USA | Maritime Group Equity Research Tankers: Entering Second Phase of Market Upcycle Mid-size crude and product tankers enjoyed record earnings during 2022-2024, while VLCCs lagged due to OPEC+ cuts. With OPEC+ now reversing course, VLCCs are set to receive their due and stronger rates should cascade across all tanker segments. Companies are entering this next phase with their strongest balance sheets ever, having made good use of the past few years. We raise our estimates and targets across our coverage. ...