DHT Holdings, Inc.

Thank you for standing by. Welcome to the Q2 2026 THC Holdings, Inc. Earnings Conference Call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there'll 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 first speaker today, Laila Halvorsen, CFO. Please go ahead.

Thank you. Good morning and good afternoon, everyone. Welcome and thank you for joining DHT Holdings' second quarter 2026 earnings call. I am joined by DHT's president and CEO, Svein Moxnes Harfjeld. 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 August 13th. In addition, our earnings press release will be available on our website and on the SSC-Edgar system 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 SSE EdCare 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. The second quarter of 2026 was by far the strongest quarter in the company's history, reflecting strong time to market conditions and commercial performance. In the second quarter, we achieved revenues on TCE basis of 255 million and adjusted EBITDA of 231 million. Net income came in at 198.3 million, equal to $1.23 per share. After adjusting for the non-cash fair value gain related to interest rate derivatives of 1.3 million, We had ordinary net income for the quarter of $197 million, equal to $1.22 per share. Vessel operating expenses for the quarter were $18.6 million, and G&A for the quarter was $5.6 million, which included approximately $0.7 million in non-recurring, non-cash costs related to shares vested in the second quarter. In terms of market performance, our vessels trading in the spot market earned an average of $162,600 per day, while the vessels on time-chargers achieved $90,800 per day. The average combined TCE for the fleet in the quarter was $126,700 per day. Furthermore, revenue on a TCE basis for the first half of the year totaled 412.2 million, while adjusted EBITDA reached 364.3 million. Net income was 362.9 million, exceeding DHT's previous full-year record earnings of 266.3 million achieved in 2020, and establishing a new earnings milestone in the company's history. For this period, our vessels trading in the spot market earned an average of $124,700 per day, while the vessels on time charters achieved $77,300 per day. The achieved combined TC for the fleet was $102,900 per day. We continue to maintain a very strong balance sheet supported by conservative leverage and robust liquidity. At the end of the second quarter, total liquidity was $569 million, consisting of $161.7 million in cash and $407.5 million available under our revolving credit facilities. At quarter end, financial leverage was 14.1% based on market values for the fleet, and next debt was 11.9 million per vessel, well below estimated residual values. Looking at our cash flow, we began the quarter with a cash balance of 126 million. During the quarter, operations generated 231 million in EBITDA, Debt repayment and cash interest totaled 20 million, and 103 million was distributed to shareholders through a cash dividend. In addition, we invested 7.2 million in vessels, 1.3 million in vessels under construction, and we also prepaid 56 million in long-term debt. Changes in working capital and other items amounted to 7.3 million, and the quarter ended with 161.7 million in cash. With that, I will turn the call over to Svein to go through the quarterly highlights.

Thank you, Laila. I will now walk through our key quarterly highlights. Strong market conditions were driven not only by fundamental supply and demand dynamics, but also by ongoing market consolidation and regional disruptions, Most notably stemming from the conflict involving Iran, which drove a significant expansion of global tonn miles. Crucially, VHT's operational framework prioritizes the safety of our crew, cargo, and vessels above all else. In line with this policy, our fleet did not trade in the Persian Gulf during this period. Our teams delivered solid results through operational excellence without having to pursue trades to chase premium trades in high-risk conflict areas. We capitalized on strong term demand by securing two additional time charter contracts during the quarter for two of our older ships. Both the DHT Sundarbans, built 2012, and DHT Amazon, built 2011, entered into one-year contracts with an average rate of $109,000 per day. Looking to our long-term fleet development, we contracted a new-build VHC at Hanva Ocean for early delivery in August 28. She will be named DHT Oryx and will be a sister ship to the DHT Antelope and DHT Adax, both delivered from Hanva Ocean earlier this year. The DHT Oryx will feature large carrying capacity and will come equipped with an exhaust gas cleaning system. We secured a new 250 million reducing revolving credit facility. All the banks in our banking universe participated, and it's fair to add that it was meaningfully oversubscribed. The facility has a seven-year tenor, a 20-year repayment profile, and is priced at 135 basis points above SOFR. Additionally, it has an uncommitted accordion feature of 250 million. Moving to events subsequent to the quarter. First, we secured a three-year time-charter at $75,000 per day with a global energy company for the 2015-built DHT Jaguar, which is scheduled to deliver into the contract this September. Second, in line with our strategy to divest all the tonnage, we finalized the sale of the 2007-built DHT Bahinia, delivering her to the new owner in July. This transaction generated 51 million in total cash proceeds and a net capital gain of 34 million. Lastly, in July, we took delivery of the DHT Impala from Hyundai. This represents the fourth and final new building in our 2026 fleet program. Referring to our prior disclosures, the vessel was successfully delivered with the intended design upgrades completed. and back to you, Laila.