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    Frode Morkedal

    Senior Equity Analyst at Clarksons Securities AS

    Frode Morkedal is a Senior Equity Analyst at Clarksons Securities AS, specializing in shipping sector research with a focus on crude and product tanker companies such as DHT Holdings. Recognized for his market insight, Morkedal has delivered actionable recommendations, maintaining a TipRanks success rate of 57.1% and an average return of 5.1% over the past year. He began his analyst career at Pareto Securities and moved to Clarksons in 2009, where his research performance earned him Starmine's Best Stock Picker Award for marine sectors in the US and Europe in 2014. Morkedal holds an MSc in industrial engineering and economics from the Norwegian University of Science and Technology.

    Frode Morkedal's questions to Cool Co (CLCO) leadership

    Frode Morkedal's questions to Cool Co (CLCO) leadership • Q2 2025

    Question

    Frode Morkedal of Clarksons Platou Securities requested details on the LNG E upgrade program, including completion status, remaining CapEx, and how the $5,000/day premium is derived. He also asked for a timeline on when the LNG demand balance might shift from Europe to Asia and questioned the role of older steam turbine ships in the current spot market.

    Answer

    CEO Richard Tyrrell clarified that four of five vessel upgrades are complete, costing about $10 million each, with one remaining in Q4. The premium is derived from upside-sharing agreements on three vessels and fixed payments on two others. He noted the market balance is influenced by both short-term volatility and the accelerated exit of older steam vessels in the weak market. He added that these older ships are often idled or underutilized by charterers, making them uncompetitive for new employment.

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    Frode Morkedal's questions to Cool Co (CLCO) leadership • Q4 2024

    Question

    Frode Morkedal of Clarksons Securities inquired about the rationale for suspending the dividend, the return on investment for vessel upgrades, the economic decision-making behind idling TFDE vessels, and the slow pace of scrapping older steam ships.

    Answer

    Richard Tyrrell (executive) explained the dividend cut provides a longer financial runway amid market uncertainty, noting the company's balance sheet can withstand current conditions until at least 2029. He highlighted that vessel upgrades are already yielding over $5,000/day in upside. Tyrrell also detailed the high costs and operational reluctance to warm stack vessels, and stated that he views vessel idling as a more immediate and relevant metric than scrapping for tracking effective fleet supply.

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    Frode Morkedal's questions to Cool Co (CLCO) leadership • Q1 2024

    Question

    Asked for details on the new GAIL charter, including the day rate, returns, and potential leverage. Also inquired about the chartering strategy for the next newbuild, the stability of the dividend policy, and the company's CapEx and required cash position.

    Answer

    The executives confirmed the estimated day rate yields high-teen equity returns, aided by the vessel's low purchase price. They expect to increase leverage to 92.5% pending approval. A longer-term charter is preferred for the second newbuild as the rate premium for shorter terms is currently not advantageous. The dividend will remain dependent on quarterly performance and market rates. The company's minimum cash requirement is around $90M, with current liquidity at $155M, which can be increased.

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    Frode Morkedal's questions to Cool Co (CLCO) leadership • Q1 2024

    Question

    Frode Morkedal of Clarksons Securities AS inquired about the new GAIL charter, seeking confirmation of the day rate, details on its high-teen returns and breakeven levels, and plans for leveraging the asset. He also asked about the chartering strategy for the second newbuild, the stability of the dividend, and the company's expected CapEx and target cash position.

    Answer

    Executive Johannes Boots confirmed that a day rate in the low $90,000s would achieve the stated high-teen equity returns, referencing a breakeven of $69,000/day from a prior presentation. Executive Richard Tyrrell added that the vessel's lower purchase price was key and that the company expects to increase leverage to 92.5% pending approval. Tyrrell also noted that a longer-term charter for the second newbuild is currently more advantageous than a shorter one. Regarding the dividend, he stated it will continue to be determined quarterly based on performance, while Boots outlined a target cash position of around $100 million after accounting for covenants and working capital.

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    Frode Morkedal's questions to GOLAR LNG (GLNG) leadership

    Frode Morkedal's questions to GOLAR LNG (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 (HSHP) leadership

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

    Question

    Frode Morkedal of Clarksons Platou Securities asked about the drivers for the recent strength in the Capesize spot market, the company's strategy for navigating seasonal weakness in Q1, the market outlook for 2026, and the potential for increased charterer demand for its modern, dual-fuel fleet due to new regulations.

    Answer

    Contracted CEO Lars-Christian Svensen explained that recent market strength was driven by Panamax performance, increased coal trading, and an early start to the Atlantic iron ore season creating a vessel squeeze. He stated that Himalaya Shipping is maintaining spot exposure for Q4 and beyond to capture anticipated market strength from factors like the Simandou mine, making it too early to take significant fixed cover. Svensen expressed confidence that 2026 would be stronger than 2025, citing new trade flows to India, and asserted that charterers will increasingly seek modern, greener vessels like Himalaya's to manage costs under new environmental regulations.

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    Frode Morkedal's questions to Himalaya Shipping (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 (DHT) leadership

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

    Frode Morkedal's questions to Hafnia (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 (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 (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 (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 (STNG) leadership

    Frode Morkedal's questions to Scorpio Tankers (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 (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 (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 (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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