Ken Davidson

Private investor Ken Davidson sought clarification on the charter contracts for the two newest tankers, asking if they were placed on low-rate, long-term contracts with the Sultanate of Oman.

Answer

Herbjørn Hansson (Founder, Chairman and CEO) corrected the premise, confirming the two vessels are on a six-year charter with the Sultanate of Oman but clarified the rate was much higher than suggested, in the mid-$20,000s per day. He explained this was a strategic decision made at the time to ensure financial stability while fostering a strong relationship with an important partner.

Ken Davidson, a private investor, sought clarification on the charter terms for the two newest tankers, questioning if they were on low-rate, long-term contracts with the Sultanate of Oman.

Answer

Founder, Chairman and CEO Herbjørn Hansson corrected the premise, confirming the two new vessels were indeed under a 6-year contract with the Sultanate of Oman, but at a much higher rate in the mid-$20,000s per day, not the low rate suggested. He highlighted this was done at the time to ensure financial stability.