Q4 2024 Dampskibsselskabet Norden A/S Live Investor Webcast Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : Very good. Thank you very much Martin. Yes. And should you have any questions, please use the chat and we will -- we'll go through the different areas. There were some questions related to your guidance here, Martin. There was --you have quite a wide range here from the US $20 million up to $100 million. Could you sort of give an indication of what kind of scenarios you're expecting here in the low end and in the high end of your guidance range?

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : Very good because there were actually a few questions also relating to this asset sales. There was a question, how do you see the potential for more asset sales? 2025 and thus selling vessels reduce the long-term earnings outlook as a result of owing fewer vessels.

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : Very good. And also, another question related to this asset sales. It's a Danish question here and I'm not fully sure that I understand the full part of it but basically asking if you could comment on the sale of ships to the shadow fleet. Does that mean that the value of DKK425 will not, will not stand anymore? I'm not sure you're selling to shadow fleet. So yeah, that's why I don't fully understand the question.

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : Very good. And then a few questions on, Trump and terrorists that's, has certainly taken the headlines here into '25. There's a question here. How is the impact of Trump on tankers and dry cargo? What can you say about tariffs so far? And another one here will tariff on Canadian oil help the tanker markets?

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : But then also another question relates sort of to the tanker rates. There's a question here that Saudi Arabia has a spare capacity of around 3.1 million barrels per day at the moment. Do you really think that the tanker rates are going lower? Especially with Trump and Saudi Arabia friendship and Trump, I guess does not want higher oil prices. So, I guess it relates to that the Saudi Arabia has the spare capacity that somehow needs to be transported as well.

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : And in relation to this, there's a question here, how quickly can you adjust positioning if markets change? What is sort of the latest? Also, with the winter market in tankers.

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : And then this is quite a specific question. I don't know if you have the information here, Martin, but do you see any change in rates for Aframax going east, West, Canada and US? It says.

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : Good. And also, how will it impact you with sort of the situation that the Red Sea changes if it will be a safe passage again and you can use the Suez Canal?

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : Very good. And then a few last questions, one of the themes in 2024 was this dirty to clean switch? Can you update a little bit on that? And do you see this trend continuing in '25? There's a question and a question goes with the same here. What is the status on the BLCC turning to clean?

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : Very good. And then a question here that goes around you now, the question goes as for shareholder's point of view with a now of DKK425 it would make good sense to sell the ships. You mentioned you have purchased options on and do a bigger share buyback than you're doing currently. There's a 50% discount now with the current share price around DKK200 level, but instead you instead invest in building new cape size. As you have also mentioned, could you please elaborate a bit on that and to give a shareholder some more cash return with a bigger share buyback?

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : Very good. And then then a final question which also is related to the buyback. And I think this perhaps needs a little bit of clarification. So, the question goes, will the share buyback also include buying in the open market and not only buying from a motor hump. And I think you're also buying in the open market. It's, yeah, but maybe you could clarify that, Martin.

Question: Rasmus K°jborg - Hans Christian Anderson Capital - Analyst : Very good. I think we'll conclude by that. So, thank you very much, Martin and Norden for an interesting rundown here of the annual report. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 06, 2025 / 8:30AM, DNORD.CO - Q4 2024 Dampskibsselskabet Norden A/S Live Investor Webcast