Core Insights - The CEO of d'Amico International Shipping S.A. provided an optimistic outlook for the tanker market, linking the strength of crude carriers to a positive forecast for product tankers [1][3] Market Dynamics - Mid-sized tankers have shown strong performance recently, and larger crude carriers are also starting to gain traction, with VLCC freight rates reaching their highest levels in over two years [3] - The crude tanker market is significantly larger than the product tanker market, with VLCCs representing 60% of the crude fleet, indicating that strength in crude can divert capacity from product routes [4] - Crude oil production is expected to increase by 2.7 million barrels per day this year, contributing to both inventory buildup and refined product transportation needs [5][6] Shareholder Returns - d'Amico has returned a total of $137 million in dividends and $17 million in buybacks since 2022, with plans for $65 million in dividends from 2024 results alone [7] - The company prefers dividends over buybacks to maintain stock liquidity, given that a controlling shareholder owns approximately 63% of the company [7] Fleet Strategy - The company is modernizing its fleet with a $235 million order for four new eco-friendly LR1 vessels set for delivery in 2027, while selectively selling older, less eco-friendly ships [8][11]