Shipping Summit Takeaways: Rising Tide Lifts all Boats (LPG, INSW, SBLK, STNG)

Research evidence excerpt

Shipping Summit Takeaways: Rising Tide Lifts all Boats (LPG, INSW, SBLK, STNG)

USA | Shipping EquityJuneResearch17, 2026

Shipping Summit Takeaways: Rising Tide Lifts

all Boats (LPG, INSW, SBLK, STNG)

Below are our takeaways from our Shipping Summit where we had a chance to

meet with the management teams at LPG, INSW, SBLK, and STNG.

Dorian LPG LTD (LPG, ~$2bn Market Cap, Buy)

Constructive medium-term view on the LPG market, supported by the continued•

competitiveness of LPG and structural demand growth from Asian petrochemical crackers.

Current freight rates remain elevated and likely unsustainable at peak levels, with tightening•

CFR spreads indicating less room for freight and emerging demand elasticity.

Supply backdrop remains supportive due to Panama Canal inefficiencies, rerouting via the•

Cape, and an aging fleet could increasingly be scrapped.

Although the orderbook is elevated into 2026, the broader fleet aging profile into 2029/2030 is•

expected to partially offset incremental supply.

The company benefits from a relatively low cash breakeven of ~26k/day and capex following•

the completion of its drydocking cycle, driving strong free cash flow generation even at

normalized rates.

Mgmt highlighted a preference to avoid LT charters given poor historical outcomes and instead•

maintains a flexible dividend policy rather than a fixed payout formula.

International Seaways, Inc (INSW, ~$4bn Market Cap, Buy)

Both crude and product tanker markets remain above LT averages, with product tankers•

performing noticeably better than expected.

The product tanker market is structurally tighter due to the lack of alternative transport•

infrastructure such as pipelines or shuttles.

Mgmt noted that LR2 and Aframax vessels are increasingly interchangeable, creating swing•