Q4 EBITDA of USD 88.9m missed consensus by 6%, and Q1/26 is guided slightly below Q4/25 net profit (EPS of USD 0.48/sh). Despite record-low swing tonnage, the chemical market has underwhelmed, and with 7% fleet growth expected this year, we take a cautious view. We cut 2026/27 EBITDA by 7%/12% and see 2026 EPS 13% below consensus. The stock trades at 7.4x and 7.5x P/E for 2025/26, which is not demanding, but we prefer segments with clearer supply tightness and would revisit on stronger evidence ....
