Financial Data and Key Metrics Changes - The company reported a net result of $75.3 million for Q2, which is an improvement compared to Q1, indicating a resilient market performance [3][4] - The dividend payout ratio remains at 80% of net profit, consistent with the company's dividend policy [4][17] - The net asset value (NAV) is approximately NOK 67 million, with a narrowing gap to the current trading price of NOK 61 [12][13] Business Line Data and Key Metrics Changes - The company operates around 130 product tankers and manages about 80 additional vessels for other owners, totaling over 200 vessels in operation [6][7] - The company is primarily exposed to the spot market, with approximately 85% to 90% of its operations in this segment, which has been beneficial in the recent market environment [7] Market Data and Key Metrics Changes - The order book for product tankers is reported to be around 19% to 20% of the existing fleet, but the effective order book is closer to 13% to 14% when accounting for LR2 ships that primarily serve the crude market [29][30] - The market is currently undersupplied, with expectations for fleet growth of at least 5% per year to maintain balance [31][32] Company Strategy and Development Direction - The company aims to maintain an average fleet age below 10 years, currently at 9.4 years, to ensure competitiveness and compliance with environmental regulations [10][11] - The company is focusing on consolidation within the industry rather than acquiring individual assets, preferring to return capital to shareholders when attractive opportunities are not present [21][22] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the current market conditions, noting that Q3 has started strong, with various factors contributing to a stable outlook [40][41] - The geopolitical situation, including the ongoing Ukraine war and issues in the Red Sea, is viewed as having a neutral impact on the product tanker market [25][26] Other Important Information - The company has established a joint venture with Cargill, named Seascale Energy, to optimize fuel procurement amidst changing energy dynamics [8] - The company has a revolving credit facility of approximately $700 million, which is seen as a standard business practice to enhance financial flexibility [19][20] Q&A Session Summary Question: What is the company's outlook for Q3 and 2026? - The company noted that Q3 has started strong, with various positive factors influencing the market, and does not foresee significant vulnerabilities [40][41] Question: Is the company optimizing the age of its fleet by selling older vessels? - Yes, the company has been actively selling older ships and plans to continue this strategy [44] Question: What is the motivation for acquiring new builds? - The company is currently not looking to order new builds due to high costs and long delivery times, preferring to focus on fleet modernization through secondhand tonnage [46][48] Question: What impact would it have if it becomes safe to sail through the Suez Canal and the Red Sea? - The company believes it would have a neutral impact on the product tanker market, as volume lost during the diversion would not significantly change [49][50]