EarningsQ3 earnings with EBITDA of approximately $147 million fell around 7% short of expectations, which were around $158.2 million, due to lower than expected revenues.
Market PerformanceThe product tanker market experienced a greater than expected seasonal pullback, influenced by additional global refinery maintenance downtime.
Operating ExpensesVessel operating expenses increased slightly due to factors like more charters navigating the Cape of Good Hope, weather-induced repairs, and more days spent in dry dock than anticipated.