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    Frode Morkedal • Clarksons Platou Securities

    Frode Morkedal's questions to Golar LNG Ltd (GLNG) leadership

    Frode Morkedal's questions to Golar LNG Ltd (GLNG) leadership • Q2 2025

    Question

    Frode Morkedal asked for Golar's perspective on the proper valuation framework for its extensive contract backlog, focusing on risk and discount rates. He also questioned management's strategy for addressing the gap between the company's intrinsic value and its current stock price.

    Answer

    CEO Karl Fredrik Staubo suggested that while the market determines the multiple, the biggest mispricing is the upside from commodity exposure, particularly the unique $8/MMBtu profit-share mechanism. He emphasized that management's focus is on running the business effectively but reiterated the Chairman's previous statements that the board would seek other alternatives to crystallize value if the market fails to recognize it. Staubo pointed to recent share buybacks as proof of their belief in the company's value.

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    Frode Morkedal's questions to Himalaya Shipping Ltd (HSHP) leadership

    Frode Morkedal's questions to Himalaya Shipping Ltd (HSHP) leadership • Q2 2025

    Question

    Frode Morkedal of Clarksons Platou Securities inquired about the drivers of recent Capesize spot market strength and the higher FFA curve. He also asked about the company's strategy for navigating Q1 seasonality, its outlook for 2026, and the potential for higher demand for its modern, dual-fuel fleet given upcoming regulations.

    Answer

    CEO Lars-Christian Svensen attributed recent market strength to a confluence of Panamax demand, Australian iron ore activity, and an early Atlantic season. He stated that Himalaya is maintaining significant spot exposure for Q4 and beyond, believing the market has further upside from Chinese demand and new Guinean supply, making 2026 potentially stronger than 2025. Svensen also expressed confidence that upcoming environmental regulations will increase charterer demand for their modern, efficient vessels.

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    Frode Morkedal's questions to DHT Holdings Inc (DHT) leadership

    Frode Morkedal's questions to DHT Holdings Inc (DHT) leadership • Q2 2025

    Question

    Frode Morkedal of Clarksons Platou Securities inquired about the market effects of potential U.S. tariffs on India's Russian oil imports and the implications of securing a strong one-year time charter for an 18-year-old vessel.

    Answer

    President & CEO Svein Moxnes Harfjeld noted that it's early, but Indian imports of Russian oil have already declined by about 20% in July, a trend that favors larger tankers sourcing from further afield. Regarding the vessel charter, he explained that DHT has been successful in securing strong rates for older vessels, which provides earnings stability and excellent returns on capital, a strategy they will continue to pursue.

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    Frode Morkedal's questions to DHT Holdings Inc (DHT) leadership • Q1 2025

    Question

    Frode Morkedal of Clarksons Securities asked about the strategic decision to sell the two Chinese-built vessels and questioned the priority of capital allocation for the incoming proceeds.

    Answer

    President and CEO Svein Moxnes Harfjeld explained the vessel sale was an opportune moment to refine the fleet profile based on customer preferences and to realize profits from a successful investment. Regarding capital allocation, he clarified that the listed uses—vessel investments, share buybacks, and debt prepayment—are not in a specific order of priority and depend on market opportunities. He noted that share buybacks are unlikely in the current market, as they are reserved for periods of significant dislocation between share price and asset values.

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    Frode Morkedal's questions to DHT Holdings Inc (DHT) leadership • Q4 2024

    Question

    Frode Morkedal asked for commentary on the drivers behind the recent surge in VLCC spot rates and their sustainability, and also questioned DHT's capital allocation priorities, asking if secondhand vessel acquisitions are now more attractive than share buybacks.

    Answer

    President and CEO Svein Moxnes Harfjeld attributed the rate strength to a very tight market, reduced inventories in China, and strong sentiment around sanctions, suggesting the market may be at a 'tipping point.' Regarding capital allocation, he clarified that the December buybacks were an opportunistic response to a market dislocation. At the current share price, he indicated buybacks are less likely, and proceeds from the recent vessel sale will be allocated to vessel acquisitions, buybacks, or debt prepayments, with a final decision pending.

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    Frode Morkedal's questions to DHT Holdings Inc (DHT) leadership • Q3 2024

    Question

    Frode Morkedal inquired about the current state of the secondhand vessel sale and purchase market, noting that stock prices imply a significant decline in ship values. He also asked for DHT's view on the impact of changing crude oil inventory levels and the market structure shifting from backwardation to potentially contango.

    Answer

    President and CEO Svein Moxnes Harfjeld responded that secondhand market activity is limited, with owners remaining constructive and hesitant to sell at lower prices. He cited a recent transaction pricing a 5-year-old vessel around $115 million. Regarding inventories, Harfjeld stated that levels in China are not high, and any increase in demand could significantly tighten the market, a dynamic he believes OPEC+ is strategically managing.

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    Frode Morkedal's questions to Hafnia Ltd (HAFN) leadership

    Frode Morkedal's questions to Hafnia Ltd (HAFN) leadership • Q1 2025

    Question

    Frode Morkedal from Clarksons Securities asked about Hafnia's capital return policy, specifically why share buybacks were excluded from the dividend calculation, and sought an explanation for the market disconnect where rising tonne-mile demand has not translated to proportionally higher charter rates.

    Answer

    CEO Mikael Opstun Skov clarified that Hafnia will maintain its dividend policy and any future share buybacks will be considered on an ad hoc basis and will be in addition to, not a deduction from, the dividend payout. Søren Winther, VP of Commercial, explained the rate disconnect is due to market 'sentiment,' where charterers are comfortable and owners are content with current earnings, creating a temporary lid on rates despite strong underlying fundamentals like tight vessel supply.

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    Frode Morkedal's questions to Hafnia Ltd (HAFN) leadership • Q4 2024

    Question

    Frode Morkedal inquired about the mechanics of the share buyback program, the company's preference between buybacks and dividends, and sought confirmation on the minimal market impact of a potential Red Sea reopening.

    Answer

    CFO Perry Van Echtelt confirmed that repurchased shares will be canceled and a new program would require Board approval. CEO Mikael Opstun Skov emphasized that the dividend policy is firm, while buybacks are an opportunistic tool for when shares trade at a deep discount to NAV. VP of Commercial Søren Winther affirmed that a Red Sea reopening would have a marginal net impact on tonnage demand.

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    Frode Morkedal's questions to Hafnia Ltd (HAFN) leadership • Q2 2024

    Question

    Frode Morkedal asked for Hafnia's view on the current market impact of the Panama Canal situation and the tonne-mile improvements resulting from the Russia-Ukraine conflict. He also questioned the potential mitigating factors, such as the removal of a 'shadow fleet,' if Russian sanctions were to end.

    Answer

    EVP Commercial, Jens Christophersen, explained that the Panama Canal delays have abated and the market has already factored in the return to normal transit levels. Regarding Russia, he stated that Russian CPP volumes on the water have doubled compared to pre-sanction levels, increasing demand by approximately 5-6%. He acknowledged that lifting sanctions would impact demand but deemed it too difficult to speculate on the subsequent market dynamics.

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    Frode Morkedal's questions to Hafnia Ltd (HAFN) leadership • Q1 2024

    Question

    Frode Morkedal asked for feedback on the new New York Stock Exchange listing, inquired about a fair earnings multiple for the pool and bunker business, and sought views on the impact of the Dangote refinery and other global refinery changes.

    Answer

    CEO Mikael Opstun Skov reported positive investor interest and increased liquidity from the U.S. listing. CFO Perry Van Echtelt noted that while a specific multiple for the pool business is hard to define, some analysts have valued it around $100 million. EVP, Commercial, Jens Christophersen, expressed a positive outlook on the Dangote refinery, expecting its high-spec products to be exported to premium markets like Europe.

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    Frode Morkedal's questions to Scorpio Tankers Inc (STNG) leadership

    Frode Morkedal's questions to Scorpio Tankers Inc (STNG) leadership • Q1 2025

    Question

    Frode Morkedal followed up on the USTR tariff discussion, asking specifically about potential triangulation routes for LR2s and Aframaxes involving the U.S. Gulf and whether Scorpio's high proportion of Korean-built vessels could offer a competitive advantage.

    Answer

    Chief Commercial Officer Lars Nielsen clarified that the LR2 market's exposure to the U.S. is insignificant, making the tariffs a non-issue for that vessel class. He further stated that given Scorpio's specific fleet composition, which is not heavily reliant on Chinese-built vessels, the proposed tariffs do not present a problem for the company.

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    Frode Morkedal's questions to Scorpio Tankers Inc (STNG) leadership • Q4 2024

    Question

    Frode Mørkedal from Clarksons Securities inquired about the mechanics of newbuild LR2s entering the crude trade and if a Red Sea reopening could boost East-to-West product arbitrage.

    Answer

    Chief Commercial Officer Lars Nielsen emphasized the fungibility between the LR2 and Aframax markets, stating they must be analyzed in unison. Executive James Doyle added that new LR2s are needed to replace aging tonnage in both markets. Regarding the Red Sea, Nielsen noted that with Middle East refinery turnarounds completing, product flows to Europe are set to increase regardless of the route.

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    Frode Morkedal's questions to Scorpio Tankers Inc (STNG) leadership • Q3 2024

    Question

    Frode Morkedal asked if carbon regulations will necessitate more slow steaming for product tankers and what the potential impact could be. He also inquired about the drivers behind the relative weakness in Handymax earnings compared to MRs.

    Answer

    President Robert Bugbee acknowledged that environmental regulations will have a significant impact but argued that the effect of the aging fleet, particularly the large number of MRs approaching 20 years of age, will be an even greater factor in tightening effective supply. CFO Chris Avella addressed the Handymax market, attributing recent weakness to refinery maintenance, a cap from the weaker MR market, and specific cargo disruptions. He noted the market is poised for a Q4 recovery and benefits from a very old global fleet profile.

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    Frode Morkedal's questions to Scorpio Tankers Inc (STNG) leadership • Q2 2024

    Question

    Frode Morkedal referenced a chart showing 56% of LR2s trading clean and asked for data on how many crude tankers are currently trading clean, suggesting this crossover might be capping rates.

    Answer

    President Robert Bugbee provided estimates of 12 to 20 crude tankers trading clean, based on vessel tracking and broker reports, but noted it's unclear if this is sustainable. He affirmed that the company is very happy with current LR2 rates of $40,000 per day and is not complaining that they could be higher.

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