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 PRESS RELEASE

FRO – Invitation to Q3 2024 Results Conference Call and Webcast

FRO – Invitation to Q3 2024 Results Conference Call and Webcast Frontline plc.’s preliminary third quarter 2024 results will be released on Wednesday November 27, 2024, and a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m. U.S. Eastern Time). The results presentation will be available for download from the Investor Relations section at ahead of the conference call. In order to attend the conference call you may do one of the following: a. WebcastGo to the Investor Relations section at and follow the “Webcast” link, or access directly from the link below. b. Confe...

 PRESS RELEASE

FRO – Notice of Annual General Meeting 2024

FRO – Notice of Annual General Meeting 2024 Frontline plc (the “Company”) announces that its 2024 Annual General Meeting will be held on December 12, 2024. A copy of the Notice of Annual General Meeting and associated information including the Company’s Annual Report on Form 20-F for 2023 can be found on our website at and attached to this press release. November 14, 2024Limassol, Cyprus This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act   Attachments ...

Jørgen Lian
  • Jørgen Lian

DHT Holdings Minor model adjustments

We have updated our estimates following DHT’s Q3 results. The guidance implies achieved spot rates ~50% above benchmark rates since its business update, reflecting solid performance in weak markets. We remain positive on the tanker outlook, with modest ~3% deliveries next year (

ABGSC Shipping & Transport Research ... (+4)
  • ABGSC Shipping & Transport Research
  • Martin Mauseth
  • Oliver Dunvold
  • Petter Haugen
 PRESS RELEASE

DHT Holdings, Inc. Third Quarter 2024 Results

DHT Holdings, Inc. Third Quarter 2024 Results HAMILTON, BERMUDA, November 12, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced its results for the quarter ended September 30, 2024. The full report is available  and in the below attachment. About DHT Holdings, Inc.DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Norway, Singapore, and India. You may recognize us by our renown...

Jørgen Lian
  • Jørgen Lian

CMB.TECH (Hold, TP: USD14.10) - Diversification at a cost

CMB.TECH’s diversified and ‘future-proof’ approach may prove attractive in steadily managing shipping cycles, changing fundamentals and stricter environmental regulations. However, diversification also comes at a price, and its heavy newbuild programme is straining its balance sheet and the outlook for dividends. Thus, we currently see greater upside potential in its pure crude tanker peers. We reiterate our HOLD and have lowered our target price to USD14.1 (16.3).

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aalberts: Building already bottoming, industry tough. Air France-KLM: Nobody helps. Alfen: Covenant agreement, hikes output Smart Grid. AMG: Sweet for 2024F, sour for 2025F. ArcelorMittal: 3Q24 EBITDA beats by 6%, FCF solid. BAM: 3Q beats, on its way to reach FY guidance. CMB.TECH: 3Q and FY24 reasonable but then more challenges. D'Ieteren: EGM and dividend dates announced; Belron US peer Boyd disappointing 3Q24. GBL: Double-digit TSR expected over 2024-27F. KBC: 3Q better acro...

Hilde Van Boxstael ... (+8)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Lynn Hautekeete
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Hoste

Morning Notes : AALB NA, ADYEN NA, CPINV BB, CMBT BB, GBLB BB, MDXH BB...

: AALB NA, ADYEN NA, CPINV BB, CMBT BB, GBLB BB, MDXH BB, TESB BB, ALFEN NA

Jørgen Lian
  • Jørgen Lian

Teekay Tankers (Buy, TP: USD74.00) - Soon time to prune the discount

We believe Teekay Tankers offers attractive tanker exposure, with limited downside risk, trading at a 45% discount to steel values. We estimate FCFE (including current cash) of USD40/share by end-2026, or 85% of the current share price. Conservatively assuming fleet scrap value at end-2026 implies 10% upside potential to the current share price, increasing to 80% on today’s asset values. We reiterate our BUY, but have trimmed our target price to USD74 (75).

Jørgen Lian
  • Jørgen Lian

Scorpio Tankers Minor model adjustments

We have updated our estimates following the Q3 report and Q4 guidance. We have lowered our 2024e adj. EBITDA by 4% and 2025–2026e by 2%. We still see attractive cash flow potential (~21% FCF yield on our 2025e) and find the current P/NAV of ~0.70x (stock down ~20% since early October) supportive for continued capital returns through share buybacks and an attractive risk/reward. We do not consider our estimate changes to be material, and we have not changed our BUY recommendation. We reiterate ou...

 PRESS RELEASE

DHT Holdings, Inc. to announce third quarter 2024 results on Tuesday, ...

DHT Holdings, Inc. to announce third quarter 2024 results on Tuesday, November 12, 2024 HAMILTON, BERMUDA, October 29, 2024 - DHT Holdings, Inc. (NYSE: DHT or the “Company”) will release its third quarter 2024 results after market close on Tuesday, November 12, 2024. The Company will host a conference call and webcast, which will include a slide presentation, at 8:00 a.m. EDT/14:00 CET on Wednesday, November 13, 2024, to discuss the results for the quarter. To access the conference call the participants are required to register in advance of the conference using this link:   Upon registe...

Jørgen Lian
  • Jørgen Lian

Scorpio Tankers (Buy, TP: USD93.00) - Robust cash-flow potential

Despite a seasonal slowdown, Q3 average product tanker rates were ~20% above the 5-year average, while near-term fundamentals seem intact, with 2024e tonne-mile growth set to outpace supply growth. Our 2025e fleet-wide TCE of USD28.5k/day implies still-strong cash-generation potential (~19% FCF yield) and is supportive of continued accretive buybacks through the company’s share repurchase programme. We reiterate our BUY but have cut our target price to USD93 (95).

Jørgen Lian
  • Jørgen Lian

DHT Holdings (Buy, TP: USD14.20) - Still-attractive optionality

We continue to expect VLCC rates to improve towards year-end, and believe DHT is well positioned to benefit from the upturn, with ~70% of spot days yet to be booked for Q4. Also, the longer-term supply story appears intact, with a modest 8% orderbook and an ageing fleet of VLCCs, with

Jørgen Lian
  • Jørgen Lian

Teekay Tankers (Buy, TP: USD75.00) - Discounted tanker exposure

We see an attractive risk/reward, with scheduled tanker supply growth of just 3% in 2025, and potentially increased demand from the unwinding of cuts (2.2mbbl/day) by OPEC+ from December 2024. As a result, we believe Teekay Tankers offers appealing exposure to the tanker segment, trading at a hefty ~35% discount to steel values, compared with the peer group average of 4%. We reiterate our BUY, but have reduced our target price to USD75 (81).

Jørgen Lian
  • Jørgen Lian

Frontline (Buy, TP: NOK340.00) - In position, awaiting market upturn

We believe tanker markets are set for an upturn towards year-end, while the longer-term fundamentals remain intact, with fleet growth for tankers limited to 3% next year (

Kristof Samoy ... (+3)
  • Kristof Samoy
  • Thomas Vranken
  • Wim Hoste
 PRESS RELEASE

DHT Holdings, Inc.: Business Update

DHT Holdings, Inc.: Business Update HAMILTON, BERMUDA, October 9, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today provides the following business update: For the third quarter of 2024, the Company estimates time charter equivalent earnings for its fleet at $42,400 per day, comprising of $43,700 per day for the Company’s VLCCs operating in the spot market and $38,800 per day for the Company’s VLCCs on time-charter. The estimated time charter equivalent earnings are based on 2,184 revenue days for the third quarter, of which 1,622 days are spot days. Thus far in the four...

Kristof Samoy ... (+2)
  • Kristof Samoy
  • Sharad Kumar S.P
Kristof Samoy
  • Kristof Samoy

CMB.Tech Supplementary payment of $0.52 on former bid price and bid re...

On September 6th the market court of Brussels ruled on a case between CMB (reference shareholder of CMB.Tech, formerly Euronav) and FourWorld. The court found that the pricing of certain vessels sold by Euronav to Frontline last November implied certain special benefits to Frontline. The Court calculated these benefits to be $0.52 per Euronav share. In connection with CMB's mandatory takeover bid for Euronav (presently CMB.Tech) earlier this year, the FSMA now made public its decision to require...

Kristof Samoy ... (+2)
  • Kristof Samoy
  • Sharad Kumar S.P
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