Good morning and good afternoon, everyone. Welcome and thank you for joining DHT Holdings Second Quarter 2021 Earnings Call. I'm joined by DHT's Co-CEOs, Svein Moxnes Harfjeld and Trygve Munthe. 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 at our website, dhtankers.com, until August 17th. 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. These forward-looking statements are based on our current expectations about future events, including DHT's prospects, dividends, share repurchases and debt repayments, the outlook for the tanker markets in general, daily charter hire rates and vessel utilization, forecast of world economic activity, oil prices and oil trading patterns, anticipated level of new buildings and scrapping, and projected drydock schedules. 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. Looking at the P&L highlights, EBITDA for the second quarter of 2021 was $21 million, and net income came in at $0.8 million. The result includes a profit of $13.6 million related to the sale of DHT Lake and DHT Raven, a non-cash gain of $3 million related to refinancing, and a non-cash gain in fair value related to interest rate derivatives of $2.2 million. OPEX for the quarter was $19.6 million, equal to $7,800 per day, and G&A for the quarter was $4.7 million. In the second quarter of 2021, the company achieved an average TCE of $19,500 per day, while the average TCE for the first half of 2021 amounted to $25,500 per day. In a historically very difficult and challenging tanker market, we are pleased to have reported positive numbers for both the second quarter and the first half of 2021. Moving over to the balance sheet. The quarter ended with $52 million of cash. At quarter end, the company's availability under both the revolving credit facilities was $182 million, putting total liquidity at $235 million as of June 30th. We have continued to strengthen the balance sheet with the refinancing of the Nordea credit facility and the prepayments done during the quarter. Financial leverage is about 30% based on market values for the ships, and net debt per vessel was $17.6 million at quarter end. Looking at the cash bridge, the quarter started with $54 million of cash, and we generated $21 million in EBITDA. Ordinary debt repayments and cash interest amounted to $6 million. $29 million was used related to share buyback and dividend payment. $17 million was used for maintenance and scrubber CapEx. Positive changes in working capital amounted to $18 million. Proceeds from sale of vessels, net of debt repayment was $51 million. $55 million net was issued in connection with the refinancing. $93 million was used to prepay long-term debt, the quarter ended with $52 million of cash. With that, I will turn the call over to Trygve. Thank you, Laila. Switching now to capital allocation. For the second quarter, a total of $25.8 million will be returned to shareholders. As previously announced, the company bought back 2.2% of outstanding shares during the quarter for a total consideration of $22.5 million. In addition, the company will pay a dividend of $0.02 per share for the quarter. It will be payable on August 26th to shareholders of record of August 19th. With that, the company has now paid dividends every quarter for 11 and a half years. We wanted to provide you a little update on the fleet side. Again, as previously announced, we bought and took delivery of two modern scrubber-fitted eco ships during the first half, the DHT Harrier and DHT Osprey. We paid $68 million per ship, and note that broker value assessments now are some 10% higher. We also sold our three older ships, all 2004 built, during the spring. The DHT Lake and DHT Raven were delivered during the second quarter, and we recorded a $13.6 million gain on these sales. The DHT Condor was delivered to its new owners in July, and we expect to book a profit of about $1.5 million on that sale. On the next slide, let us provide you an update on what has been going on the liability side of the balance sheet during the quarter. As previously announced, we have refinanced the old Nordea facility with a new and expanded Nordea facility. The new facility has a firm commitment of $316 million, with addition of a $250 million accordion. The new loan carries a margin of 1.9%. It has a DHT style 20-year repayment profile, a five and a half years tenor, and carries the normal DHT covenants. Additionally, importantly, we were able to continue the benefit of having prepaid all regular installments for 2021 and 2022 under the old facility. The only installments we pay from now through 2022 on this facility are two and a half million per year for each of the two new acquisitions, the Harrier and the Osprey. During the second quarter, we extended our runway of low cash break-even rates by prepaying all the 2022 installments under our other large credit facility, the ABN Amro loan. In a minute, Svein will provide more color on our very low cash break-even levels for the rest of this year and next. From the table on this slide, you can see that we have $536 million of bank debt comprised of two relatively large syndicates and two smaller bilateral loans. Further, we currently have $182 million of available revolver capacity. We have a mere $5 million of regular installments for the second half of this year and no more than $10 million for all of next year. Finally, you will note that we have no refinancing needs until the fourth quarter of 2023. As you can see, we continue to enjoy strong support from our banking universe. Something that was clearly demonstrated by the terms of this refinancing, which in fact were the best we have achieved in our 11 years at the helm of DHT. With that, I will pass it over to Svein. Thank you, Trygve. On the next three slides, we will discuss the employment of our fleet off-hiring in connection with dry docks and cash break-even levels. On the first page, you will see the expected ratios of spot and time charter employment during the last two quarters of 2021. For the third quarter, we have covered about 42% of our fleet on time charters at an average rate of $27,500 per day. Some of these time charters are of shorter nature, as we consider these an opportunity offering premium earnings to the spot market. Thus far, for the third quarter, we have booked income for 64% of the fleet at an average rate of $22,100 per day. For the fourth quarter, we have some 23% of the fleet on time charters at an average rate of about $32,100 per day. We don't expect to enter into additional time charters in the near term, as we don't consider the combination of currently available rates and durations to be compelling. As many of you noted a few quarters back, we started to take advantage of the weak spot market to bring forward dry docks. During the second quarter, we recorded about 100 days off-hire in connection with dry docks. We expect another 80-100 days during the third quarter, with an additional 40-50 days in the fourth quarter. The work to be done during this period in the second half includes installation of ballast water treatment systems and scrubbers. This will also mark the end to our scrubber retrofit program for now, taking our scrubber fleet to 17 out of 26 ships. A key benefit to all these efforts is that we have only 70 to 90 planned off-hire days for all of 2022. Such, we are positioning our fleet to be ready on the dance floor at a time one should expect a much healthier freight market. To an update of our keen focus on cash break-even. The time charters we have in place, in combination with the debt prepayments that we have made, ensure we enjoy very robust cash break-even levels for our fleets. It applies both for the fleet as a whole and the spot fleet specifically. You will see from the graph on the left on the slide, the full fleet needs to generate $16,600 per day and our spot fleet $10,200 per day for the company to be cash neutral for the second half of this year. On a similar illustration in the graph on the right, you will see that the full fleet needs to generate $14,100 per day and our spot ships $10,006 during the first half of 2022 for the company to be cash neutral. The key drivers behind these numbers are the prepayments of debt that has been made with only $10 million in scheduled amort for the year, and very limited maintenance CapEx reflecting only three ships planned for dry dock. We think these numbers stand out as very robust, protecting the downside without giving away the upside. We are constructive on the markets, but we think the recovery could come a bit later than what most people suggest. Oil inventory levels have been coming down and OPEC+ is gradually increasing supply. COVID is still impacting the demand picture. This happens at a time when the fleet is growing because of new ships being delivered without retirement of older ships. It's tough out there, and in all its simplicity, there's too little cargo and too many ships. This being said, the longer this drags out, the faster and more brutal the recovery could be. Let's sum up how we are positioned. One, we have renewed our fleet this year by buying two modern quality ships and selling our three older ships, all at good prices in our view. Two, we secured a new financing package at attractive terms with our supportive universe of lending banks. Three, we have a strong balance sheet with leverage of 30% paired with a healthy liquidity position. Four, we enjoy very low cash breakeven levels for our fleet for both this and next year. In sum, we are in excellent shape and are all working hard to control what we can control and are executing on the opportunities the markets present. With that, we open up for Q&A. Operator? Thank you. As a reminder, if you wish to ask a question, please press star and one on your telephone. To cancel your request, please press the hash key. We will now take our first question from the line of Randy Giveans at Jefferies. Please go ahead. Your line is now open. Howdy, Svein, Trygve, and Laila. How's it going? Going good, thanks. How is Texas? Excellent. All well. A little warm, but everything is good down here. A couple of questions from me, I guess starting with your fleet here. You recently sold the three oldest VLCCs. You bought those two modern VLCCs all this year. I guess, how do you feel about your fleet currently? You mentioned you're not looking to do any time charter outs, but any appetite for time charter ins to grow a little bit more exposure? I think as we said many times before, in general, we are not really entertaining time chartering in. There's a few reasons for that. One, it is essentially 100% financing. It will negatively impact our cash breakeven levels as such. Also, we like to have full control of the technical operations of all the ships under our control that we use to service our customers. Time charter in doesn't really gel well with all of that. In terms of additional asset sales or modern purchases? On the sales side, we have no intention of selling any further ships on this side of the recovery. As we have discussed in the past, the appreciation of secondhand values happened a little quicker and faster than we had expected. We think that we have gotten to a level where we're actually quite pleased with the fleet that we have, and we really do not currently have any intentions to buy or sell. It is sort of a hold territory for us and run the 26 VLCCs as well as we can. Okay. Looking at that capital allocation slide, I know you've been pretty committed to that $0.02 dividend, regardless of earnings. Also looking at the share buyback. Very good use of cash there. You return the $22.5 million to shareholders buying the 3.7 million shares. I guess, what was the thinking behind that? How did you get to that calculation? How much more in share repurchases are you looking at here the remainder of the year? As we have said before, we are not regularly doing buybacks. It's a couple of things that need to be in alignment, that we find that the NAV is on its way up, and we see a disconnect between share prices and NAVs, and that's typically when we have bought back shares over the years. We felt that after we acquired two ships in the beginning of the year, prices really took off. As we just said, we weren't too intrigued by the secondhand opportunities. The share price hadn't really accelerated to the same extent, we thought that to buy ships in the form of buying our own shares made sense. As far as forward appetite, that's going to be decided on those same factors. It could very well be that we will continue to buy some, but there is no sort of target that we want to spend $X million or anything like that. It's a purely opportunistic approach from our side. Got it. Sounds prudent. Quickly, quarter to date guidance on just the spot vessels. Do you have that number or the rates that you've booked so far for spot on 3Q? It's about one third of the spot fleet, and that's at $10,600. All right. Well, hey, thank you so much. Thank you. We will now take our next question from the line of Omar Nokta from Clarksons Securities. Please go ahead. Your line is now open. Thank you very much. Hey, guys. Good afternoon. Following up a little bit on Randy's question regarding the discussion around time charters. Given we've had such extremes here over the past two years, it's clearly paid off, at least for you, to have several of your ships on time charter that you booked last year. This past quarter, you earned $10,000 on the spot market, but your overall fleet wide TCE was closer to $20,000, basically. Going forward, how do you think, just in general, I know in the very near term, there aren't that many opportunities, but in the grand scheme, when you think about DHT on an ongoing basis, what percentage do you want to have your vessels on time charter? We don't have a fixed percentage that we target, but we look at the nominal numbers. Obviously last year, numbers were very attractive, so we did really as much as we could. Some of these shorter charters this year has been more of an alternative to trading in the spot market. In the next recovery, you should certainly expect us to do a lot of time charters. When numbers are very healthy, we will do as much as we can. It's not a fixed percentage that's the guidance. It's just what makes good economic sense for DHT and the shareholders. Thanks. Fine. Okay. That's clear. I guess maybe another follow-up to the prior discussion points. Clearly, especially with the Delta variant recently, there has been a bit of a, call it a delay in this tanker recovery, or at least an expected delay, at least from on the part of what we're seeing with respect to the stock performance. Given the order book has become very tight here with no real slots available, especially for tankers come maybe late 2024 and really in 2025, it does paint a positive picture, as you mentioned in your opening remarks, for basically the duration of the upswing once rates do turn. I know you are fine standing pat at the moment, but how do you feel about investing capital when it's time to invest, knowing that perhaps maybe 2022, we're looking at a healthier market, and then a healthy market for 2022, 2023, 2024, potentially beyond that just based simply on the supply side. How do you feel then about deploying capital? You bought the 2016 earlier this year. What's the sweet spot when you do think about investing? As we also said earlier, for us to invest, the ships have to be of eco design, and that means built sort of late 2015 and younger. We felt from a sort of a cash return point of view that five-year-olds were really the sweet spots. The fuel economics of a five-year-old and a one-year-old is basically the same. We are very happy with those investments. Keep in mind that in the sort of recovery when it happens, this company will churn out a lot of money with the 26 ships it already has. It's important for us when we invest to also look at the required rates over the remaining life of the ships that we buy, not just what you can earn in 12 or 24 or 36 months. This is the reason why we took a step back once asset prices sort of ratcheted up much quicker than we had expected in the spring. If for some reason there will be opportunities to look at levels not too dissimilar to what we invested at earlier this year, we are certainly open to consider it. We're not against buying more ships, but it has to be at levels that we think will represent good investments over the remaining life of the ship. Got it. Thanks for that color, Svein. I'll turn it over. We will now take our next question from the line of Chris Tsung from Webber Research. Please go ahead. Your line is now open. Good afternoon, everyone. How are you? Hello? Hello. Yep. Hello. Go ahead. Hi. Sorry. Thanks. I guess it's a two-part question regarding scrubbers. What sort of spreads are you guys seeing between a scrubber and non-scrubber fitted vessel? Secondly, with the sales that you guys announced on the 2012 vessel, they all had scrubbers on them. Is that a requirement to sell vessels? To answer the latter part first, maybe, there has been ships sold, not from us, but without scrubbers in the market. There is appetite for that as well. That has mainly been ships coming out of Japan with maybe more basic specifications, and they've typically been picked up by private owners as such. For us, there was a particular interest in our ships maybe because they have scrubbers, but they were also very well-maintained, and it was an industrial player that bought these ships, that will use them for own transportation needs. There's some sort of good numbers in that. Currently, the annual benefit of a non-eco ship with a scrubber is about $2 million over the year. That's sort of the additional earnings you will get. You can do the rest of the math yourself, I guess. Okay, thanks. I guess just the point of the second part of my question was just, I know you guys are not planning to sell any more vessels. You guys have stopped your scrubber program at 17. Just kind of thinking about this, if you guys were to entertain selling a vessel, could it be from the part of your fleet that has a scrubber or does not? Yeah. When you run a tanker company, essentially everything is for sale. It all depends on the price. It's not carved in stone that we only sell the older ships or with scrubber or without scrubbers. It really is where we think it behooves the shareholders and where it makes sense to us. With all that said, traditionally we have been selling out from the older end of the fleet. You will note that basically all of our older ships are scrubber fitted or will soon be scrubber fitted. Hopefully that adds some color to your question. Yeah, that's perfect. Thank you. I'll turn it over. Thank you. We will now take our question from the line of Jonathan Chappell from Evercore. Please go ahead, your line is now open. Hey, everyone. This is actually Sean Morgan on for Jonathan Chappell this morning. It appears that you signed some extended 4-5 TCs since the Q1 results. Just wondering if we could get the types of rates those are being signed on, and should we just use the [ship over] figures for the one year, or is there a higher extension rate that those well-timed charters of last year? It's a mixed bag, and we have not disclosed the rates of the particular charters. I think you should relate to the numbers we have disclosed now as the average for the coverage ratio for each quarter. Okay, thanks. On the break-even slide, I think that's interesting, you're able to reduce the maintenance CapEx for a year for the coming quarter. Is there any ability to offset some of the OpEx costs, or are those pretty efficient at this point in terms of just reducing the break-even even further? Yeah, we have a long-term view in the way we operate our ships, so how much we spend on OpEx is totally independent on what type of market we're in. You also see that we run this quite competitively and cost efficiently. As Laila said, for the quarter, it was $7,800 per day per ship, and we find that to be quite sharp and competitive. To your question specifically, no, we don't think there's any room to cut in OpEx just to obtain a lower cash break-even. Yeah. Okay. Thank you. Welcome. We will now take our next question from the line of Ben Nolan from Stifel. Please go ahead, your line is now open. Thanks. I wanted to get back to scrubbers, maybe from a different perspective. It sounds like you're done here at 17. Is that simply a capital allocation decision that you're preserving capital, it's a challenging market, maybe don't have as many dry docks coming beyond this quarter, or is it sort of the ships that don't have scrubbers are sufficiently efficient enough so that you don't really feel like they would benefit enough? The latter part of your question is correct. These are really eco ships, so they consume much less fuel than the sort of more mature end of the fleet. That means the payback will be longer and the investment is not as compelling, simply. We are sort of pleased with how we set it up now. That is really all the older ships that got scrubbers, and then there are some eco ships then without scrubbers. Okay. At least from where we sit now, those more modern ships probably never will have scrubbers, or at least not anytime in the near future. Is that fair? That's correct. Okay. Sort of getting back to the cash break-even. First, it's nice that you've been able to retool the debt and very little amortization associated with that. Just thinking through as we hopefully get into a better market, perhaps at some point next year, obviously the low cash break-even is a pretty easy bar. Looking beyond, assuming that you are generating substantially more cash than sort of is needed to cover that debt, is there sort of a need to pick that amortization back up to a little bit of a higher level, and maybe a little bit more linear with respect to debt repayment? Would you imagine that should cash flow be available, it would be available to distribution to shareholders in one form or the other? There's definitely no need to ramp up the debt amortization, Ben, we're totally free to do whatever we want with the available cash flow once the market recovers. I think it's premature today to sit and sort of indicate what we're going to do once the market returns to healthy numbers. What we enjoy is to have the freedom to choose what we think is the right thing to do when that time comes. Just to add, keep in mind that our loan facilities are straight-line amort. We have just elected to prepay the scheduled amort for a particular period to improve the position of the company. It's not because we have non-amortizing debt, so there's sort of a wall of debt coming at some point in the future. Sure. Okay. No, understood. I appreciate it. Thank you, guys. Also our capital allocation is minimum 60% of ordinary net income to be distributed to shareholders. Obviously, if cash flows are phenomenal, the company can consider to sort of use that capital allocation policy, right? As you saw for the second quarter. Yeah. Great. Thanks. As a reminder, if you wish to ask a question, please press star and one on your telephone. To cancel your request, please press the hash key. We will now take our next question from the line of Robert Silvera from Marine Surveyors. Please go ahead. Your line is now open. Thank you for taking my call. I appreciate very much what you guys have accomplished in this very, very difficult quarter that we've just been through. I find it quite fascinating that you have reduced in the last two years from debt levels of over $900 million to the nominal notional debt now of $536 million. This, to me, is a wonderful job done in an incredibly difficult market now. I would like to suggest that what would you have been as far as earnings this quarter if you still had $900 or so million in debt? I doubt if it would be anywhere near where you are now. In any case, for the future, I know you've been buying shares. I would like to suggest that you sell some $5 put options, period. I realize that this will not bring you a ton of money, but it will bring you something, okay? Especially if you do them for next January, and you have the cash set aside to cover whatever options you're able to sell, and that will simply reduce the cost of any shares that you are repurchasing, as well as straight repurchases if you continue to do that as well. In any case, I think that the way you guys have run this company is a Harvard business class classic of how to do it. That's my input. Well, thank you for your kind words. We certainly recognize the option market as something we can also get into. We have discussed this in the past. Overall, we find that the liquidity may not be what it needs to be in order for us to do something there. We appreciate your input. Well, you don't have to do a lot, but it just shows that you can do some. I would much rather see you build your cash for the opportunities that may come because we, as you said, will probably go through a longer tough period before we get into a really great market like we had in early 2020. I'd sure like to, as a shareholder of many years now, see that happen. Yep. We will now take our next. Do you- Sorry. Do you have any intention at the current levels of still prepaying any of your debt? I think now we have prepaid all regular installments on the two large facilities through 2022. Do not expect us to make additional payment in the near future. We feel that we have a significant runway of 18 months here with unusually low cash break-even levels, and we are certainly expecting the market to come back to more normal and healthier levels within that timeframe. Currently, we do not have any intentions for additional prepayment. Okay. Thank you. Well done, guys. Thank you. Thank you. We will now take our next question from the line of Magnus Fyhr from Wainwright. Please go ahead. Yeah. Hi, good afternoon. Just two questions. You've been extremely disciplined in your capital allocation strategy, and you also mentioned that asset values have appreciated a little faster than you had thought. Is it fair to assume that you would rather be buying back stock in your own company than buying secondhand vessels as long as the arbitrage is as wide as it is today? What we did in the second quarter was sort of buying ships, we bought our own ships, right? They were certainly cheaper than what was available in the market. The levels, of course, nominally are less compared to buying one or two or three ships. I think we are fairly agnostic in general. Ideally, we would like to have the opportunity to buy one or two or three more ships. That opportunity was not there. We just think it's in the business we are in, and over time you could argue that it's not a phenomenally high-end margin business. We think it's paramount that you buy right, and by saying buying right, it's being disciplined as you phrased it, Magnus. That kind of leads me into the second question. Some of your competitors have been buying the new ships, dual fuel capability. How do you feel about your fleet? You have a very modern fleet. How do you feel like you're positioned for the new regulations, and your appetite for pursuing any of these type of new builds. As we said in the summary, we feel that we are in excellent shape. We have a good fleet, and we are well positioned for the changes in the regulatory framework that's coming up over the next few years. We will be able to meet that. We are quite confident in that. We are not here to contract new buildings at this juncture. There's two reasons for that. One is that prices right now are just too high, we think. Secondly, there is lack of clarity on the technology going forward. We are, of course, staying well tuned of the developments, and down the road, we might think differently. Very good. Thank you. Thanks. As there are no further questions, I would now like to hand the call back to the company. Please go ahead. Well, thank you very much to all for the interest in DHT, we are wishing you all a good day ahead.