Summary of Conference Call Notes on China Tanker Shipping Industry Overview - The report focuses on the **China Tanker Shipping** industry, particularly the dynamics affecting **COSCO Shipping Energy A/H (CSET)** and the broader tanker market. - The current market is characterized by a **structural tightness** in oil trade, driven by resilient demand, panic restocking, and constrained supply. Key Points and Arguments 1. **Market Dynamics**: - The tanker market is experiencing a **self-reinforcing cycle** rather than a typical disruption followed by normalization, with demand remaining strong and freight rates at extreme levels (TD3C ~US$401k/day, ~8x pre-war) [2][4][5]. - **China** accounts for approximately **43%** of Asia-bound demand, with other significant contributors being **Korea (14%)** and **Japan (12%)** [4][52]. 2. **Freight Rates**: - Freight rates have retraced from peak levels but remain **multiple times** pre-war levels across all routes and vessel classes, indicating sustained demand despite elevated prices [5][9]. - Specific rates include: - TD3C: **~US$401k/day** (~8x pre-war) - TD2: **~US$430k/day** - TD15: **~US$102k/day** (approximately 2x historical levels) [6][9]. 3. **Supply Constraints**: - Approximately **39%** of the VLCC fleet is currently idle or in floating storage, reducing effective supply and reinforcing market tightness [4][60]. - Ownership structures, particularly state-linked fleets and MSC-backed Sinokor, limit supply responsiveness, further contributing to persistent tightness [79][84]. 4. **Demand and Inventory**: - Demand remains robust due to structural consumption needs and limited inventory buffers, with most countries operating with only weeks to a few months of commercial inventory [85][86]. - Refiners must maintain utilization, indicating that demand is likely to remain resilient even under volatile conditions [86]. 5. **CSET Positioning**: - CSET is better positioned to capture elevated earnings due to higher active deployment (approximately **17% idle** compared to peers at **24-52%**) and a focus on key trading routes [4][75][76]. - CSET's fleet is actively deployed along the **Middle East–Asia corridor**, allowing for consistent capture of elevated freight rates [75]. 6. **Long-Haul Trade Patterns**: - A significant portion of Asia-bound flows is now coming from the **Atlantic Basin** (approximately **45%**), increasing voyage distances and vessel demand [55][56]. - The shift towards longer-haul routes is contributing to structural inefficiencies in the system, reinforcing elevated freight rates [31][51]. Additional Important Insights - The report emphasizes that the market is not normalizing but is entering a phase of **structural tightness**, with operators like CSET positioned to benefit from sustained elevated earnings [87][88]. - The ownership dynamics, particularly the influence of state-linked fleets, are crucial in understanding the supply behavior and market elasticity [79][84]. - The report suggests that the market may be underestimating the persistence of this tightness, with expectations for elevated freight rates to last longer than typical disruption cycles [88]. Conclusion - The China Tanker Shipping industry is currently characterized by a complex interplay of strong demand, constrained supply, and structural inefficiencies, with CSET positioned favorably to capitalize on these dynamics. The outlook remains positive for sustained elevated earnings in the near term.

International Seaways Inc. Fourth Quarter 2025 Earnings Presentation February 26, 2026 Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking statements. Some of these statements include words such as ''outlook,'' ''believe,'' ''expect,'' ''potential,'' ''continue,'' "g ...

Hafnia Quarterly Financial Hafnia Quarterly Financial Hafnia Hafnia Limited Quarterly Financial Investor Presentation Q4 2025 26 February 2026 DISCLAIMER – SAFE HARBOUR MESSAGE IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Hafnia Limited (the "Company") or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the "Information"). ...

Core Insights - Teekay Tankers is experiencing a strong tanker market, with significant spot rate increases and a solid financial position, including $853 million in cash and no debt [2][17][18] - The company has executed a fleet renewal strategy, acquiring modern vessels while selling older ones, resulting in estimated gains of approximately $145 million [15][18] - Geopolitical factors and sanctions are reshaping global oil trade, benefiting compliant tankers and increasing demand for midsized vessels [5][7][11] Financial Performance - In Q4 2025, Teekay Tankers reported a GAAP net income of $120 million, or $3.47 per share, and an adjusted net income of $97 million, or $2.8 per share [3] - For the full year 2025, the company reported a GAAP net income of $351 million, or $10.15 per share, with realized gains on vessel sales totaling $100 million [3] - The company generated approximately $112 million in free cash flow from operations during the quarter, with a low free cash flow breakeven of $11,300 per day [2][17] Market Dynamics - Spot tanker rates in Q4 2025 were the second highest in the last fifteen years, driven by geopolitical events and seasonal factors [2][4] - Global seaborne oil trade volumes reached near record highs due to OPEC+ supply adjustments and increased production from non-OPEC+ countries [5] - Sanctions against Russia, Iran, and Venezuela have created trading inefficiencies, benefiting tanker ton-mile demand and pushing trade towards compliant fleets [5][7] Fleet Management - Teekay Tankers has sold or agreed to sell older vessels for gross proceeds of $157.5 million, with expected gains from these sales recognized in 2026 [1][15] - The company acquired three 2016-built Aframaxes for $142 million and has continued to execute its fleet renewal strategy [2][15] - The average age of the tanker fleet is at its highest in over thirty years, indicating significant replacement demand in the coming years [13][14] Future Outlook - Global oil demand is projected to increase by 1.1 million barrels per day in 2026, with non-OPEC+ supply growth expected to rise by 1.3 million barrels per day [11] - The tanker orderbook is at a ten-year high as a percentage of the existing fleet, but many vessels are needed to replace aging tankers [12][14] - The company is well-positioned to capitalize on market opportunities, with a strong balance sheet and operational leverage to generate cash flows [17][18]

Teekay Group Fourth Quarter and Annual 2025 Earnings Presentation February 19, 2026 2025 Teekay Photo Contest Add. Master Shobit Bhatnagar Zenith Spirit Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this release, other than statements of historical fact, are forward-looking statements. When use ...

This presentation (this "Presentation") has been prepared by Okeanis Eco Tankers Corp. ("OET or the "Company"). This Presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation does not constitute either advice ...

Key Takeaways from the Tanker Market Expert Call Industry Overview - The discussion focused on the tanker market, particularly crude and clean tankers, as part of the Energy Symposium Week hosted by Goldman Sachs on February 3, 2026. The expert from Oil Brokerage Ltd (OB) expressed a generally positive outlook for the total tanker market, projecting a net demand increase of +3.6 percentage points by 2026 [1][4]. Core Insights Crude Tanker Market - **Demand Growth**: OB forecasts a +5.8% year-over-year (YoY) growth in crude tanker demand for 2026, driven by: - Stockpiling due to sustained increases in crude production, which is expected to outpace demand growth. - Enhanced long-haul shipping demand from rising crude oil output in the Atlantic Basin [4]. - **Supply Dynamics**: The effective fleet supply is projected to grow by +2% YoY, leading to a net demand increase of +3.8% for crude tankers in 2026. However, demand growth is expected to slow to +2.1% YoY in 2027, with supply growth at +3% YoY, resulting in a -0.9% net supply for that year [4][5]. Clean Tanker Market - **Demand Forecast**: Clean tanker demand is also expected to grow, with projections of +5% and +3% YoY growth for 2026 and 2027, respectively. This growth is supported by elevated refinery margins due to tight capacity and healthy demand [4]. - **Supply Concerns**: Despite the demand growth, supply for clean tankers is anticipated to increase by +4% and +6% YoY in 2026 and 2027, respectively, leading to a +1% net demand in 2026 and a -3% net supply in 2027 [4]. Aging Fleet and Orderbook - The orderbook for uncoated tankers has reached approximately 91% of the trading fleet over 20 years old as of January 2026. OB believes that deliveries will not be sufficient to replace aging ships, which may exit the market through scrapping or being absorbed into a shadow fleet [5]. Geopolitical Impacts - OB anticipates a shift in trade volumes towards compliant vessels, which would positively impact Very Large Crude Carrier (VLCC) demand if restrictions on Venezuelan or Iranian oil are lifted. Specifically, the removal of sanctions on Venezuelan oil could necessitate an additional 44 VLCCs and 19 Aframax tankers [5]. - Conversely, a reopening of the Suez Canal could negatively affect clean tanker demand, particularly for LR2 vessels [5]. Additional Insights - The expert highlighted that the return on investment (RoI) for crude tankers has improved, leading to an increase in ordering frequency for uncoated tankers in the fourth quarter of 2025 [5]. - The expert expressed skepticism regarding constructive dialogue between the US and Iran, suggesting that disruptions in the Middle East are more likely than a resolution [5]. This summary encapsulates the key points discussed during the expert call, providing insights into the current and future state of the tanker market, including demand forecasts, supply dynamics, and geopolitical influences.

Third Quarter Presentation Nov 2025 Forward Looking Statements MATTERS DISCUSSED IN THIS DOCUMENT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STA ...

Financial Data and Key Metrics Changes - For the nine months of 2025, the company generated $577 million in gross revenues and an operating income of $171 million, which included $12.5 million of capital gains from the sale of four older vessels [23][28] - The net income for the first nine months of 2025 was $103 million, translating to $2.75 in earnings per share [28] - The adjusted EBITDA for the nine months was approximately $290 million, with cash at hand at the end of September 2025 standing at $264 million [28] Business Line Data and Key Metrics Changes - The fleet utilization increased from 92.2% to 96.2% during the nine months of 2025 [24] - The fleet time charter equivalent rate for the first nine months of 2025 settled at $30,703 [24] - In the third quarter of 2025, the fleet generated $186 million of gross revenues and $60.5 million in operating income, including $9 million of capital gains from the sale of three older vessels [29] Market Data and Key Metrics Changes - The company reported a significant increase in demand for vessels, with a 20% increase in profit-sharing arrangements compared to previous periods [37] - The tanker market has remained healthy, with energy majors approaching the company for time charter business [12] Company Strategy and Development Direction - The company is focusing on a record 20 vessel new building program with deliveries starting in Q1 2026 until Q4 2028, which includes three VLCCs [6][7] - The strategy includes selling older tonnage to maintain a young and modern fleet, having sold 17 vessels with an average age of 17.3 years [19] - The company aims to transition its fleet to greener and dual-fuel vessels, being one of the largest owners of dual-fuel LNG powered Aframax tankers [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the market has improved significantly, with spot market rates being over 50% higher than in September [9] - The geopolitical environment has created nervousness in the market, which the company is positioned to take advantage of through its chartering strategy [35] - The company anticipates continued strong performance in the upcoming quarters due to high demand for its vessels [10] Other Important Information - The company declared an additional $1 per share dividend, to be paid in two tranches, reflecting a total dividend of $1.60 per share for the year, representing an attractive yield of over 4% [7] - The fair market value of the operating fleet is approximately $4 billion against $1.9 billion in debt, with a net debt to capital ratio around 47% [19] Q&A Session Summary Question: Clarification on the employment terms for the 12 VLCCs - Management indicated a significant increase in profit-sharing arrangements and a strong appetite for vessels in the market [37][38] Question: Plans for the Maria Energy vessel - The vessel is fixed back to a long-term contract with no downtime expected between contracts [39] Question: Expectations for MR new builds delivering in early 2026 - Management is contemplating long-term contracts for the new builds, with significant interest from major oil companies [40][41] Question: Asset sales and fleet renewal strategy - The company is negotiating the sale of five first-generation vessels, expecting to release close to $250 million of net cash for the new building program [47]

International Seaways Inc. Third Quarter 2025 Earnings Presentation November 6, 2025 Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking statements. Some of these statements include words such as ''outlook,'' ''believe,'' ''expect,'' ''potential,'' ''continue,'' "gui ...