We reiterate our Hold recommendation ahead of the Q3 figures due on 21 November. Open days are gradually increasing into 2025 and with a soft spot and term market, before the fleet growth has accelerated, we are worried about 2025. The distribution of USD 0.41/sh is on our figures coming under pressure and we believe that the company will soon take a cautious view and lower it (we assume zero while consensus is at USD 1.51/sh in 2025).
