Geopolitical FactorsStricter sanctions on exports from Venezuela and Iran could severely constrain fleet availability and productivity, potentially driving freight rates significantly higher.
Market WeaknessUnderlying product market weakness has not improved, which could put pressure on FY-24 estimates.
Shareholder ReturnsIn the short term, muted product tanker rates could constrain earnings and lead to a reduction in shareholder returns from their previously elevated levels.