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CEO Lars Barstad suggested a potential winter contango in crude prices could further increase tanker utilization by incentivizing inventory builds and longer voyages. He attributed recent rate strength to a demand shift towards compliant tankers as sanctioned oil trade tapers off. Barstad noted a market ceiling around $50,000/day for VLCCs but expressed optimism that strong fundamentals and tight vessel availability could soon push rates through that level.

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Executive Lars Barstad stated that the full market impact of sanctions has not yet been seen and that incremental oil demand is now being met by compliant sources, which should benefit the compliant fleet. Executive Inger Klemp confirmed the main driver for the refinancing was a significant margin reduction, from approximately 200 basis points to 170, with the extended duration being a secondary benefit.

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Executive Inger Klemp suggested using the historical pattern of guided versus actual reported rates as a 'rule of thumb' to estimate the final Q1 figures. Executive Lars Barstad added that trading patterns, particularly the proportion of long-haul voyages, materially affect ballast days and final TCE results. Regarding the performance spread, Barstad explained it was a result of a strategic decision to position non-scrubber vessels for a late-quarter rate spike in the Middle East that did not occur, which led to underperformance relative to vessels committed to long-haul voyages.

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Executive Lars Barstad explained that while the VLCC market is range-bound, the balance is not 'completely awful,' but lacks the incremental barrels needed to push rates higher, particularly from the Atlantic basin to Asia. For 2025, he expressed that the market is highly sensitive to geopolitical events, such as potential changes to Iran sanctions, which could create a very strong position for tankers, and that he is hopeful 2025 will deliver the strength he previously anticipated for 2024.

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Executive Lars Barstad explained that the robust VLCC bookings were due to their load-to-discharge reporting and strategic fleet repositioning away from the Middle East. He noted that Libyan disruptions now have a more localized impact. Regarding sanctions, Barstad argued that the 'dark fleet' is unlikely to return to the compliant market and may eventually become oversupplied as older vessels from the compliant fleet transition into it, which could trigger scrapping.

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Chairwoman and CEO Angeliki Frangou confirmed the VLCC contract termination is irreversible and credited the risk management team for the swift action. She stated the vessels will trade in the healthy spot market, with long-term charters considered at an opportune time. Regarding fleet renewal, Frangou explained the sale of older container ships was a strategic move to capitalize on strong market prices. She noted that while new LR2 tankers were ordered without charters, reflecting confidence in the sector, the company would not acquire new container ships without charters in place.

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Executive Angeliki Frangou emphasized that "patience" is the core strategy in the current uncertain environment shaped by wars and U.S. tariffs. She highlighted the importance of past actions, including building a $340 million cash position, securing a $3.4 billion contract backlog, and deleveraging to a 35.2% net LTV. Frangou noted that while the company continues its capital return program, flexibility is paramount. She stated that large-scale newbuild-with-charter deals are scarce, but new opportunities may emerge from shifting trade patterns. Regarding asset values, she pointed to strength in the tanker market and the surprising resilience of the spot market across segments, which she views as a healthy sign.

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Executive Angeliki Frangou responded that while geopolitical events create numerous potential outcomes, Navios Partners' diversified fleet, $3.6 billion in contracted revenue, and low daily breakeven of $425 provide a crucial pillar of stability. Regarding container chartering, Frangou confirmed that major liner companies continue to show a strong appetite for securing vessel capacity and charter duration, a trend not diminished by the ongoing Red Sea disruptions.

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Executive Angeliki Frangou stated that Navios will not alter its long-term strategy based on short-term market weakness, emphasizing the surprisingly strong performance over the last 18 months despite global risks. She highlighted the company's opportunistic approach to adding contracted revenue, such as the recent $300 million in the container sector, and affirmed that the deliberate capital return program, including buybacks and leverage targets, remains a core part of their strategy.

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CFO Xavier Deslio explained that the flat volume guidance stems from a difficult year-over-year comparison against record volumes in H2 2024 and expectations for a weaker peak season in 2025. Regarding the 34 vessels, he stated that ZIM will use this flexibility to downsize its fleet if market conditions continue to deteriorate. For the Transpacific capacity, he suggested that robust volumes are still anticipated for the second half and that recent alliance reshuffles may have reduced operational agility among carriers.

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CFO Xavier Destriau clarified that while ZIM was open to a 50/50 contract split, the company maintained strict discipline on minimum acceptable rates. This, combined with some customers' 'wait-and-see' approach amid tariff uncertainty, led to the 30% contract level. The volume forecast was lowered due to a slower-than-expected post-Chinese New Year recovery and minor utilization effects from the new MSC partnership. He confirmed that China accounts for the significant majority, 60-70%, of ZIM's Transpacific cargo.

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CFO Xavier Destriau confirmed that 2025 lease payments would be 'clearly below the $2 billion mark.' He explained that even if no charters were renewed, average operated capacity in 2025 would still exceed 2024 levels, supporting volume. Strategically, he stated that ZIM's priority remains being a highly competitive ocean player, leveraging its modern fleet, LNG strategy, and key partnerships, rather than diversifying away from its core shipping business.

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CFO Xavier Destriau explained that the special dividend reflects strong performance and a commitment to shareholders, noting the board will review the full-year payout policy in March. He stated ZIM is well-prepared for 2025 with its cost-efficient new fleet, flexibility to redeliver older ships, and proven agility. He also noted strong post-Golden Week demand and rate stabilization. CEO Eliyahu Glickman added that the results and dividend show confidence stemming from the new LNG fleet and the successful strategy of favoring spot rates.

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CEO Jacob Milkgaard attributed the MR strength to a confluence of factors: the highest clean petroleum product (CPP) volume on the water in over a year, a sharp reduction in market cannibalization from crude tankers, and broad-based underlying demand. Regarding vessel values, he stated that after a period of slow decline, prices appear to be stabilizing and could potentially increase if freight rates continue to climb.

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Executive Jacob Meldgaard stated that Asian client activity is recovering and that slower domestic demand in China could lead to higher product exports, benefiting tankers. He confirmed scrubber installations will proceed on a case-by-case basis. Executive Kim Balle explained that while the Board has final discretion, the dividend policy's core principle remains to distribute net cash generated quarterly.

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CEO Aristidis Alafouzos explained that the decision to clean a VLCC is based on a triangulation strategy, comparing the profitability of a clean backhaul voyage followed by a strong fronthaul against standard AG-East runs. He confirmed the vessel would return to the crude trade after its clean voyage. Alafouzos also stated that the recent 20% surge in VLCC rates indicates that increased OPEC barrels are indeed reaching the export market, tightening vessel supply.

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CEO Mads Peter Zacho confirmed that Q3 is expected to return to the more normalized levels seen before Q2's disruptions, noting that utilization was already back above 90% in July. EVP of IR & Business Development Randy Giveans addressed the terminal questions, stating that while specific contract details are commercially sensitive, they have multiple term sheets out to new customers. He added that the decision to flex capacity between ethane and ethylene is market-driven and can be made on a month-to-month basis, with new infrastructure providing more optionality.

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CEO Mads Peter Zacho and CFO Gary Chapman explained the redomicile aims to align the corporate structure with business operations in the U.S. and Europe, expecting a neutral financial impact. CCO Oeyvind Lindeman declined to provide specifics on the newbuild charter but highlighted it as a positive sign of long-term customer commitment. Gary Chapman stated that financing the terminal is being considered for later in the year, likely at a conservative leverage of around 50% LTV, once more offtake contracts are secured.

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EVP of Investor Relations Randall Giveans confirmed that under take-or-pay contracts, lost volumes will be compensated for in Q4 2024 or early 2025. He clarified the terminal was undamaged and is not equipped for propane. CEO Mads Zacho added that the newbuilding options expire on November 21 and will be discussed at the upcoming Board meeting.

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CEO Petros Pappas attributed the market strength to seasonality, record June export volumes, a vessel location imbalance between the Atlantic and Pacific, and strong grain exports from Brazil. President Hamish Norton addressed capital allocation, stating that if the stock is cheap, they will prioritize buybacks, and if it performs well, they will build a cash reserve for future opportunities, likely capping the dividend at around 60% of cash flow.

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CEO Petros Pappas provided a detailed analysis of market pros and cons. He noted positive drivers like long-haul bauxite and iron ore demand, environmental regulations, and potential reconstruction projects. Conversely, he pointed to negatives such as reduced Chinese coal and grain imports and low scrapping rates. Pappas concluded that he expects a moderate market following seasonal patterns, with potential for significant upside if geopolitical conflicts resolve, but acknowledged the year would likely be volatile.

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Executive Christos Begleris confirmed that excess cash is calculated as operating cash flow less debt principal repayments and dry dock expenses, subject to a per-vessel cash threshold. Executive Hamish Norton emphasized the company's flexibility, stating the 60% dividend is a maximum payout and that cash from operations or vessel sales can be used for buybacks or other opportunities. CFO Simos Spyrou provided a Q4 example, noting that the remaining 40% of excess cash was used for buybacks, and additional shares were repurchased using funds from vessel sales.

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COO Nicos Rescos and CFO Christos Begleris confirmed they are on track for the synergy target, noting the current annual run rate is $26 million from OpEx and G&A, with more savings expected from dry docks. Executive Simos Spyrou added details on G&A reduction. CEO Petros Pappas provided a comprehensive analysis of Panamax weakness, attributing it to supply growth, reduced port congestion, short-haul trade patterns, and lower long-haul grain exports.

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President & CEO Svein Moxnes Harfjeld explained that India appears to be replacing Russian crude with feedstock from other sources, mainly the Middle East. He noted that the new vessel acquisition will be financed competitively, potentially allowing for prepayment of other debt. Regarding the newbuilds, he confirmed high-level interest from core customers but stated DHT is comfortable operating them in the spot market if long-term charters at acceptable returns don't materialize.

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President and CEO Svein Moxnes Harfjeld expressed his view that planned OPEC volume increases could indeed lead to a robust summer market. On the Iran topic, he outlined two scenarios he sees as positive for the VLCC business: 1) An agreement would move Iranian oil onto the compliant fleet, increasing demand for legitimate vessels. 2) Continued pressure on Iran would force other Middle Eastern producers to increase output to cover the shortfall, also boosting VLCC demand.

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President and CEO Svein Moxnes Harfjeld explained that while sentiment was an initial driver, there are now tangible changes in Chinese oil procurement behavior due to sanctions, which is impacting the shadow fleet. He noted it's difficult to track the inefficient shadow fleet precisely but confirmed some are being sold for demolition. He expressed strong doubt that vessels over 25 years old could remain commercially viable due to widespread terminal and port restrictions.

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President and CEO Svein Moxnes Harfjeld dismissed the risk of the shadow fleet entering the compliant market as 'academic,' citing that these older vessels lack the necessary vetting and insurance. He believes tighter Iranian sanctions would be 'almost 100% certainly be a positive' for the market. Regarding a potential Russia-Ukraine peace deal, Harfjeld suggested it would be a 'long and winding road' for Russian oil to return to Europe and that an end to the conflict could ultimately be a positive for VLCCs as trade normalizes toward the most cost-efficient transport.

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President, CEO & Director John Wobensmith described the acquired vessel as a 'gem' due to its Japanese build, high fuel efficiency, and scrubber fitting. He confirmed a strong appetite for more Capesize vessels, citing compelling supply-demand fundamentals. Wobensmith also indicated that the company is focused on divesting two 20-year-old vessels, the Genco Predator and Genco Picardi, and is waiting for opportune market conditions to maximize their sale price.

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CEO John Wobensmith clarified that the share repurchase program is an opportunistic and incremental tool, a 'bolt-on' to the primary dividend policy, intended to be used during periods of extreme downward volatility. He stated the size was benchmarked against peers as a percentage of market cap. Regarding asset values, Wobensmith explained that a limited supply of modern vessels for sale, combined with high newbuilding prices for far-out deliveries (late 2028/early 2029), is supporting the firm valuation of the existing fleet.

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CEO John Wobensmith explained that Genco's value strategy was designed to "play offense" in all market conditions, using its low leverage (5% net LTV) to acquire vessels at attractive prices during softer periods. Regarding the dividend, Wobensmith reiterated the commitment to the quarterly payout, referencing a track record of paying a $0.15 dividend even when the formula yielded zero. He highlighted the $0.45 per share reserve, which provides flexibility to smooth out payments during short-term market volatility.

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Executive John Wobensmith stated that he expects no substantial long-term impact on ton-miles from a new administration, as goods tend to find new, albeit sometimes less efficient, routes. He attributed recent rate weakness to a temporary oversupply of Capesize vessels in the Atlantic due to bauxite disruptions but expressed optimism for a year-end recovery. Wobensmith confirmed the force majeure is resolved, though bauxite volumes have not fully normalized.

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President, CEO & Director Lois Zabrocky confirmed the company's opportunistic approach to fleet renewal, noting they see upside in VLCCs. SVP & CFO Jeffrey Pribor discussed the VLCC refinancing, stating that while they have many options, including their revolver, they are evaluating alternatives to lower breakevens. He noted the financing terms would differ from the newbuilds, involving trade-offs between loan term, margin, and amortization profile.

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CFO Jeffrey Pribor explained that the company has multiple attractive financing options for the LR1s, including its existing revolver, and is currently evaluating them. Regarding the debt refinancing, he confirmed it could reduce the daily cash breakeven rate by several hundred dollars, citing expected savings of at least 200 basis points on interest and lower amortization.

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CFO Jeffrey Pribor clarified that shareholders should expect a minimum payout ratio of 75% going forward, providing consistency regardless of earnings fluctuations. CEO Lois Zabrocky explained the vessel swap was primarily focused on reducing the fleet's average age to capture a longer earnings horizon, not a strategic pivot away from crude tankers. She added that they will look to add to the large crude fleet when opportunities arise.

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CEO Lois Zabrocky highlighted the MR segment's strong Q3 performance ($29,000/day) and noted that factors like potential EU refinery closures support a positive outlook for 2025. Chief Commercial Officer Derek Solon added that term charter rates remain firm and significant price drops have not yet materialized in the sale and purchase market for older vessels.

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CEO Thomas Lister and Executive Chairman George Youroukos addressed the questions. They noted that while the industry recognizes the smaller vessel segments are underbuilt, the difficulty in securing very long-term charters limits speculative ordering, and GSL has not yet found newbuild opportunities that meet its risk/return criteria. Regarding asset sales, Mr. Lister confirmed that values remain attractive and sales are opportunistic decisions. Mr. Youroukos clarified that a higher price for a recent sale was due to the vessel's special survey being passed.

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Executive Thomas A. Lister confirmed that after a quiet period in April, charter market interest and appetite have picked up again in the last week, mirroring the freight market. Regarding the cash position, he stated that in a time of maximum uncertainty, the company values 'maximum optionality.' The robust cash balance allows GSL to manage risks and quickly act on opportunities as they arise, while continuing to delever its balance sheet.

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Executive Chairman Georgios Youroukos described the charter market as being at 'full steam' with strong forward-fixing demand and a shortage of quality ships. Executive Thomas A. Lister added that while liner operators show robust appetite for ships, he could not definitively link it to tariff pre-buying, though he noted industry reports suggest this may be occurring.

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CEO John Coustas described the charter market as stable with strong demand, not anticipating significant changes in 2025. He explained the share buyback was paused due to the stock's rapid appreciation, deeming it more beneficial for long-term shareholders. CFO Evangelos Chatzis clarified that the Q2 rise in operating costs was due to specific bulk orders and is expected to normalize over the full year.

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John Coustas, an executive, explained that the focus is on optimizing the existing fleet with energy-saving devices to enhance competitiveness. He noted that while the company is generating significant cash, new vessel investments are on hold due to high prices and regulatory uncertainty around future fuels. Regarding buybacks, Coustas stated no specific targets are set for executing the remaining $100 million authorization. On the Star Bulk investment, Coustas called it a sensible opportunity, and Evangelos Chatzis, an executive, added that the additional shares were purchased at a compelling price to lower their average cost.

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CEO John Coustas explained that despite a new $850 million financing facility, the company's strong cash generation ensures it will not reach a negative net cash position. He noted confidence in new orders stems from market demand for modern ships and secured financing for other vessels, minimizing risk. Executive Evangelos Chatzis confirmed the share count is now just below 19 million, at approximately 18.8 to 18.9 million shares.

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CEO John Coustas stated that Danaos is temporarily pausing newbuild orders due to a combination of high asset prices (up 15-20%), which reduce returns, and significant uncertainty regarding future environmental regulations under the new U.S. administration. Regarding the dry bulk segment, Coustas described it as an "experience-building phase" with their 10-ship fleet. He confirmed they would consider acquiring more assets opportunistically but remain cautious due to the segment's dependence on Chinese demand and potential U.S. policy shifts.

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Chairman, President & CEO John Hadjipateras, Chartering Manager Taro Rasmussen, and CFO Theodore Young explained the market strength is due to fundamental U.S. NGL export growth, trade flow adaptability, and Red Sea disruptions. They noted that expanded terminal capacity has lowered terminal fees, allowing freight to capture more of the arbitrage. They view ethane carriers as a potential overhang for the VLGC market if that trade is disrupted, but consider it an unlikely scenario.

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Chief Commercial Officer Tim Hansen attributed the rate strength to altered trade flows increasing ton-miles, as U.S. cargoes shifted to India and Southeast Asia. He noted that while these new routes have somewhat settled, the market was already fundamentally firm due to limited newbuilding deliveries and high drydocking activity. CEO John Hadjipateras added that current rates feel sustainable. Regarding the dividend, CFO Theodore Young clarified the decision was based on information available at the time and would not commit the Board to future actions, despite acknowledging the improved rate outlook.

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John Hadjipateras, Chairman, President and CEO, stated that capital allocation priorities remain consistent: prudent debt management, maintaining a strong cash position, and shareholder dividends. He expressed confidence that growth in the LPG trade and the emerging ammonia market would be sufficient to absorb the new vessel deliveries scheduled for 2026 and 2027, and clarified that new VLECs are expected to be absorbed by the expanding ethane trade rather than competing in the VLGC market.

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CEO John Hadjipateras stated that Panama Canal transit efficiency is a more significant factor for rates than terminal capacity, expecting increased demand from other vessel types to tighten the canal for VLGCs. Both Hadjipateras and CCO Tim Hansen noted that while a cold U.S. winter could pressure the arbitrage, high inventories should sustain exports, with the market's direction hinging on Asian demand and canal congestion. Executive Theodore Young reiterated forward guidance, stating that for the quarter ending December 31, 2024, over 60% of available days in the Helios pool are fixed at a TCE above $40,000 per day.

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CFO Joel Wine confirmed that the Q3 volume run-rate is expected to be similar to the last six weeks of Q2. He noted that Vietnam volumes grew from high single-digit percentages last year to 21% of the China service in Q2 2025. CEO Matthew Cox added that while they expect a long-term sourcing shift out of China, it's too early to be concerned about securing shipyard slots for their next build cycle, which is not anticipated until the mid-2030s.

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EVP & CFO Joel Wine confirmed the Q3 volume run-rate is expected to be similar to the latter part of Q2 and noted Vietnam volumes were in the high single digits a year ago before the new service launch. Chairman & CEO Matthew Cox added that the mix of non-China origins should remain in the low 20% range, influenced by tariffs and customer de-risking. Regarding shipbuilding, Cox stated it is too early to be concerned about securing slots for their next build cycle, which is not anticipated until the mid-2030s.

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EVP and CFO Joel Wine confirmed it was a 'fair assumption' that Q3's volume run-rate would be similar to the last six weeks of Q2. He noted prior-year Vietnam volumes were in the high single digits before the second service launch. Chairman and CEO Matthew Cox added that he expects the non-China origin mix to remain in the 'low 20% ish' range. Regarding shipbuilding, Cox stated it is 'way too early' to worry about securing slots, as Matson has 'plenty of time' before its next build cycle in the mid-2030s.

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Joel Wine, EVP & CFO, confirmed it was a fair assumption that the Q3 volume run-rate would be consistent with the demand seen from mid-May through June. He also provided historical context on Vietnam volumes, noting they were in the high single-digits last year before the new service launch. Matthew Cox, Chairman, Director & CEO, added that he expects the non-China origin mix to remain in the low 20% range in the near term. Regarding shipbuilding, Cox stated it is too early to be concerned about securing shipyard slots, as Matson's next major build cycle is not anticipated until the mid-2030s, providing ample time to plan.

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Matthew Cox, Chairman and CEO, stated his belief that the de minimis exemption change is permanent and will ultimately increase the total addressable market for ocean carriers, creating a durable opportunity for Matson's expedited services. On volume trends, he indicated that while it's still early, activity is beginning to resume as retailers and manufacturers negotiate tariff costs and face urgent needs to restock seasonal inventory, suggesting a gradual recovery in cargo movement.

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Kenneth Hvid, President, CEO & Director, clarified that after selling 11 older ships in the first half of the year, the company's focus is now shifting to gradually acquiring newer vessels. He stated that the primary priority is finding good purchase candidates within their core Suezmax and Aframax segments, with potential for larger acquisitions or newbuilds in the medium term.

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President and CEO Kenneth Hvid clarified that after actively selling 11 older vessels in the first half of 2025, the company's focus will now shift to gradually acquiring newer ships. Hvid stated that the primary, near-term priority is to find and purchase single vessels within their core Aframax and Suezmax segments, recycling capital from recent sales. He noted that while newbuilds or other asset classes could be considered in the medium term, the immediate strategy is to reload on their core fleet.

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Kenneth Hvid, President, CEO & Director, explained that the company has largely completed its vessel sales for now and will gradually increase the pace of acquisitions, recycling capital into newer ships. He stated the primary focus for near-term capital deployment is on single-vessel purchases within their core Aframax and Suezmax segments, where they see opportunities for positive arbitrage.

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President and CEO Kenneth Hvid explained that after significant sales of older vessels, the company will now gradually recycle that capital into newer ships. He stated the near-term priority is acquiring single vessels in their core Aframax and Suezmax segments, while larger moves like newbuilds are a medium-term consideration.

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President and CEO Kenneth Hvid explained that the active selling of 11 older vessels in H1 2025 is now 'largely done.' The company will now focus on recycling that capital to gradually acquire younger vessels, prioritizing single-vessel purchases within its core Aframax and Suezmax segments where they see positive arbitrage opportunities. Hvid noted that while newbuilds or other asset classes are medium-term considerations, the immediate priority is reloading the core fleet.

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CEO Kenneth Hvid reiterated that the Ardmore stake is a small, opportunistic holding and that the company's primary focus remains on investing in and operating its own fleet. Director of Research Christian Waldegrave addressed the market question, confirming that sanctions have had an impact, causing logistical difficulties for Russian exports and forcing buyers to seek alternative sources, which has increased rate volatility. He noted the future is uncertain but that disruptions generally support volatility.

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CFO Brody Speers confirmed the Teekay Australia business is subject to a 30% tax rate in Australia. President and CEO Kenneth Hvid stated that TNK's strategy remains consistent: maximizing value and spot market exposure to capitalize on the strong tanker cycle. Regarding the market, Mr. Hvid noted that while the winter has not fully begun, there is a 'pulse' in the market, and new dynamics like the TMX pipeline are providing additional support for tanker demand, especially for long-haul voyages to Asia.

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CEO Kevin Mackay explained that while fleet reinvestment is necessary, the company will be 'measured and prudent' with acquisitions due to high asset prices, rather than pursuing a large-scale fleet renewal. Mackay confirmed they are not fixated on a specific fleet size and are willing to sell older assets to reinvest in modern ships, prioritizing value. Regarding the charter, he stated it was a portfolio decision and a 'good hedge' to lock in a strong rate of nearly $50,000 per day.

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President and CEO Kevin Mackay explained that there is no fixed target for fleet size, but maintaining scale for market optionality is key. He noted that while in-charters are a useful tool, the current bid-ask spread is too wide for new deals. Regarding TMX, Mackay stated it's early but expects it to create significant Aframax-specific tonne-mile demand by pulling ships from other regions, causing positive market dislocation.

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The company clarified that the phase of selling older ships is mostly complete, and the focus will now shift to gradually acquiring newer vessels. The immediate priority is to reinvest capital into their core Aframax and Suezmax segments, though other asset classes or newbuildings could be considered in the medium term.

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Kenneth Hvid, President & CEO of Teekay Tankers, responded that the significant selling of older vessels is now largely complete. He stated the company will now gradually increase the pace of acquiring newer ships, recycling the capital from recent sales. Hvid clarified that the near-term priority is acquiring single vessels within their core Aframax and Suezmax segments, while newbuilds or other asset classes are a possibility in the medium term.

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The executive stated that while they are approaching a minimum comfortable fleet size, their commercial performance remains strong. He affirmed their commitment to the tanker space, citing strong performance and core expertise, but noted they are evaluating opportunities in adjacent vessel classes like VLCCs and MRs for future capital deployment.

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Executive Kenneth Hvid stated that while they have some room, the current fleet size is close to the minimum level they wish to maintain. He affirmed their commitment to the tanker sector, where their operating franchise has performed well, but noted they are actively evaluating adjacent segments like VLCCs and MRs for future capital allocation.

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Executive Kenneth Hvid stated that while there is still some room for vessel sales, the company is approaching the minimum fleet size it wants to maintain for its integrated operating model. Regarding strategy, Hvid affirmed that Teekay is pleased with its focus on the tanker sector, which has performed well. He added that the company actively evaluates adjacent segments like VLCCs and MRs, which are within its core competency, and expects attractive entry points to emerge in those areas.

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President and CEO Kevin Mackay stated there is no fixed target fleet size, but scale is crucial for market optionality. He noted that while in-charters remain a tool, a wide bid-ask spread has slowed activity. Regarding TMX, he emphasized it's early but expects it to create significant, specific Aframax demand, pulling vessels from other regions and causing market-wide dislocation.

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The company aims to maintain scale for market optionality by replacing older vessels with modern ones, likely from the secondhand market. Chartered-in vessels remain an option, but the current market makes new deals difficult. The TMX pipeline is expected to create significant new, long-haul demand for Aframaxes by pulling vessels from other regions, causing market dislocation that will support rates, though it's too early to predict specific trade patterns or pricing.

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The CFO clarified that the strategy has not shifted; the company has always focused on containers but found asset prices too high recently. The new order was an attractive, opportunistic deal that made sense on its own merits. The core strategy remains to selectively pursue accretive deals while being patient when prices are elevated.

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Gregory Zikos, CFO & Director of Costamare Inc., clarified that the company's focus has consistently been on containers. He explained that they had refrained from newbuild orders due to previously elevated asset prices. This specific deal was pursued because its terms—price, counterparty, and charter period—were favorable. Mr. Zikos reiterated that the core strategy remains unchanged: patiently wait for accretive opportunities rather than forcing deals in an expensive market.

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Executive Gregory Zikos explained that the early bond redemption was a strategic decision driven by tax and legal implications related to Pillar 2, despite the bonds' competitive 2.7% cost. Regarding the CBI platform, Zikos affirmed a strong, long-term commitment, stating there is 'absolutely no thought to scale it back.' He emphasized that the vessel owning and trading platforms are viewed as 'highly complementary activities' and that recent personnel changes do not alter the company's intention to continue investing in the dry bulk business.

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Executive Gregory Zikos explained that the EUR 100 million bond redemption was necessary due to tax and legal implications under Pillar 2. Regarding the CBI platform, Zikos affirmed a strong, long-term commitment, stating there are no plans to scale it back and that the vessel owning and trading activities are viewed as highly complementary and will continue to receive investment.

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CEO Gerasimos Kalogiratos described an opportunistic fixing strategy for the new carriers, preferring spot-to-medium-term charters of up to three years to maintain flexibility for future LCO2 projects from 2028 onwards. CFO Nikos Kalapotharakos added that the positive sentiment from the U.S.-EU deal has indeed spurred multiple new term requirements, and Capital Clean Energy is actively involved in those discussions.

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CEO Gerasimos Kalogiratos stated the company will be opportunistic with the new vessels, potentially using shorter-term charters of up to three years to remain available for dedicated LCO2 projects from 2028. CFO Nikos Kalapotharakos confirmed that positive market sentiment has spurred multiple new term charter requirements, and CCEC is actively involved in those discussions.

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CEO Gernot Ruppelt explained that the company prioritizes opportunistic value creation over specific leverage targets, highlighting the attractive pricing of the recent acquisitions. President & CFO Bart Kelleher added that Ardmore maintains moderate debt levels through the cycle to preserve flexibility and low breakevens. Regarding market dynamics, Mr. Ruppelt noted that geopolitical volatility and resulting shifts in trade flows are generally beneficial for the product tanker market.

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Gernot Ruppelt, an executive, emphasized continuity in Ardmore's strategy, governance, and values, highlighting the strength of the company's internal talent pipeline. On the market outlook, Ruppelt explained that OPEC production increases support higher refining margins, which in turn incentivizes the production and transportation of refined products, benefiting the MR market. He reiterated that this positive demand driver complements the very compelling supply-side fundamentals of an aging fleet and a small order book.

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Executive Gernot Ruppelt stated that core market fundamentals like fleet age and trade dislocations are unaffected by U.S. politics and that any administration would likely favor policies supporting oil product circulation. He attributed strong TCE performance to their integrated platform and value-adding fleet investments. Executive Bart Kelleher added that preferred shares are viewed similarly to debt, and repurchasing them is an efficient way to reduce the company's breakeven rate, confirming there are no restrictions on further redemptions.

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Incoming CEO Gernot Ruppelt explained that the company remains opportunistic, seeking value across the full spectrum from upgrading existing assets to gradual fleet modernization and growth. He noted that while markets are strong, pockets of value can still be found. Executive Vice Chairman Bart Kelleher clarified that the e1 Marine divestment does not trigger any action on the preferred equity and that the company's current priority is deleveraging traditional bank debt first.

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President Dr. Loukas Barmparis stated that buybacks are considered when markets are profitable and the stock is perceived as undervalued. Executive Polys Hajioannou added that S&P asset values have fallen (25% for older ships, 10-15% for modern ones) and are not currently attractive for acquisitions. He noted the company will not rush further buybacks due to the soft freight market and capital commitments for 6 newbuilds.

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President Dr. Loukas Barmparis explained that buybacks are triggered by a low stock price relative to Net Asset Value but are paused when the freight market weakens significantly, as it did in December. He also noted that while asset values have softened, he doesn't expect a major decline due to buying interest from other shipping sectors. CFO Konstantinos Adamopoulos added that buyback decisions are continuously assessed against freight market performance.

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Søren Winther, VP of Commercial, attributed the high LR2 rates of $53,000/day to favorable front-haul legs and shorter ballast sticks in the Eastern Hemisphere, noting the underlying market is closer to $35,000-$37,000/day. CEO Mikael Opstun Skov added that Hafnia's current focus is on harvesting returns from its existing fleet and returning capital to shareholders, rather than actively pursuing cash acquisitions. He indicated the company will continue its normal fleet renewal by selling older tonnage.

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Søren Winther, VP of Commercial, confirmed that both China and India are showing adherence to sanctions by sourcing 'vanilla tonnes' and noted a significant drop in Iranian exports as evidence. He also stated that crude tanker cannibalization has returned to normal historical averages, primarily due to a stronger crude market.

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EVP Commercial, Jens Christophersen, attributed the strong LR2 results to good vessel positioning and noted that while cannibalization from VLCCs and Suezmaxes was felt, the market remains robust. He expects this effect to diminish in Q4 as crude rates rise. CFO Perry Van Echtelt stated that while the trajectory to a sub-20% net LTV is clear, the exact timing in the second half of the year depends on vessel valuations.

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CFO Perry Van Echtelt explained that while purchase options are exercisable regularly, it is currently cheaper to maintain the vessels as charters. EVP, Commercial, Jens Christophersen, added that the Red Sea impact is 'top-down,' affecting larger LR2s most significantly. He clarified that Hafnia's reported LR2 rates are influenced by substantial contract coverage, not purely the spot market, which he described as 'incredibly tight.'

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CEO Emanuele Lauro addressed ship values, attributing the recent correction to broad global uncertainty but expressed confidence that values will ultimately realign with strong freight rates. Chief Commercial Officer Lars Nielsen commented on chartering, noting that tariffs have fueled a rally in naphtha, increasing West-to-East cargo movements and creating strong demand for LR2 tankers.

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President Robert Bugbee noted that the full impact of sanctions is often delayed. Chief Commercial Officer Lars Nielsen elaborated that while the second round of sanctions hits more mid-sized ships, the effect on rates is not yet apparent. Chief Operating Officer Cameron Mackey explained that the accelerated dry-docking was a strategic decision based on vessel positioning, commercial opportunities, and a forward market view, especially considering the Red Sea situation.

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President Robert Bugbee explained that the DHT investment is viewed as a long-term position to capitalize on an undervalued stock and a strengthening crude tanker market, which he sees as a tailwind for product tankers. He clarified that the investment does not restrict Scorpio's share buyback capacity and that the 4.9% stake was intentionally chosen to signal a passive investment with no further acquisitions planned. Mr. Bugbee confirmed there are no plans to acquire physical VLCCs.

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President Robert Bugbee emphasized that buying the company's stock at a discount to NAV is a highly compelling use of cash, especially given the market's strength. He noted the company is in an "unbelievably strong" position and declined to specify the source of funds for buybacks to maintain strategic flexibility.

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Peder Carl Simonsen, Interim CEO and CFO, attributed the market rebound to improved weather in Australia boosting volumes and some coal cargoes shifting to Capesize vessels. Regarding dry docking, he explained that costs vary by vessel age and service type, with Q4 2024 costs being slightly elevated due to several 15-year dry docks. He added that the company is making additional investments in vessel upgrades, such as advanced paint, which increases overall expenses but enhances commercial performance.

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Interim CEO and CFO Peder Carl Simonsen stated that Golden Ocean is focused on selling older tonnage to renew its fleet, as it does not see value in acquiring modern vessels at current prices. He affirmed that the company prioritizes dividends over share buybacks and, while the payout is based on earnings, the firm's positive market outlook and low cash breakeven rates support the intention to pay dividends even through weaker periods.

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Interim CEO and CFO Peder Carl Simonsen explained that strong underlying fundamentals, particularly healthy iron ore volumes from Brazil, have supported Capesize rates. He anticipates a seasonal ramp-up in bauxite exports and Chinese industrial activity. Regarding Panamaxes, Simonsen attributed the weakness to depressed sentiment and slightly low volumes but noted Golden Ocean's own results were bolstered by its ice-class business. He expects future support for Panamaxes from rising coal and grain volumes.

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The CEO clarified that the transition will be a direct switch from the 2M network to the Gemini network, not a phased approach. They expect an orderly transition with minimal disruption. The full network will take approximately 13 weeks to be completely cycled in, which is the duration of the longest service rotation.

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Herbjørn Hansson (Founder, Chairman and CEO) stated that current market conditions are the best he has seen in his 50-year career, emphasizing the very low order book for new tankers. Bjørn Giæver (CFO) followed up by explaining that once the debt facility is repaid, the dividend could potentially double from its current level. He clarified that Nordic American Tankers does not have a formal payout ratio policy, but rather distributes excess cash as deemed appropriate.

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Founder, Chairman and CEO Herbjørn Hansson stated that current market conditions are the best he has seen in his 50-year career, citing a very low order book for new tankers. CFO Bjørn Giæver added that once the Beal Bank debt is repaid, the dividend could potentially double, noting the company favors distributing excess cash over a fixed payout ratio policy.

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