Shares fell 5.6% as investors reacted negatively to a cautious outlook driven by significant market disruption and decelerating trade volumes amid the Strait of Hormuz closure, despite solid quarterly operational results.

• Q1 2026 TCE revenue reached USD 286 million, supported by strong freight rates and disciplined commercial execution.
• EBITDA totaled USD 201 million with a net profit of USD 122 million, reflecting operational leverage in a challenging environment.
• Full year guidance was raised to USD 1.15 billion–1.45 billion, signaling confidence but tempered by ongoing geopolitical risks and supply disruptions.
• The closure of the Strait of Hormuz led to a 16% drop in global clean petroleum product trade and a similar decline in crude volumes, constraining freight volumes despite elevated rates.
• Fleet renewal continued with 95 vessels at quarter-end and plans to increase to 103, maintaining flexibility amid market uncertainty.