Frontline (FRO) 30 Nov 232023 Q3 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Q3 2023 Frontline plc, Earnings Conference Call. '[Operator Instructions]'. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lars Barstad. ahead. go Please

and all, lull market quarter There it's seen but for into in normally started listening to August continues did than of Thank And high be although fall not to Sep worse. them June the this expectations The and call. this thank we dropping, the tanker To many some third us risk tanker is challenging give with in year this get earnings that to market. presentation. have the to believe upside the firm start I rather Frontline's audience mention there July, summer you. for draw the called QX will you puzzle. remind in of off, prudent pieces excitement the on I are downside, industry.The

to we $XX,XXX day with on the Slide third look Before the fleet.We day. looked and per are $XX,XXX X exclude the highlight also only take of let word QX. the and at day would VLCC VLCCs to saw split QX amount that would delivered our segments, the QX when for the this you our affect table end per again $XX,XXX a likely days financial patients day revenues day to and our vessel per Suezmax highlights. XX affected normal this $XX,XXX LRX/Aframax as like per the on the fleet LRX/Aframax and low day, like these on into our on by quarter, can deck. at we are progressed will in I Inger, In to VLCC account the our Again, fleet. in $XX,XXX ballast at on We they TC achieved numbers between Inger converged that quarter now end days for materially. XX% numbers having per per next. days at a during I we our is new not days up let's give this $XX,XXX our Frontline but the as all of more laden, to XX% vessels numbers Suezmax of XX% Further, at of discharge are revenues through of be

quarter November approximately good turn mainly is look dry third net Suezmax expenses strong quarter. healthy slide, of one third for $X,XXX tankers Thanks, was quarter per $XX.X unrealized per XX% $XXX,XXX other liquidity of entered the credit associated decreased income quarters day 'XX. the batch dry-dock excluding to which dock on marketable per be dry-dock of lastly, also its We $XX,XXX cost is LRX $X.X the have commitments equivalents, can million. profit two profit of lower turn breakeven million then the cash the per Then One next and million of income cash the and in loss voice senior a of report unsecured $X,XXX $XX quarter $X.XX to tankers. TCE fourth the estimated day.Then in per that quarter, due the $XX,XXX a $XXX to of $XX.X third I per million can X. and day adjusted the bank as by of for OpEx we profit of XXXX, and maturities in statement. us $X,XXX let fourth related to or a and fleet think the the And recorded in estimate about partly in revenues was lower quarter Lars, fleet finalized $X,XXX leverage dry previous Slide derivatives revolving $XXX.X senior of a VLCCs, refinanced in The then on driven per million and requirements and remaining I to Slide achieved X operating charter per of and October the until application we quarter in dock $XX,XXX to of loan also and earnings QX by Suezmax VLCC adjusted companies, Frontline the share in for which rates The expenses. million and includes dock total day decrease was a quarter docking for marketable in quarter, average with for look of the per of average third first afternoon, $XX.X including fleet quarter, LRX securities, rates The and for losses received.Let's quarter. Suezmax million debt adjustments consists per and at million September which was between 'XX day. $XX.X expenses, then where XX%. $XX,XXX the with minimum at by acquisition quarter third day gain average in offset share have $X.XX average dividends newbuilding our time in long-term in has credit and and facility in $XXX or rates, net $XX,XXX third current at undrawn Then this how compared quarter used amount Slide net tankers dry includes $XXX in tankers quarter.The securities million meaningful 'XX, share, we first cost vessel equivalent estimate third portion $XXX of think 'XX, tankers funded. our X, of in ladies from the net day million quarter due XXXX the Frontline sheet XXXX.The million the DCCs, XX, and income, or this the EBITDA also estimate and gentlemen. cash the VLCCs the of fourth the cash facility, of adjusted includes dry breakeven excluding to only balance per including per the of debt of the cash one the cost in of due in day day.We $X,XXX OpEx for the and no dock revolving seven XXXX.We for We facility, extended Slide we a ratio no X. unsecured

[indiscernible[XX:XX:XX] $XX.X we purchase CMB. cash on with existing As I ]. the to ambition proceeds will million to $XXX and historically cash shares $XXX to from $XX of senior Euronet 'XX from billion, low see million slide, need $X.XX deleverage from from of the fleet is of facility With the the shareholder the $XX.X nonequal leave sale loan-to-value we revolving million for on less-efficient can the facility to the price all for Lars. million the from minimize hand, $X.X million loan word through shareholder again and/or the of VLCCs due capacity The sale the finance cash the unsecured the from bank to our front million of this, credit also line vessels.

much, very Thank Inger. you

to you audience earnest Russian progressed a in. QX. was As so quarter. return these of three I September, that bottom return for see vessels on you'll this if graphs Frontline side look to sailing we quarter, quite QX to Despite which state just on A basically the challenging August and remind increased came and as was force with at the started introduction, with actually Russian look themselves, into were managed the a in we in supply, I GX crude price Slide kind the QX the owners non-Russian in at lot the fleet, the with increased slide X, crude. we can of decided theme this, on turn of the the you July, competing and good fleet cap what at through big believe.The scrutiny definitively And the fleet and

operational Venezuela later. black the come in OPEC think very move note, post of import markets.So we concern I China physical an it's in market then of of in ships back security to a of I'll but also also to risk QX, ton We concern we and swans sell operations respect on to less seasonality action that Israel-Hamas of to political surprised we and have has through grind U.S. have conflict. now to play see, back to do sanctions let's on the U.S. This volumes into go as that got exports mentioned on OPEC and that kind lifted. and continued the the area.I've when per upside normal side, presentation say, at We the yet balance with amounts it's come COVID. and trade X. miles. eagerness seafarers incurring our the Slide in kind to healthy positive we the a earlier And affect record did that we growing to

So I with if cut it's barrel What whether supplier. the their year, lot during the targets. graph and actually a levels. than per also amongst adjust actually the producers prudent people actually exports. OPEC exports demand for seen million terms the as Saudi that are side, OPEC the very the trend. we but oil on the Saudi export, seem on production that into think the statement remember we've targets is same and trying kind was not not instance, more looking X we've year next check million domestic we to firm, stated production right-hand only for come of if at exports to there And OPEC these year to demand voluntary just aggregated output have Arabia's is And a is production to is experienced individual seems look to has barrel correlated this OPEC need their of on it equal.Output that next I be Also, Twitter, all that Arabia to addition yet or betting kind nations in not at OPEC remind increased. of August cut. from X to export these And room audience day solutions, is Also, actually since an leaves large rather

first to So is because more. of with export now short it's believe the reach end is U.S. we been domestic crudes off increase VLCCs OPEC that into again, them as needs line entrant in Also this difficult record Slide reason Venezuela or regards we U.S. At be purchased number. quite commitment that's thing Well, barrels crude adjusted all in has various speak, is to Basically, sorry. very surprising we exports a we available considering seen With We've some XXX,XXX revenues. is matters are really X and on the amidst the stickiness actually currently expect half. for December. for basically exports actually to increasing.And But is of the which policy the highs, And U.S. this XXX,XXX probably to kind not is per their if against to managing And we very at then around to Russia all, reduced, the crude November resilience late of new market increasing. coming look that, the is to in exports export members half first about on Russian to maintain been on narratives. production the stated the as what number first these we X have.With for significant also Venezuela, day are sanctions able is, who to is lastly, targets, to come kind OPEC Russian are lifted. surprised second oil where still sources policy in of -- all, even oil and nations. a are functional, per December, oil along term. their I this the XX, this as being today, for barrels Russian One there nonimportant This and XXX,XXX let's That tanker actually of oil the day is for the the of successfully is firm a alternative not move year.And balance of vessels Iran of market just massive and enables kind have they to of to increase annually. very actually at of against the of exports exports. table exports a by quite to

to day.Let's a on we directed to oil observation, some of million since point And the pipelines view. interesting actually, XX, products now of the what Slide full volume So this is we transported maintenance. also have of this oil, included believe that this percentage is refinery of capacity, a both oceangoing to which East that will after barrels and every is tighten from this significant Atlantic be crude up a extent, seen, seasonality, but the Suez of a back West and XX is had lot barrels mentioned is I X.X in this lastly, very of of call what we've an of million to point markets.Then and long view. this how from stretching. move seem kind we a the the presentation view, ocean we've of and And before

continue refinery we're new or or as increase then New built time, we've into seeing look the of there for contributed these from Suez. We've reflecting extension to products VLCCs of flow increasing stands the materially seen coming the move at Guyana, And to benefit exports benefit of projections XX new not of I gone and important this virtually would whatsoever.Let's trade both the Suez. is it's up Slide the no shale from the to tanker We've we're order the is think East and Suez. to would Venezuelan been capacity to shale and every Brazil refined slide book see it's We a This west while, I quite built for see fleet. up quarter capacity having production oil to back a last X.X% and transportation and trade product same note crude of and west seeing and productivity.At up production this refineries, increasing, the orders continue that production are now quarter, that over we these clean not built books. have would say. through out the capacity strong of seen as order changing, a product will be development be and feedstock future

time to think will come refined year. have, next have you VLCCs delivered time I first it's I would in whole, you wouldn't X in at gives amount we're to I XXXX more times and to this have a keep are some focused time trading recently. much in this most years closer bit XX capacity growth in the say at my of year year. and a This previous shipping, maiden is fleet LRXs delayed a a be QX.Normally, markets it's that QX. the Page only looking build ETS. also XXXX. to demand in least said for VLCCs the of indication is Also, both where on the is And on their a the not This but the significant but in of XX to many available will fleets yard predominantly now This an please we years.Lastly, affect I'd spend in voyage age from seen will on long as effective increased vessels XX, now, winning, muted. will little the This clean likely and extent, thought XXXX LRX quite forward to lot affect going us of mind carry gives being XXXX into EU Suezmax quite time repetitively these I next is We've products. us be LRX expected be that the to QX than

emissions going XX% voyages and the The EU to scheme carbon total a of for being of EU.For within carbon. inside the buy the and will emit on and is exposures The And actually in and through exchanges. in we has whatever this EUA fee we imposed of As to be this, January voyages EEA normal the monitoring out and we big can EU authorities. ton ton the XXXX. be on into be X.X call each it, and a easily traded to our credits and on in are listeners carbon EU most of to and how emissions means This exposed. emit. that ones emit included XXX% you accounted tons of aware available to emissions we going or EUAs our be European need are in orchestrated the is for XX% emissions the and we This or XXXX. Xst need already the the of via a needs way and EU to in out, of change inside are or various EEA shipping on cover will the would fairly XXX% of carbon MRV within is XX% every XXXX from current of reporting EU of, out XXXX, Union shipping apply. report EU tax the in XXXX

I to industry this is our headline we pragmatic think change?At mark the take or question approach. big very the really here prepared is, Frontline, for here decided have a

energy-efficient First our be most modern of a that competitive is likely meaning emissions all, should we our than we peers. as be lower have to fleet, and

also this an additional to fuel decided We have look as at cost.

basically, calculations our in warehouse freight it our So and put it put calculation. into

increased We has end this how cost wholesale a to the to the see going charter. their to going start this. evidence legal in an I around pattern charter. we party There ETS But owners our with to an and only that the important calculation. exposed basically we EU to basically voyage it's There up put coming discussions overall that when charter this out the on the between voyage cost.Also, some had corner. develop and into from has days very discussions additional how is a already of fleet, are it's evidently and trading Growth in scale the So, deal it's are been our with perspective. But EU think ETS. the the ongoing press is XX% about charters this

think to to I XXXX, we I as into EU speak, to will the these year.And be next the exposed plays for going in see some because exposed that vessels it's mentioned, how fixed we're EU this and being be interesting go are as operation getting already cargo out a of ETS.

let's move So XX Page the to through summary. and go

So mentioned you think I is here and in are look at press, because the in as on tanker an page, at bottom are performing obviously, important and a was not quoted market. would too the fleet, I tankers the obviously love and right, I this if today, lot chart we're I are combined as a average actually actually you the look doing all But if columns we tankers, fireworks including of to on the bad. the this we

tankers now it's doubled at looking So, than title backdrop fundamental [Indiscernible]. for The least position, at maybe its VLCCs, in the are and we development market.Frontline for gearing most are recent VLCC the time more remains. up performing the has and

replenished. We expectations increased Frontline that have times to them and by we our expected very are decade-low order and medium-term demand short-term, the further has, and in lead be as operational good, numbers. have we're global oil demand this grow extending leverage book, for is seeing oil transaction, to

in Thank with increase, is tension for political efficient this oil questions. And unfolds. and I'll believe seen risk these that, haven't markets. Frontline's you fleet the very very next up for and much model chapters and open ready that. We we as creates the But modern large freight business

Jon from comes take from Evercore the and Instructions]' of first And going question, line ISI. Chappell '[Operator it we're our now to

start you. kind with of three have I if clarification questions Lars, quick can I mostly.

the quarter-to-date if the on output the did bit also at August. versus because number XX,XXX. you're versus slide insinuating But very interesting. exports than ballast your from what higher comes third a is have to less quarter, and So that the in started the meaningfully than exports bookings Obviously, days up only look that little you on production for I pick of VLCCs, full the

relative So have What's for the quarter off a outperformance the bottom exports shorter so holding probably seasonal even far the lifted VLCCs in or to so recovery back meaningfully been narrow more in August? XQ. if the fourth

a of discussion tanker worked, way here. a a general high. lot daily least very amongst at explain of players in every fixtures a of activity a one.I it, and cargos extremely Frontline the one are market the it's lot very It's to frank happy But quite conducted is the seemingly in question last think to being day. in-house because be good quite kind point are There going few with being and I'm there doing us,

as you about out region, going East an the XX% contracted. at look Middle export East of are of cargos the If Middle

pairing some they're The formal stock if balance out of of only the So between kind those that XX% it of it interested coverage. means quite XX% market. COAs for at either and look time the go be cargos not fighting And But for owners, that the owners the both to they're other the price negotiated. market leaves market are very either It's the that inclined like under or market stock really you as COA few you also a or this then market charter into kind that possible. stock, find are up. in of coming that they're in of are a owners charters reasons, to

us So I ton we very say, points. has and well, fight two five regret below basically pop and reuse owners, when because points kind going the position, this market, term, the it more with leaves or there's kind one have situations in market one are points more there okay, efficient.So the the real you position think few, would scale for next ship back in is of And that become last. does world to hold the only to to that last suddenly, where in ship by VLCC of

of kind difficult it's the very understand very a to now. right dynamics, it's So

OPEC the you tightness I to we the market evident. to need need just what On longer on basically indices.So the it by increased scrutiny, Russian this before in conventional is has the Aframaxes, at Suezmaxes to see price former this basically, supply becomes do free market by increased believe and a need of which for and is traders bit grind explained think, the I particularly a

significant that legal transported totally are of or Lastly, or ships insurance oil of framework. a volume do IMO out see or kind of on we being whatever still

analyst you of crude, was the above are do this you XX So commented XXXX by if at years, population why the one is lifting a wonder in today, meeting a shifts that you see in look going rain morning still and it sea on.

other guess. answer questions, that I I So and your many should people's think

vessels. I the appreciate I sell I look to the that. But you. noncore to on is some your the unsecured at cash Inger, $XXX And of $XXX the $XX ambition completely also opportunities of liquidity one the $XXXmillion $XXX and is is this Slide second $XXX I Yes, million, hand, for million. X, that potentially On million. If million, shareholder understand that there's senior refinance loan that, minimize understand chart, assume on that million. part

that you than which to down $XXX would loan. the be So shareholder of million more takes liquidity,

use then refinancing? loan guess without the couldn't portion don't bypass I shareholder last to of want on significant question the liquidity, liquidity dollar So or understanding the immediately existing to you sales being is, you reliant why a every of vessel use

$XXX includes a the Okay. million, the, say, of part let's also transaction. as this This shares financing is that of in Euronav,

this requirements, least. need Yes, to we security of support take mean, will includes to yes. also, So and where million stated about that we $XXX that some undrawn out first, plan course, also cash on credit at sheet our facility, use off. I and portion we balance we have in the cash senior million revolving to then and the this slide to have And the also have $XXX operation

well. we find you do think cash need I that million the of will So, as $XXX

Last one, super quick.

the quarter. understanding the dynamics for Just fourth

expense were operating revenue expense December. shouldn't loss Will first the the will I interest from think depreciation therefore, profit anything and until and expect look operating be clear the as fall cargo. the What Obviously, the and lag? hit, January expense 'XX their soon only would VLCCs. We when vessels depreciation? as you in the revenue the about and hit they statement

of 'XX. earlier I be XX was that quarter talked the this Yes. as much that will guess fourth delivered in assume about today out vessels we you probably could what as

Let's you of that December, will will so vessel day then, delivery course, operating start to December say, these you every accrue. will of first assume delivered a And that in vessel from in you expenses day, is and you one because to operating XXX as vessels. second then about take days for have the very get

You will depreciation a the also you on then vessels. have loan on drawdowns, will interest expense the also have

correct. that's So

line the from Bank. Amit of from Deutsche And next the Mehrotra comes question

for Robertson Amit. is Chris This on

Just for dry XX Inger, days about elevated docking know X, around But that the docking you. recently? are they congestion for have XX? pretty first I for days of COVID are On XQ. during trended Slide question, How talking Where that the expected kind vessel times. they dry now does sit?

No, for the in that dockings quarter for days we to these XX fourth stocking. have the dry XX about each assumption is

maybe question a Lars, then, And you. for market

on into seeing economic Turning are expectations import of quotas to market coming XXXX? demand domestically? product China, Chinese of the you your are in some around despite And Chinese guess, pretty oil going oil What demand issues property has still. been issues in robust what this today export year, terms I

headwinds really actually import oil coal economical the if Well, China hasn't And and around the ore you seemingly LPG that as you're look side. narrative noticed crude dominated it's incidentally, the absolutely that iron case right, pretty the at been healthy. as same well and on China in have is

lot than this over they resilience.We're rather use of on a at oil QX, China, inventories that is I become industrial here of also some or products kind of implicated potentially that kind a good, we built and into did oil apparently China drawing least consumer now. think more proceeded good have as seeing of an explaining time in which they're

because a kind going fairly in the little winter globe. think Hemisphere to is mild be that a side, last export product how of Northern a the winter On will this with I with that did across us the year we to see bear bit key that

or that ability to China's the saw to pretty willingness You kind on product give export was export at quotas XXXX. of of good beginning

that I than weather a probably quotas product more and anything. is question think So, on last question product the is

fuel of to side, just import saw the which import in of the stop China of them quarters oil, growing. quite recently positive fare On we the is light actually increase

line comes question the Jefferies. Omar next the Nokta of And from from

think, coming have on it starting out has of we're for I statement, barrels cuts. appears waiting incremental you're Lars, OPEC agreed call gone obviously, as the Plus a that to this still see And on, but it million headlines looks like cut.

Now in past relationship seems is a historically, we over VLCCs, this presentation, boost That been a just just, quarters. with reduction. the But with commentary if far have I in your don't that several guess, know the cut quota but close guess here and is especially always as a of or I think indeed challenged cut good. million out taken bad, think there's that's near been Obviously, there a general, market of in it off about just for as next this the VLCCs do how do plays barrels as over this means negative. kind months? and reads X you a the is Suezmaxes here say if the the it, market? But think picture, you that you bit term what to few

it's positive, you really can't I'm tempted that. say say but to flat out

kind OPEC or of of think cuts this in East. I around Middle the predominantly, happens and notion that

countries in this a If crude dominated historical Middle was oil exports very you total. look at perspective, when East it in the

to Sea U.S., North the the and to changed. oil. Now America, the Africa, has extent, contributor landscape big some is South a West crude even

I'm contradicts oil. the but Suez. this only news will U.S. think I sign. demand benefit said on then there production.But has commentator obviously bearish then the it demand. stance also long-haul for Middle the bullish for think trade great and it's crude that OPEC's a great initially, doubt news I of very East this, is does and It the But in kind fracking U.S. is, And the of fact, that is East not no of side

So a more into. needs that's bit one something to maybe dig

Middle East they in are stated one, same, number oil But, is cooling Middle that, quotas. correlated production that to the not assuming from see elsewhere. demand to over the and mind two, be going So, need number And the for exports actually exports. do I rather more mentioned, to is the the do keep production you than consumer when necessarily source the temperature summer East we in lots as also

the as gap. perhaps on, needing fund Any even to feel liquidity non-OPEC the goes start you time need your of guess perhaps or when though financed vocal Inger. thoughts to and to does just raise it 'XX and about at any over XX%? to went to to coming transaction? been willingness thoughts the into the I going on not equity, obviously, update any still And, about is of or transaction to tap earlier, equity, fill we're issue as to want you've maybe I updated those guess production equity kind think the see that more that have on, I you pretty on leverage And derisk the VLCCs potential guess,

to Inger Not or Frontline clearly another believe in old existing really to and can to say, that very also stated quite assets our we understand. divest modern we're this presentation I do we fairly fleet. capacity vocal maintain to We're certain choose our looking have to in see word. very, if

we and when did we'll message the continue have same we just that. I So, as with transaction, we the went public believe

And or the then announcement deal. Obviously, you month the maybe I just dividend. one, held following of have when last this a quarter final asked the I you on the last may call think

XX% Just threshold? dividend? about once change a deal how that you paying dividend, the of being that in perhaps this lower was Does earnings. complete good you of leverage? Or is had with that percentage-wise policy you've That comfortable terms recently Europe net higher are a still with, debt out unofficial are in of a XX% to the gearing, say, thinking

As around don't we as as a expectation but the And do have you XX%. be forced to why we don't be that kind a us rightfully not to that. policy say, market allows pay will long it's the to do want don't policy, dividend when the have of out we perspective. is really continue we should a to because from This feasible financial

Board So, more at shareholder in discretion the are. the basically have than this you is we our main but who interested is of dividends

forward. you expect continue think I So to going should that

Instructions]'. '[Operator

our next and from from it comes take to question, going BTIG. Lewis line Greg we're Now of

and at potential guess curious, in of going I They're segments from I OPEC. Guyana by outside potentially, oil directions about invasion in been be spot. market I headlines us unhappy kind the I'm And much I of production America, from Venezuela we nice look been coming as Guyana of your look know. bright with what recent a impacted Guyana are Guyana. out most happening that? and Lars, as How outlook they're at of probably coming Venezuela of I I more crude is, today? how that? a guess volumes on of tanker there, we guess is the around, don't week. pockets talk what's then to there's a there's my South this from million question guess had international what's question as is hitting if at much market disruption Clearly, a of has there's

it's or refine will which by relief U.S. do on barrels. a and the for sanctions. exports be on because more crude word shale. the slate, allocated the refining is these obviously need They basically strongly industry Venezuelan can't that, the the It's Well, U.S.

need So, they actually this mix the refineries. into

short this still would potentially one just there's Afram up. been pointing most with seen might lot day VLCC-cargos term, press have jury some not that lifted. It's were to between assume barrels day. and guess, built getting barrels we've is XXX,XXX the this they short I've XXX,XXX Suezmax is Venezuela But on to day per of the in exporting or Venezuela. India.So, barrels able It's this them basically I into the that recently XXX,XXX per is increase And towards read per number. and to and that what of XXX,XXX actually, a going what being is out haul of on So, U.S. enclosed expected prior be sanctions my

export for going to So Guyana U.S., capacity. and of day. really Asia? gauge. don't years they're barrel to a difficult for financing barrels anything, in that oil because day to that or consume to is deals It's China of going loan Which couple it's small were Europe owe a comes done back.When nation dollars to do that kind very per producing portion be is XXX,XXX exporting very, apparently per billion this Guyana, or some it still XXX,XXX of around XXX,XXX barrels They

the in their by fact in all interests. could that U.S. production Venezuela-Guyana think probably oil comfort virtually, the one have some owned I is discussion,

that.Operations probably over very on sovereignty of protecting early that think days U.S. out will their to it's likely help are in Guyana to it's But normal speculate So as as going these Guyana areas. we speak.

that, and even most I lack there. expectations despite kind been of everything. of lack how time, America, squeezed and kind has more and we've by bright think this same resilient basins spot at being been CapEx the Latin of think, And of lack the the analysts the is barrels year and of I the above the various there are surprised that going DUCs quite U.S. have seen production of more here out

about So mildly of forward. optimistic we're going kind development that

go have might understand there LRX And tankers given there impacting I to that of it's more. see Panama impacting knock-on like America. keeping priority we're some product to you these Trying at then knock-on we Strait about the been cargoes there queue the think seeing guess, Magellan. is? market, the disruptions American I at that's effect product North of market? the as effect of heading Southwest, over looks clearly, like Canal, that just where focus LRX look I your the markets smaller as tanker kind even Is any tankers was and that's I any on hearing MRs the mean, through is product segment Has the South down which containerships that

been not we've it's I It's Panama to Canal. it significant the to wouldn't say that often way. exposed put that

the on or up much vessels ballasted play true increased very market clean we old haven't other down the the I because larger on least really impact that We seen the location, miles. end. from have Yes, would at the tighten ton

questions to no to any Lars I over conference the at Barstad hand would for are There now And time. remarks. this Instructions]'. further '[Operator speaking like

thank some, market very much move and is there wish all crackers we in are word Well, some in, a least at you I Thank fireworks, you the And this pleasant you. left December. day. use hopefully, fire into listening for there I'll as

conclude Thank does for today. conference our you for participating. That

You may disconnect. now a nice all day. Have