DHT Holdings, Inc.

Good day and thank you for standing by. Welcome to the Q1 2026 DHT Holdings Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, CFO Laila Halvorsen. Please go ahead.

Thank you. Good morning and good afternoon, everyone. Welcome and thank you for joining DHT Holdings' first quarter 2026 earnings call. I am joined by DHT's President and CEO, Sian Mox-Smith-Hartfield. As usual, we will go through financials and some highlights before we open up for your questions. The link to the slide deck can be found on our website, dhtankers.com. Before we get started with today's call, I would like to make the following remarks. A replay of this conference call will be available on our website, dhtankers.com, until May 13th. In addition, our earnings press release will be available on our website and on the SSE as an exhibit to our Form 6-K. As a reminder, on this conference call, we will discuss matters that are forward-looking in nature. These forward-looking statements are based on our current expectations about future events as detailed in our financial report. Actual results may differ materially from the expectations reflected in these forward-looking statements. We urge you to read our periodic report available on our website and on the SSH Edgar system, including the risk factors in these reports for more information regarding risks that we face. As usual, we will start the presentation with some financial highlights. In the first quarter of 2026, we achieved revenues on TCE basis of 157 million. and adjusted EBITDA of 133 million. Net income came in at 164.5 million, equal to $1.02 per share. After adjusting for the 60 million gain on sale of DHT Europe and DHT China, and a non-cash fair value gain related to interest rate derivatives of 1.1 million, We had ordinary net income for the quarter of 103.4 million, equal to 64 cents per share. Vessel operating expenses for the quarter were 19.1 million, which included approximately 2 million in non-recurring costs related to spares and consumables. And G&A for the quarter was 5 million. In terms of market performance, Our vessels trading in the stock market earned an average of $91,700 per day, while vessels on time charters achieved $61,300 per day. The average combined TCE for the fleet in the quarter was $78,800 per day. We continue to maintain a very strong balance sheet supported by conservative leverage and robust liquidity. At the end of the first quarter, total liquidity was 350, consisting of 126 million in cash and 230 million available under our two revolving credit facilities. Following the repayment of 56 million in April under the Nordea revolving credit facility, Current availability under our two RCFs stands at 285.8 million. At quarter end, financial leverage was 16.8% based on market values for the fleet, and net debt was 16.5 million per vessel, which is well below estimated residual values. Looking at our cash flow, we began the quarter with 79 million in cash. From operations, we generated $133 million in EBITDA. Debt repayment and cash interest totaled $20 million. Proceeds from sale of DHC Europe and DHC China amounted to $101 million, and $66 million was distributed to shareholders through a cash dividend. 2.8 million related to investments in vessels, and 160 million was deployed towards investments in vessels under construction, which included delivery of our first three new buildings. We also issued 91.5 million in long-term debt. Changes in working capital and other items amounted to 30 million, and the quarter ended with 126 million in cash. With that, I will turn the call over to Svein to go through the quarterly highlights.

Thank you, Laina. We are very pleased with the well-timed delivery of the first three of our four new buildings in the Antelope class. The DHT Antelope delivered in January, the DHT Addax and DHT Gazelle in March. The fourth vessel, DHT Impala, is expected to deliver this summer. This represents fleet renewal in conjunction with planned divestment of our three oldest ships built in 2007, two of which have been delivered. The last of the three, DSG Bahinia, was sold for $51.5 million in the quarter and is expected to deliver in June-July. We expect a capital gain of $34.2 million and cash proceeds of $50.5 million from this last sale. Our planned increase of market exposure for the first half of this year had the objective not only to benefit from the spot market, but also to balance this with selective new term employment. It has been a busy period with numerous contracts secured. First, the DSG Harrier built 2016, with their existing time charter due to expire, extended the contract for five years from January 26 at 47,500. It has two optional years, priced at $49,000 and $50,000. We then secured three new one-year time trackers. DSG Opal, built 2012, for one year at $90,000. DSG Taiga, built 2012, for one year at $94,000. DSG Redwood, built 2011, for one year at $105,000. Further, one of our new buildings delivered into a five to seven-year time tracker with a key customer. Subsequent to the quarter end, we secured two additional one-year time charters for DSG Thunderbounce bill 2012 and DSG Amazon bill 2011, with average rate of $109,000 per day. As such, our five older ships are then out on one-year time charter contracts, averaging $101,000 per day. Back to you, Laila.