A strong Q1 beat drives our 2026 EPS estimate 25% higher, with a Q2 DPS of USD 0.51 representing a 24% running yield and 18% upside to consensus. While replicating Q2 bookings will be challenging, we see the outlook as skewed to the upside. The inventory rebuild thesis remains intact as it will require years of above-trend supply movement to restore. With around 2.1 mbd of Middle Eastern refining capacity offline until at least early 2027, elevated ton miles and displaced product flows look stru ....
