We slightly adjust our estimates ahead of the Q2 report, incorporating actual rates in the period, while making no material revisions to our H2/25 and 2026 estimates. For Q2, we are +1% above consensus on TCE revenues, which decreases to -2% when looking at EBITDA. For the full year of 2025 and 2026, we are 21% and 30% above consensus on EBITDA. STNG remains the most discounted product name in our coverage space on both a NAV and multiple basis, currently trading at a ~40% discount to NAV. We re ....
