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    Petter Haugen • ABG Sundal Collier

    Petter Haugen's questions to Okeanis Eco Tankers Corp (ECO) leadership

    Petter Haugen's questions to Okeanis Eco Tankers Corp (ECO) leadership • Q2 2025

    Question

    Petter Haugen of ABG Sundal Collier asked for specifics on the economic conditions, such as the rate spread, that make cleaning a VLCC for product trading profitable. He also inquired about the number of vessels currently in the clean trade, the potential market impact of a geopolitical deal involving Russia, and the outlook for G&A expenses in H2 2025 and 2026.

    Answer

    CEO Aristidis Alafouzos detailed that the profitability of cleaning a VLCC depends on a firm clean market, a relatively lower VLCC market, and the charterer's ability to control loading costs. He noted only two ships undertook clean voyages in Q2/Q3. On geopolitics, he expressed skepticism that a deal would significantly alter European sanctions on Russian crude or the shadow fleet. CFO Iraklis Sbarounis addressed G&A, attributing the Q2 increase to EUR/USD exchange rates and seasonality, and projected lower G&A in the second half of the year.

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    Petter Haugen's questions to Okeanis Eco Tankers Corp (ECO) leadership • Q4 2024

    Question

    Petter Haugen from ABG Sundal Collier questioned the potential market impact of a Red Sea reopening, the current valuation of modern tankers, and the company's interest in time charters.

    Answer

    Aristidis Alafouzos (executive) stated a Red Sea reopening would likely benefit the Suezmax market more than the VLCC market. He commented that modern VLCC values remain firm due to limited supply and noted that while the company monitors the time charter market, it has not yet found opportunities attractive enough to pursue.

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    Petter Haugen's questions to Okeanis Eco Tankers Corp (ECO) leadership • Q2 2024

    Question

    Petter Haugen inquired about the specifics of the clean VLCC fixtures, including the type of product transported, cargo quality liability, the potential to repeat clean voyages, the round-voyage TCEs achieved, Q3 guidance for remaining days, and whether these conversions impacted product tanker rates.

    Answer

    Executive Aristidis Alafouzos clarified that the vessels carried diesel and naphtha, and that charters assume liability for cargo contamination after inspection. He stated that while repeating the voyages is possible, it's currently less attractive due to weaker clean freight rates. The initial fixtures achieved TCEs in the mid-$50,000s, followed by others in the high-$30,000s to low-$40,000s. He acknowledged that this activity did contribute to softer product tanker rates in the East.

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    Petter Haugen's questions to Golar LNG Ltd (GLNG) leadership

    Petter Haugen's questions to Golar LNG Ltd (GLNG) leadership • Q1 2025

    Question

    Petter Haugen from ABG Sundal Collier sought clarification on whether the CPI adjustment in the Argentina contracts applies to both upside and downside commodity price thresholds and asked what the board would consider a fair valuation for the company.

    Answer

    CEO Karl Fredrik Staubo confirmed the CPI adjustment applies to the base EBITDA and all commodity price thresholds. Chairman Tor Olav Trøim stated that while he wouldn't give a specific number, a fair valuation is 'significantly higher' than the current price, and the board will act if the undervaluation persists over time.

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    Petter Haugen's questions to Golar LNG Ltd (GLNG) leadership • Q4 2024

    Question

    Petter Haugen from ABG Sundal Collier questioned the potential benefits, particularly on CapEx, of using a shipyard other than CMC Raffles for a fourth FLNG. He also asked about the resilience of Golar's FLNG business model in a scenario of global LNG oversupply and lower prices.

    Answer

    CEO Karl Staubo responded that due to inflationary pressures, he does not expect CapEx for a new unit to be lower than the current Mark II, regardless of the yard. He emphasized that the choice of yard is driven by matching the right vessel to the right commercial opportunity. On market risk, he explained that Golar's contracts are structured with a secure base tariff to protect the investment, plus commodity upside sharing, ensuring projects are competitive against marginal producers even in lower price environments.

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    Petter Haugen's questions to DHT Holdings Inc (DHT) leadership

    Petter Haugen's questions to DHT Holdings Inc (DHT) leadership • Q4 2024

    Question

    Petter Haugen asked for an assessment of current transaction prices for newer VLCCs, such as resales, and questioned the potential impact on the VLCC market if sanctions on Russian oil were to be lifted.

    Answer

    President and CEO Svein Moxnes Harfjeld responded that the market for modern resale VLCCs is very thin, making it difficult to price. He noted opportunities exist for 2026 deliveries from less-experienced yards at a discount but declined to comment on a hypothetical price. Regarding Russian oil, he argued that if it were redirected to Europe on smaller tankers, it would push other long-haul crude barrels to Asia on VLCCs, making VLCCs the ultimate 'winners' from such a shift.

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    Petter Haugen's questions to BW LPG Ltd (BWLP) leadership

    Petter Haugen's questions to BW LPG Ltd (BWLP) leadership • Q2 2024

    Question

    Petter Haugen from ABG Sundal Collier inquired about the specific costs and potential non-revenue days associated with integrating the 12 acquired VLGCs from Avance Gas. He also asked for the basis of the company's long-term outlook on U.S. LPG export growth.

    Answer

    Kristian Sørensen, an executive, clarified that the transaction follows standard vessel sale and purchase terms with no material or unusual costs for BW LPG, and vessels remain operational until handover, minimizing downtime. He added that the positive market outlook is based on their proprietary data collection, corroborated by the public investment plans and guidance from major U.S. Gulf terminal operators.

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    Petter Haugen's questions to BW LPG Ltd (BWLP) leadership • Q2 2024

    Question

    Petter Haugen from ABG inquired about the potential costs and non-revenue days associated with integrating the 12 Avance Gas VLGCs, and also asked for the rationale behind the company's extended positive market outlook through 2026.

    Answer

    Executive Kristian Sørensen explained that the vessel acquisition follows standard sale-and-purchase terms, with no material costs or operational downtime expected for BW LPG during the handover. Regarding the market outlook, he stated that their confidence is based on proprietary data collection combined with the significant, publicly announced investment and expansion plans from major U.S. Gulf terminal operators.

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    Petter Haugen's questions to Torm PLC (TRMD) leadership

    Petter Haugen's questions to Torm PLC (TRMD) leadership • Q2 2024

    Question

    Petter Haugen of ABG Sundal Collier asked if TORM considers current time charter rates attractive for multi-year contracts and if they might increase their charter coverage. He also sought clarification on the data showing crude tankers entering the product trade, questioning if this trend is sustainable.

    Answer

    Executive Jacob Meldgaard confirmed the attractiveness of current rates, noting a recent 3-year fixture for an LR2. He explained the data on crude tankers in the product trade is a current snapshot, not a forecast, and expects the trend to reverse as the crude market improves. He clarified this 'cannibalization' is driven by temporary economic incentives when rate differentials are wide.

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