Jacob Meldgaard: Yes, that’s a good question. I would probably look towards — generally, I would look towards whether there is some danger on the crude side, the transportation of crude continues to be subdued that Aframaxes have been faring really, really well, as you can see also from the various results of companies engaged in there. And it feels as if right now, it is a standstill a little on the crude transportation in the medium-sized vessels in the Aframaxes. If that continues, it would encourage people to try to penetrate the key market. So I think the jury is out on that over the next couple of months. I think that is one to watch. China, I’m not so concerned because it’s a crude story. And right now, we’re not really seeing a lot of the export of clean being available in the market for our type of vessels.
That would actually be a tailwind. I think China can almost not be, I want to say, supporting the product tanker market less than what they’re doing now because there is very, very little exports. And I think that we are — I think the potential for them opening up for more exports given where the economy is, is — that seems like a more likely scenario than going the other direction. So that would not be a concern to me.
Jonathan Chappell: That’s good. Thank you for your thoughts, Jacob.
Jacob Meldgaard: Thank you. Thanks for the questions, Jon.
Operator: There are no further dial-in questions at this time. I will now turn the call back to Andreas for any online questions.
Andreas Abildgaard-Hein: Thank you. We have a few questions. First one is for you, Jacob. Do we see a considerable challenge of augmenting the supply adequately in the near future due to the contraction of shipyard capacities. Could you provide more detail on that?
Jacob Meldgaard: Yes, I think. That’s a very good comment. We’ve already mentioned that more or less all capacity in the short to medium term have already been booked. What I would say, shipyards that are capable of delivering a product into the product tanker market. So that means that you are looking at either Tier 2 shipyards that could potentially maybe add a little to the order book, or you’re looking at really long-dated contracts delivery back end of 2026 or into 2027. So I think the restructuring sort of the shipyards seen is benefiting the product tankers because it was especially middle-sized Korean shipyards that 10 years ago were the big contributors to the order book. And those shipyards have either closed down or have turned their focus predominantly to other places.
There’s actually only very few shipyards left that are focused on product tankers, which is significantly different than if we turn the — dial the clock back 10 years. So that’s number one. And number two is that there is a need, as I mentioned also, under the previous quota to still build infrastructure projects, which I personally think the LNG market has been, and there is a strong demand from both producers of gas in the Middle East and also the importers, for instance in Europe to actually get control of deliveries also in 2026, 2027. So I think there will be more contracting into the product tanker market, but the fact that there is basically less supply to go to, less opportunities of shipyards that can build it and that you are competing currently for the available capacity in sort of the high end of the shipbuilding market.
That does give me some comfort to that we will see a rising order book but it’s not going to be — it can simply not explode in the medium term.
Andreas Abildgaard-Hein: Thank you. And we have a few questions I will combine here. But how do you look at consolidation in the current market environment? Are you currently looking at opportunities? And then also you have been in the market for selling some older vessels, 15 to 20 years, will you continue to sell in that age range?
