Following the delivery of its sixth and final newbuild in September, IWS will have its full fleet operational once this vessel commences its maiden contract in December. With all vessels on contract and solid 2026 revenue coverage of 68%, cash generation is set to strengthen, further supported by additional firm vessel days expected under the framework agreement with Siemens Gamesa. Given our FCF’26-27 estimates, the company could consider shareholder distributions or buybacks in the later half ....
