Nortilus

With all Dry Bulk names we follow having now reported Q4 earnings, here's how our estimates performed: ✅ Beat consensus: 67% of the time On realised Q4 rates, Himalaya Shipping remains the standout performer, thanks to its modern fleet of Newcastlemax bulkers (larger than standard Capes). @Seanergy_SHIP TCE performance is also impressive, considering the age profile of the fleet. On the equity side, Seanergy, Diana Shipping, Eurodry and Costamare Bulkers continue to trade at around half of their respective NAVs. Discover more at nortilus.com and gain access to all our premium research. #shiptwit #drybulk #capesize #shipping $GNK $DSX $SB $EDRY $USEA $SHIP $SBLK $HSHP $CMBT $CMDB nortilus.com

Old news by now but $SDRL has been awarded a 480-day contract extension for the Sonangol Quenguela (2015-built, 7G), keeping the rig working through mid-2028. For context, $VAL's DS-7 (2013-built) locked in a 325-day contract with Azule Energy offshore Angola earlier this year, starting October 2026 and adding ~$125M to backlog, implying $384,615/day. Valaris are notorious weak bidders, the contract is shorter, the DS-7 is the slightly inferior rig, and was stacked, as such we peg the Quenguela at $360-430k/day.

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Our roadmap for the coming months • Expanding company coverage across shipping • Building a dedicated offshore trading model as our dataset matures • Integrating proprietary broker data from a new partnership Our goal is to make Nortilus a leading data and research platform for shipping and offshore equities.

🚢Big update from Nortilus 🚢 We’ve just rolled out two major updates to the premium platform: • A new Algo Model trading quarterly earnings • A Long-Term Portfolio tracking our core shipping & offshore picks In addition to this we also have our Trading Model Portfolio, which, as of end-Feb, is up 27.48% YTD (real portfolio returns, net of fees). Here’s what’s new 👇 #tankers #tankergang #shiptwit #drybulk #VLCC #oott $GNK $SHIP $SBLK $DSX $SB $USEA $HSHP $EDRY $TRMD $STNG $ASC $DIS.MI $PXS $HAFN $HAFNI.OL $TNK $ECO $OET $FRO $DHT $OET $INSW $NAT $DAC $GSL $ESEA $MPCC.OL $NMM $GMS.L $BORR $RIG $TDW

With all crude tanker names we follow having now reported Q4 earnings, here's how our estimates performed: ✅ Beat consensus: 71% of the time ✅ Within 10% of actuals: 71% of the time On Q1 TCE guidance and realised Q4 rates, Okeanis Eco Tankers remains the standout performer (considering Frontline's load-to-discharge reporting on guidance). On the equity side, Tsakos Energy Navigation continues to trade at a steep discount to NAV (0.49x), the widest among Crude Tanker equities. Discover more at nortilus.com and gain access to all our premium research. #tankers #tankergang #shiptwit $TEN $OET $ECO $OET.OL $TNK $DHT $FRO $NAT $INSW nortilus.com

MAERSK HAS 10 SHIPS TRAPPED IN GULF, RUNNING SHORT OF FUEL IN ASIA - WSJ

Given the “unprecedented” times, this week we’re making part of our weekly report available to everyone for free. Nortilus’ subscribers receive a weekly report with our latest insights on what’s happening across shipping, offshore, and the broader markets. It also features a special section, Phil’s Mining Corner, where Phil shares his take on the key developments in the mining sector and highlights the companies and opportunities he’s currently analysing. Premium subscribers have also access to our live analytics platform on 40 shipping and offshore equities and to our portfolio which, as of today is up almost 20%. In order to receive all our weekly reports, subscribe for a two-week free trial at nortilus.com and gain access to all our earnings, other premium research and live analytics platform. Link below. #shiptwit #tankers #drybulk $GNK $SHIP $SBLK $DSX $SB $USEA $HSHP $EDRY $TRMD $STNG $ASC $DIS.MI $PXS $HAFN $HAFNI.OL $TNK $ECO $OET $FRO $DHT $OET $INSW $NAT $DAC $GSL $ESEA $MPCC.OL $NMM $GMS.L $BORR $RIG $TDW

@wwyeung98 Given their fleet composition and the predominant weight of Dry, we have excluded them from this analysis (which is focused on pure tanker companies)

@Nortilus good info - what about CMBT?

Crude Tanker Companies' exposure to Hormuz Below a quick analysis on how listed crude tanker owners will be potentially affected by the disruption in the Strait of Hormuz. This overview shows how many VLCC, Suez, Afras each company has, and where they currently are. The "missing" vessels are either in the Far East or Pacific. We would summarise the situation as follows: - Okeanis: despite having 2x VLCCs in the Hormuz area, they also have 100% of their Suezmaxes in the Atlantic/Med, which will earn crazy rates. - DHT: smart or just lucky? it doesn't really matter...they have no vessel "trapped", but their "exposure" to the Atlantic basin is somewhat limited, with only 7 vessels there. - Teekay: very limited exposure to Hormuz and with 81.3% of their Suezmaxes in the Atlantic/Med. - Frontline: 5-10% of Vs/Suez trapped while almost 28% of Afras/LR2s; on the other hand they have a lot of Suezmaxes in the Atlantic/Med, but somewhat limited Vs exposure. - Nordic American Tankers: 28% of the fleet trapped and 44% of vessels in the Atlantic/Med...not ideal, in our view - International Seaways: very limited exposure to Hormuz on their crude fleet, with almost all their Suezmax in the Atlantic/Med. - Tsakos: only 1 out of 3 VLCCs in Hormuz, but also almost all their Suezmax and Afra/LR2 fleet in the Atlantic/Med. So who are the winners and the losers here? If we had to choose, we'd say $TNK and $TEN; in second place $ECO / $OET.OL, $INSW and $DHT. Discover more at nortilus.com and gain access to all our premium research. #tankers #tankergang #shipping #OOTT $FRO $OET $OET.OL $ECO $NAT $INSW $TEN $DHT $STNG $TRMD $ASC

@DalePWainwright ships that have not been fixed will probably sail away, but not sure fixed ships (which were going to load a cargo) can just leave...

@Nortilus Why would you describe a ship that is outside of the Strait of Hormuz as "trapped". Surely the owner is either issuing orders for the ship to sail elsewhere or is waiting on the potential of the strait reopening ?

Bunkers....the real issue for shipping, that no one is talking about. We'll talk about this in this week's report. Join at nortilus.com for more. #tankers #tankergang #shipping $FRO $OET $ECO $NAT $INSW $TEN $DHT $STNG $TRMD $ASC #shiptwit #drybulk #capesize #shipping $GNK $DSX $SB $EDRY $USEA $SHIP $SBLK $HSHP $CMBT $CMDB

So is Hormuz closed or open, but disrupted? if it's the second, what is the effect of disruptions, delays, congestion on tanker supply? #tankers #tankergang #shipping $FRO $OET $ECO $NAT $INSW $TEN $DHT $STNG $TRMD $ASC

This is a significant escalation: @UK_MTO reports an oil tanker that was on anchor offshore Kuwait (and near Iraq too) has been hit by an explosion; oil is spilling and the tanker is tanking on water. "... There is oil in the water coming from a cargo tank..."