Ed Finley-Richardson

Ed praised DHT's top-tier governance, calling it a pure-play VLCC operator he would trust in a retirement account for its reliability and 100% earnings payout. While VLCCs are currently disadvantaged, DHT's exceptional quality and commitment to shareholders make it a staple. A market recovery post-disruption or from Sinaore's influence would benefit it directly. LONG as a high-conviction, lower-beta holding for investors prioritizing management quality and predictable returns. The VLCC market remains oversupplied with vessels if Middle Eastern cargoes stay offline.

Ed called Frontline the "go-to" tanker name, praising its governance under John Fredriksen, diversified fleet (VLCC, Suezmax, Aframax), and history of large dividends. As a liquid, consensus bellwether, Frontline offers beta exposure to the tanker sector. Its strong management and balance sheet make it a core holding. LONG as a high-quality, liquid way to gain general tanker market exposure with a proven capital allocator. A prolonged Hormuz closure specifically hurts its VLCC segment in the near term.

Ed's vessel-by-vessel tracking showed International Seaways' fleet of 29 MR tankers is heavily weighted to the US Gulf, the basin with the highest current spot rates. The US Gulf is experiencing record MR rates due to the Hormuz closure. Companies with concentrated exposure there will capture disproportionate earnings. LONG because this positioning should lead to significant earnings beats, and the stock has historically traded at a discount to peers. A rapid, orderly resolution in the Strait of Hormuz could quickly normalize rates.