Shares fell 3.6% as investors appeared concerned by a cautious outlook and potential risks from ongoing geopolitical disruptions that could dampen tanker demand over the medium term.
- Delivered record adjusted net income of $295 million ($5.91 per share) and record EBITDA of $345 million for the quarter.
- Declared the largest quarterly dividend ever at $5.05 per share, maintaining a commitment to return at least 85% of adjusted net income to shareholders.
- Ordered 4 new LR1 vessels for delivery in late 2028 at stable prices despite industry-wide cost increases, underscoring disciplined fleet renewal.
- Highlighted ongoing geopolitical disruptions in the Strait of Hormuz and Bab-el-Mandeb as both a source of elevated tanker demand through inefficiencies and a risk to long-term oil consumption.
- Maintained nearly $1 billion in liquidity with low leverage, providing financial flexibility amid uncertain demand outlook scenarios.
Community Discussion