We reiterate our Hold recommendation and keep our TP unchanged at NOK 100 ahead of the Q2 report. Open vessel days are gradually increasing over the coming years, while at the same time we expect softer sentiment. However, the term market is still record strong and locking in accretive backlog through forward fixing is still possible (but not a done deal). Our TP reflects a 18% discount to 1yr forward NAV, corresponding to an EV/EBITDA of 13.3x in 2024.
