同意增产的欧佩克成员国4月仅增产2.5万桶/日，计划为13.8万桶/日 今年4月，欧佩克+成员国谨慎地开始了人们期待已久的石油增产计划，此前该组织计划在未来几个月 更快地提高产量。欧佩克月报显示，同意增加供应的八个国家上个月总共只增加了2.5万桶/日，远低于 计划的13.8万桶/日。4月标志着该联盟重启自2022年以来闲置的供应的长期拖延进程的开始。欧佩克 +最近决定加快5月和6月的供应增长，增幅是原定数量的三倍。沙特甚至警告说，未来几个月油价将进 一步飙升。布伦特原油期货上月跌至每桶60美元以下的四年低点，但随着贸易紧张局势缓解，周三在已 回升至66美元附近。根据欧佩克总部设在维也纳的秘书处的数据，沙特推动减产的努力正显示出一些初 步的成功迹象。 ...

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved revenues on a TCE basis of $79.3 million and adjusted EBITDA of $56.4 million. Net income was reported at $44.1 million, equating to $0.27 per share. After adjusting for a $19.8 million gain on the sale of a vessel, the net profit for the quarter was $24.3 million, or $0.15 per share [6][7][10] - The average TCE for vessels in the spot market was $36,300 per day, while vessels on time charters earned $42,700 per day, resulting in a combined average TCE of $38,200 per day for the quarter [6][10] - The company ended the quarter with total liquidity of $277 million, consisting of $80.5 million in cash and $196.2 million available under revolving credit facilities. Financial leverage was reported at 16.9% based on market values for the ships [7][10] Business Line Data and Key Metrics Changes - The company sold the DHT Scandinavia for $43.4 million, recording a capital gain of $19.8 million during the quarter. The proceeds will be allocated to general corporate purposes, including investments in vessels and share buybacks [10][17] - Two time charter contracts were entered into: DHT China at $40,000 per day for one year and DHT Tiger at $52,500 per day for one year [10][11] Market Data and Key Metrics Changes - The company expects to have 780 time charter days covered for Q2 2025 at $42,200 per day, an improvement compared to the prior quarter. The current spot market is strong, with an estimated spot P&L breakeven of $17,500 per day for Q2 [14][15] - The VLCC fleet is projected to shrink as demand for services grows, with an estimated 441 VLCCs older than 15 years by the end of 2026 [21][22] Company Strategy and Development Direction - The company aims to fine-tune its fleet profile based on customer feedback and market conditions, focusing on investing in ships rather than share buybacks or further strengthening the balance sheet [29] - The company plans to expand its fleet with four new ships in the first half of 2026, which will provide additional earnings days [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market, noting that OPEC's strategy could lead to a robust summer market, which is atypical for the season [55] - The company believes that both scenarios regarding Iranian sanctions could positively impact the VLCC business, whether sanctions are lifted or maintained [60][61] Other Important Information - The company declared a quarterly cash dividend of $0.15 per share, marking the 61st consecutive quarterly cash dividend [12] - The company acquired the remaining shares in Goodwood Ship Management for $6.1 million, fully integrating it into DHT's operations [19] Q&A Session Summary Question: Decision on vessel sales and cash allocation priorities - Management indicated that the decision to sell older ships was based on market conditions and customer preferences. The allocation of cash for corporate purposes, investments, share buybacks, and debt prepayment is not in a specific order but depends on market opportunities [27][29] Question: Appetite for extended contracts and profit-sharing structures - Management expressed excitement about the long-term time charter contract with DHT Appaloosa, indicating a potential shift towards more extended contracts and profit-sharing arrangements [33][35] Question: Impact of OPEC's production increase on the market - Management noted that while it is early to predict the exact impact of OPEC's production increases, they expect to see more cargo in the market, which could positively affect VLCC demand [39][40] Question: Fuel spreads and macroeconomic impacts - Management discussed the current state of fuel spreads and indicated that while the market is dynamic, the relationship between demand for different fuel types could influence spreads [44][46] Question: Future of the VLCC market with potential Iranian oil re-entry - Management outlined two scenarios regarding Iranian oil sanctions, both of which could be positive for the VLCC market, depending on whether sanctions are lifted or maintained [60][61]

高盛表示，OPEC+的石油增产行动针对的目标是哈萨克斯坦和美国页岩油。 ...

周一（5月5日），WTI原油开跌3.7%，跌幅快速扩大至5%；布伦特原油开跌3.5%，随后跌幅扩大至4.5%。 消息人士表示，欧佩克+正准备在10月之前快速增加石油产量，如果成员国的减产情况没有改善，可能会在11月之前取消220万桶/日的自愿减产。在此之 前，欧佩克+4月份出人意料地以快于预期的速度提高了产量。据报道，这一策略是由沙特主导的，目的是惩罚达不到配额的成员国。6月份的新增产计划在 周末达成一致，将4月至6月的总增产量推高至近100万桶/日。预计7月份将再批准增加41.1桶/日的产量，10月份也可能会进一步增产。 瑞银分析师Giovanni Staunovo警告称："只要原油出口情况没有显示欧佩克+内部的合规情况有所改善，市场就会对这一消息持负面态度。" 上周六，欧佩克+决定向已经萎靡不振的石油市场推出更多产量，这表明沙特正在加倍推进一项激进的战略转变：在过去十年的大部分时间里，沙特一直在 削减产量以支撑市场，而现在，它愿意压低价格，以惩罚那些在配额上作弊的成员国。 此举似乎将加深原油期货的颓势，上个月该联盟决定增产后，原油期货跌至每桶60美元以下的四年低点。此举也有可能引发对欧佩克+内部价格战的担 ...

欧佩克+表示，八个参与国将在6月增产41.1万桶/日。逐步增产可能会被暂停或逆转，具体取决于市场 状况的变化。 ...

金十数据5月3日讯，代表们表示，在周六召开视频会议制定政策之前，欧佩克+主要成员国正在讨论6 月份再次增产约40万桶/日。上个月，以沙特和俄罗斯为首的石油集团将日产量提高了41.1万桶，是原 计划的三倍，此举令石油交易员大为震惊，此举显然是为了约束其产量过剩的成员国。代表们表示，他 们正在考虑下个月再次采取同样的行动。 欧佩克+考虑6月日均增产约40万桶 ...

加拿大皇家银行：欧佩克+有理由恢复较小规模的石油增产。 ...

尽管计划增产，欧佩克4月石油产量下降 金十数据5月2日讯，尽管欧佩克出台了外界期待已久的增产计划，但其上月原油产量下降，其中大部分 减产源于美国即将对委内瑞拉实施制裁。一项调查显示，欧佩克的产量在4月份减少了20万桶/日，至 2724万桶/日。由于雪佛龙等国际石油生产商在特朗普政府收紧制裁之际缩减了业务，委内瑞拉（的减 产）占了产量下降的一半左右。不过，沙特和阿联酋等其他欧佩克成员国为何没有利用该组织达成的协 议来最终增加供应，目前还不太清楚。调查显示，阿联酋——它甚至获得了额外增产的特别优惠——反 而减少了8万桶/日的产量，达到平均每天325万桶。沙特仅增产了2万桶/日，产量为897万桶/日，仅为协 议产量的一部分。 ...