We maintain a BUY rating while we cut target price by ~8% due to our 2020-2024F recurring earnings declining by ~11% on average and a one-ppt increase in our cost of equity assumption, partly offset by a rollover of our target price to mid-2021. Our cut to earnings forecasts is mainly due to 1) revising down the crude freight rate for BSR by 10% in 2020, 2) lowering the day rate for FSO Dai Hung by 20% from 2020 and 3) expecting contributions of a new very large crude carrier (VLCC) from 2022