DHT Holdings, Inc. (DHT) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q2 2026 DHT Holdings, Inc. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 DHT Holdings, Inc. 2026 年第二季（Q2）財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的第一位講者，財務長（CFO）Laila Halvorsen。請開始。

Thank you. Good morning and good afternoon, everyone. Welcome and thank you for joining DHT Holdings' second-quarter 2026 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.

謝謝。各位早安、午安。歡迎並感謝各位參加 DHT Holdings 2026 年第二季財報電話會議。今天與我一同出席的還有 DHT 總裁兼執行長 Svein Moxnes Harfjeld。如同以往，我們會先說明財務數據與一些重點，之後再開放提問。簡報投影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 August 13. 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.

在開始今天的會議之前，我想先做以下說明。本次財報電話會議的重播將於 8 月 13 日前在我們的網站 dhtankers.com 提供。此外，我們的財報新聞稿也將在我們的網站以及 SEC EDGAR 系統上提供，並作為 Form 6-K 的附件。

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

提醒各位，在本次電話會議中，我們將討論具有前瞻性（forward-looking）性質的事項。這些前瞻性陳述係基於我們對未來事件的目前預期，詳見我們的財務報告。實際結果可能與這些前瞻性陳述所反映的預期存在重大差異。我們建議您閱讀我們在網站及 SEC EDGAR 系統上提供的定期報告，包括其中的風險因素，以取得更多關於我們所面臨風險的資訊。

As usual, we will start the presentation with some financial highlights. The second quarter of 2026 was by far the strongest quarter in the company's history, reflecting strong tanker market conditions and commercial performance. In the second quarter, we achieved revenues on TCE basis of $255 million, and adjusted EBITDA of $231 million. Net income came in at $198.3 million, equal to $1.23 per share.

如同以往，我們將先從一些財務重點開始。2026 年第二季是公司歷史上迄今最強勁的一季，反映出油輪市場環境強勁以及商業表現優異。第二季我們以 TCE 基礎計算的營收為 2.55 億美元，調整後 EBITDA 為 2.31 億美元。淨利為 1.983 億美元，折合每股 1.23 美元。

After adjusting for the non-cash fair value gain related to interest rate derivatives of $1.3 million, we had ordinary net income for the quarter of $197 million, equal to $1.22 per share. Vessel operating expenses for the quarter were $18.6 million, and G&A for the quarter was $5.6 million, which included approximately $0.7 million in non-recurring non-cash costs related to shares vested in the second quarter. In terms of market performance, our vessels trading in the spot market earned an average of $162,600 per day, while the vessels on time charters achieved $90,800 per day. The average combined TCE for the fleet in the quarter was $126,700 per day. Furthermore, revenue on a TCE basis for the first half of the year totaled $412.2 million, while adjusted EBITDA reached $364.3 million.

在調整與利率衍生性商品相關的 130 萬美元非現金公允價值收益後，本季經常性淨利為 1.97 億美元，折合每股 1.22 美元。本季船舶營運費用為 1,860 萬美元，管理費用（G&A）為 560 萬美元，其中包含約 70 萬美元與第二季股份歸屬相關的一次性非經常性非現金成本。就市場表現而言，我們在現貨市場營運的船舶平均每日收入為 162,600 美元，而期租船舶平均每日收入為 90,800 美元。本季船隊合併平均 TCE 為每日 126,700 美元。此外，上半年以 TCE 基礎計算的營收合計為 4.122 億美元，調整後 EBITDA 達 3.643 億美元。

Net income was $362.9 million, exceeding DHT's previous full-year record earnings of $266.3 million achieved in 2020 and establishing a new earnings milestone in the company's history. For this period, our vessels trading in the spot market earned an average of $124,700 per day, while the vessels on time charters achieved $77,300 per day. We achieved combined TCE for the fleet of $102,900 per day. We continue to maintain a very strong balance sheet, supported by conservative leverage and robust liquidity. At the end of the second quarter, total liquidity was $569 million, consisting of $161.7 million in cash and $407.5 million available under our revolving credit facilities. At quarter end, financial leverage was 14.1% based on market values for the fleet, and net debt was $11.9 million per vessel, way below estimated residual values.

淨利為 3.629 億美元，超越 DHT 先前於 2020 年創下的全年獲利紀錄 2.663 億美元，並在公司歷史上建立新的獲利里程碑。在此期間，我們在現貨市場營運的船舶平均每日收入為 124,700 美元，而期租船舶平均每日收入為 77,300 美元。我們的船隊合併 TCE 達每日 102,900 美元。我們持續維持非常強健的資產負債表，受惠於保守的槓桿與充足的流動性。截至第二季末，總流動性為 5.69 億美元，包括 1.617 億美元現金及 4.075 億美元可動用的循環信用額度。季末以船隊市值計算的財務槓桿為 14.1%，每艘船的淨負債為 1,190 萬美元，遠低於估計殘值。

Looking at our cash flow, we began the quarter with a cash balance of $126 million. During the quarter, operations generated $231 million in EBITDA. Debt repayment and cash interest totaled $20 million, and $103 million was distributed to shareholders through a cash dividend. In addition, we invested $7.2 million in vessels, $1.3 million in vessels under construction, and we also prepaid $56 million in long-term debt. Changes in working capital and other items amounted to $7.3 million, and the quarter ended with $161.7 million in cash. With that, I will turn the call over to Svein to go through the quarterly highlights.

就現金流而言，本季初現金餘額為 1.26 億美元。本季營運產生 2.31 億美元 EBITDA。償還債務與支付現金利息合計 2,000 萬美元，並透過現金股利向股東分配 1.03 億美元。此外，我們在船舶上投資 720 萬美元、在建造中船舶投資 130 萬美元，並且提前償還 5,600 萬美元長期債務。營運資金變動及其他項目合計 730 萬美元，本季末現金為 1.617 億美元。接下來我將把電話交給 Svein，請他說明本季重點。

Thank you, Laila. I will now walk through our key quarterly highlights. Strong market conditions were driven not only by fundamental supply and demand dynamics, but also by ongoing market consolidation and regional disruptions, most notably stemming from the conflict involving Iran, which drove a significant expansion of global ton-miles. Crucially, DHT's operational framework prioritizes the safety of our crew, cargo, and vessels above all else. In line with this policy, our fleet did not trade in the Persian Gulf during this period. Our teams delivered solid results through operational excellence without having to pursue trades to chase premium rates in the high-risk conflict areas. We capitalized on strong term demand by securing two additional time charter contracts during the quarter for two of our older ships.

謝謝你，Laila。我現在將說明本季的主要重點。強勁的市場狀況不僅來自供需基本面，也受到市場持續整併與區域性干擾影響，尤其是涉及伊朗的衝突，推動全球噸海里（ton-miles）顯著擴張。關鍵在於，DHT 的營運框架將船員、貨物與船舶的安全置於首位。依循此政策，我們的船隊在此期間未於波斯灣進行營運。我們的團隊透過卓越營運交出穩健成果，無須為追逐高風險衝突區域的溢價運價而進行交易。我們把握強勁的中長期需求，在本季為兩艘較老的船舶額外簽訂了兩份期租合約。

Both the DHT Sundarbans, built 2012, and DHT Amazon, built 2011, entered into one-year contracts at an average rate of $109,000 per day. Looking to our long-term fleet development, we contracted a new build VLCC at Hanwha Ocean for early delivery in August 28th. She will be named DHT Oryx and will be a sister ship to the DHT Antelope and DHT Addax, both delivered from Hanwha Ocean earlier this year. The DHT Oryx will feature large carrying capacity and will come equipped with an exhaust gas cleaning system. We secured a new $250 million reducing revolving credit facility. All the banks in our banking universe participated, and it's fair to add that it was meaningfully oversubscribed. The facility has a seven-year tenure, a 20-year repayment profile, and is priced at 135 basis points above SOFR. Additionally, it has an uncommitted accordion feature of $250 million.

2012 年建造的 DHT Sundarbans 與 2011 年建造的 DHT Amazon，皆簽訂為期一年的合約，平均日租金為 109,000 美元。就長期船隊發展而言，我們已在 Hanwha Ocean 簽約訂造一艘 VLCC 新造船，預計於 8 月 28 日前後提早交付。該船將命名為 DHT Oryx，並將成為 DHT Antelope 與 DHT Addax 的姊妹船；後兩艘皆於今年稍早由 Hanwha Ocean 交付。DHT Oryx 將具備較大的載運能力，並配備廢氣清洗系統。我們取得一筆新的 2.5 億美元遞減式循環信用融資額度。我們往來銀行體系中的所有銀行皆參與，且可以說認購明顯超額。該融資期限為 7 年、還款結構為 20 年攤還，利率定價為 SOFR 加 135 個基點。此外，該融資另包含 2.5 億美元的非承諾式增額（accordion）機制。

Moving to events subsequent to the quarter. First, we secured a three-year time charter at $75,000 per day with a global energy company for the 2015-built DHT Jaguar, which is scheduled to deliver into the contract this September. Second, in line with our strategy to divest all the tonnage, we finalized the sale of the 2007-built DHT Bauhinia, delivering her to the new owner in July. This transaction generated $51 million in total cash proceeds and a net capital gain of $34 million. Lastly, in July, we took delivery of the DHT Impala from Hyundai. This represents the fourth and final new building in our 2026 fleet program. Referring to our prior disclosures, the vessel was successfully delivered with the intended design upgrades completed.

接著說明季後事項。第一，我們與一家全球能源公司就 2015 年建造的 DHT Jaguar 簽訂為期三年的期租合約，日租金為 75,000 美元，預計於今年 9 月交付並開始履約。第二，依循我們處分所有該等運力的策略，我們完成出售 2007 年建造的 DHT Bauhinia，並於 7 月將其交付予新船東。該交易帶來合計 5,100 萬美元現金收入，並產生 3,400 萬美元淨資本利得。最後，我們於 7 月自 Hyundai 接收交付 DHT Impala。這是我們 2026 年船隊計畫中的第四艘也是最後一艘新造船。依據我們先前的揭露，該船已在完成預定設計升級後順利交付。

Back to you, Laila.

交回給你，Laila。

Thank you. In line with our cash allocation policy of paying out 100% of ordinary net income at quarterly cash dividends, the Board has approved a dividend of $1.22 per share for the second quarter of 2026. This marks our 66th consecutive quarterly cash dividend. The shares will trade ex-dividend on August 17th, and the dividend will be paid on August 24 to shareholders of record as of August 17. Here we also present our estimated P&L and cash breakeven levels for the second half of 2026. Our P&L breakeven for the period is estimated at $29,700 per day, while our cash breakeven is estimated at $22,600 per day, which reflects all true cash costs. The difference between our P&L and cash breakeven is now estimated at $7,100 per day. This discretionary cash flow will remain within the company and be allocated for general corporate purposes.

謝謝。依照我們的現金配置政策，即以季度現金股利配發普通淨收益的100%，董事會已核准2026年第二季每股1.22美元的股利。這是我們連續第66次按季發放現金股利。本公司股票將於8月17日除息交易，股利將於8月24日支付給截至8月17日登記在冊的股東。我們亦在此提供2026年下半年預估的損益（P&L）與現金損益兩平水準。該期間的損益兩平點估計為每日29,700美元，而現金損益兩平點估計為每日22,600美元，反映所有實際現金成本。目前估計損益兩平與現金損益兩平之差為每日7,100美元。這部分可自由支配的現金流將留在公司內，並用於一般公司用途。

On this slide, we present an update on bookings to date for the third quarter of 2026. We expect 1,020 time charter days covered for the third quarter at an average rate of $75,900 per day. This rate includes profit sharing for the month of July and the base rate only for the months of August and September for contracts with a profit-sharing feature. We also anticipate 1,029 spot days for the quarter, of which 58% or 600 days have been booked at an average rate of $152,700 per day. The spot P&L breakeven for the quarter is estimated to be less than zero, as the time charter earnings are expected to exceed forecasted costs. Turning to our 2026 dry dock schedule. As shown on this slide, we have seven vessels due for dry docking during the year.

在這張投影片中，我們提供截至目前為止2026年第三季的訂艙更新。我們預期第三季將有1,020個期租天數已被覆蓋，平均日租金為75,900美元。此費率包含7月份的利潤分成，且對於具有利潤分成機制的合約，8月與9月僅計入基本租金。我們亦預期本季有1,029個現貨天數，其中58%（即600天）已以平均日租金152,700美元完成訂艙。本季現貨的損益兩平點估計將低於零，因為期租收益預期將高於預測成本。接著看我們2026年的進塢（dry dock）排程。如本投影片所示，今年共有七艘船舶需進行進塢。

DHT Lion completed its dry dock in the first quarter, while DHT Amazon, DHT Osprey, and DHT Puma completed their dry docks in the second quarter. DHT Panther completed its dry dock earlier this week, all planned dry docks were completed on time and within our expectations. Looking at the remainder of the program, two vessels, DHT Harrier and DHT Redwood, are scheduled to undergo their second and third special survey and dry docks respectively during the second half of 2026. Upon completion of these surveys, we will have completed this year's dry dock program and enter 2027 with only four vessels scheduled for dry dock during next year, providing a rather light maintenance schedule from an operational and commercial perspective.

DHT Lion已於第一季完成進塢，而DHT Amazon、DHT Osprey與DHT Puma已於第二季完成進塢。DHT Panther於本週稍早完成進塢，所有計畫中的進塢均按時完成且符合我們的預期。就剩餘計畫而言，兩艘船舶DHT Harrier與DHT Redwood預計於2026年下半年分別進行第二次與第三次特別檢驗及進塢。完成這些檢驗後，我們將完成今年的進塢計畫，並在進入2027年時僅有四艘船舶安排於明年進塢，從營運與商業角度來看，維護排程相對輕量。

Now, I'll turn the call back to Svein.

現在我把電話交回給Svein。

Thanks, Laila. We will now turn to current market dynamics, where several structural forces are shaping the tanker landscape. Geopolitical friction and risk premiums. Middle East hostilities continue to force vessel rerouting, expanding ton-mile demand, and squeezing overall fleet efficiency. While most operators, including DHT, avoid high-risk zones, operators willing to venture into the Persian Gulf are extracting substantial risk premiums. Structural supply consolidation. Spot supply remains tightly constrained following major fleet consolidation by a private aggregator earlier this year, which has reduced fragmented spot capacity. Asset price floor. Second-hand asset values continue to see strong institutional support underpinned by acquisitions by a Middle Eastern national energy company at premium valuations. In China's shock absorber strategy, China temporarily blunted global oil price spikes by drawing on its strategic and commercial crude stockpiles while curbing refined product export quotas.

謝謝，Laila。接下來我們將談目前的市場動態，有數股結構性力量正在形塑油輪市場格局。地緣政治摩擦與風險溢價。中東敵對行動持續迫使船舶改道，推升噸海里需求，並壓縮整體船隊效率。雖然包括DHT在內的大多數營運商會避開高風險區域，但願意進入波斯灣的營運商正獲取可觀的風險溢價。結構性供給整併。由於今年稍早一家私人整合者進行大規模船隊整併，降低了分散的現貨運力，現貨供給仍然相當吃緊。資產價格底部。在一家中東國家能源公司以溢價估值進行收購的支撐下，二手資產價值持續獲得強勁的機構性支持。在中國的「避震器」策略下，中國透過動用其戰略與商業原油庫存並抑制成品油出口配額，暫時緩和了全球油價的飆升。

Once this destocking cycle runs its course, we expect a sharp rebound in China's seaborne crude import demand. Looking ahead, we see two primary structural catalysts driving market fundamentals. First, resolution versus continuation of regional conflict. If resolved, an operational mechanism for conflict resolution should normalize Iranian crude flows into compliant trade channels. This would shift transport volumes away from the non-compliant shadow fleet to independent compliant operators like DHT, substantially expanding our addressable markets. If unresolved, long-haul crude routes will persist. While the shadow fleet may continue trading, its need for vessel replacements will support second-hand asset values and ultimately force the retirement of the fleet's oldest tonnage. Secondly, energy security and strategic reserve replenishment. Heightened global focus on energy security will necessitate a massive rebuilding of depleted national strategic and commercial inventories. This replenishment cycle will generate sustained transportation demand well beyond baseline daily crude consumption.

一旦這一輪去庫存週期告一段落，我們預期中國的海運原油進口需求將強勁反彈。展望未來，我們看到兩項主要的結構性催化因素將推動市場基本面。第一，區域衝突的解決或延續。若衝突解決，衝突解決的運作機制應可使伊朗原油流量回歸合規的貿易管道。這將使運輸量從不合規的影子船隊轉向像DHT這樣獨立且合規的營運商，顯著擴大我們可觸及的市場。若衝突未解決，長航程原油航線將持續存在。即使影子船隊可能繼續交易，其對船舶汰換的需求將支撐二手資產價值，並最終迫使該船隊中最老舊的運力退役。第二，能源安全與戰略儲備補庫。全球對能源安全的關注升高，將需要大規模重建已被消耗的國家戰略與商業庫存。這一補庫週期將在基準的每日原油消費量之外，帶來持續的運輸需求。

To wrap up, our operational strategy focuses on creating healthy risk-adjusted shareholder value across the market cycles. Securing higher margin fixed cash flow. We continue to lock in highly profitable revenue streams of fixed income across various tenors, backing up our forward cash generation and dividend capacity. Balanced market exposure. We maintain a deliberate balance, retaining significant spot market upside to capture rate spikes while layering on selective charter coverage to create cash flow and dividend visibility. Disciplined capital allocation. Our commitment to returning value remains absolute. We continue to operate under a capital allocation framework designed to translate market tailwinds directly into shareholder returns via quarterly cash dividends. Thank you for your time today.

最後，我們的營運策略著重於在市場循環中創造健全的風險調整後股東價值。鎖定更高利差的固定現金流。我們持續在不同期限上鎖定高獲利的固定收益收入來源，以支撐我們的前瞻現金創造能力與股利發放能力。平衡的市場曝險。我們維持審慎的平衡，在保留顯著的現貨市場上行空間以掌握運價飆升的同時，逐步配置選擇性的租約覆蓋，以建立現金流與股利的可視性。嚴謹的資本配置。我們回饋價值的承諾始終如一。我們持續依循一套資本配置架構運作，旨在透過季度現金股利，將市場順風直接轉化為股東報酬。感謝各位今天撥冗參與。

Operator, we are now ready to open the floor for questions.

接線員，我們現在準備開放提問。

(Operator Instructions) Omar Nokta, Clarksons.

(接線員指示) Omar Nokta，Clarksons。

Thank you. Hi, Svein. Hi, Laila. Thank you for the update. I have a couple of questions. Maybe just first on, Svein, you mentioned avoiding the Persian Gulf, given the high-risk area there. I wanted to ask about the situation in the Red Sea and how that's maybe affected what you're doing in that region. If I recall, you've been busy and others have been busy taking some of that Saudi crude from Yanbu, taking it to Asia. Obviously, there's been a step up in hostilities or at least the threat of it. What's happened there? Has that affected how you're trading your VLCCs in the region? I guess how do you think about those Yanbu volumes moving going forward?

謝謝。嗨，Svein。嗨，Laila。謝謝你們的更新。我有幾個問題。首先，Svein，你提到鑑於該地區屬高風險區域而避免進入波斯灣。我想請教紅海的情勢，以及這可能如何影響你們在該區域的操作。如果我沒記錯，你們一直很忙，其他人也很忙，將部分沙烏地原油自延布（Yanbu）運往亞洲。顯然敵對行動有所升級，或至少威脅升高。那邊發生了什麼？這是否影響你們在該區域操作VLCC的交易方式？我想問的是，你們如何看待未來延布這些貨量的流向？

At the get-go, we did several Yanbu loadings, both entering the Red Sea but also exiting through the Bab el-Mandeb Strait. That has become a bit more challenging as of late following the threats from the Houthis. The result of that is that our ships have then typically exited the Red Sea through the Suez Canal. Then rerouted, of course, then adding significant transportation distances to the transportation work being conducted. That is, I think it's fair to say most of the VLCC loadings, not just ours, have been directed northwest bound.

一開始，我們做了幾次延布裝載，既有進入紅海的，也有經由曼德海峽（Bab el-Mandeb Strait）駛出紅海的。但近期在胡塞武裝的威脅之下，這變得更具挑戰。其結果是，我們的船舶通常改為經由蘇伊士運河駛出紅海。當然也因此改道，讓所執行的運輸工作增加了相當可觀的運輸距離。我想可以說，大多數VLCC的裝載，不僅是我們的，都已被導向往西北方向航行。

Okay. Thank you. Do you think that that is a direct lifting from Yanbu and then offloading partially ahead of the Suez Canal, or are you starting to load directly out of the Med and that's become a new trade pattern?

好的。謝謝。你認為這是從延布直接裝載，然後在蘇伊士運河之前先部分卸貨，還是你們開始直接在地中海裝貨，並且這已成為新的貿易模式？

It's both. We have ships loading at Yanbu. You need to offload about half of the cargo in order for the VLCC to transit the canal, and then you reload on the other end. There are also some ships, not ours, or under our sort of commercial control that are shuttling between Yanbu and Ain Sukhna. One of our time charter contracts is involved in that business. There's also been some fixtures now, with ships coming from the Atlantic basin mostly, then loading directly at Sidi Kerir in the Med, in Egypt, and then taking cargoes either to Europe or out to the Far East. There's a mix of things. All of this again is just creating disruption, reducing the efficiency of the fleet, and thereby making the general markets much tighter.

兩者都有。我們有船在延布裝貨。為了讓VLCC能通過運河，你需要卸下大約一半的貨量，然後在另一端再重新裝回。也有一些船，不是我們的，或不在我們商業控制之下的，在延布與艾因蘇赫納之間往返穿梭。我們的一份期租合約也參與了那門生意。最近也出現了一些租船成交，船舶多數從大西洋盆地來，然後在埃及地中海的西迪克里爾直接裝貨，再把貨載運往歐洲或遠東。情況是混合的。所有這些再次造成擾動、降低船隊效率，從而使整體市場變得更為吃緊。

Yeah. Definitely. All right. Thank you. Maybe just a second question, a bit more big picture on DHT specifically. You took the final of the four new buildings due this year. You have the one that you recently ordered that's coming in 2028. The fleet now stands at 23 going to 24. Svein, you had mentioned a couple of months back at looking to expand DHT's footprint. Is that still the aim, and going beyond sort of the 24 vessels that are spoken for? How would you go about doing so? Secondhand market, obviously, values are high. Is it more new buildings? Thank you.

是的。確實。好。謝謝。也許再問第二個問題，從更宏觀的角度、特別針對DHT。你們已接收今年到期的四艘新造船中的最後一艘。你們最近下訂的那艘將在2028年交付。船隊目前是23艘，將增至24艘。Svein，你幾個月前提到想擴大DHT的版圖。這仍然是目標嗎？會不會超過目前已確定的24艘？你們會如何著手？二手市場顯然估值很高。會更多是新造船嗎？謝謝。

Yeah. No, it's our general ambition to continue to build out DHT. As you rightly point out, secondhand values right now are in a territory making it challenging to, I think, invest for us. Patience here is key. There could, of course, be some corporate opportunities in due course, and which we will look at. We've done a couple of those historically, one in 2014 and one in 2017. It's not easy, right? Rest assured that our eyes are on continuing to build out the company. It has to be at the valuations and the sort of financial conditions that ensures that there is also profitable growth for the company, not just buying assets for the sake of buying assets.

是的。我們的整體企圖心是持續擴大DHT。如你所說，二手船價值目前處在一個讓我們投資起來具挑戰的區間。在這裡，耐心是關鍵。當然，未來可能會出現一些公司層面的機會，我們也會關注。我們過去確實做過幾次，2014年一次、2017年一次。這並不容易，對吧？請放心，我們會持續把目光放在擴大公司規模上。但必須在估值與財務條件能確保公司也能獲利成長的前提下，而不是為了買資產而買資產。

Yeah. Thank you, Svein.

好的。謝謝你，Svein。

Thank you for your question.

謝謝你的提問。

Gregory Lewis, BTIG.

Gregory Lewis，BTIG。

Yeah. Hey, thank you and good afternoon, and thanks for taking my question. Svein, I'm just realizing it's definitely a fluid situation, but I guess earlier this week there was talk of European minesweepers potentially entering, going into the strait to kind of get things more in a position. Realizing there's not a real answer, but if you've thought about how you think this could proceed in the event that there is some sort of agreement, and the minesweepers are there to kind of clean out who knows what's in there. How long after that do you think things could actually return to normal? What I mean by that is companies like DHT and other companies that have certain requirement standards, limitations on what they're willing and not willing to do, really, you need a real open canal. We're here in August. What do you think is a blue sky opportunistic time where things might actually return to normal?

是的。嗨，謝謝，下午好，也謝謝讓我提問。Svein，我知道情勢肯定很不穩定、也在快速變化，但我想本週稍早有提到歐洲的掃雷艦可能會進入、進到海峽裡，讓情況更可控一些。我知道沒有真正的答案，但如果你有想過：萬一達成某種協議，而掃雷艦在那裡清除裡面誰也不知道有什麼東西，之後你認為要多久事情才可能真正回到正常？我的意思是，像DHT以及其他有特定要求標準、對願意或不願意做什麼有一些限制的公司，基本上你需要一條真正開放的運河。我們現在在8月。你認為在最理想、最樂觀的情況下，什麼時間點事情可能真的回到正常？

The simple answer, I don't know.

簡單的答案是，我不知道。

Understood.

了解。

That's just how it is, right? As you rightly point out, the news flows is both volatile and fluid, it's very hard to sort of make decisions on it, because you might have some statements on a Wednesday, you are going to fix the ship that might sort of enter the area in 10 days, two weeks, three weeks, right? Then things can change in that period. It's very hard to make sort of credible plans. I think in general terms, we would like to see the prospective opening of the straits to be credible, meaning that we see numerous transits and it's all safely done. It's not sort of selectively trying to attack certain ships over other ships, or certain nationalities over other nationalities, or certain cargoes over other cargoes, things like that.

現實就是如此，對吧？如你所說，新聞流既波動又多變，很難據此做決策，因為你可能在週三聽到一些說法，而你要去敲定的那艘船可能會在10天、兩週、三週後才進入該區域，對吧？然後在那段期間情況又可能改變。因此很難做出可信的規劃。我想一般而言，我們希望海峽可能重新開放這件事是可信的，也就是我們看到有多次通行，而且都能安全完成。而不是選擇性地攻擊某些船而不是其他船、某些國籍而不是其他國籍、某些貨物而不是其他貨物，諸如此類。

We will unlikely be the first mover into this operation. We are of course keen for this market to return to sort of more normality, right? Let's hope for this to happen in not too long.

我們不太可能成為第一個進入這項行動的人。當然，我們也希望市場能回到比較正常的狀態，對吧？希望這不要太久就能發生。

Okay. Great. Realizing the DHT Oryx is getting delivered in 2028, I think you kind of were talking about this with Omar. As we think about fleet positioning and the time it takes to get a string of new orders, at this point, if we're in August 2026, barring resales, when could we actually see the turnaround time between placing a vessel order and actually taking delivery of a vessel, a string of newbuild VLCCs?

好的。很好。考量到DHT Oryx將在2028年交付，我想你剛才也和Omar談到這點。當我們思考船隊配置以及下達一連串新訂單所需的時間，以目前來看，如果我們在2026年8月，撇除轉售的情況，從下單到實際交付一艘船、一批新造VLCC的週期，最早大概會是什麼時候？

It depends a bit on which country and which shipyard you want to order at. Typically, we have been loyal to Hyundai and Hanwha Ocean in Korea, the sort of opportunities at those two shipyards are for 2030 delivery. There is a sort of revival of an earlier closed shipyard in Korea that is offering a bit earlier delivery. I guess at the shipyard, they will have to demonstrate or make clients comfortable with how that revival of that shipyard is being made. I think that the top-end shipyards in China that has the most experience, that's also 2030 delivery. Whereas you've seen this last few months, you've seen a number of orders at shipyards with sort of no prior experience in building tankers, but maybe with great experience in building other types of equipment that has been able to offer earlier deliveries.

這要看你想在哪個國家、哪家船廠下單。通常我們一直忠於韓國的現代（Hyundai）與韓華海洋（Hanwha Ocean），這兩家船廠目前可提供的交付機會大概是2030年。韓國有一家先前關閉的船廠正在復甦，能提供稍早一些的交付期。我想那家船廠需要證明，或讓客戶對其復甦進展感到安心。我認為中國最頂尖、且在建造油輪方面經驗最豐富的船廠，交付期也同樣是2030年。但你也看到過去幾個月，有不少訂單下在一些過去沒有建造油輪經驗的船廠；不過它們可能在建造其他類型設備方面很有經驗，因此能提供更早的交付期。

I would say today, if you're willing to venture into the latter category, that's probably a 2029 window, whereby sort of the more established high-end shipyards in Korea and Japan is 2030.

我會說，以今天來看，如果你願意嘗試後者那一類，交付窗口大概是2029年；而較成熟的一線高端船廠在韓國與日本則是2030年。

Okay. Just one more for me real quick. I guess, around 25% of the fleet rolls off contract in early 2027, I think in Q1 or maybe early Q2. Do any of those vessels, I think there's five to six of them, do any of those have customer options that could see those extended longer?

好的。我這邊再很快問最後一個。我想大約有 25% 的船隊在 2027 年初合約到期，我記得是在第一季或可能第二季初。這些船裡面我想有五到六艘，這些船是否有客戶的選擇權，可能讓合約延長更久？

No, there's limited options left in our sort of time charter fleet now. All these five one-year contracts that we did in the first half is only for one year, no optional periods. We have a couple of legacy charters that the firm periods will expire end of next year, if my recollection is correct, and they have some optional periods. The three-year charter we just announced has no optional period. The long-term charter we announced in March has sort of a wider window, if you like. That's a very long-term charter, so it's nothing to think too much about for next year. As of now, our cover for next year is about one quarter of the fleet is on fixed income, of which one has a profit sharing, right, for the full year. The last one with profit sharing will redeliver in the first quarter.

沒有，我們目前的定期租船船隊剩下的選擇權已經很有限了。我們上半年做的這五份一年期合約都只有一年，沒有選擇延長期。我們有幾份較早期的租約，如果我沒記錯，確定期會在明年年底到期，並且帶有一些選擇延長期。我們剛宣布的三年期租約沒有選擇延長期。我們在三月宣布的長期租約，如果你願意這麼說，它的時間窗口比較寬。那是一份非常長期的租約，所以對明年不需要想太多。截至目前，我們明年的覆蓋率大約是船隊的四分之一有固定收入，其中有一艘是全年帶有利潤分成，對吧。最後一艘帶利潤分成的船會在第一季交還。

We're down to below 20% coverage for 2028. This is going to be a little bit of an evolving portfolio. We have some customers that are interested in developing more business with us. We'll just take our time, and we'll be patient about it.

我們在 2028 年的覆蓋率已降到 20% 以下。這將會是一個會逐步演變的組合。有一些客戶有興趣與我們發展更多業務。我們會慢慢來，並且保持耐心。

Okay. Super helpful. Thank you very much.

好的。非常有幫助。非常感謝。

Thank you.

謝謝。

(Operator Instructions) Eirik Haavaldsen, Pareto Securities.

(接線員指示) Eirik Haavaldsen，Pareto Securities。

Yeah. Hi, Svein. Just to talk a little bit more about those time charters, because five of those vessels are obviously your five oldest ones, the Nomikos. I guess given your track record, it must be tempting to kind of fight to at least exploit current asset values and try to sell them. Would you do that without any kind of replacement? I guess my question is, fleet size-wise would you sell those 15-year-olds without any kind of new builds in the pipeline?

是的。嗨，Svein。我想再多談一點那些定期租船，因為其中五艘顯然是你們最老的五艘，也就是 Nomikos 那幾艘。我想以你們過往的紀錄來看，應該會很想把握目前的資產價值，努力嘗試把它們賣掉。你們會在沒有任何替代方案的情況下這麼做嗎？我的問題是，就船隊規模而言，你們會在沒有任何新造船在建計畫的情況下，賣掉那些 15 年船齡的船嗎？

No. We are sort of focused on maintaining earning capabilities or capacity, right, with the fleet. In a sort of a scenario that we would like is not to dispose of those ships without having a clear path for sort of renewals and hopefully also expansion as a net result. That being said, these values, as you say, are very high now, but these five ships are also in very, very good condition and can service the industry easily for the remaining five, six years, if not longer, if need be. It's not an easy path to execute on all that, but that's how we think about it. Ideally, we would like to have a replacement plan. That can be a combination of things, but if we decide at some point to divest them. As of now, there's no divestment plans for those assets.

不會。我們的重點是維持船隊的獲利能力或運力，對吧。我們理想的情境是不會在沒有明確更新路徑的情況下處分那些船，並且希望最終淨結果還能帶來擴張。話雖如此，如你所說，現在的估值確實很高，但這五艘船的狀況也非常、非常好，未來五、六年甚至更久（如有需要）都能輕鬆服務這個產業。要把這一切落實並不容易，但我們就是這樣思考的。理想上，我們希望有一個替換計畫。那可以是多種方式的組合，但如果我們在某個時間點決定要出售它們。截至目前，這些資產沒有出售計畫。

It will be kind of a decision when you get there, whether to charter them out or, of course, you can trade them.

到時候可能就要看情況決定，是把它們再租出去，或者當然也可以拿來交易（出售）。

Yes.

是的。

I mean, we saw today also announced a charter with start up three months into the future. Is that market that only liquidity is something you can do now, charter out that source with start up, I mean, almost into 2027?

我的意思是，我們今天也看到你們宣布了一份租約，起租時間是在三個月之後。那樣的市場是不是只有流動性（liquidity）才是你們現在能做的事——把那種起租時間往後的船租出去，我是說，幾乎是排到 2027 年？

I think the way it works is that you can create that liquidity with the pricing the forward delivery at a discount to relatively prompt delivery. How deep the liquidity is maybe is not so active because most people that want a one-year charter, they want to have a pretty clear idea what the first cargo or sort of the kickoff for the charter is going to be and how much profit they're going to make on that. That's the common path. I would say today that the one-year charter for a modern ship is probably $120,000, $125,000 in maybe in that range. Forward delivery, I think on this reported fixture was just sub $110,000, if my recollection is correct.

我認為運作方式是，你可以透過把遠期交付的價格相對於較即期交付打折，來創造那樣的流動性。至於流動性有多深，可能沒有那麼活躍，因為大多數想要一年期租約的人，都希望很清楚第一票貨、或說租約啟動時會是什麼，以及他們能從中賺多少利潤。那是常見的做法。我會說以今天來看，一艘現代化船舶的一年期租約大概是 12 萬到 12.5 萬美元，可能在那個區間。遠期交付的話，我記得這筆被報導的成交價略低於 11 萬美元。

That's sort of probably what has been put on the table to entice that forward delivery, I would assume, although I don't have the insights of the negotiations of that charter.

我想這大概就是為了吸引遠期交付而端出來的條件，雖然我並不了解那份租約談判的內情。

Okay. Thank you, Svein.

好的。謝謝你，Svein。

Thank you.

謝謝。

Thank you. We currently have no further questions. I will now hand the call back to Svein for closing remarks.

謝謝。我們目前沒有其他問題。我現在把電話交回給 Svein 做結語。

Thank you very much for everyone tuning into DHT. Much appreciated and wishing you all a good day ahead.

非常感謝各位收聽 DHT 的電話會議。非常感激，也祝各位接下來有美好的一天。

Thank you. This concludes today's conference call. Thanks for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。