“During the first quarter of 2023, we saw a sustained strong product tanker market with high volatility, primarily driven by changes in the global flow of refined oil products towards longer haul trades,” says Jacob Meldgaard and continues: “In the first quarter we achieved freight rates across our fleet of USD/day 41,717 compared to USD/day 16,743 in the in the first quarter of 2022.”
Results
• TCE for Q1 2023: USD/day 41,717 (Q1 2022: USD/day 16,743)
• Profit before tax for Q1 2023: USD 155.1m (Q1 2022: USD 10.7m)
• EPS: Q1 2023: USD 1.87/share, DKK 12.99/share
(Q1 2022: USD 0.13/share, DKK 0.86/share)
• Return on Invested Capital: Q1 2023: 29.2%
(Q1 2022: 4.4%)
• Declared dividends for Q1 2023 of USD 1.46/share, with an expected total dividend of USD 121.1m. Expected payment date is 06 June 2023 based on shareholders on record on 23 May 2023. Ex-dividend date will be 22 May 2023.
Coverage
• As of 05 May 2023, the coverage for the second quarter of 2023 was 64% at USD/day 40,086
• LR2: 51% at USD/day 59,197
• LR1: 62% at USD/day 45,578
• MR: 68% at USD/day 35,804