EBITDA of USD 198.6m (+5% vs. ARCe, -1% vs. Cons.)Includes USD 9.9m of dividends from TORM, adjusted in line with usNet LTV of 20.2% and closing in on 90% pay-out ratio...... while paying USD 0.2877/sh this quarter (+18% vs. Cons.)Q2 EBITDA set to come in at USD ~350m in our first take (+14% vs. Cons.)We see the stock outperforming peers today, but Hormuz closure weighing on outlook
