Shares declined 0.9% following a quarter that delivered solid adjusted EBITDA and liquidity metrics but left investors cautious amid a soft near-term demand outlook and ongoing geopolitical uncertainties affecting trade flows.

• Reported $214 million adjusted EBITDA and $151 million adjusted net income in Q1 2026.
• Maintained strong liquidity with $1.4 billion cash on hand, expected to reach $2 billion shortly; daily cash breakeven of approximately $11,000.
• Executed fleet optimization by selling 12 older vessels at prices above original purchase cost, supporting balance sheet strength.
• Announced $500 million share repurchase authorization and quarterly dividend of $0.45 per share, reflecting disciplined capital return strategy.
• Market dynamics remain uncertain due to Middle East geopolitical disruptions; refined product demand expected to decline 1.5 million barrels per day in Q2 before rebounding in Q3, with inventory restocking contingent on normalization of Strait of Hormuz transit.