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, reflecting a narrowing gap to the current trading price of NOK 61 [12] Business Line Data and Key Metrics Changes - Hafnir operates around 130 product tankers and manages an additional 80 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 estimated to be around 19% to 20% of the existing fleet, but the effective addition to the product tanker fleet is closer to 13% to 14% due to the classification of certain vessels [29][30] - The market is currently undersupplied, with expectations of a stable high market as older, poorly maintained vessels are phased out [31][32] Company Strategy and Development Direction - The company aims to maintain an average fleet age below ten years, currently at 9.4 years, to ensure competitiveness and compliance with environmental regulations [10][11] - Hafnir is focusing on consolidation within the industry rather than acquiring individual vessels, preferring to return capital to shareholders when attractive opportunities are not present [20][21][47] 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 [39][50] - The geopolitical situation, particularly regarding the Red Sea and Ukraine, is viewed as having a neutral impact on the product tanker market, with no significant return to previous import levels from Russia expected [25][26][48] Other Important Information - The company has established a joint venture with Cargill, Seascale Energy, to optimize fuel procurement amidst changing energy dynamics [8] - The company has a revolving credit facility of approximately $700 million, which enhances financial flexibility for future investments [19] Q&A Session Summary Question: What is the outlook for Q3 and 2026? - The third quarter has started strong, with July being the best month of the year so far, indicating a stable market outlook [39][50] Question: Are you optimizing the age of your fleet by selling older vessels? - Yes, the company has been steadily selling older vessels over the past 18 months and plans to continue this strategy [43] Question: What is the motivation for acquiring new builds? - Current new builds are not attractive due to high costs and long delivery times, leading the company to focus on consolidation and modernization of the fleet through secondhand tonnage [46][47]