Frontline (NYSE:FRO) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Speaker4Good day, and thank you for standing by. Welcome to the fourth quarter, 2025 Frontline plc Earnings conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To w ...

NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the "Company,†"Seaways,†or "INSW†), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the fourth quarter and full year 2025. HIGHLIGHTS & RECENT DEVELOPMENTS Net income for the fourth quarter of 2025 was $128 million, or $2.56 per diluted share. Net income for the full year was $309 million, or $6.23 per diluted share. (1) Adjusted net ...

Core Viewpoint - The company is experiencing positive momentum with a solid market for its ships and has secured a long-term contract, indicating a favorable outlook for the future [1][3]. Financial Performance - The fourth quarter of 2025 yielded a dividend of $0.17 per share, marking the 114th consecutive quarterly cash dividend, payable on March 24, 2026 [3]. - The average time charter equivalent (TCE) for the fleet was $35,000 per day, reflecting a 25% increase from the previous quarter, with operating costs at approximately $9,000 per day per ship [3]. - The net result for Q4 2025 was $11.7 million, and EBITDA reached $34.7 million, with a cash position exceeding $100 million at the time of the report [3]. Market Conditions - Nearly two-thirds of spot days in Q1 2026 have been booked at around $55,000 per day, with bookings extending well into Q2 2026, indicating a robust market environment [3]. - The scarcity of compliant ships has become apparent, intensifying pressure on the shadow fleet, which bodes well for the company's long-term outlook [3]. Fleet Management - The fleet consists of 20 vessels as of December 31, 2025, with plans for growth in the future [3]. - The company acquired two suezmax tankers built in 2016 during the first half of 2025 and has agreements for two new vessels to be delivered in 2028 [3]. - In 2025, the company sold four older vessels built between 2003 and 2005, capitalizing on rising asset prices [3]. Environmental Initiatives - The company is focused on reducing emissions through careful voyage planning and speed adjustments of its ships [3].

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HAMILTON, BERMUDA, February 23, 2026 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced it has entered into a one-year time charter agreement at $105,000 per day for the VLCC DHT Redwood, built in 2011. The contract is expected to commence in March 2026 and has been concluded with a global energy company. About DHT Holdings, Inc.DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our ...

Group 1 - DHT Holdings (DHT) has seen a 36% increase year-to-date, trading at $16.64 as of February 18, 2026, and distributes 100% of net income as quarterly dividends [1] - DHT reported Q4 2025 revenue of $144.16 million, exceeding estimates by 24%, with VLCC spot rates averaging $69,500 per day, a significant rise from $38,200 per day in Q4 2024 [1] - The company has secured a one-year charter for DHT Opal at $90,000 per day starting February 2026, which will contribute to its dividend payouts [1] Group 2 - DHT's Q4 2025 net income was $66 million, leading to a dividend of $0.41 per share, marking the 64th consecutive quarterly dividend [1] - For Q1 2026, DHT has locked in 76% of spot days at $78,900 per day, while four newbuildings are expected to deliver in the first half of 2026 [1] - Analysts have a consensus rating of "Strong Buy" for DHT, with a price target of $16.33, and the stock has a forward P/E of 9 and a yield of 10.1% [1] Group 3 - The sustainability of DHT's dividend payouts is contingent on day rates remaining above the breakeven level of $18,300 for Q1 2026 [1] - DHT's dividend history shows volatility, with payouts of $1.15 in 2023, $1.00 in 2024, and $0.74 in 2025, although the recent $0.41 payout is the highest on record [1] - Operating cash flow decreased to $276 million in 2025 from $298 million in 2024, with capital expenditures of $309 million resulting in negative free cash flow [1]

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $120 million, or $3.47 per share, and adjusted net income of $97 million, or $2.80 per share in Q4 2025 [3] - For the full year, GAAP net income was $351 million, or $10.15 per share, and adjusted net income was $241 million, or $6.96 per share, with realized gains on vessel sales totaling $100 million [4] - The company generated approximately $112 million in free cash flow from operations, ending the quarter with a cash position of $853 million and no debt [4][5] Business Line Data and Key Metrics Changes - Spot tanker rates during Q4 2025 were the second highest for a fourth quarter in the last 15 years, with rates for VLCC, Suezmax, and Aframax fleets secured at $79,800, $56,900, and $51,400 per day respectively [6][8] - The company executed a fleet renewal strategy, acquiring 3 Aframaxes for $142 million and selling 2 older Suezmaxes for gross proceeds of $73 million [5][6] Market Data and Key Metrics Changes - Global seaborne oil trade volumes were near record highs in Q4 2025 due to the unwinding of OPEC+ supply cuts and increased oil production from non-OPEC+ countries [8] - Tighter sanctions against Russia, Iran, and Venezuela have created trading inefficiencies, benefiting tanker ton mile demand [8][10] - Venezuelan oil exports are expected to recover to normal rates of around 800,000 barrels per day, with potential increases due to foreign investments in the Venezuelan oil industry [43] Company Strategy and Development Direction - The company's strategy focuses on maximizing shareholder value through exposure to the strong spot market and renewing its fleet by investing in modern vessels while selling older tonnage [19] - Teekay Tankers aims to maintain a strong balance sheet with no debt and a significant cash position to capitalize on market opportunities [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market's strength, driven by geopolitical factors and operational leverage, while acknowledging the challenges of high asset values [32][33] - The outlook for the medium-term tanker market remains positive, with projected global oil demand increasing by 1.1 million barrels per day in 2026 [13][14] Other Important Information - Teekay Tankers declared a regular fixed dividend of $0.25 per share [6] - The company reported zero lost time injuries and 99.8% fleet availability, indicating strong operational performance [17] Q&A Session Summary Question: Impact of bareboat charters on P&L - The CFO confirmed that during the period before full ownership, the company will only receive the bareboat rate without additional operational expenses [24] Question: General and Administrative (G&A) run rate - The CFO indicated that the G&A run rate should approximate the last few quarters, around $46 million annually [25] Question: First quarter depreciation and amortization (D&A) expectations - The CFO projected D&A for Q1 to be similar to Q4, around $21.5 million to $22 million [27] Question: Cash position and urgency to invest - Management acknowledged the strong cash position and indicated a preference for a drip-feed approach to acquisitions rather than large-scale purchases [33] Question: Dividend expectations for Q1 - Management stated that any special dividends would be discussed at the March board meeting, with announcements typically made during the May earnings release [36] Question: Venezuelan oil exports and potential increases - Management noted that Venezuelan exports are recovering and could increase further with foreign investment, benefiting the tanker market [43] Question: Supply-demand balance and tanker order book - Management highlighted that while the order book appears large, it is necessary to replace an aging fleet, and the timing of deliveries will be crucial for market balance [52]

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $120 million, or $3.47 per share, and adjusted net income of $97 million, or $2.80 per share in Q4 2025 [3] - For the full year, GAAP net income was $351 million, or $10.15 per share, and adjusted net income was $241 million, or $6.96 per share, with realized gains on vessel sales totaling $100 million [4] - The company generated approximately $112 million in free cash flow from operations, ending the quarter with a cash position of $853 million and no debt [4][5] Business Line Data and Key Metrics Changes - Spot tanker rates during Q4 2025 were the second highest for the fourth quarter in the last 15 years, with rates for VLCC, Suezmax, and Aframax fleets at $79,800, $56,900, and $51,400 per day respectively [6][7] - The company executed a fleet renewal strategy, acquiring three Aframaxes for $142 million and selling two older Suezmaxes for gross proceeds of $73 million [5] Market Data and Key Metrics Changes - Global seaborne oil trade volumes were near record highs in Q4 2025 due to OPEC+ supply unwinding and increased oil production from non-OPEC+ countries [7] - Sanctions against Russia, Iran, and Venezuela have shifted trade volumes towards compliant tankers, increasing demand for tanker ton miles [8][9] Company Strategy and Development Direction - The company's strategy focuses on maximizing shareholder value through exposure to the strong spot market and renewing the fleet by investing in modern vessels while selling older tonnage [19] - Teekay Tankers aims to maintain a strong balance sheet with no debt and significant cash reserves to capitalize on market opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market's strength, driven by geopolitical factors and seasonal demand [6][12] - The company anticipates global oil demand to increase by 1.1 million barrels per day in 2026, supported by strategic stockpiling in China [12][13] Other Important Information - Teekay Tankers declared a regular fixed dividend of $0.25 per share [6] - The company has made significant progress in fleet renewal, acquiring six vessels for $300 million and selling 14 vessels for $500 million, with estimated gains of approximately $145 million [16] Q&A Session Summary Question: Impact of bareboat charters on P&L - The bareboat charters will only generate revenue without operational expenses or depreciation during the transition period [21][22] Question: General and Administrative (G&A) run rate - The G&A run rate is expected to remain around $46 million annually, similar to the last few quarters [23] Question: Depreciation and Amortization (D&A) expectations - D&A for Q1 is expected to be similar to Q4, around $21.5 million to $22 million [25] Question: Cash position and urgency to invest - Management is pleased with the cash position and plans to make opportunistic purchases rather than large acquisitions [31][33] Question: Dividend expectations for Q1 - Special dividends are typically discussed at the March board meeting, with announcements made during the May earnings release [35] Question: Venezuelan oil exports and potential increases - Venezuelan crude exports are recovering, with expectations to reach normal levels soon, potentially increasing by another 200,000-300,000 barrels per day [42] Question: Canadian shipments and market dynamics - Canadian crude is expected to replace Venezuelan heavy sour crude in Asia, benefiting Aframax shipments [44] Question: Geopolitical tensions and their impact on rates - Historical context suggests that military action could lead to rate spikes, but actual disruptions would determine the market's response [48][49] Question: Tanker order book and supply-demand balance - The order book appears large but is necessary for replacing an aging fleet, with timing being crucial for balancing supply and demand [52]

Teekay Tankers (NYSE:TNK) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsBrody Speers - CFOChristian Waldegrave - Director of ResearchEdward Lee - Director of Investor RelationsJonathan Chappell - Senior Managing DirectorKen Hoexter - Managing DirectorKenneth Hvid - President and CEOConference Call ParticipantsOmar Nokta - Managing Director and Equity AnalystOperatorWelcome to the Teekay Group, a fourth quarter and fiscal 2025 earnings results conference call. During the call, all p ...

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $120 million, or $3.47 per share, and adjusted net income of $97 million, or $2.80 per share in Q4 2025 [3] - For the full year, GAAP net income was $351 million, or $10.15 per share, and adjusted net income was $241 million, or $6.96 per share, with realized gains on vessel sales totaling $100 million [4] - The company generated approximately $112 million in free cash flow from operations, ending the quarter with a cash position of $853 million and no debt [4][18] Business Line Data and Key Metrics Changes - Spot tanker rates during Q4 2025 were the second highest for the fourth quarter in the last 15 years, with rates for VLCC, Suezmax, and Aframax fleets secured at $79,800, $56,900, and $51,400 per day respectively [6][4] - The company executed a fleet renewal strategy, acquiring three Aframaxes for $142 million and selling two older Suezmaxes for gross proceeds of $73 million [5] Market Data and Key Metrics Changes - Global seaborne oil trade volumes were near record highs in Q4 2025 due to OPEC+ supply unwinding and increased oil production from non-OPEC+ countries [7] - Sanctions against Russia, Iran, and Venezuela have shifted trade volumes towards compliant tankers, increasing tanker ton mile demand [9][10] - Venezuelan oil exports are expected to recover to around 800,000 barrels per day, benefiting mid-sized tankers [44] Company Strategy and Development Direction - The company aims to maximize shareholder value through exposure to the strong spot market and continues to renew its fleet by investing in modern vessels while selling older tonnage [19] - Teekay Tankers has a strong balance sheet with no debt and a significant cash position, allowing for quick transactions in a dynamic market [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the tanker market remains strong, with positive underlying demand fundamentals projected to increase by 1.1 million barrels per day in 2026 [13] - The company anticipates continued strength in the tanker market due to geopolitical factors and the shift of oil trade to compliant fleets [9][10] Other Important Information - The company declared a regular fixed dividend of $0.25 per share [6] - Teekay Tankers has made significant progress in fleet renewal, acquiring six vessels for $300 million and selling 14 vessels for $500 million, booking estimated gains of approximately $145 million [16] Q&A Session Summary Question: Impact of bareboat charters on P&L - Management confirmed that during the period before full ownership, the company will only receive the bareboat rate without additional operational expenses [22] Question: General and Administrative (G&A) run rate - Management indicated that the G&A run rate should approximate the last few quarters, around $46 million annually [24] Question: Cash position and urgency to invest - Management expressed a cautious approach to investing the cash, preferring smaller acquisitions rather than major ones due to high asset values [32] Question: Dividend expectations for Q1 - Management stated that special dividends are typically discussed at the March board meeting, with announcements made during the May earnings release [36] Question: Outlook for Venezuelan oil exports - Management noted that Venezuelan crude exports are recovering and could reach normal levels soon, with potential increases in production depending on foreign investments [44]