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    Geoffrey Scott • Scott Asset Management

    Geoffrey Scott's questions to DHT Holdings Inc (DHT) leadership

    Geoffrey Scott's questions to DHT Holdings Inc (DHT) leadership • Q2 2025

    Question

    Geoffrey Scott of Scott Asset Management asked about the lack of vessel demolition activity and DHT's ability to track the sanctioned fleet's utilization. He also questioned the significant improvement in financing spreads DHT achieved between its April and July credit facilities.

    Answer

    President & CEO Svein Moxnes Harfjeld stated that tracking the dark fleet is difficult but its productivity is low. He believes high secondhand values for these ships disincentivize scrapping and that a global effort is needed to resolve the issue. On financing, he attributed the favorable terms to DHT's strong balance sheet, low leverage, and solid track record, which make it an attractive partner for its lending banks.

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    Geoffrey Scott's questions to Frontline Plc (FRO) leadership

    Geoffrey Scott's questions to Frontline Plc (FRO) leadership • Q1 2025

    Question

    Geoffrey Scott asked for clarification on the significant increase in planned dry docks for the next 12 months and questioned why older, OFAC-listed ships are not being scrapped.

    Answer

    Executive Inger Klemp explained the higher dry dock count is due to the 12-month forecast now including a heavy dry-docking schedule in Q1 2026. Executive Lars Barstad noted that scrapping is hindered because the dollar-based recycling industry cannot legally purchase sanctioned vessels, creating a 'clog' that requires regulatory intervention, likely from the IMO, to resolve.

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    Geoffrey Scott's questions to Pure Cycle Corp (PCYO) leadership

    Geoffrey Scott's questions to Pure Cycle Corp (PCYO) leadership • Q3 2024

    Question

    Geoffrey Scott asked for clarification on the timeline for commercial development activity at Sky Ranch, as well as recent trends in the pricing of both water tap fees and residential lots.

    Answer

    Executive Mark Harding projected that significant commercial development activity would likely begin in 2026. He confirmed that water and wastewater tap fees have risen substantially, from approximately $26,000 at the project's inception to a projected $38,000. Similarly, he stated that lot prices have increased from around $75,000 in the first phase to nearly $120,000 in current phases, reflecting strong market demand and value appreciation.

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