Financial Data and Key Metrics Changes - The company reported a net income of $64.5 million or $1.70 per share for the first half of 2025, compared to a net income of $49 million in the same period of 2024 [23][22] - Adjusted EBITDA for the first six months of 2025 was $193.2 million, reflecting a strong operational performance despite a slight decrease in gross revenues to $390 million from $415 million in the first half of 2024 [23][19] - The net debt-to-capital ratio stood at 43.6%, with total debt net of cash at $1.4 billion [23][22] Business Line Data and Key Metrics Changes - The company secured charters increased by about 14% while spot contracts declined by about 27% in the first half of 2025 [18] - Fleet utilization increased from 91.9% in the first half of 2024 to 96.9% in the first half of 2025, indicating improved operational efficiency [19] - The fleet generated $193 million of gross revenues in Q2 2025, averaging $30,767 per vessel per day, a slight increase from the previous year [24][25] Market Data and Key Metrics Changes - The tanker market remains healthy, with energy majors continuing to approach the company for tanker charter business [10] - The company has a total fleet contracted revenue backlog of approximately $3.7 billion, equating to more than $120 per share [10][11] - The company is one of the largest transporters of energy globally, with a pro forma fleet of 82 vessels [10] Company Strategy and Development Direction - The company is focusing on renewing its fleet by selling older vessels and replacing them with new, environmentally friendly ships [4][7] - The strategy includes increasing the number of VLCCs in the fleet to fill a previously identified gap [4][10] - The company aims to maintain a competitive edge by building vessels at top shipyards and ensuring a young, modern fleet [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market, anticipating solid results in the near future due to increasing global demand [46][47] - The company is navigating challenges posed by sanctions and geopolitical events, which have positively affected the tanker market [8][17] - Management highlighted the importance of maintaining a strong balance sheet and cash reserves to support future growth [16][22] Other Important Information - The company has sold 17 older vessels and replaced them with 33 modern vessels, significantly increasing deadweight capacity [16] - The company is currently one of the largest owners of dual-fuel LNG-powered Aframax tankers, with six vessels in operation [17] - The company plans to announce its next dividend in November, with expectations of a healthy payout [9][35] Q&A Session Summary Question: Discussion on new build orders for VLCCs - The company decided to proceed with new builds due to the strong second-hand market and the need for environmentally friendly vessels [30] Question: Clarification on exercising options for VLCC new builds - The company has exercised the option for additional vessels and is in the process of renewing existing VLs with increased rates [33] Question: Preview of second half dividend - It is too early to provide specifics, but the company is looking at a healthy market for potential dividends [35] Question: Comments on potential restructuring - The company is not restructuring but is exploring ways to enhance shareholder value [37] Question: Direction of OpEx and G&A for the second half - The company aims to maintain operating expenses under control despite inflation pressures [40]