We reiterate our Buy recommendation with a TP of USD 36.9/sh. Wednesday’s Q1 figures proved to be relatively undramatic, with the most notable deviation from estimates being the distribution up-lift to 50 cents (+28% vs Cons.). The dry bulk market has thus far this year shown considerable strength, particularly last month, which we expect will be reflected in the Q2 figures. We are 10% above consensus on Q2 EBITDA and 15% on distributions, for the FY2026 we are 43% above on EBITDA, suggesting a ....
