DHT Holdings Inc (DHT) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 2025 DHT Holdings, Inc., earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 DHT Holdings, Inc. 2025 年第四季財報電話會議。（操作說明）請注意，今天的會議正在錄音。

I'd now like to hand the conference over to your first speaker today, Laila Halvorsen, CFO. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，財務長萊拉·哈爾沃森。請繼續。

Thank you. Good morning and good afternoon, everyone. Welcome, and thank you for joining DHT Holdings fourth-quarter 2025 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。各位早安/下午好。歡迎參加 DHT Holdings 2025 年第四季財報電話會議，感謝您的參與。今天和我一起的是DHT的總裁兼執行長Svein Moxnes Harfjeld。照例，在開放式提問環節之前，我們會先介紹一下財務狀況和一些重點內容。幻燈片連結可在我們的網站 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 February 12. 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，我想說幾句。本次電話會議的錄音回放將在我們的網站 dhtankers.com 上提供，直至 2 月 12 日。此外，我們的獲利新聞稿將在我們的網站和美國證券交易委員會的EDGAR系統中發布，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.

再次提醒大家，本次電話會議我們將討論一些前瞻性的事項。這些前瞻性陳述是基於我們對未來事件的當前預期，詳情請見我們的財務報告。

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.

實際結果可能與這些前瞻性聲明中反映的預期有重大差異。我們敦促您閱讀我們網站和美國證券交易委員會EDGAR系統上提供的定期報告，包括這些報告中的風險因素，以了解更多關於我們面臨的風險的資訊。

As usual, we will start the presentation with some financial highlights. In the fourth quarter of 2025, we achieved revenues on TCE basis of $118 million and adjusted EBITDA of $95 million. Net income came in at $66 million, equal to $0.41 per share. Vessel operating expenses for the quarter were $17.1 million, and G&A for the quarter was $5.6 million, which included approximately $0.6 million in nonrecurring project costs.

像往常一樣，我們將首先介紹一些財務亮點。2025 年第四季度，我們以 TCE 計算的營收為 1.18 億美元，調整後的 EBITDA 為 9,500 萬美元。淨利潤為 6,600 萬美元，相當於每股 0.41 美元。本季船舶營運費用為 1,710 萬美元，本季一般及行政費用為 560 萬美元，其中包括約 60 萬美元的非經常性項目成本。

In terms of market performance, our vessels trading in the spot market earned an average of $69,500 per day, while the vessels on time charters achieved $49,400 per day. The average combined TCE for the fleet in the quarter was $60,300 per day.

從市場表現來看，我們在現貨市場交易的船舶平均每天收入 69,500 美元，而定期租船的船舶平均每天收入 49,400 美元。該季度船隊的平均綜合TCE為每天60300美元。

For the full year of 2025, we achieved revenues on TCE basis of $369 million and adjusted EBITDA of $278 million. Net income for 2025 was $211 million, equal to $1.31 per share. Adjusted for the gains related to sale of vessels, adjusted net income was $158 million, equal to $0.99 per share, marking another strong year for DHT.

2025 年全年，我們以 TCE 計算的營收為 3.69 億美元，調整後的 EBITDA 為 2.78 億美元。2025 年淨收入為 2.11 億美元，相當於每股 1.31 美元。在扣除與船舶出售相關的收益後，調整後的淨收入為 1.58 億美元，相當於每股 0.99 美元，這標誌著 DHT 又迎來了一個強勁的年份。

We have a rock-solid balance sheet with low leverage and strong liquidity. At the end of the fourth quarter, total liquidity was $189 million, consisting of $79 million in cash and $110.5 million available under two of our revolving credit facilities. In December, we drew on this RCF capacity to fund the final installment for our first newbuilding, which was delivered on January 2. This drawdown was repaid in January when we drew on the newbuilding facility.

我們擁有穩健的資產負債表，槓桿率低，流動性強。在第四季末，公司總流動資金為 1.89 億美元，其中包括 7,900 萬美元現金和根據我們兩項循環信貸安排可用的 1.105 億美元。去年 12 月，我們利用 RCF 的資金支付了第一艘新船的最後一筆款項，該船於 1 月 2 日交付。這筆款項已於 1 月透過提取新造船貸款償還。

Following these transactions, current availability under our RCF stands at $171.9 million. At quarter end, financial leverage was 17.6% based on market values for the fleet and net debt was just under $16 million per vessel, which is well below estimated residual values.

完成這些交易後，我們循環信貸額度下的可用資金為 1.719 億美元。截至季末，根據船隊的市場價值計算，財務槓桿率為 17.6%，每艘船的淨債務略低於 1,600 萬美元，遠低於估計的殘值。

Looking at our cash flow, we began the quarter with -- sorry, $81 million in cash. From operations, we generated $95.3 million in EBITDA. Ordinary debt repayment and cash interest totaled $13.2 million and $28.9 million was distributed to shareholders through a cash dividend. $97.6 million was deployed towards vessels during the quarter, which included the delivery of DHT Nokota, our 2018 built secondhand acquisition.

從我們的現金流來看，本季初我們擁有——抱歉，是 8,100 萬美元現金。營運方面，我們實現了 9,530 萬美元的 EBITDA。本季償還普通債務及支付現金利息共1,320萬美元，並透過現金股利向股東分配了2,890萬美元。 9760萬美元用於船舶建設，其中包括交付我們於2018年建造的二手船DHT Nokota。

We also issued $169.4 million in long-term debt associated with the delivery of DHT Nokota and the delivery of our first newbuilding DHT Antelope. In addition, we invested $107.8 million in our newbuilding program. Changes in working capital and other items amounted to $19.3 million, and the quarter ended with $79 million in cash.

我們還發行了 1.694 億美元的長期債務，用於交付 DHT Nokota 和我們第一艘新造船 DHT Antelope。此外，我們還在新造船項目上投資了 1.078 億美元。營運資金和其他項目變動總額為 1,930 萬美元，季末現金餘額為 7,900 萬美元。

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

接下來，我將把電話交給斯文。

Thank you, Laila. I will now go through our quarterly highlights. We entered into an agreement in June last year to acquire a large quality VLCC built in 2018 at Hyundai. We took delivery of the vessel in November, an excellent timing as the freight market was roaring. She is named DHT Nokota and trades in the spot market.

謝謝你，萊拉。接下來我將介紹我們本季的亮點。去年六月，我們與現代公司達成協議，收購一艘 2018 年建造的大型優質超大型油輪。我們在11月接收了這艘船，時機非常好，因為當時貨運市場非常火爆。她的名字叫DHT Nokota，在現貨市場進行交易。

As we have alluded to in numerous communications, our plan has been to divest our three older ships built in 2007. One of the considerations was timely fleet modernization, selling the oldest vessels in a strong market and replace these vessels with our newbuilding program of four new vessels entering our fleet during the first half of this year. This newbuilding program was contracted some two years ago when the order book was about 2% of total capacity.

正如我們在多次溝通中提到的，我們的計劃是出售我們在 2007 年建造的三艘老舊船舶。其中一個考慮因素是及時實現船隊現代化，在強勁的市場環境下出售最老的船舶，並用我們今年上半年即將投入船隊的四艘新船建造計劃來替換這些船舶。這項新造船計畫大約兩年前簽訂，當時訂單量約佔總產能的 2%。

We entered into agreement to sell DHT China and DHT Europe during the quarter for a combined price of $101.6 million. The Europe was delivered the last day of January, and we expect to deliver the DHT China later this quarter. We expect to book a combined gain of about $60 million during the first quarter. Cash proceeds should come in about $95 million.

本季我們達成協議，將 DHT 中國和 DHT 歐洲出售，總價為 1.016 億美元。歐洲版已於 1 月最後一天交付，我們預計 DHT 中國版將於本季稍後交付。我們預計第一季將實現約 6000 萬美元的收益。現金收益預計將達到約9500萬美元。

The following events took place subsequently to the quarter end. We took delivery of the first of our four newbuildings on January 2. She is named DHT Antelope, setting the tone for this new series called the Antelope Class. She is demonstrating excellent fuel economics during her maiden voyage, so far exceeding our expectations.

以下事件均發生在季度末之後。1月2日，我們接收了四艘新船中的第一艘。她被命名為 DHT 羚羊，為這個名為“羚羊班”的新系列定下了基調。在她的處女航中，她展現了極佳的燃油經濟性，目前為止已經超出了我們的預期。

The remaining three ships will deliver with two in March and one in June. This is a fully funded project, and no new shares will be issued in this connection.

剩餘的三艘船將陸續交付，其中兩艘將於三月交付，一艘將於六月交付。這是一個資金充足的項目，不會因此而發行新股。

We extended the time charter for DHT Harrier with a five-year contract at $47,500 per day. The new rate commenced at the end of January. The customer has the option to extend for two individual additional years at $49,000 and $50,000, respectively.

我們與 DHT Harrier 續約了為期五年的定期租約，每天租金為 47,500 美元。新利率於1月底開始生效。客戶可以選擇分別以 49,000 美元和 50,000 美元的價格續約兩年。

Lastly, we entered into agreement to sell the DHT Bauhinia, our last vessel built in 2007. The price is $51.5 million, and the vessel is debt-free. We expect to deliver her to our new owners in June, July this year and expect to record a gain of $34.2 million from the sale.

最後，我們達成協議出售了 DHT Bauhinia 號，這是我們於 2007 年建造的最後一艘船。售價為 5,150 萬美元，且該船無任何債務。我們預計今年六月或七月將她交付給新船東，並預計將從此次出售中獲得 3,420 萬美元的收益。

Back to you, Laila.

把機會交給你了，萊拉。

Thank you. In line with our capital allocation policy of paying out 100% of ordinary net income as quarterly cash dividend, the Board has approved a dividend of $0.41 per share for the fourth quarter of 2025. This marks our 64th consecutive quarterly cash dividend. The shares will trade ex-dividend on February 19, and the dividend will be paid on February 26 to shareholders of record as of February 19.

謝謝。根據我們按季度派發普通淨收入 100% 作為現金股利的資本配置政策，董事會已批准 2025 年第四季每股 0.41 美元的股利。這標誌著我們連續第64個季度派發現金股利。股票將於 2 月 19 日除息交易，股利將於 2 月 26 日支付給 2 月 19 日登記在冊的股東。

On the left side of the slide, we present our estimated P&L and cash breakeven levels for 2026. Our spot cash breakeven for the year is estimated at $17,500 per day, which reflects the sale of our three oldest vessels and seven special surveys scheduled during the year. This figure captures all true cash costs. The difference between our P&L and cash breakeven is estimated at $6,700 per day, totaling about $56 million for this year. This discretionary cash flow will remain within the company and be allocated for general corporate purposes.

在投影片的左側，我們展示了我們對 2026 年的預期損益表和現金損益平衡點。我們預計本年度的現貨現金損益平衡點為每天 17,500 美元，這反映了我們出售三艘最老的船隻以及本年度計劃進行的七次特殊檢驗。該數字包含了所有實際現金成本。我們損益表與現金損益平衡點之間的差額估計為每天 6,700 美元，今年總計約為 5,600 萬美元。這部分可自由支配的現金流將留在公司內部，並用於一般公司用途。

On the right side of the slide, we illustrate the accumulated dividends since we updated our capital allocation policy in the third quarter of 2022. The total accumulated amount is $3.34 per share, reflecting strong shareholder returns during a period of share price appreciation.

在投影片的右側，我們展示了自 2022 年第三季更新資本配置政策以來累積的股利。累計總額為每股 3.34 美元，反映出在股價上漲期間股東獲得了豐厚的回報。

Finally, an update on bookings to date for the first quarter of 2026. We expect 797 time charter days covered for the first quarter at an average rate of $43,300 per day. This rate includes profit sharing for the month of January and the base rate only for the month of February and March for contracts with profit sharing feature. We anticipate 1,195 spot days for the quarter, of which 76% have already been booked at an average rate of $78,900 per day. The spot P&L breakeven for the quarter is estimated to be $18,300 per day.

最後，更新一下 2026 年第一季的預訂情況。我們預計第一季將有 797 個定期租船日，平均日租金為 43,300 美元。對於包含利潤分成條款的合同，該費率包含一月份的利潤分成，二月和三月僅包含基本費率。我們預計本季將有 1,195 個現貨日，其中 76% 已被預訂，平均價格為每天 78,900 美元。本季現貨損益損益平衡點預計為每天 18,300 美元。

And then, I'll turn the call back to Svein.

然後，我會把電話轉回給斯文。

Thanks. We have repeatedly addressed the fleet demographics and how it creates an important and robust pillar in our constructive market outlook. We estimate the current sailing VLCC fleet to count 897 ships, net of ships engaged in permanent floating storage.

謝謝。我們曾多次談到船隊人口結構，以及它如何為我們積極的市場前景構成重要而堅實的支柱。我們估計目前航行中的 VLCC 船隊共有 897 艘船舶，不包括從事永久性浮式儲存的船舶。

Of this fleet, 427 ships, or 46% of the fleet, will be older than 15 years by the end of this year. Similarly, 199 ships, or 20% of the fleet, will be older than 20 years. And extraordinarily, 49 ships equal to just over 5% of the fleet will be older than 25 years.

到今年年底，該船隊中將有 427 艘船，即船隊的 46%，船齡將超過 15 年。同樣，199 艘艦船（佔船隊的 20%）的船齡將超過 20 年。更令人驚訝的是，艦隊中有 49 艘艦艇（佔艦隊總數的 5% 多一點）的船齡超過 25 年。

The sanctioned VLCC fleet counts 151 vessels, of which 105 are older than 20years. 22 of the sanctioned ships that are younger than 20 years are owned by NITC, the Iranian state-owned shipping line. There are discussions as to whether the sanctioned fleet can re-enter the compliant market.

受制裁的超大型油輪船隊共有151艘船舶，其中105艘船齡超過20年。在船齡不到20年的受制裁船舶中，有22艘屬於伊朗國營航運公司NITC。目前存在關於受制裁船隊是否可以重新進入合規市場的問題的討論。

At first, we would state that say for some very minor exceptions, there are hardly any commercial opportunities once the VLCC passes the 20-year mark in the compliant market. This is different for smaller ship classes with the general rule being that retirement age of ships gets older as ship sizes get smaller.

首先，我們想說的是，除了一些非常小的例外情況外，一旦 VLCC 在合規市場中服役超過 20 年，幾乎沒有任何商業機會。對於較小的艦艇等級來說，情況有所不同，一般規則是艦艇尺寸越小，其退役年齡就越大。

A key message about the VLCC fleet. If and when the sanctioned oil markets become compliant, this could eventually make the sanctioned fleet redundant. Further, there are discussions whether the order book is growing into oversupply territory. We would argue no. The reasons are illustrated here with a confirmed order book of 171 ships delivering over the next three years.

關於超大型油輪船隊的關鍵資訊。如果受制裁的石油市場最終遵守規定，那麼受制裁的船隊最終可能會變得多餘。此外，也有人討論訂單量是否已經成長到供過於求的地步。我們認為並非如此。這裡用未來三年內交付的 171 艘船舶的已確認訂單來說明原因。

There are some discussions at letter of intent stages, which will likely add some additional orders for the very end of '28, but mostly in 2029. Delivery slots for new VLCCs on offer now are in 2029, hence, the three-year delivery time will unlikely change. Fast forward to the end of 2029 and assuming no scrapping, we will have 528 VLCCs older than 15 years and 303 older than 20 years. These numbers should be put in perspective with the order book. In short, we believe the supply squeeze to be real.

目前有一些意向書階段的討論，可能會在 2028 年底增加一些額外的訂單，但大部分訂單會在 2029 年增加。目前可提供的新型超大型油輪交付時間在 2029 年，因此三年交付時間不太可能改變。快進到 2029 年底，假設沒有報廢，我們將有 528 艘船齡超過 15 年的 VLCC 和 303 艘船齡超過 20 年的 VLCC。應該結合訂單情況來看待這些數字。總之，我們認為供應緊張是真實存在的。

As you may have read in the news, a fundamental shift in the fleet ownership is taking place with fleet consolidation by private actors gaining meaningful traction. We can say with confidence that this is taking place and already making an impact, both on freight rates in the spot market, customer demand for time charters, and values of secondhand VLCCs.

正如你可能在新聞中讀到的那樣，車隊所有權正在發生根本性的轉變，私人企業對車隊的整合正在獲得顯著進展。我們可以自信地說，這種情況正在發生，並且已經產生了影響，無論是在現貨市場的運費、客戶對定期租船的需求，還是二手超大型油輪的價值方面。

We estimate that the aggregators to have gained control of some 120 ships, and we expect their efforts to continue and not too long to control at least 25% of the compliant tramping VLCC fleet, a critical market share.

我們估計聚合商已經控制了大約 120 艘船舶，我們預計他們的努力將會繼續，並且不會持續太久，以控制至少 25% 的合規遠洋超大型油輪船隊，這是一個至關重要的市場份額。

This consolidation is shifting the pricing dynamics and is putting pressure on timely availability of ships. As end users increasingly are taking note of this trend, we see rising interest from customers seeking to secure reliability, a reliability that increasingly will command a premium.

這種整合正在改變定價格局，並對船舶的及時交付造成壓力。隨著終端用戶越來越注意到這一趨勢，我們看到尋求確保可靠性的客戶對可靠性的興趣日益濃厚，而可靠性也將越來越值得付出溢價。

As crude oil is a feedstock business, one should not expect this consolidation to be trade prohibitive. Crude oil transportation is cheap when measured as a portion of the delivered value of the cargo and slightly disappearing in the oil price.

由於原油是原料產業，因此不應認為這種整合會對貿易造成阻礙。原油運輸成本以貨物交付價值的比例計算很低，而且在油價上漲中佔比很小。

As a reflection of the constructive market view, we have held for some time, we are increasing our spot market exposure for our fleet by reducing fixed income contracts, i.e., time charters. Further, we believe the delivery of our four state-of-the-art VLCC newbuildings during the first half of this year to be very timely.

為了體現我們一段時間以來所持有的建設性市場觀點，我們正在透過減少固定收益合約（即定期租船）來增加我們船隊的現貨市場曝險。此外，我們認為今年上半年交付的四艘最先進的超大型油輪新造船非常及時。

You will note on this slide that we expect our spot market exposure to reach some three-quarters of our capacity during the second quarter. This enables us not only to participate in the rewarding spot markets to a greater extent than for some time, but also in due course, develop new time charter contracts at improved rates.

您會在這張投影片上看到，我們預計第二季我們的現貨市場曝險將達到我們產能的四分之三左右。這不僅使我們能夠比以往更多地參與到利潤豐厚的現貨市場中，而且在適當的時候，還能以更高的費率簽訂新的定期租船合約。

As we enter 2026, the VLCC market is undergoing a structural transformation. We are navigating a perfect storm of strong demand, geopolitical volatility, a rapidly aging global fleet, and significant consolidation of the compliant tramping fleet.

進入 2026 年，超大型油輪市場正經歷結構性變革。我們正面臨著強勁的需求、地緣政治動盪、全球船隊快速老化以及合規遠洋運輸船隊大幅整合的完美風暴。

At DHT, we are not just observers of this cycle. We are well positioned to benefit from it. We have an excellent fleet in the water and execute a timely renewal with state-of-the-art VLCC newbuildings delivering into a strong market, financed without issuing a single share. We have increasing market exposure and a clear mandate to return earnings to our shareholders. We look forward to an exciting and rewarding 2026.

在 DHT，我們不僅僅是這個循環的旁觀者。我們完全有能力從中受益。我們擁有一支優秀的船隊，並及時更新船隊，建造最先進的超大型油輪新船，以滿足強勁的市場需求，而這一切都是在不發行任何股份的情況下完成的。我們擁有不斷擴大的市場影響力，並肩負著向股東返還收益的明確使命。我們期待著令人興奮且富有成果的2026年。

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

接下來，我們開始接受提問。操作員？

(Operator Instructions) John Chappell, Evercore ISI.

（操作說明）John Chappell，Evercore ISI。

Thank you. Svein, putting slides 11 and 12 together, the commentary about the consolidation and then you're increasing spot exposure to 74%. The comment on the aggregator and charters looking for reliability and the premium associated with that.

謝謝。Svein，把第 11 和 12 張投影片放在一起，評論中提到了整合，然後你又把現貨敞口增加到 74%。評論指出，聚合平台和包機服務商都在尋求可靠性以及與之相關的溢價。

When I first read that in the press release last night, it sounded like that was conducive to a much stronger time charter market. And we saw one of your Norwegian peers sign eight ships at absurd time charter numbers, lacking a better term.

昨晚我在新聞稿中第一次讀到這一點時，我感覺這有利於一個更強勁的定期租船市場。我們看到你們的一位挪威同行以荒謬的定期租船價格（沒有更合適的說法）簽下了八艘船。

So can you help us reconcile those? Do you think that there's going to be other opportunities like that, even better than what you just renew the Harrier at so that spot market exposure increase may be short term?

那麼，您能幫助我們調和這些問題嗎？你認為未來是否還會出現其他類似的機遇，甚至比續訂鷂式戰鬥機更好的機會，從而使現貨市場敞口的增加可能只是短期的？

I can confirm that. So I would say, basically, all end users or customers now are in the market to secure time charters and for a variety of tenors, mostly one, two, or three years. And the rates that they are being offered are above last bump.

我可以證實這一點。所以，基本上可以說，現在所有最終用戶或客戶都在市場上尋求獲得定期租船合同，租期多種多樣，大多為一年、兩年或三年。而且他們得到的報價比上一次上漲的報價還要高。

And the aggregator, so to speak, is not really in the market to offer ships for time charter, at least not as we have seen and we doubt that it is happening. So it's really the remainder of owners that potentially will consider this.

而聚合商，或者說聚合商，實際上並不是在市場上提供船舶定期租賃服務，至少我們沒有看到這種情況，我們懷疑這種情況是否正在發生。所以真正有可能考慮這件事的，是其餘的業主。

And I think today, there are rumors of a one-year charter at $85,000 a day. So we'll have to see if that happens. But that, I think, is on subs apparently. So that's a reflection of a step-up from the last one on one year. And also, we are aware of customers bidding on three-year charters, certainly at numbers quite above what you would assume to be last on.

而今天，有傳言說一年的包機費用為每天 85,000 美元。所以，我們得看看會不會發生這種情況。但我覺得，那好像是在字幕裡。所以這反映出比前一年有了進步。此外，我們也注意到有客戶競標三年期租船合同，而且競標數量遠高於您認為的最低水平。

So I think, in general, customers are a bit worried about reliability and not really having access to ships or potentially be held hostage to a market where ships are being held back for some reason, right? So it's a very interesting dynamic, and it's already taking shape. So we already see the contours of how this is working out.

所以我覺得，總的來說，客戶有點擔心可靠性，擔心無法真正使用船舶，或者可能因為某種原因船舶被扣留而被迫滯留在市場上，對吧？所以這是一個非常有趣的動態，而且它已經開始成形了。所以我們已經看到了事情發展的大致輪廓。

Okay. And then just you've done a deep dive on the supply side, so there's no reason to really rehash that. But the commentary on the last slide about demand, it looks like global oil demand growth is stabilizing around 1% and there's a lot of talk about the market becoming oversupplied with OPEC production at the current levels and China really being the only incremental buyer.

好的。而且你已經對供應方面進行了深入研究，所以沒有必要再重複討論這個問題了。但最後一張投影片上關於需求的評論顯示，全球石油需求成長似乎穩定在 1% 左右，而且很多人都在討論，在歐佩克目前的產量水平下，市場將出現供應過剩，而中國實際上是唯一新增的買家。

Is that demand commentary more about ton-mile demand, more about disruption, sanctioned vessels, new trade routes? Or is it really more of a commentary on just an underlying robust consumption?

這種需求評論更多是關於噸英里需求，還是更多地關於中斷、受制裁船舶、新貿易路線？或者，這其實更反映了強勁的潛在消費趨勢？

I think it's a bit how numbers are presented and how they're analyzed. So when the 1% figure is referred to, that's a number over total liquids, i.e., roughly 83 million barrels a day of crude and remaining being liquids, taking that number to, call it, 103 million.

我認為這與數字的呈現方式和分析方式有關。所以，當提到 1% 這個數字時，指的是除以液體總量，即每天大約 8300 萬桶原油和剩餘的液體，那麼這個數字就是，我們姑且稱之為 1.03 億桶。

The reality is that seaborne crude oil transportation is today roughly around 41 million barrels a day. And the additional 1 million barrels of crude oil coming to the market is now basically all of it will be seaborne. So you have to look at that number over 41 million barrels, not over 103 million barrels. And if you do that, that's roughly a 2.5% demand growth, right?

現實情況是，目前海上原油運輸量約為每天 4,100 萬桶。而現在進入市場的新增100萬桶原油，基本上全部都將透過海運運輸。所以你應該關注的是 4,100 萬桶這個數字，而不是 1.03 億桶。如果這樣做，需求成長約為 2.5%，對吧？

And then, of course, it's the play of distances, as you alluded to. Of course, Middle East now having more oil in the market is not as long transportation distances as some of the Atlantic crude. So you see now the US production this year is probably, I would say, a bit sideways, but from conversations, understanding of some of the majors and consolidation in the US.

當然，正如你所提到的，距離的運用也至關重要。當然，中東現在市場上石油供應量更大，運輸距離不像大西洋沿岸的一些原油那麼遠。所以你看，今年美國的影視製作情況可能有點……嗯，可以說是有點停滯不前，但從與一些主要廠商的交流以及對美國影視製作行業整合情況的了解來看，情況確實如此。

They are bringing efficiency and cost down, which means they will also likely expand production. Guyana, of course, is growing quite fast, and we expect also Brazil to grow quite meaningfully this year. So I think all this combined, we have reasons to be positive on the demand side growth as well. So -- but I think the details really is understanding these numbers, the total liquids demand versus the seaborne demand of crude oil.

他們正在降低效率和成本，這意味著他們也可能擴大生產規模。當然，圭亞那的成長速度相當快，我們也預期巴西今年也將實現相當顯著的成長。所以我認為綜合所有這些因素，我們有理由對需求面成長持樂觀態度。所以——但我認為關鍵在於理解這些數字，即液體總需求與原油海運需求之間的關係。

Okay. Thank you, Svein.

好的。謝謝你，斯文。

Frode Morkedal, Clarksons.

弗羅德·莫克達爾，克拉克森。

Thank you. Hi, Svein, Laila.

謝謝。嗨，斯文，萊拉。

Hello, Frode.

你好，弗羅德。

On this aggregators controlling 25%, can you maybe translate that into a vessel count or maybe clarify how you define the compliance fleet? Because when I look at 130, 120 ships, that's just like probably 18% or something like that. So just a clarification on that first.

關於聚合商控制 25% 的份額，您能否將其轉化為船舶數量，或解釋一下您如何定義合規船隊？因為當我看到130、120艘船時，那大概只佔18%左右。首先，我想澄清一下這一點。

Yeah. So you have to knock off the sanction fleet, obviously, right, which is not really a market business. Then, there are quite significant number of ships that are state-owned controlled and that are really just running a shuttle service, basically a taxi service for their owners.

是的。所以，很顯然，你必須清除裁裁艦隊，對吧？但這其實並不是一個市場業務。此外，還有相當數量的船舶由國家擁有並控制，實際上只是提供擺渡服務，基本上是為船東提供計程車服務。

So China Inc., for one, they control roughly 100 VLCCs, and quite a significant portion of that fleet is engaged in transporting oil as a cargo services from -- mainly from the Middle East for Chinese refiners.

以中國公司為例，他們控制著大約 100 艘 VLCC，其中相當一部分船隊從事石油運輸服務——主要從中東為中國煉油廠運輸石油。

Saudi Arabia owns a big fleet. Japan Inc., owns a big fleet. So these ships are not really tramping and are open in the market all the time. Some of them might be because of scheduling issues that are free of cargo and being replaced and stuff like that. But you don't see all of those fleets in the regular spot market.

沙烏地阿拉伯擁有龐大的艦隊。日本公司擁有龐大的車隊。所以這些船隻其實不是在四處漂泊，而是一直都在市場上運作。有些可能是由於貨物運輸安排問題，例如貨物被替換之類的原因造成的。但你不會在常規現貨市場上看到所有這些船隊。

So when you adjust that, I think a reasonable number is to think that the fleet is somewhere maybe 600 ships, maybe a little bit smaller even. So that's why we take the risk at presenting that number. I don't think it's unreasonable to think that the 25% of the compliant tramping fleet are the one that going to be exposed to this consolidation.

所以當你調整一下之後，我認為一個合理的數字是艦隊大概有 600 艘船，甚至可能還要少一些。所以，這就是我們冒著風險公佈這個數字的原因。我認為，符合規定的25%的長途貨運船隊將受到此次整合的影響，這種想法並不算不合理。

Okay. Understood. So you're not really saying that they will add even more ships to reach 25%. They already have that.

好的。明白了。所以你的意思是他們不會真的增加更多船來達到 25% 的目標嗎？他們已經擁有了。

Well, we understand in the market that they are looking to acquire additional ships. And as a company with ships, chances are maybe we also get the old phone call if you want to sell ships, and we're done selling. So I think ambitions are certainly there to do more. So let's see where it ends up.

據我們了解，市場上他們正尋求收購更多船隻。而作為一家擁有船舶的公司，我們很可能也會接到這樣的電話：如果您想出售船舶，而我們已經停止銷售了。所以我認為，他們肯定有志於做更多的事情。讓我們看看最終結果會如何。

Interesting. On that note, I guess I have two questions on that. First, is 25% enough to meaningfully, let's say, shift the market dynamics? And how so? What mechanism will it be?

有趣的。說到這裡，我有兩個問題。首先，25% 的漲幅是否足以從根本上改變市場格局？為什麼這麼說？它將採用什麼機制？

I think so. I think because if you look at the types of ships that are being acquired, they're predominantly in the 10- to 15-year age bracket. And most of those ships that are being sold have been owned by owners with maybe two, three, four, five ships.

我也這麼認為。我認為，如果你看看正在採購的船舶類型，你會發現它們大多是船齡在 10 到 15 年之間的船舶。而且，這些待售船舶的船東大多數可能擁有兩艘、三艘、四艘、五艘船。

And they have occasionally a little bit different behavior in the spot market. So to -- if the -- if these aggregators are getting all those ships under some commercial umbrella, you will have, I think, a different pricing behavior and a different flow information, importantly to the people around, right?

而且它們在現貨市場上的行為偶爾也會略有不同。所以，如果這些聚合商將所有這些船舶納入某種商業體系，我認為，就會出現不同的定價行為和不同的流量信息，這對周圍的人們來說非常重要，對吧？

So if you are a big operator like DHT and some of our peers, you basically have ships in the market all the time, and you have very good information flow and you get access to pretty much all the business. But if you own two, three ships, there could be quite meaningful time between every time you fix, you might not always have a full flow of information, although I don't need to be disrespective of these owners, but to be in the market all the time has a benefit, right? So I think the dynamic is certainly going to change because of this.

因此，如果你是像 DHT 和我們的一些同行這樣的大型運營商，你基本上一直都有船舶在市場上運營，而且你擁有非常好的信息流，並且可以接觸到幾乎所有的業務。但是，如果你擁有兩三艘船，每次維修之間可能會有相當長的一段時間，你可能無法始終獲得完整的資訊流，雖然我無意冒犯這些船東，但始終關注市場是有好處的，對吧？所以我認為，這種情況肯定會改變現狀。

That's very interesting. Last question I had is basically on the same topic because this company we're discussing has clearly been a willing buyer, right? And many owners, shipowners have been willing sellers and ship values have moved higher.

這很有意思。我最後一個問題基本上也是關於同一個主題的，因為我們正在討論的這家公司顯然是一個有購買意願的公司，對吧？許多船東都願意出售船舶，船舶價值也隨之上漲。

I guess you basically said that they will probably buy more ships, right? But one of the question I often get from investors is that are there further bringing buyers at current levels, right? And how do you see vessel values being maintained at these lofty levels, to be honest?

我猜你基本上是說他們可能會購買更多船隻，對吧？但我經常從投資者那裡聽到的一個問題是，在目前的價位上是否還有進一步的買家，對吧？坦白說，您認為船舶價值如何維持在如此高的水平？

Yeah. They are not the only buyer. So there are other buyers for ships in the older spectrum, I would say, ships predominantly built before 2010, '11. So there are still buyers there at levels we just have sold our older ships at. There's also been, I would say, more than a handful of transactions on modern secondhand plus/minus five years of age. And all of those transactions were bid up on price, and there were competition, right?

是的。他們並非唯一的買家。所以，對於較老的船舶，我認為還有其他買家，主要是 2010 年、2011 年之前建造的船舶。所以，在我們剛剛出售舊船的價格水平上，仍然有買家。此外，我認為，對於車齡在五年以內的現代二手車，也已經有一些交易了。所有這些交易的價格都被抬高了，而且存在競爭，對吧？

So there's very few modern ships to buy and some buyers have been willing to set a new market to get those ships. And those -- and these are credible buyers, right? And I don't think they are the only buyer in the market. So in general, people are very bullish, and I understand why. So I wouldn't say it's the end of the buying period just yet.

因此，可供購買的現代化船舶非常少，一些買家甚至願意開闢新的市場來獲得這些船舶。而且這些買家——他們都是可信的買家，對吧？而且我認為他們並非市場上唯一的買家。所以總的來說，人們都非常看好這支球隊，我理解為什麼。所以我覺得現在就說購買期結束了還太早。

That's good to hear. And I guess current time charter rates basically justify those ship values, right? So that's good.

聽到這個消息真好。我想目前的定期租船費率基本上可以證明這些船舶價值是合理的，對吧？那很好。

Great. There you go.

偉大的。好了。

Thank you so much.

太感謝了。

Welcome.

歡迎。

I'll turn it over. Thank you.

我把它翻過來。謝謝。

Thank you.

謝謝。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Hey. Thank you and good afternoon and thanks for taking my questions. I did want to talk a little bit more about the consolidator and tie it into your fleet. At least what we've seen and correct me if I'm wrong, it seems like their focus has been on some more of the older age vessels in the fleet, the 15 -- definitely the 10-plus, but even in some cases, 15-plus year-old vessels.

嘿。謝謝，下午好，謝謝您回答我的問題。我確實想再多談談整合器，並將其與你們的車隊聯繫起來。至少就我們所看到的而言（如果我錯了請糾正我），他們的重點似乎放在了船隊中一些較老的船隻上，15 年以上的船隻——肯定是 10 年以上的，甚至在某些情況下是 15 年以上的船隻。

I guess what -- I guess I'm curious, have they -- have they been looking at any more modern or younger tonnage that maybe we just haven't seen? And then tying it into your fleet, yeah, obviously, you announced that we got rid of that last 2007 vessel. But at this point, we already -- I mean, time flies when you're having fun.

我想問的是——我很好奇，他們有沒有考察過一些我們可能還沒見過的更現代化或更年輕的噸位的船舶？然後把它和你的船隊聯繫起來，是的，很明顯，你宣布我們已經處理掉了最後一艘 2007 年的船。但此時此刻，我們已經──我的意思是，快樂的時光總是過得很快。

And I guess at this point, we are starting to have 15 -- some more 15-year-old vessels just because time goes by in the fleet. And just curious how you're thinking about some of those vessels that are just in that 15-plus year range now in your fleet?

我想，到了現在，我們已經有 15 艘船了——其中一些船齡已經超過 15 年，因為船隊的發展時間就是這樣。我很好奇您是如何看待您船隊中那些船齡超過15年的船舶的？

So we are done selling for now. So these -- we have five ships that are built in 2011, 2012. They're fantastic ships, large deadweight, excellent fuel economics, very, very good condition, and they serviced both us and our customers very well, and they are earning top dollars in the market. So they're not going anywhere but staying in the DHT fleet.

所以我們暫時停止銷售了。所以，我們有五艘船，分別建於 2011 年和 2012 年。這些船性能卓越，載重噸位大，燃油經濟性好，船況極佳，為我們和我們的客戶提供了非常好的服務，而且在市場上賺取了豐厚的利潤。所以它們不會離開，只會繼續留在DHT艦隊中。

Okay. And then has the consolidator been looking at more modern tonnage, i.e., because I guess what I'm trying to figure out is you bought the 2018 vessel not too long ago. Like how much -- like is this new consolidator -- I mean, I guess we don't want to talk about their name, but have they been -- are they looking -- are we seeing them bid into that more modern seven and younger fleet?

好的。那麼，整合商是否一直在關注更現代化的噸位呢？因為我想弄清楚的是，你們不久前才買了那艘 2018 年的船。例如，這家新的整合商——我的意思是，我想我們不想談論他們的名字，但他們是否一直在——他們是否在尋找——我們是否看到他們競標收購更現代化的7年及更年輕的機隊？

Yeah. I think so, although I don't know for a fact, but I think so. So -- but for me, it's also been quite rational in the way they've approached to the age bracket, call it, 10 to 15. I'm not assuming they're religious about it. But -- so the cash return on those investments, if you can do what it seems that they are setting out to do, will be significant, right? So it's a good start in their play and their strategy.

是的。我覺得是這樣，雖然我不能肯定，但我個人覺得是這樣。所以——但對我來說，他們對待這個年齡層（比如說 10 到 15 歲）的方式也相當理性。我並不是說他們對此有宗教信仰。但是——所以，如果你能做到他們似乎正在做的事情，這些投資的現金回報將會非常可觀，對吧？所以，這對他們的比賽和策略來說是一個好的開始。

I would think sitting from -- on the sideline, we have a different approach because we are truly in the long term, servicing some quite demanding customers, and we need to also renew some of our equipment and do that timely and stuff like that. So for me, it's logical what they are doing.

我認為，從旁觀者的角度來看，我們採取了不同的方法，因為我們著眼於長遠發展，服務於一些要求很高的客戶，我們也需要更新一些設備，並及時完成這些工作等等。所以我覺得他們的做法合乎邏輯。

Okay. Yeah. Just maybe just because it's a private company and they're able to do things differently. And I did have a question about the broader market and realizing it's only been a couple of weeks, and it's a work in progress. But just given what's happened in Venezuela earlier this year, have we started to see signs of that impacting, i.e., crude flow replacements that were previously from Venezuela coming elsewhere?

好的。是的。或許正因為這是一家私人公司，所以他們能夠採取不同的做事方式。我確實對更廣泛的市場有一個疑問，因為考慮到這僅僅過去了幾個星期，而且這項工作仍在進行中。但鑑於今年早些時候委內瑞拉發生的事情，我們是否已經開始看到一些跡象表明，這正在產生影響，例如，以前來自委內瑞拉的原油供應正在被其他地方替代？

And curious how you see that playing out, just assuming that all that Venezuelan crude that had been heading, I guess, primarily to Asia, if that has to deviate maybe more to the US.

我很想知道你認為這種情況會如何發展，假設所有那些原本主要銷往亞洲的委內瑞拉原油，如果必須改變路線，也許會更多地銷往美國。

Yeah. So it's early days, right? But I think that the barrels that are going to move now initially will -- from what I read, will predominantly go to the US. But there are some dynamics there. One of the biggest creditors in Venezuela is China.

是的。現在還為時過早，對吧？但我認為，根據我讀到的信息，現在開始運輸的桶裝原油最初將主要運往美國。但其中也存在一些動態因素。委內瑞拉最大的債權國之一是中國。

And that financing that they have provided in the past is supposed to be repaid in oil. So if they're going to settle the debt, so to speak, with bonds and all these things and get that sorted, I would guess China would want their hands on some of that oil.

他們過去提供的融資本應以石油償還。所以，如果他們打算用債券之類的東西來解決債務問題，把事情理順，我猜中國會想要得到一些石油。

And we have seen now read that Trafigura and Vitol are being engaged as traders or marketers of this oil. And I think we should expect that some of this will be placed in Asia. The key now, of course, is that how quickly can they ramp up production.

我們現在看到並了解到，Trafigura 和 Vitol 正在從事這種石油的貿易或行銷工作。我認為我們應該預料到其中一些產品會被投放到亞洲。當然，現在的關鍵在於他們能以多快的速度提高產量。

I think the lighter products that they have, which are offshore is probably easier to get going than some of the heavier stuff in the Orinoco Delta and bitumen and oil emulsion and stuff like that, and whether they're going to be able to blend into the -- I think it's called the major grade.

我認為他們擁有的較輕的產品（在海上）可能比奧裡諾科三角洲的一些較重的產品（例如瀝青、油乳液等）更容易生產，而且它們是否能夠與——我認為它被稱為主要等級的產品混合。

So this will probably take a bit longer time. But of course, they have vast resources, right? And it will be great for the country if they can get this or get traction on this capital invested and get the production up. So I just think this is going to be good for the markets, absolutely.

所以這可能需要更長時間。但他們當然擁有豐富的資源，對吧？如果他們能夠獲得這筆投資或利用這筆投資資金提高產量，這對國家來說將是件好事。所以我認為這對市場絕對是件好事。

And just to that point, right, you mentioned Trafi, and I believe Vitol stepping in to move some of that oil out of Venezuela, I guess, not historically, but at least the last couple of years, it's been moved on shadow fleet. Is there a process to those entities bringing online companies like DHT, hey, DHT, realizing that Venezuela has not been a place you've been going to before. Is there like a process in getting companies like you on board so that we're able to move this oil on, I guess, the mainstream fleet?

說到這一點，你提到了Trafi，我相信Vitol介入將一些石油從委內瑞拉運走，我想，雖然歷史上並非如此，但至少在過去幾年裡，石油都是透過秘密艦隊運走的。對於那些將像 DHT 這樣的線上公司引入委內瑞拉的實體來說，是否存在某種流程？嘿，DHT，要知道委內瑞拉以前不是你們去過的地方。是否有某種流程，讓像貴公司這樣的企業加入進來，以便我們能夠將這些石油運送到主流船隊上？

It has to be. But I think it's fair to assume here that say it's Trafigura and Vitol that will sell this oil, they will hold the title of that oil, right? So they will be our customer. And of course, it has to be clear that there's no OFAC risk for a company like DHT in moving that oil. So we haven't seen any of this yet, but I think everybody expect and understand that, that has to be resolved in a proper fashion.

一定是這樣。但我認為可以合理地假設，如果托克集團和維多集團銷售這種石油，那麼它們將擁有這種石油的所有權，對嗎？所以他們將成為我們的客戶。當然，必須明確的是，像 DHT 這樣的公司運輸石油不存在受到美國財政部外國資產管制辦公室 (OFAC) 制裁的風險。所以目前我們還沒有看到任何此類情況發生，但我認為每個人都期待並理解，這個問題必須以適當的方式解決。

Okay. Super helpful. Thank you very much.

好的。非常有用。非常感謝。

Thank you, Greg.

謝謝你，格雷格。

(Operator Instructions) Eirik Haavaldsen, Pareto.

（操作員指令）Eirik Haavaldsen，帕累托。

Yeah. Hi, Svein. I just wanted to ask you on your balance sheet because, of course, with the cash flows you're now generating and with the vessel sales you've announced, you're quickly getting back to even after all these investments or the investments you made now in newbuilds and Nokota, I mean, you're getting down to a level below scrap very quickly. So what's your thinking there? What's the ideal level of debt? Because on an LTV basis, I think you're down to levels you haven't really been at before?

是的。你好，斯文。我只是想問你們的資產負債表，因為，當然，憑藉你們現在產生的現金流以及你們宣布的船舶銷售情況，你們很快就能收回成本，或者說，在你們對新造船和諾科塔進行的所有投資之後，你們的資產很快就會降至低於廢鐵的水平。所以你是怎麼想的？理想的負債水準是多少？因為從客戶終身價值（LTV）的角度來看，我認為你們已經跌到了以前從未達到的水平？

I think it's important to make a distinction between book -- debt-to-book and debt-to-market value. So market values now, of course, have been going up. So then that leverage is in the teens, as Laila spoke about earlier. To book, it's about 26.5% or thereabouts. I think over time, ideally, we want to continue to invest and grow the business.

我認為區分帳面價值（債務帳面比）和債務市值比很重要。所以，現在的市場價值當然一直在上漲。所以，正如萊拉之前所說，槓桿率在十幾美元左右。預訂費用大約是 26.5% 左右。我認為，從長遠來看，理想情況下，我們希望繼續投資並發展業務。

Right now, it's a bit hard to find meaningful investments. But to have that capacity in the balance sheet and do this organically and not being reliant on printing new shares has been important target for us.

目前，要找到有意義的投資項目有點難。但對我們來說，在資產負債表上擁有這種能力，並且以有機成長的方式實現成長，而不是依賴發行新股，一直是重要的目標。

I think secondly, our dividend policy, also an important pillar in structuring that is that there is a meaningful delta between P&L and cash breakeven because you always need some cash being retained in the company for other purposes than paying out dividends.

我認為其次，我們的股利政策也是結構中的重要支柱，因為損益表和現金損益平衡點之間必須存在有意義的差額，因為公司總是需要保留一些現金用於支付股利以外的其他用途。

And if you start to lever up too much with the lack of a better word, then you close that delta, which means you will have basically no cash flow left in the company or little -- very little. So that's not an ideal scenario.

如果你開始過度槓桿化（暫且這麼說吧），那麼你就會堵住這個差額，這意味著公司基本上就沒有現金流了，或者現金流很少——非常少。所以這不是理想的情況。

So it's not -- I cannot give you or guide you on a specific percentage or a magic number. But these are general things that we think about when we do this. We looked at some secondhand opportunities end of last year, but prices run away from us. So we didn't do anything, obviously. But that stuff we have capacity to do to pick up a couple of modern ships without any new capital. So we want to have that capacity.

所以，我無法給你一個特定的百分比或一個神奇的數字，也無法指導你如何計算。但這些是我們做這件事時通常會考慮的事情。去年底我們檢視了一些二手房機會，但價格太高，我們根本買不起。所以很顯然，我們什麼也沒做。但是我們有能力在不投入任何新資金的情況下，購買幾艘現代化艦船。所以我們希望具備這種能力。

I mean, there's been a lot of talk, obviously, on this call as well about this consolidated pushing values higher. But I guess another thing is also shipyards and newbuild prices and weaker dollar and backlogs that are increasing and so on.

我的意思是，很明顯，在這次電話會議上，也有很多關於這種整合推高股價的討論。但我想還有另一個因素，就是造船廠和新船造價、美元走軟、積壓訂單不斷增加等等。

So where do you see newbuild prices headed over the next year? And I guess also with regards to your fleet because you cleared out now all the Chinese-built vessels. Are Chinese vessels or I guess, vessels under construction in China of interest to you? Or will you now have a sole Korea focus, which I guess can be valuable over time?

那麼，您認為未來一年新房價將如何走勢？我想這也關係到你們的船隊，因為你們現在已經清除了所有中國製造的船隻。您對中國製造的船舶，或者說在中國建造的船舶感興趣嗎？或者你們現在會把全部精力集中在韓國市場嗎？我想從長遠來看，這可能會很有價值。

We have nothing in principle against ships build the Chinese shipyard. We have potentially maybe a couple of yards that we prefer a rate or rank above maybe some others that have less experience in building ships. I think importantly now, this USTR issue between US and China that postponed until November. So we'd like to see some clarity on that before we make final decisions on this.

我們原則上並不反對中國造船廠建造船舶。我們可能比較傾向於選擇那些造船經驗較少、等級或檔次較高的船廠。我認為現在重要的是，美國貿易代表辦公室（USTR）與中美之間的問題被推遲到11月解決。所以我們希望在做出最終決定之前，先了解清楚這方面的情況。

But a significant portion, probably 70% now of the order book for these are in China. And I think it's going to be hard to just disregard it. So it's just a question of how we can potentially approach that going forward. But I think nothing is going to happen on our side just now. We have to wait a little bit.

但目前這些產品的訂單中，有相當一部分（可能高達 70%）來自中國。我認為很難對此置之不理。所以問題在於，我們今後可以如何著手解決這個問題。但我認為目前我們這邊不會有任何進展。我們還要再等一會兒。

But the [Honda or Hyundai] vessel now delivering, I guess, first half '29, what would the price be?

但是，如果[本田或現代]的船在2029年上半年交付，價格會是多少呢？

I think plus/minus [$130 million]. One yard is just below, yard is just above. So -- and it's far out, right? So I think to deploy capital now that will not work is the challenge, right? So, of course, we have some RCF capacity we can repay and save some interest expense, things like that.

我認為大概在 1.3 億美元左右。一碼在下面，一碼在上面。所以——而且這很遙遠，對吧？所以我認為，現在投入不會奏效的資金才是挑戰，對吧？所以，我們當然有一些循環信貸額度可以償還，從而節省一些利息支出等等。

So it's just a question of making all this work sufficiently, but at the same time, also sensibly for the company. So maybe there will be some reset opportunities at attractive price at some point. Right now, I would think chances are no, but that can change, right?

所以問題在於如何讓這一切運作良好，但同時也要對公司有利。所以，或許在某個時候會出現一些價格誘人的重置機會。目前來看，我認為可能性不大，但這種情況可能會改變，對吧？

At least the earnings are too high, I guess it's a good problem to have. Thank you, Svein.

至少收入太高了，我想這應該算是個甜蜜的煩惱吧。謝謝你，斯文。

Yeah, yeah, of course. Thank you.

是啊，是啊，當然了。謝謝。

(Operator Instructions) Georffrey Scott, Scott Asset Management.

（操作說明）Georffrey Scott，Scott Asset Management。

Good morning. Has there been any resolution of protocols for demolition of the non-compliant fleet? Thanks.

早安.對於不合規車隊的拆除，是否有任何協議方案可以製定？謝謝。

That's a good question. So we understand now that one of the two largest cash buyers in the demolition market is now seeking to get approvals, especially now from the US and OFAC to transact then with counterparties that have been sanctioned in order to acquire these ships and get them demolished. So I don't really have an update as of today what the status is.

這是個好問題。因此，我們現在了解到，拆船市場上的兩大現金買家之一正在尋求獲得批准，特別是來自美國和外國資產控制辦公室（OFAC）的批准，以便與受到製裁的交易對手進行交易，從而收購這些船舶並將其拆解。所以截至今天，我還沒有關於最新情況的最新消息。

But I think it makes a lot of sense for everyone to get that resolved and get that activity going because we have some of these ships now that are very old and in the shadow fleet that are losing out on work because conditions or maybe some crew don't want to work on them and things like that.

但我認為，解決這個問題並讓這項活動繼續進行下去對每個人都很有意義，因為我們現在有一些非常老舊的船隻，它們處於閒置狀態，由於條件或一些船員不願意在這些船上工作等原因而錯失了工作機會。

And so they will have to go. And I think this will happen. And I think it's good news that at least one of those cash buyers are pursuing this. I would suspect that maybe the other big one is doing maybe something similar, although I haven't heard the name specifically, but I would guess that they will be looking into the same, so we can get that activity going.

所以他們必須離開。我認為這件事會發生。我認為至少有一位現金買家正在積極推進這筆交易，這是個好消息。我懷疑另一家大公司可能也在做類似的事情，雖然我沒有聽到具體的名字，但我猜他們也會研究同樣的事情，所以我們可以開始進行這項活動。

Do you think this will get resolved sooner rather than later?

你認為這個問題很快就會解決嗎？

Hopefully. Yeah, I wish I could be more specific. I don't know. And I don't know the process with, I guess, OFAC and how it will work and what political support you need or whether it's a technocratic decision. I don't know the process. So I'm sorry, I can't give you a better guidance. But I think we take some encouragement that there is a process that has started.

但願如此。是啊，我希望我能說得更具體些。我不知道。我不了解與美國財政部外國資產管制辦公室 (OFAC) 的流程，也不知道它將如何運作，需要哪些政治支持，或者這是否是技術官僚式的決定。我不了解具體流程。很抱歉，我無法給你更好的指導。但我認為，這讓我們感到鼓舞，因為一個進程已經啟動。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Thank you. (Operator Instructions)

謝謝。（操作說明）

There are no further questions coming through, sir. So I will now hand back to you for any closing comments. Thank you.

先生，沒有其他問題了。現在我將交棒給各位，請你們做最後的總結發言。謝謝。

Well, thank you to all for listening in on DHT, and we appreciate your interest and support and wish you all a great day ahead. Thank you.

感謝大家收聽DHT節目，我們感謝大家的關注與支持，祝福大家今天過得愉快。謝謝。

Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。