Product tanker fundamentals continue to strengthen, with firm H2/25 momentum extending into Q1. Ton-miles are at nine-year highs, while effective supply growth remains negligible (~0.6%) despite heavy deliveries, as ~80% of coated LR2 capacity has migrated into dirty trades. The clean LR2 fleet is at a three-year low, tightening the Middle East market and supporting spillover into LR1s and MRs. With crude markets strong and geopolitics inflating ton-miles, seasonality may skew positively into Q2 ....