A year ago, I published my first article on Okeanis Eco Tankers (NYSE: ECO ) following its U.S. listing. My thesis at the time centered on aligned owners, a young and scrubber-fitted fleet, and exceptional execution, which combined should resultI cover stocks that I usually own or that I like to research. I also believe in the future of Bitcoin. Follow me for intricate ideas and (hopefully) market-beating returns :) .Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of th ...

HELLERUP, Denmark, Sept. 3, 2025 /PRNewswire/ -- TORM plc ("TORM") (NASDAQ: TRMD) (NASDAQ: TRMD A) has today been informed of the announcement (the Announcement) by Hafnia Limited ("Hafnia"), confirming that Oaktree Capital Management, L.P. and its affiliates have accepted, subject to entering into a definitive agreement, to sell to Hafnia approximately 14.1 million A shares in TORM, representing approximately 14.45% of TORM's issued share capital (the Share Purchase). The A shares are priced at USD 22 per ...

Core Insights - Frontline plc reported a profit of $77.5 million, or $0.35 per share, for Q2 2025, with an adjusted profit of $80.4 million, or $0.36 per share [4] - The company declared a cash dividend of $0.36 per share for the second quarter of 2025 [4] - Revenues for Q2 2025 reached $480.1 million [4] Industry Overview - The second quarter of 2025 experienced volatility due to unrest in the Middle East impacting tanker trade and freight [2] - OPEC's strategy of reducing voluntary production cuts has led to only modest increases in exports [2] - Anticipated high domestic demand for oil as summer approaches is expected to increase market volume [2] - Sanctions from the US, G7, and EU, particularly against Russia, have caused inefficiencies in oil trade [2] Financial Performance - Average daily spot time charter equivalent (TCE) earnings for VLCCs, Suezmax tankers, and LR2/Aframax tankers in Q2 2025 were $43,100, $38,900, and $29,300 respectively [4] - Estimated average daily cash breakeven rates for VLCCs, Suezmax, and LR2/Aframax are $28,700, $22,900, and $22,900 respectively [3] - The company expects spot TCEs for Q3 2025 to be lower than currently contracted due to ballast days [3] Strategic Developments - Frontline entered into a senior secured term loan facility of up to $1,286.5 million in April 2025 to refinance outstanding debt on 24 VLCCs [4] - The company agreed to sell its oldest Suezmax tanker built in 2011 for a net sales price of $36.4 million, expected to generate net cash proceeds of approximately $23.7 million in Q3 2025 [4]

Financial Data and Key Metrics Changes - For Q2 2025, the company achieved an adjusted EBITDA of $134.2 million and a net profit of $75.3 million, reflecting strong operational execution and market conditions [7][24] - The net asset value at the end of Q2 was approximately $3.3 billion, equating to an NAV of $6.55 per share [9] - The net loan-to-value (LTV) ratio remained unchanged at 24.1%, indicating a balance between reduced vessel market values and further debt reduction [11][29] Business Line Data and Key Metrics Changes - The commercial pool and bunkering operations contributed $7.9 million to overall results, with the Seascale Energy joint venture commencing operations in mid-May [7][24] - The average time charter equivalent (TCE) income for the quarter was $231.2 million, averaging $24,452 per day across vessel segments [26] Market Data and Key Metrics Changes - Clean product volumes transported on sanctioned vessels decreased by 17%, despite an increase in the number of product tankers sanctioned [13] - The company noted a strong recovery in accumulated tonne days for the clean segment, significantly surpassing the three-year average by Q3 [16] - Global refinery margins remain strong, with limited refinery outages projected for the remainder of the year, supporting higher volumes and longer haul trading [18] Company Strategy and Development Direction - The company aims to maintain a transparent and consistent dividend policy, having paid out 82.8% of net profit through dividends and share buybacks in 2024 [11] - Hafnia is focused on sustainability initiatives and aims to provide reliable, efficient, and sustainable solutions through partnerships and smart investments [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market fundamentals, citing limited fleet supply and improved spot rates as drivers for future performance [35] - The company anticipates robust net profits for the full year, with analysts' consensus indicating profits in the range of $300 million to $310 million [31] Other Important Information - The company secured a $750 million revolving credit facility in July, which is expected to reduce overall funding costs and lower cash flow breakeven levels [29][30] - The company has maintained a strong liquidity profile, with over $450 million in liquidity at the end of Q2 [25] Q&A Session Summary Question: Can you quantify the improvement to cash breakeven rates after refinancing? - The refinancing is expected to improve cash flow breakeven to roughly $13,000 per day, reflecting a margin improvement of 50 to 60 basis points [39][40] Question: What is driving the divergence in performance between MRs and LRs? - The LR1s and LR2s have remained resilient, and the improvement in MRs is more about catching up rather than LRs declining [48] Question: How do sanctions impact the market and tonnage availability? - OFAC sanctions are seen as more impactful, but EU and UK sanctions also significantly affect market dynamics, making it challenging to operate sanctioned vessels [56][58] Question: What are the expectations regarding the IMO's net zero framework? - The company believes the IMO will vote through the proposed regulations, despite geopolitical uncertainties [67][68] Question: Will the company consider share buybacks in addition to dividends? - The company maintains a clear dividend policy and will consider share buybacks as an addition to the existing policy [71][74]

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]

Second Quarter Ended June 30, 2025 Results August 8, 2025 FORWARD-LOOKING STATEMENTS & INFORMATION DISCLAIMER Mixed quarterly results ►Time charter equivalent revenues* of $8.8 million, down 28.2% from robust Q2 2024 ►Net loss of $1.9 million, or $0.19 EPS (basic and diluted) ►Adjusted EBITDA** of $1.2 million, down $6.8 million from Q2 '24 ►Q2 '25 earnings affected by one-off G&A expense and softer chartering conditions in both the product tanker and dry bulk sectors vs. exceptional 2024 period; In Q2 2025 ...

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]