Q3 2025 DHT Holdings Inc Earnings Call
Operator: Good day and thank you for standing by. Welcome to the Q3 2025 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 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 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, Laila Halvorsen, Chief Financial Officer. Please go ahead.
Speaker #2: Good day and thank you for standing by . Welcome to the Q3 2025 DHT Holdings, Inc. Earnings Conference Call . At this time , all participants are in a listen only mode .
Speaker #2: After the speakers presentation , there will be a question and answer session . To ask a question during the session , you will need to press star one one on your telephone .
Speaker #2: You will then hear an automated message advising your hand is raised . To withdraw your question , please press star one and one again .
Laila Halvorsen: Thank you. Good morning and good afternoon everyone. Welcome and thank you for joining DHT Holdings, Inc. third quarter 2025 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 November 6. In addition, our earnings press release will be available on our website and on the SEC 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.
Laila Halvorsen: 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 reports available on our website and on the SEC 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 third quarter of 2025, we achieved revenues on a TCE basis of $79.1 million and adjusted EBITDA of $57.7 million. Net income came in at $44.8 million, equal to $0.28 per share.
Laila Halvorsen: After adjusting for the $15.7 million gain on sale of vessel related to the sale of DHT Peony and the non-cash fair value loss related to interest rate derivatives of $0.4 million, the company had a net profit for the quarter of $29.5 million, equal to $0.18 per share. Vessel operating expenses for the quarter were $18.4 million and G&A for the quarter was $4.1 million. For the third quarter, the average TCE for the vessels in the spot market was $38,700 per day. The vessels on time charters made $42,800 per day, while the average combined TCE achieved for the quarter was $40,500 per day. DHT has a robust balance sheet with low leverage and significant liquidity. The third quarter ended with total liquidity of $298 million, consisting of $81.2 million in cash and $216.5 million available under two of our revolving credit facilities.
Laila Halvorsen: At quarter end, financial leverage was 12.4% based on market values for the ships and net debt was just below $9 million per vessel, which is well below estimated residual ship values. Looking at our cash flow for the quarter, we began with $82.7 million in cash and we generated $57.7 million in EBITDA. Ordinary debt repayment and cash interest amounted to $17 million and $38.6 million was allocated to shareholders through a cash dividend maintenance. CapEx amounted to $1.6 million and we invested $26.2 million in our newbuilding program. Additionally, we placed a $10.7 million deposit for the acquisition of DHT Nokota. The sale of DHT Peony generated proceeds of $51 million and we used $22 million for prepayment of long-term debt. Positive changes in working capital and other items amounted to $6.8 million and the quarter ended with $81.2 million in cash.
Laila Halvorsen: Now let's move on to our quarterly highlights. Many of these have already been communicated as subsequent events to the second quarter or as part of our recent business update. We entered into a $308.4 million secured credit facility to finance our four newbuildings. The facility is co-arranged by ING and Nordea with backing from K-Sure. It is competitively priced at SOFR plus a weighted average margin of 132 basis points. The facility has a true 12-year tenure and a 20-year repayment profile. We have also entered into a credit facility with Nordea to finance the vessel acquisition announced in June. This is a $64 million reducing revolving credit facility with a 7-year tenure and a 20-year repayment profile. It is priced at SOFR plus a margin of 150 basis points and it's consistent with our established financing approach.
Now, let's move on to our quarterly highlights.
Many of these have already been communicated as subsequent events to the second quarter or as part of our recent business update.
We entered into a $308.4 million secured credit facility to finance our four new buildings.
The facility is co-arranged by IMG and Nodia, with backing from Casar.
It is competitively priced at sulfur, plus a weighted average margin of 132 basis points.
The facility has a true 12 year planner and a 20-year repayment profile.
We have also entered into a credit facility with nodia to finance. The vetta acquisition announced in June
This is a 64 million reducing revolving credit facility with a 7-year tenor and a 20-year repayment profile.
It is priced at sulfur, plus a margin of 150 basis points.
Laila Halvorsen: The vessel to be named DHT Nokota is built in 2018 and we hope to take delivery in a couple of weeks' time. In September we made a $22.1 million prepayment under the Nordea Credit Facility covering all scheduled installments for the fourth quarter of 2025 and all of 2026. The facility matures in the first quarter of 2027 with only $3.7 million remaining representing the final installment. Eight vessels serve as collateral for this facility with a current combined market value of about $650 million. During the quarter we entered into eight three-year amortizing interest rate swap agreements totaling $200.6 million. The average fixed interest rate is 3.32% compared to current three-month term SOFR of 3.84% with maturity in the fourth quarter of 2028. As a subsequent event and as announced on October 13, Svein Moxnes Harfjeld was appointed to the Board of Directors.
And its consistent with our established financing approach.
The vessel to be named DHD, know Costa is built in 2018 and we hope to take delivery and a couple of weeks time.
In September we made a 22.1 million prepayment under the nordea. Credit facility covering all schedules and installments for the fourth quarter of 2025 and all of 2026.
The facility matures in the first quarter of 2027, with only $3.7 million remaining, representing the final installment.
8 whistles serve as collateral for this facility with the current combined market value of about 650 million.
during the quarter, we entered into uh, 83 year advertising, interest rates, swap agreements, totaling 200.6 million,
The average fixed interest rate is 3.32% compared to current 3 months term, so firm of 3.84%.
With maturity, in the fourth quarter of 2028.
As a subsequent event. And as announced on October 13th,
Laila Halvorsen: He will of course continue to serve as President and CEO of the company. Now over to Capital Allocation and Dividend. In line with our capital allocation policy of paying out 100% of ordinary net income as quarterly cash dividend, the Board approved a dividend of $0.18 per share for the third quarter of 2025. This marks our 63rd consecutive quarterly cash dividend. The shares will trade ex-dividend on November 12 and the dividend will be paid on November 19 to shareholders of record as of November 12. On the left side of this slide, we now present our estimated P&L and cash breakeven levels for 2026. These figures include all true cash cost and the difference between the two is estimated at $7,500 per day for next year.
Was appointed to the board of directors.
He will, of course, continue to serve as president and CEO of the company.
And now, over to capital allocation and dividend.
In line with our Capital allocation policy of paying out 100% of ordinary net income at quarterly cash. The board approved, the dividend of 18 cents per share for the third quarter of 2025
This marks our 63rd consecutive quarterly cash dividend.
The shares will trade ex dividend on November 12th.
And the dividend will be paid on, November 19th to shareholders of record. As of November 12th.
On the left, uh, side of, uh, this slide. We now present our estimated p&l and cash Break, Even levels for 2026,
Laila Halvorsen: This discretionary cash flow will remain within the company and be allocated to general corporate purposes, primarily to fund the remaining installments under our newbuilding program. On the right side of the slide, we illustrate the accumulated dividends since we updated our capital allocation policy in the third quarter of 2022. The total accumulated amount is $2.93 per share, which reflects strong shareholder returns during a period of share price appreciation. Finally, let me update you on the bookings to date. For the fourth quarter of 2025, we expect to have 901 time charter days covered for the fourth quarter at $42,200 per day. This rate includes profit sharing for the month of October and the base rate only for the months of November and December.
These figures include all true cash costs. And the difference between the 2 is estimated at 7,500 per day for next year.
This questionnaire cash flow will.
Remain and be allocated to general corporate purposes, primarily to fund the remaining installments under our new billing program.
On the right side of the slide, we illustrate the accumulated dividends since we updated our Capital allocation policy in the third quarter of 2022.
The total accumulated amount is $2.93 cents per share, which reflects strong shareholder returns during a period of share price appreciation.
Finally, let me update. You on the bookings today for the fourth quarter of 2025.
We expect to have 90001 time shorter days covered for the fourth quarter of act 42,200 per day.
Laila Halvorsen: For contracts with the profit sharing feature, we anticipate 1,070 spot days in this quarter of which 68% have already been booked at an average rate of $64,900 per day. The spot P&L breakeven for the fourth quarter is estimated to be $15,200 per day and with that I will turn the call over to Svein.
This rate includes profit sharing for the month of October and the base rate only for the months of November and December for contracts with the profit sharing future.
We anticipate 1,070 spot dates in this quarter of which 68% have already been booked at an average rate of 64,900 per day.
The spot pnl break even for the, fourth quarter is estimated to be 15,200 per day.
Svein Moxnes Harfjeld: Thank you Laila. As you all have likely noticed, the VLCC market is demonstrating significant strength. This strength should positively impact our earnings for the latter part of the fourth quarter. The current freight market strength is driven by growing demand for seaborne transportation of crude oil in combination with the increasingly aging and fragmented structure of the fleet. Importantly for VLCCs, the workhorse of the crude oil transportation market, they are regaining their market share through its most competitive freight offering and efficiency. Geopolitics, trade and tariff dynamics, sanctions, and conflicts are adding to the picture, creating disruptions and focus on security of supply as the global fleet is reducing its efficiency and productivity. The U.S.-China meeting in Kuala Lumpur agreed for a one-year postponement on many issues including the portfolios.
And with that, I will turn the call over to swine.
Thank you.
As you all have, likely noticed that we'll see Market is demonstrating significant strength.
This strength should positively impact our earnings for the later part of the fourth quarter.
The current Freight Market strength, is driven by growing demand for seaborne, transportation, or crude oil in combination, with increasingly aging and fragmented structure of The Fleets.
Importantly for VCCs, the workhorse of the crude oil transportation markets, they are regaining their market share.
Uh, though it's our most competitive freight offering and efficiency.
Geopolitics trade and trade Dynamics, sanctions and conflicts are adding to the picture, creating disruptions and focus on security of Supply as the global Fleet is reducing its efficiency and productivity.
Svein Moxnes Harfjeld: OPEC's decision to reduce spare capacity by reversing production cuts and bringing more crude oil to the market seems to be well absorbed, partly supported by the Chinese demand for both consumption and stockpiling. Research suggests Chinese stockpiling to not only be short term and optimistic, but the longer-term need to fill its increased storage capacity and meet defined requirements for strategic storage. Further, it suggests the need to boost its oil security with concerns of interruption in supply from sanctions and potential regional political conflicts playing a part. Lastly, a diversification in foreign reserves by buying oil and gold is said to be a consideration. Goldman Sachs reports that the world's biggest oil companies are expected to press ahead with plans to accelerate production growth when they report earnings. Analyst estimates compiled by Bloomberg suggest planned output growth between 3.9% and 4.7% to be in the cards.
The US China meeting in Coler agreed for a 1 year postponement, on many issues including the port fees.
Opex decision to reduce spare capacity by reversing production cuts and bringing more crude oil to the market. Seems to be well absorbed partly supported by the Chinese demand for both consumption and stockpiling.
Research suggests Stein, Chinese stockpiling to not only be short-term and optimistic. But the longer term need to fill its increased storage capacity and meet the fine requirements for strategic storage.
Further it suggests a need to boost its oil security with concerns of interruption in Supply from sanctions and potential. Reason regional political conflicts playing a part.
Lastly, a diversification in foreign reserves by buying oil and gold is said to be a consideration.
Golden sax reports that the world's biggest oil companies are expected to press ahead with plans to accelerate production growth when they report earnings.
Svein Moxnes Harfjeld: We have, as per usual, been traveling to spend time with our customers, and these reports mirror some of the key takeaways from our most recent trip. Several of our customers expect to expand their footprints and are presenting opportunities with demand for our services and more ships. We are grateful for this encouraging support which leaves us highly constructive on our franchise and future. As always, we are looking into opportunities to develop DHT Holdings, Inc. with continuous improvements in our service offerings and possible expansion. We have what we believe to be a resilient strategy with a focus on solid customer relations, offering safe and reliable services, maintaining a competitive cost structure with robust breakeven levels, a strong balance sheet, and a clear capital allocation policy. The whole DHT Holdings, Inc. team continues to work hard and operate with leading governance standards and a high level of integrity.
Analysts' estimates compiled by Bloomberg suggest planned output growth between 3.9% and 4%, with 7% targeted for cars.
We have as per usual, been traveling to spend time with our customers and these reports mirrors some of the key takeaways from our most recent trip.
Several of our customers expect to expand their Footprints and our presenting opportunities with demand for our services and more ships.
We are grateful for this encouraging support, which leaves us highly constructive on our franchise and Future.
As always, we are looking into opportunities to develop these with continuous improvements in our service, offerings, and possible expansion.
We have what we believe to be a resilient strategy with a focus on solid customer relations offering safe and reliable Services. Maintaining a competitive course structure with robust Break Even levels.
A strong balance sheet and a clear Capital, allocation policy.
Svein Moxnes Harfjeld: With that, we open up for questions. Operator.
The whole VC team continues to work hard and operate with leading governance, standards and a high level of integrity.
Operator: Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. We will now take the first question coming from the line of Frode Mørkedal from Clarksons Securities. Please go ahead.
Enough for questions, operator.
Thank you as a reminder, to ask a question. Please press star 1, 1 on your telephone and wait for your name to be announced to which your question. Please press star 1 and 1 again.
We will now take the first question.
[Analyst 1]: Thank you. Hi, Svein. Hi, Laila.
Coming from the line of fraud. The morgue the doll from Clarkson Securities. Please go ahead.
Svein Moxnes Harfjeld: Hi, Frode.
Thank you.
Bye, bye.
[Analyst 1]: On this port, that's interesting to suspend it for a year. I guess the question I had is, is this a good thing for the market? I guess a lot of people had estimated some type of inefficiencies because of it, especially on the Chinese port fees. Right. If things go back to normal, what's the impact on the market and maybe on your own positions?
For that.
So, on this portrait, that's, uh, that's interesting to spend it for a year.
So I guess the question I had is like, uh, is this a good thing for the market? Because uh, I guess a lot of people had
Medicine type or inefficiencies because of it. Uh, especially on the Chinese.
Port fees, right? So maybe if things go back to normal.
what the impact on the market, uh, and maybe
Svein Moxnes Harfjeld: The jury, of course, is still out, but if I reflect on when the port fees were introduced, the market, you know, as typically, took a timeout. You had a very quiet short period before people sort of got their heads around what was going on. Then, you know, went on to continue fixing ships. Of course, some of that havoc, maybe, you know, improved the sentiment a little bit. You had some replacement jobs and all that with short notice that could drive rates, and sort of the later period. Now, you would note that most of the biggest ship owners are responding to the questionnaires that were presented by the Chinese authorities, including disclaimers on information and stuff like that.
On your own positions.
So the jury of course is still out um but if I reflect on when the port fees were introduced then the market you know as typically took a timeout, right? So you have the you know very quiet short period before people sort of got their heads around what was going on and then you know, went on to continue fixing ships. Of course, some of that have
Okay. Maybe, you know, you know, improve the sentiment a little bit, and you have some replacement jobs and all that with short notice that we could drive up rates.
but um,
Svein Moxnes Harfjeld: I think it appeared that there was a relatively modest part or minor part of the fleet that were actually exposed to this, and that would create sort of a true cost disruption. Right now, of course, with the news again that this is being put on hold for a year, we will have a little timeout and then I think people will restart to fix ships again. Let's see how it plays out. As you said on the prepared remarks, we do believe that the strength in the market in general is because there is simply strong demand and fragmented and shrinking fleet. Exactly how it translates into TC earnings is, of course, too early to say.
[Analyst 1]: Yeah, I don't know if. Do you know if China still has this tariff on U.S. crude oil? I haven't seen any news on it.
As sort of the, the later period. Now, you would note that most of sort of the biggest ship owners. They are you know responding to the questionnaires that were presented by the Chinese authorities including disclaimers on information and stuff like that. And I think it appeared that there was a relatively Modest part of minor part of the fleet that were actually exposed to this and that it creates sort of a true cost disruption. So right now of course with the news again that this is being put on hold for a year, you will have a little time out and then I think people will restart with the fixed ships again. So, let's see how it plays out. But, um, as you said on the, on the prepared remarks, there we do believe that the strength in the market in general is because there is simply, you know, strong demand and fragmented and, you know, shrinking Fleet. So, uh, but exactly how it translates into TC earnings is, of course, too early to say
Yeah. Yeah.
Kelly. Uh,
Svein Moxnes Harfjeld: Sorry, I didn't hear you.
[Analyst 1]: Yeah, China returned it. China retaliated on having like a tariff on U.S. crude oil specifically. Right. You didn't, you know, the U.S. crude exports to China basically went away.
I don't know if, uh, do you know if China still has this Harris from us crude oil. Uh, I haven't seen any news on it. Um, sorry. I didn't hear you.
Yeah, you know, it's a China retail.
China retaliated on.
Svein Moxnes Harfjeld: U.S. crude oil export to China has been very, very modest. It's just a small portion of total exports. The two state oil companies in China also use facilities outside China to store and transship oil and all that. I guess this truth sort of includes everything, I would assume, so that's at least what the commercial secretary suggested after the meetings. If there were any, I think that will probably be out of the equation as well, I would guess.
Having like a tariff on us, crude oil specifically, right? So you didn't, you know, they use food exports to China basically.
Went away, uh, but the US crude oil export to China has been very, very modest, right? It's just small portion of talking with exports. So, uh, and the big, uh, the 2 States on the oil companies in China, they also use facilities outside China to store and you know, transship power and all that. So uh but I I guess this is the truth. Sort of includes everything I would assume. So that's at least for the commercial secretary. So just, uh, after the meetings. So if there were any, I think that will probably be out of the equation as well. So,
[Analyst 1]: Interesting. I guess. Final question, with spot rates now clearly very high, how's the effect on the time charter side? Do you see levels improving or maybe duration is improving or is this still a bit too early?
I would guess so.
Yeah.
Interesting, I guess. Um, find this question, uh, with spot rate now, clearly.
Very high. Uh, how's the effect on the time Charter side? Do you see levels improving or maybe duration is improving, or is this still a bit too early?
Svein Moxnes Harfjeld: I think you've seen increased interest and there's some shorter term charters that have been done at sort of improved rates. Of course, with the delta on spot voyages and yesterday's time charter rates, it's very hard to put the right price on it. If you consider some of these long voyages that the VLCCs tend to perform, you know, a U.S. Gulf Far East cargo is 120 days. I mean, the premium in the spot market will have a big impact on the balance earnings of a time charter and what would be required. It's very hard to find a midpoint that sort of works for both parties. I think again here we will have to see a little bit.
Um, I think you've seen, I think you've seen increased interest and there's some shorter term Charters at the vidon actually improved rates.
Svein Moxnes Harfjeld: I would expect that if the firm market continues at sort of current levels for a while, people will have to man up, so to say, and the bid ask spread will have to come in, and in particular on the customer side, they will have to pay up if they really want time charters.
[Analyst 1]: Yeah, makes sense. I guess I would expect that you would consider adding time charter coverage if that happens, right.
Market continues that sort of current levels for a while then people will have to man up so to say and um and the the bit aspect will have to come in and in particular on the on the customer side that they will have to pay off if they really want the time charters.
Yeah, makes sense. And I guess, um,
I would expect that you would consider adding.
Svein Moxnes Harfjeld: As I've stated many times, you know, we like in general to have some level of fixed income. We have a number of time charters coming off now in the next few months. There's an opportunity to reprice those charters if you like, or maybe develop new charters with new customers for different ships. If we can find, you know, common ground on something that is meaningful, preferably a bit longer tenor, we are open to that and we are sort of in, I wouldn't say negotiations, that's overstating it, but in sort of preliminary discussions on what customers might be looking for in general. These things take quite a long, long time to develop, so one has to be patient.
Time Charter coverage. Uh, if that happens right?
Well, as we have stated the many times, you know, we like in general to have some level of fixed income. We have a number of times Charters coming off now, in the next, uh, few months. Uh, so there's an opportunity to re price those Charters if you like, uh, or maybe develop new Charters, um, uh, with new customers for different ships. So, uh, if we can find the, you know, the common ground on something that is Meaningful preferable a bit longer, tener. Um, we are open to that and we are sort of, in
Uh, I wouldn't say negotiations. That's, uh, overstating it but in sort of preliminary discussions on what customers might be looking for in general.
And uh, but these things take quite long, long, long time to develop. So we 1 has to be patient.
[Analyst 1]: Yeah, perfect. That's it for me. Thank you.
Svein Moxnes Harfjeld: Thank you for all that.
Perfect.
Operator: Thank you. As a reminder, to ask a question, please press Star one and one on your telephone. The next question comes from the line of Jeffrey Scott from Scott Asset Management. Please go ahead.
Thank you.
Thank you for all that.
Thank you as a reminder to ask a question. Please press star 1 and 1 on your telephone.
[Analyst 2]: Good morning. There's always been a reluctance from the more respectable charters to take ships that are over 15 years old. In 2009, 2010, 2011, there were a lot of deliveries of these in those three years. They're coming up to or have just passed 15 years. As prices go up for charters, do you see any reduced reluctance of the major charters to take ships over 15 years? Is there any possibility that they'll actually go past 20 years to 21, 22, 22.5 in the next couple of years? Thanks.
The next question comes from the line of Jeffrey Scott from Scott Asset Management. Please go ahead.
Uh, good morning. Um
Svein Moxnes Harfjeld: Thank you. There's always been a bit of a dynamic when it comes to acceptance of the age, of the perceived age limit of ships and the market. In a stronger market, when the customer has less choice, they seem to be a bit more pragmatic. I think as of recent, most customers accept ships up to 17, 18 years of age. We have three ships built in 2007. They're all on time charters to significant counterparties. I think beyond 20, at least for our sort of profile and what we do, the commercial opportunities are limited. There are other owners that can find some pockets and trades where they can use these ships, but it's somewhat limited, I would say. Our commercial life expectation of ships is up to age 20, although the quality of our ships could operate well beyond that if the market had opportunities.
The um, there's always been a reluctance from the um the more respectable Charters to take ships that are over 15 years old. Um in 20092010 2011, there were a lot of uh deliveries of these um in those 3 years, they're coming up to her have just passed 15 years. Um, as prices go up for for uh, for Charters. Do you see any uh reduced reluctance of the major Charters to take uh, ships over 15 years and uh is there any possibility that they'll actually go uh, past 20 years to 2122222 and a half? Um, in the uh, next couple of years? Thanks.
Thank you. And there's always been a bit of damage in, uh, when it comes to acceptance of the age, so or the perceived age limit or ships and the market. So, in the stronger Market, when the customer has less choice, they seem to be a bit more pragmatic. Um, I think as a recent, uh, most customers except ships up to 17, 18 years of age. Uh, we have 3 ships built in 2007, they are all on time, Charters to to significant uh counterparties.
Svein Moxnes Harfjeld: It's not really for us. Of course, these sanction trades have created a big market for older ships. I would think that that market is somewhat satisfied now. There are some people looking to even renew in that fleet by seeing if they can scrap ships that are 25 years or even older and then look to buy ships that are 17, 18, 19 years old to replace those ships that are five, six years older. It's a bit of a dynamic environment and it's evolving rather than changing very abruptly, I would say.
Uh, and uh, but I think Beyond 20, uh then at least for our sort of profile. And what we do, the commercial opportunities are limited. There are other owners that can find some pockets and, uh, trades where they can use these ships, but it's somewhat limited, I would say so. Uh, so you know, our commercial, uh, life expectation or ships are up to age 20, although the quality of our ships because, uh, operate well beyond that, um, if the market had opportunities, it is not really for us. So, but, uh, of course, this sanctioned trades have created a big market for all the ships. Uh, I would think that that market is so much satisfied now. And there are some people looking to even renew in that street by seeing the if they can, uh, scrap, uh, ships that are, you know, 25 years or or even older. Um, and um, then look to buy ships that are 17 189 years old to replace those ships that are 5 6 years older. So,
[Analyst 2]: Okay, thank you.
It it it's a bit of a dynamic and it's evolving rather than, you know, changing very abruptly. I would say.
Svein Moxnes Harfjeld: Thank you.
Okay, thank you.
Operator: Thank you. There are no further questions at this time. I would now like to turn the conference back to Laila Halvorsen for closing remarks.
Thank you.
Svein Moxnes Harfjeld: Okay. I will step in for Laila and say thank you very much for attending the call and wishing you all a good day. Thank you. Bye bye.
Thank you. There are no further questions at this time. I would now like to turn the conference back to Layla Herson for closing remarks.
Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.
Okay, I will step in for LA and say thank you very much for attending the call and wishing you all a good day. Thank you. Bye bye.
This concludes today's conference call. Thank you for.
pointing out this connect.