Q4 figures were in line, while the DPS hike could be the start of what seems like a step-wise quarterly increase going forward. The backdrop remains supportive, with the call reinforcing a structurally tight production market. With STNG in a net cash position, trading at a 25% discount to NAV and generating strong FCFE of 16% in 2026 on our figures, we reiterate Buy and see clear upside to our USD 90/sh NAV-based target.
