Core Viewpoint - TORM reported strong second-quarter results despite global uncertainties, leading to an increase in full-year guidance for 2025 [1][11]. Financial Results - In Q2 2025, TORM generated time charter equivalent earnings (TCE) of USD 208.2 million, down from USD 325.9 million in Q2 2024, reflecting a decline of USD 117.7 million [5]. - Adjusted EBITDA for the same period was USD 129.0 million, compared to USD 251.1 million in Q2 2024, a decrease of USD 122.1 million [5]. - Net profit for Q2 2025 was USD 58.7 million, down from USD 194.2 million in Q2 2024, a decline of USD 135.5 million [5]. - Average TCE rates were USD 26,672 per day in Q2 2025, significantly lower than USD 42,057 per day in Q2 2024, a drop of USD 15,385 [3][5]. - Basic earnings per share (EPS) were USD 0.60, down from USD 2.08 in the same period last year [4][5]. Market Conditions - The tanker market faced complexities due to geopolitical developments and expanded sanctions, affecting trade volumes, particularly in routes impacted by the Red Sea disruption [2]. - Despite a rebound in product tanker ton-miles starting March 2025, trade volumes remained subdued, neutralizing earlier gains [2]. Vessel Transactions - TORM sold the 2008-built LR2 vessel TORM Mathilde and two 2008-built MR vessels, TORM Voyager and TORM Discoverer, with the latter delivered in July 2025 [6]. Financing - TORM secured financing commitments of up to USD 857 million to refinance existing loans and lease agreements for 22 vessels, enhancing capital flexibility [7]. Dividend Distribution - An interim dividend of USD 0.40 per share was approved for Q2 2025, totaling an expected payment of USD 39.2 million, representing 67% of net profit [9]. Financial Outlook - TORM increased its full-year 2025 guidance, expecting TCE earnings between USD 800 million and USD 950 million, up from the previous range of USD 700 million to USD 900 million [11]. - As of August 4, 2025, TORM had covered 56% of Q3 2025 earning days at an average rate of USD 30,617 per day [10].

Financial Performance - Okeanis Eco Tankers reported a fleetwide TCE of $50,500 per day in Q2 2025, compared to $64,900 in 6M 2024 [16] - Adjusted EBITDA for Q2 2025 was $473 million, versus $639 million in Q2 2024 [16] - The company's adjusted profit was $267 million in Q2 2025, compared to $397 million in Q2 2024 [16] - Adjusted EPS was $083 in Q2 2025, compared to $123 in Q2 2024 [16] - TCE revenue reached $640 million in Q2 2025 and $1126 million for the first half of 2025 [16, 21] Balance Sheet and Capital Structure - Total debt stood at $6309 million in Q2 2025 [16] - Total cash was $653 million in Q2 2025 [16] - Total assets amounted to $10831 billion in Q2 2025 [16] - Total equity was $4283 million in Q2 2025 [16] - The company's book leverage was 57% in Q2 2025 [16] Fleet and Commercial Operations - VLCC TCE was $49,800 per day and Suezmax TCE was $51,400 per day in Q2 2025 [16] - For Q3 2025 guidance, 77% of available VLCC spot days are fixed at $44,200 per day, and 60% of available Suezmax spot days are fixed at $34,200 per day [37]

Core Points - Okeanis Eco Tankers Corp. has declared a dividend of USD 0.70 per common share [6] - The dividend will be payable in NOK for shares registered in Euronext VPS [6] - The Board approved the dividend on August 12, 2025 [6] Dividend Details - Last day including right on OSE: August 20, 2025 [6] - Last day including right on NYSE: August 21, 2025 [6] - Ex-date on OSE: August 21, 2025 [6] - Ex-date on NYSE: August 22, 2025 [6] - Record date for both exchanges: August 22, 2025 [6] - Payment date: September 5, 2025, with distribution to Euronext VPS shareholders expected around September 10, 2025 [6] Company Overview - Okeanis Eco Tankers is a leading international tanker company providing seaborne transportation of crude oil and refined products [4] - The company operates a fleet of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [4] - OET is listed on both the Oslo Stock Exchange and the New York Stock Exchange [4]

Financial Performance - Time charter equivalent revenues were $88 million, a 282% decrease compared to Q2 2024[6] - Net loss was $19 million, resulting in a loss per share of $019[6] - Adjusted EBITDA was $12 million, down from $8 million in Q2 2024[6] - MR2 tankers reported an average daily TCE of $20686, while bulkers reported $12840 in Q2 2025[6] - For Q3 2025, 91% of MR available days are booked at an estimated average TCE rate of $21600/day, and 66% of dry-bulk carrier days are booked at $15250/day[6] Market Conditions and Outlook - The product tanker sector faces constructive but moderating conditions due to slower economic activity and increased tanker supply[12, 14] - Global GDP growth is forecasted at approximately 3% for 2025 and 2026, impacting seaborne trade of refined products[14] - Major geopolitical events, such as the Russia-Ukraine war and Red Sea conflicts, continue to influence chartering activities and trade routes[15] - The introduction/expansion of trade restrictions, led by the U S, is developing, including the effects on the energy markets[15] Fleet and Strategy - Approximately 46% of the remaining days of 2025 are covered by existing charters[7] - The company is well-positioned for opportunistic fleet expansion with cash items and a Hunting License bank loan commitment of up to $45 million[6] MR2 Tanker Supply - The MR2 orderbook stood at 319 vessels as of June 1, 2025, representing 169% of the worldwide fleet[16] - An estimated annual net growth of 5-6% in 2025 is expected in MR2 supply[16]

Financial Data and Key Metrics Changes - Net income for Q2 2025 was $62 million or $1.25 per diluted share, with adjusted net income at $50 million or $1.02 per diluted share, and adjusted EBITDA at $102 million [4][17] - The company announced a combined dividend of $0.77 per share, maintaining a payout ratio of at least 75% for four consecutive quarters [5][4] - Total liquidity at the end of Q2 was over $700 million, with $149 million in cash and $560 million in undrawn revolver capacity [9][10] Business Line Data and Key Metrics Changes - The lightering business generated over $9 million in revenue with EBITDA contribution of about $2 million in Q2 [18] - The company sold two vessels for proceeds of $28 million and has four more expected to deliver in Q3 for around $57 million [6][20] Market Data and Key Metrics Changes - Demand fundamentals for seaborne transportation remain solid, with upward revisions to GDP forecasts potentially increasing oil demand [11] - Crude storage levels are historically low, and product inventories are also at low levels, particularly for middle distillates [11][12] Company Strategy and Development Direction - The company is focused on fleet renewal, having sold six older vessels and planning to purchase a modern scrubber-fitted VLCC [6][8] - The strategy includes maintaining a balanced capital allocation approach while returning cash to shareholders [27][24] Management's Comments on Operating Environment and Future Outlook - The geopolitical environment remains fluid, impacting trade routes and tanker demand, with potential for increased rates due to tensions in regions like the Strait of Hormuz [12][13] - The company expects to continue generating significant free cash flows and building on its track record of returning cash to shareholders [25][29] Other Important Information - The company has secured financing commitments for up to $240 million for newbuild vessels, with a twenty-year amortization profile [8][23] - The net loan to value ratio is comfortably under 15%, indicating a strong balance sheet [9][10] Q&A Session Summary Question: Clarification on vessel sales proceeds - The $57 million expected from the four vessels should be considered as debt proceeds [32] Question: Impact of recent sanctions on trade patterns - India is taking compliant tonnage for export and has increased imports of US Gulf crude, indicating a tactical trading approach [34] Question: Benefits of OPEC+ production cuts unwinding - Increased crude flow will benefit smaller tankers as VLCCs will be more engaged in moving crude, reducing competition in smaller segments [39] Question: Future vessel refinancing - The company is evaluating various options for refinancing older vessels, with sufficient revolver capacity to fund repayments [48][49] Question: Expected financing terms for older vessels - Financing for older vessels is expected to be shorter than the twelve-year term secured for newbuilds, likely around five to seven years [52]

Financial Performance - International Seaways Inc reported a net income of $62 million, or $1.25 per share, and an adjusted net income of $50 million, or $1.02 per share for Q2 2025[10] - The company's Q2 2025 Adjusted EBITDA was $1015 million[30] - The company's Q2 2025 TCE revenues were $188822 million[62] Fleet Optimization and Capital Allocation - The company agreed to purchase a 2020-built scrubber-fitted VLCC for $119 million[12] - The company sold 6 older vessels with an average age of 175 years[12, 16] - The company has a share repurchase program of $50 million[12] - The company declared a dividend of $077 per share, representing a 75% payout ratio of Q2 2025 adjusted net income[17] Balance Sheet and Liquidity - The company has a total liquidity of $709 million[13] - The company's gross debt is $553 million, with the earliest maturity in 2030[13] - The company's net loan to value is 14% as of June 30, 2025[13]

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $62.6 million or $1.81 per share and adjusted net income of $48.7 million or $1.41 per share in Q2 2025 [4] - The company generated approximately $62.8 million in free cash flow from operations and ended the quarter with a cash and short-term investment position of $712 million and no debt [5] - The company declared a regular quarterly fixed dividend of $0.25 per share [7] Business Line Data and Key Metrics Changes - Teekay Tankers experienced counter-seasonally strong spot rates in Q2, outperforming the last two quarters and exceeding long-term averages [5][8] - The company sold or agreed to sell 11 vessels for total gross proceeds of $340 million and estimated book gains of approximately $100 million [6] Market Data and Key Metrics Changes - Global oil production is expected to sharply increase due to the unwinding of OPEC plus supply cuts and higher production from South America, with a full unwind of 2.2 million barrels per day expected by September 2025 [10] - The average age of the global tanker fleet is at a 25-year high of 14 years, with the order book stabilizing at approximately 15% of the global tanker fleet [12][13] Company Strategy and Development Direction - Teekay Tankers is focused on renewing its fleet by reducing exposure to older vessels and opportunistically selling older Suezmaxes while acquiring modern vessels [5][6] - The company aims to gradually change the pace of acquisitions, focusing on core segments of Aframaxes and Suezmaxes while considering larger newbuildings in the medium term [21][24] Management's Comments on Operating Environment and Future Outlook - Management believes there are potential tailwinds for the tanker markets towards the end of the year, despite uncertainties due to geopolitical factors [6][11] - The company expects to continue generating strong cash flows and taking incremental steps on fleet renewal while returning capital to shareholders [17][16] Other Important Information - The company noted that periods of oil inventory builds have historically been positive for tanker rates, which could provide support as they move into the seasonally stronger winter months [11] Q&A Session Summary Question: Can you expand on the comments regarding the purchasing of the latest ship and the sales? - Management indicated that selling older ships has been active, with 11 ships sold, and they plan to recycle capital from these sales to gradually add newer ships to the fleet [20][21] Question: How are you thinking about further capital deployment as you renew the fleet? - The priority is to find good purchase candidates within core segments of Aframaxes and Suezmaxes, with potential for larger newbuildings in the medium term [22][24] Question: Do you see the increase in oil production lifting rates mainly in Q4? - Management expects more oil volumes coming to market later in the year, with stronger rates anticipated in the latter part of the year due to increased export volumes and geopolitical complexities [26][28] Question: Other revenue stepped up materially; how should we think about the run rate going forward? - The increase in other revenues was attributed to a one-time restructuring charge funded by a customer, which is not expected to recur [29][30]

Core Points - Scorpio Tankers Inc. reported a net income of $73.5 million for the three months ended June 30, 2025, a significant decrease from $227.3 million in the same period of 2024 [2][4][36] - The company declared a quarterly cash dividend of $0.40 per share, with a payment date set for August 29, 2025 [10] - Adjusted net income for the second quarter of 2025 was $67.8 million, down from $188.4 million in the same quarter of 2024 [3][5] Financial Performance - For the six months ended June 30, 2025, the company reported a net income of $131.7 million, compared to $441.5 million for the same period in 2024 [6][8] - The average daily Time Charter Equivalent (TCE) revenue decreased to $25,569 per vessel in Q2 2025 from $38,813 in Q2 2024, reflecting a decline in market conditions [36][37] - Total vessel revenue for Q2 2025 was $230.2 million, down from $380.7 million in Q2 2024, with TCE revenue dropping by $150.7 million year-over-year [36] Operational Highlights - The average number of vessels operated decreased to 99.0 in Q2 2025 from 108.7 in Q2 2024, contributing to lower revenues [36] - The company entered into a bareboat charter-out agreement for the MR product tanker STI Bosphorus at a rate of $13,150 per day, expected to commence in August 2025 [24] - Scorpio Tankers has exercised purchase options on three vessels, with scheduled purchases in December 2025 and February 2026 [26][27] Liquidity and Debt Management - As of July 28, 2025, the company had $472.7 million in unrestricted cash and cash equivalents, along with $833.7 million of undrawn revolver capacity [20] - The company prepaid $12.65 million on its 2023 $1.0 Billion Credit Facility in July 2025, which included both term and revolving portions [25][29] - The total outstanding debt as of June 30, 2025, was $924.4 million, with a net debt of $453.3 million after accounting for cash and cash equivalents [23]

Core Viewpoint - Performance Shipping Inc. has successfully signed an agreement for refinancing its existing loan facility with Alpha Bank S.A., which involves a total outstanding loan balance of US$29,750,000 secured by two tanker vessels [1][2]. Group 1: Loan Refinancing Details - The refinancing facility will bear interest at the rate of SOFR plus 1.90% per annum [2]. - The repayment structure consists of twenty consecutive quarterly installments of US$1,050,000 each, culminating in a balloon payment of US$8,750,000 due in mid-2030 [2]. Group 2: Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, primarily through the ownership of tanker vessels [3]. - The company utilizes its fleet for spot voyages, pool arrangements, and time charters [3].

Q1 2019 Highlights - VLCC average spot rate in TI Pool was $35,195 per day, compared to $18,725 in Q1 2018[8] - VLCC average time charter rate was $27,630 per day[8] - Suezmax average spot rate was $27,380 per day, compared to $14,000 in Q1 2018[8] - Suezmax average time charter rate was $32,680 per day[8] - In Q1 so far, VLCC 535% fixed at around $26500 per day[12] - In Q1 so far, Suezmax 493% fixed at around $18000 per day[12] Financial Performance - Revenue increased to $232589 thousand in Q1 2019 from $98136 thousand in Q1 2018[13] - Net profit for the period was $19526 thousand in Q1 2019, compared to a loss of $39091 thousand in Q1 2018[13] - Result after taxation per share was $009 in Q1 2019, compared to $(025) in Q1 2018[13] - Cash increased to $1785 million in Mar-19 from $1730 million in Dec-18[15] Market Signals - US crude export outlook shows potential for growth to 2022[18] - Correlation between Euronav share price and new build VLCC value is 84%[25] - Demand 3% Supply 3% - VLCC $35K Q4 & Q1[26] Liquidity and Leverage - Liquidity increased to $785 million[17] - Leverage is 462% marked to market[16]