A doomsday prepper stockpiles food, water and resources for when a potential disaster hits. Similarly, STNG is building a cash balance to capitalize on the market once a black swan emerges. We still see net cash occurring in Q1 and it should be a trigger of some sort. Dividends will likely not see any juicy uplift going forward, but we expect that excess cash flow will rather go towards buybacks (cash break-even of USD 11.0k/d). We reiterate Buy as valuation is too attractive (P/NAV 0.8x and FCF ....
