Shipping Master Series

CRUDE TANKERS SECTOR PANEL Tuesday, December 16, 2025 Moderator: Mr. Jorgen Lian, Head of Shipping Equity Research - DNB Carnegie Panelists: Mr. Svein Moxnes Harfjeld, President & CEO - DHT Holdings, Inc. (NYSE: DHT) Mr. Lars Barstad, CEO - Frontline Management AS (NYSE: FRO) (OSLO: FRO) Dr. Nikolas P. Tsakos, Founder & CEO - TEN Ltd. (NYSE: TEN) Mr. Mikkel Seidelin, CCO - Teekay Tankers Ltd. (NYSE: TNK) The webinar roundtable delivered an in-depth assessment of the crude tanker market, highlighting favorable fundamentals and compelling earnings visibility for investors. Panelists analyzed the key forces shaping the sector, including sanctions-related trade dislocations, tightening fleet supply, and the implications of an aging global tanker fleet. The discussion also addressed how geopolitical developments and evolving trade patterns may influence demand over the medium term. From a capital markets perspective, executives outlined disciplined approaches to fleet management and capital allocati