Financial Data and Key Metrics Changes - The fleet-wide time charter equivalent was approximately $77,000 per vessel per day, with VLCCs at $92,000 and Suezmax at $53,000 [4] - Adjusted EBITDA for the quarter was $79 million, adjusted net profit was $60 million, and adjusted EPS was $1.78 [4] - Total distributions over the last four quarters amounted to $3.32 per share, representing about 95% of reported net income [5] - Cash at the end of the year was $122.5 million, with total debt at $605 million [8] Business Line Data and Key Metrics Changes - The company achieved a fleet-wide time charter equivalent of about $76,700 per day in Q4, with 100% fleet utilization [15] - The performance of VLCCs outperformed Suezmaxes for the first time since Q2 2024, with VLCCs achieving higher earnings [18] Market Data and Key Metrics Changes - The return of Venezuelan barrels to the compliant fleet and the consolidation of the VLCC market by Sinokor are significant market developments [3][18] - The company noted a structural bullish trend in the tanker market due to fewer ships available for the compliant market [25] Company Strategy and Development Direction - The company is focused on disciplined outperformance and maximizing shareholder returns through dividends and sustainable share price appreciation [3] - The strategy includes maintaining a majority of the fleet in the spot market to capitalize on rising rates [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong Q1 guidance, with robust fixtures from Q4 flowing into Q1 [18] - The company believes that the current market conditions present significant upside potential, with rates expected to continue rising [33] Other Important Information - The company has executed two opportunistic transactions, acquiring four resale Suezmax newbuildings from Korea [2] - The capital structure has improved, with recent refinancings leading to a margin improvement of about 140 basis points [10] Q&A Session Summary Question: Thoughts on VLCC vs. Suezmax market - Management indicated that Suezmaxes are still outperforming VLCCs on a dollar per metric ton basis, and they see Suezmaxes as versatile assets in the current market [31][32] Question: Interest in selling ships to Sinokor - Management stated that they have not seriously considered selling vessels to Sinokor, emphasizing the upside potential in the current market [33] Question: Changes in capital allocation strategy - Management confirmed that their strategy remains focused on distributing value to shareholders while extracting maximum value from the market [39] Question: Thoughts on moving vessels to term charters - Management reiterated their preference to keep a majority of the fleet in the spot market due to expected upside in spot rates [40] Question: Sinokor's market strategy - Management suggested that Sinokor's strategy involves fixing ships at desired rates to push the market higher, but specifics were deemed better suited for Sinokor to address [48]