Ourios Analytics @OuriosAnalytics

Given the recent sales we’ve seen—at prices more than 25% above our valuations—we are going to repeat the exercise we previously carried out, but this time focusing on DHT ($DHT), which is a pure-play VLCC company and, incidentally, one of our largest holdings. DHT ($DHT), right now, is at 24.16$. In our model, we have DHT at NAV 0.99 for Q4/26 and 0.95 for Q1/27, which, in itself—and considering the bull market we are currently in—represents a very attractive NAV. But adding 25% to VLCCs, would have an amazing NAV around 0.80 for Q4/26 and Q1/27. This compelling NAV plus a solid dividend yield of around a 30%, and Adj, PER, Adj. EV/EBITDA and P/FCF around 3%, and bearing in mind that this situation will likely persist for at least a few quarters, for us, DHT, is a must right now. If you want to play making new assumptions, you can get our models in ouriosanalytics.com Got #tankers? #shipping $DHT

@hbgtrader @FredrikL7 Sure, maybe is too low

ok @FredrikL7, let´s play with the model and your assumptions. Okeanis ($ECO, $OET) is currently at 88.19$. If we use 500k for VLCC TCE and 450k for Suezmax (average between 300-600k), this would be the result: First, as in yesterday’s test, I have added 25% to VLCCs and Suezmaxes so that the result is comparable. With your TCE assumptions, we have a NAV around 1.00 for Q4/26 and 0.88 for Q1/27, and multiples around 1.5x for Adj. PER, Adj. EV/EBITDA and P/FCF. It is very simple to set up scenarios using our models; you just need to change the yellow cells to do so. You can get them at ouriosanalytics.com, launch offer available for now 😉 $ECO $OET #tankers #shipping

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@echk15y2 @FredrikL7 Sure, would you like to suggest any TCE?

@GoldShimmy Sure, it´s just kidding. Obviously, it´s 100% AI generated. It was just an attempt to see how it would turn out, and we liked the result. We have some ideas for how to use this to showcase interesting aspects of shipping in a very lively way. We hope you like it ;)

Josh showing us a VLCC in the middle of the Indian Ocean 😄😄😄🚢🚢🚢 #tankers

@FredrikL7 Sure, maybe you are right. Taking into account that DHT is 225k, i agree that Okeanis can be much more, but i just wanted to be conservative. Which TCE would you say? I will try your assumption in the Okeanis model and i will show it in the next post 😉

Ok, let´s do the same exercise with Okeanis ($ECO, $OET). Okeanis ($FRO) is currently at 88.98$. In our model, we have Okeanis at NAV around 1.45 for Q4/26 and Q1/27, but adding 25% to VLCCs (they receive a new VLCC in Q3) and Suezmaxes, give us a NAV around 1.15 for Q4/26 and Q1/27. Without any doubt, Okeanis deserves a premium, due to its quality in every aspect that should be taken into account: management, fleet, rates, track record, dividends yields... and its multiples, beyond the NAV, are truly attractive. Have a look to the screenshot and give us your opinion. If you want to play making new assumptions, you can get our models in ouriosanalytics.com... launch offer available for now😉 Got #tankers #shipping $ECO $OET

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Ourios Analytics @OuriosAnalytics

2 days ago

This week, we are seeing sales of tankers (Eurospirit, a Korean 15yrs old VLCC for $161m, Zouzou N., a Chinese 16yrs old Suezmax for $103m and Kastos, a Chinese 1yr old Aframax/LR2 for $120m) at around 25% above our valuations. Let´s play making an easy assumption with our

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This week, we are seeing sales of tankers (Eurospirit, a Korean 15yrs old VLCC for $161m, Zouzou N., a Chinese 16yrs old Suezmax for $103m and Kastos, a Chinese 1yr old Aframax/LR2 for $120m) at around 25% above our valuations. Let´s play making an easy assumption with our Frontline model ($FRO). Frontline ($FRO), right now, is at 50.72$. In our model, we have Frontline at NAV 1.31 for Q4/26 and 1.28 for Q1/27. But adding 25% to VLCCs (they are expected to receive 5 new VLCCs during Q3 and Q4), Suezmaxes and LR2s, would have almost no premium, with NAV at 1.04 for Q4/26 and 1.02 for Q1/27. Taking into account how Frontline currently is flying, printing cash with these rates, with dividend yields between 25-30%, and Adj, PER, Adj. EV/EBITDA and P/FCF around 4%, and if this situation lasts a few more quarters, we can agree that still have a lot to say in this bull market, don´t you agree? If you want to play making new assumptions, you can get our models in ouriosanalytics.com... launch offer available for now😉 Got #tankers #shipping $FRO

Shipping Up More @shippingupmore

2 days ago

Another monster sale: 🔥🔥🔥 ZouZou N., a Chinese 16yrs old Suezmax for $103m, 25% more than in our valuations. And 2 great sales: Maran Poseidon, a Korean 16yrs old Suezmax, for $98.5m and over all the Korean 18yrs old Aframax Afra Mare, for $59m got #tankers? Source: Xclusiv

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And what would happen to Scorpio Tankers ($STNG) if we were to carry out the same exercise—increasing its LR2s by 30%? With those rates, NAV would be around 0.64 for Q4/26... do you have enough confidence in this bull market—and in Robert Bugbee—to buy $STNG at these discounted prices? In any case, if you’d like to enjoy playing around with different scenarios, you can now do so using our models. Simply modify the designated cells—no prior experience is required. Launch offer available for new users on our website!!! ouriosanalytics.com #tankers #shipping $STNG

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Ourios Analytics @OuriosAnalytics

4 days ago

We have had 2 great 1 yr old Aframax/LR2 sales in around one week, from Korea ("Conpenhagen Star") and the other one from China ("Kastos"), both around $120m. According to our assessments, around a 30% more of their price. What could this mean for a company like Torm? Torm

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We have had 2 great 1 yr old Aframax/LR2 sales in around one week, from Korea ("Conpenhagen Star") and the other one from China ("Kastos"), both around $120m. According to our assessments, around a 30% more of their price. What could this mean for a company like Torm? Torm ($TRMD) is trading right now at $38.20, is it cheap or not? If you have a look to the screenshot, "with those rates", NAV is around 1.15 for Q3/26 (and around 1.00 for Q4/26), but wait... what if the value of the LR2s is 30% higher? We have made the assumption in our model, and NAV for Q4/26 would be around 0.89 and around 0.82 for Q2/27, a discount of nearly 20%. Taking this into account, plus a solid dividend yield of around 16.5% for the next twelve months, and just around 4x Adj. PER and 3x Adj. EV/EBITDA and P/FCF... sounds good, doesn´t it? Without a doubt, Torm is also one of our favorites, regardless of whether it’s a bit more expensive or cheaper. But the fun part is to make your own assumptions😉 and you can do it with our models, in a quick, easy and confortable way. You don’t need any experience working with models; you just have to change a few designated cells, and that´s all, you have your own assumptions done. Get them in ouriosanalytics.com How do they work (example with DHT model)?: youtube.com/watch?v=3y2BcO… Youtube channel: youtube.com/@OuriosAnalyti… #shipping #tankers $TRMD

Shipping Up More @shippingupmore

5 days ago

What the ****!!! What a monster sales in this 42th week!!! Eurospirit, a 15yrs old Korean VLCC, for $161m 🔥🔥🔥 And a 1yr old "Chinese" LR2 for $120m. Also a great sale of a 20yrs old Japanese LR1 for $26.8m And the inevitable question is: Got #tankers??? Source: Advanced

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Got tankers?

Jack Prandelli @jackprandelli

5 days ago

🚢A $135m supertanker can pay for itself in 139 days. That’s at $1m a day, where spot rates sat in early October. At DHT’s booked Q4 rate of $509,100 a day, it takes 282 days. On a one year charter at $200,000, about 2.2 years. At the 2024 average of $30,000 a day? Never.

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That's the million dollar question. How long will the reasons for maintaining such high rates persist? For now, given the political instability, the war in the Gulf, and the need to replenish reserves, I’d say there are still at least a few quarters to go—though I don’t believe these extreme rates will persist beyond the signing of a long-term ceasefire or the end of the war. But how much longer will that take? Months? Years? Above all, i'm quite optimistic about large vessels

@simpelspekulant I'm quite optimistic for big vessels, but maybe you are right. Anyway, the fun part is that each one can make their own assumptions

Himalaya Shipping ($HSHP) will be traded on Euronext Oslo Børs ex cash distribution US$0.28 as from today, October 16, 2026. Right now is trading at $16.24, is it cheap or not? If you have a look to the screenshot, "with those rates", NAV is the biggest (2.90 for Q3/26 and 2.16 for Q4/26) in shipping, but wait... is a cash machine with a solid dividend yield around 18% for the next twelve months, and just around 5.7x Adj. PER, 6.5x Adj. EV/EBITDA and 4.7x P/FCF. Without a doubt, it’s one of our favorites, regardless of whether it’s a bit more expensive or cheaper. But the fun part is to make your own assumptions😉 and you can do it with our models , in a quick, easy and confortable way. You don’t need any experience working with models; you just have to change a few designated cells, and you’re all set. Get them in ouriosanalytics.com How do they work (example with DHT model)?: youtube.com/watch?v=3y2BcO… Youtube channel: youtube.com/@OuriosAnalyti… #shipping #shipping #drybulk $HSHP

@echk15y2 No, it's a very recent new 😅😉

International Seaways ($INSW) announced today that it plans to release third quarter 2026 results before market open on Thursday, November 5, 2026. Right now is trading at $113.11, is it cheap or not? If you have a look to the screenshot, "with those rates", NAV is around 1.69 for Q3/26, but around 15% dividend yield for the next twelve months, and around 6x Adj. PER, 5x Adj. EV/EBITDA and 5x P/FCF. But the fun part is to make your own assumptions😉 and you can do it with our models , in a quick, easy and confortable way. You don’t need any experience working with models; you just have to change a few designated cells, and you’re all set. Get them in ouriosanalytics.com How do they work (example with DHT model)?: youtube.com/watch?v=3y2BcO… Youtube channel: youtube.com/@OuriosAnalyti… #shipping #tankers $INSW

@ManihiB @shippingupmore just trying to be conservative when we model, but it´s just our opinion, each one can make his own assumptions😉

I don´t see 30% divi yield a stretch, but is just my opinion. What is great is that each one can do their own assumption in a very easy way, even if you have never used a model before. Exactly; the model is updated on an ongoing basis to account for dividend payments, but these are not deducted from the NAV until that point (approximately). The Q1 divi is higher than the Q4 divi because the model accounts for the cash outflow in Q1 based on the results from Q4. Consequently, the Q2 dividend payment will be derived from Q1 earnings, and so on. Regarding the ships—that’s correct—I have factored in the arrival of the "Nissos Vous," a new Suezmax. I set its arrival date for July 1st and assigned it 60 operational days. But the fun part is that it’s easy to make your own assumptions 😉. The model is designed for this.

Okeanis ($OET, $ECO) is trading at $95.98 right now, is it cheap or not? If you have a look to the screenshot, with those rates, NAV is around 1.50 right now, but around 30% dividend yield for the next twelve months, and just around 3x Adj. PER, Adj. EV/EBITDA and P/FCF. If you want to, just make your own assumptions with our models, in a quick, easy and confortable way 😉 Get them in ouriosanalytics.com How do they work (example with DHT model)?: youtube.com/watch?v=3y2BcO… Youtube channel: youtube.com/@OuriosAnalyti… #shipping #tankers

$DHT is trading at $25.15 right now, is it cheap or not? If you have a look to the screenshot, with those rates, NAV is around 1.00 right now, but nearly 30% dividend yield for the next twelve months, and around 3x Adj. PER, Adj. EV/EBITDA and P/FCF. If you want to, just make your own assumptions with our models, in a quick, easy and confortable way 😉 Get them in ouriosanalytics.com How do they work (example with DHT model)?: youtube.com/watch?v=3y2BcO… Youtube channel: youtube.com/@OuriosAnalyti… #shipping #tankers