The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ulrik Bak - SEB - Analyst
: Yes, good afternoon, Jan and Martin. A couple of questions from my side. First one is on the product tanker spot rates which have been quite soft
in Q3 and Q4 so far. So, what makes you confident that these rates will indeed rebound as you mentioned in your prepared remarks?
Question: Ulrik Bak - SEB - Analyst
: Okay, That is quite clear. But if we didn't switch to freight service and trading and also stay with the product tanker sub segment, you say that you
expect these margins in freight service and trading the product tanker side that they should decline before year end compared to Q3. So how does
that yeah, makes sense compared to your expectations, that product tanker rate should increase in Q4.
Question: Ulrik Bak - SEB - Analyst
: Okay. That makes sense. And than just, I've been looking at the spot rates in our tank and the time charter rate. And I note that time charter rate
seems to be higher than the current spot rate, which I guess makes it a difficult trading environment for no, and the freight service and trading
division. But is there any way that you can mitigate this negative delta or how, how are you minimizing those losses that you would otherwise
have?
Question: Ulrik Bak - SEB - Analyst
: Okay. But how Q3, you make it's like flat development in earnings a quarter of a quarter. So, just how should we look at this turnaround of, of this
segment? It doesn't sound as if it's going to be in Q4. But, but how far should we look before we are breaking even or even positive earnings in the
second?
Question: Ulrik Bak - SEB - Analyst
: Okay. That, that's okay. And then final question from my side is on your, your updated guidance, just want to clarify the, the different moving parts.
So, you have increased the gains from the vessel sales by, is it USD22 million and then you've also booked a sublease gain of USD14 million in the
quarter, both of which weren't recorded in the guidance announced at Q2. Is that correctly understood?
Question: Ulrik Bak - SEB - Analyst
: Okay. So, it would be fair to say that the, had these events not happened, then your guidance should have been $36 million lower or the range
should be moved to $36 million lower than where it is today. Is that fair? Or, or what, or could you quantify how much of these vessels would have
generated in earnings in the time that you're now not owning them?
Question: Ulrik Bak - SEB - Analyst
: Yes. Okay. No further questions. Thank you so much for all your answers.
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