet. So we have several offers to finance this vessel. There are different considerations because we have a sense that we can set a new level of cost in financing secondhand vessels for the company. So it will be probably very competitive, maybe a bit longer tenure. So maybe we on this particular facility, we'll borrow on a relative basis a bit more, but use maybe that excess funding to prepay some other debt and just improve the general cost for debt for the company. So but this is sort of stuff in the works. So we will advise the market in due course on that. But it's a super comfortable position to be in. And so it's going to be competitive, we think.

我們喜歡以強勁的、也許對某些人來說有點保守的資產負債表來經營。因此，我們有幾個為這艘船提供融資的提案。之所以有不同的考慮，是因為我們認為我們可以為公司二手船融資設定一個新的成本水準。因此競爭可能會非常激烈，任期可能會更長一些。因此，也許針對這一特定的工具，我們會相對多藉一些錢，但也許會用這些多餘的資金來預付一些其他債務，並改善公司的整體債務成本。但這只是正在進行的事情。因此，我們將適時向市場提供相關建議。但這是一個非常舒服的姿勢。因此我們認為這將是有競爭力的。

Okay. Good. And then maybe just one final one, then I'll pass it back. The first of your four newbuildings delivers in, say, perhaps maybe six months or so. What's the charter appetite look like to take that on charter? And I guess, what's your appetite to do so?

好的。好的。然後也許只剩下最後一個了，然後我會把它傳回去。你們四艘新船中的第一艘大概會在六個月左右的時間內交付。包機的承運意願如何？我想，您願意這麼做嗎？

The first ship is coming in January. And there's been, I would say, high-level interest from some of our core customers in these ships for sort of different type of discussions, but it's a bit early yet. So but these ships are going to be very, very good. I think there's going to be well, there's nothing like it in the water today. So they do attract interest from some big customers. So let's see.

第一艘船將於一月抵達。我想說，我們的一些核心客戶對這些船舶表現出了高度的興趣，並願意進行不同類型的討論，但現在還為時過早。但這些船將會非常非常好。我認為情況會很好，今天的水裡沒有什麼比這更好的了。因此它們確實吸引了一些大客戶的興趣。讓我們看看。

It's we order those ships without employment and are comfortable of keeping them also in the market. They're going to be phenomenal earners. But if there's some true long-term business available to those at acceptable returns to DHT, then of course, we will entertain that. So it could be a mix, and we have to see. I do think that the next sort of 6 months or maybe less 4, 5 months will give us a better feel for how this will develop. So maybe on our next earnings call, we have a better view is maybe the wrong word, but we have more clarity on whether initial interest will actually develop into real business interest.

我們訂購這些船舶時無需就業，也放心將它們留在市場上。他們將會成為收入驚人的人。但如果對於那些能夠以可接受的回報為 DHT 提供一些真正的長期業務，那麼我們當然會考慮。所以這可能是一種混合，我們拭目以待。我確實認為，接下來的 6 個月或更短的 4、5 個月將讓我們更好地了解事情將如何發展。因此，也許在下一次財報電話會議上，我們會有更好的看法（也許是錯誤的措辭），但我們更清楚最初的興趣是否真的會發展成真正的商業興趣。

Great, okay, well, thank you for that's fine. I'll pass it back.

太好了，好的，嗯，謝謝你，這樣就好了。我會把它傳回去。

Geoffrey Scott, Scott Asset Management.

傑弗瑞‧史考特，史考特資產管理公司。

Thank you. Good afternoon. Two questions. Two questions. The first one has to do with demolition activity or actually the lack of same. The sanctioned fleet, the dark fleet is primarily the over 20s. To the extent that, that dark fleet is highly utilized, there's little incentive to send them to the breakers. Are you able to track the utilization rate of those sanctioned vessels, the dark fleet vessels?

謝謝。午安.兩個問題。兩個問題。第一個問題與拆除活動有關，或實際上與缺乏拆除活動有關。制裁艦隊，暗黑艦隊主要都是20歲以上的。由於暗箱船隊的利用率很高，因此沒有什麼動力將它們送到拆船廠。您能追蹤那些受制裁船隻、黑暗艦隊船隻的使用率嗎？

It's limited because they are not always keeping their AI systems on board. So you need pretty advanced satellite systems to keep track on this. There are some companies doing this. So we have access to some of that information. We assume that in the best case, the productivity of this fleet is maybe 50% compared to the compliant fleet, possibly less. So but they get phenomenal freight for doing these jobs. So they maybe can afford it and the ships are older.

它的局限性在於他們並不總是保持他們的人工智慧系統正常運作。所以你需要相當先進的衛星系統來追蹤這一點。有些公司正在這樣做。因此我們可以獲得其中的一些資訊。我們假設，在最好的情況下，該船隊的生產力可能只有合規船隊的 50%，甚至可能更低。但是他們透過完成這些工作獲得了驚人的運費。所以他們也許負擔得起，而且船隻也比較舊。

I think lack of scrapping is the dynamic is so that people that buy these older ships for to operate them in the shadow fleet or sanctioned fleets, they are paying quite robust prices. And of course, this is then influencing the price shipowner wants to sell the ship for demolition.

我認為缺乏報廢是一種動態，因此購買這些舊船並在影子艦隊或受制裁艦隊中運營的人支付了相當高的價格。當然，這會影響船東出售船舶的價格。

And if you run a scrap yard, you buy a ship and it takes you quite a good while to take it apart and to recycle and sell all the pieces. It's not just the steel. It's also equipment, spare parts, copper from cables and stuff like that. So the working capital load for a breakyard is quite significant compared to what it was when an old VLCC cost $10 million. So this is a challenging dynamic.

如果你經營一家廢料場，你買了一艘船，你需要花很長時間才能把它拆開、回收並出售所有零件。這不僅僅是鋼鐵的問題。它還包括設備、備件、電纜銅等等。因此，與舊式 VLCC 的價格為 1000 萬美元時相比，拆船廠的營運資金負擔相當大。所以這是一個具有挑戰性的動態。

And I've been on record saying, I think you need some global efforts to get this business going because these guys, if they want to finance such an acquisition, they cannot do that with bank financing from a buyer that's sanctioned or been in sanctioned business. So this whole business sort of stalls. We would need a global effort, somebody like the World Bank stepping up to sanction the demolition of these ships, and provide financing for all these breakers for that to happen. Otherwise, the new scrapping will be that these ships will just be abandoned and left sort of with no people on board and the anchor drops somewhere and becomes environmental disasters.

我曾公開表示，我認為需要全球共同努力才能推動這項業務的發展，因為如果這些人想要為這樣的收購提供資金，他們就無法透過受到製裁或從事受制裁業務的買家的銀行融資來實現這一點。所以整個業務就陷入停滯。我們需要全球共同努力，需要像世界銀行這樣的機構出面批准拆除這些船隻，並為所有拆船企業提供資金。否則，新的報廢將是這些船隻被遺棄，船上無人，錨掉落在某處，造成環境災難。

Okay. Another real quick question. Back in April, you announced the financing at SOFR plus 175 bps and then in July, the $308 million facility at SOFR plus 132 bps. Was there something unusual in this facility? Or are banks just more interested in financing shipping business? Or is DHT just qualitatively better than any of your competitors?

好的。另一個非常簡單的問題。今年 4 月，您宣布以 SOFR 加 175 個基點的利率提供融資，隨後在 7 月，又以 SOFR 加 132 個基點的利率提供 3.08 億美元的融資。這個設施裡有什麼不尋常的東西嗎？或者銀行只是對航運業務融資更感興趣？或者 DHT 只是在品質上比任何競爭對手都更好？

We have a very strong balance sheet, and we've been in this game for quite a while now. So I think our track record in running the company in a sort of credible fashion is there. So we have a very stable group of banks, seven banks that are supporting us. Our leverage is very, very low. And the only thing they complain about is that they cannot lend us enough money.

我們的資產負債表非常強勁，而且我們已經在這個行業中經營了相當長一段時間。所以我認為我們在以可信的方式經營公司方面有著良好的記錄。因此，我們擁有一個非常穩定的銀行集團，共有七家銀行為我們提供支援。我們的槓桿率非常非常低。他們唯一抱怨的就是不能藉給我們足夠的錢。

So when we need the debt, it's competitive. Jaguar is a bit of, I think, not a typical financing. It has a combination with part of the newbuilding package, you can say. And it's a bit of an older ship that was refinanced. We expect the acquisition we made now in the second quarter, the 2018 build ship to be priced meaningfully less than that DHT Jaguar financing.

因此，當我們需要債務時，它就具有競爭力。我認為，捷豹的融資方式有點不那麼典型。可以說，它與部分新造船套件相結合。這是一艘經過再融資的較舊的船。我們預計，我們在第二季度進行的收購，即 2018 年建造的船舶的價格將明顯低於 DHT Jaguar 融資的價格。

The spread is substantially lower than what's been disclosed by your competitors. Is that do you see that as well?

該價差遠低於您的競爭對手所揭露的價差。您也看到了嗎？

I think we viewed as an attractive counterpart for our banks. And of course, that is then reflected in the pricing.

我認為我們視其為對我們銀行有吸引力的對手。當然，這會反映在定價上。

Okay, thank you very much.

好的，非常感謝。

There are no further questions. Speakers, please continue.

沒有其他問題了。各位發言者，請繼續。

Well, thank you very much for all listening in on DHT's conference call. We appreciate the interest and support and wishing you all a good day ahead.

好吧，非常感謝大家收聽 DHT 的電話會議。我們感謝您的關注和支持，並祝大家有美好的一天。