We maintain our BUY rating for PVT while trimming our target price by ~1%. While we raise 2020F recurring earnings by ~6% and defer half of the investments previously assumed for 2020F to 2021/22F, we also lower 2021-2024F recurring earnings by ~10% on average. Our cut to 2021-2024F earnings is due to 1) less profit contribution from new tankers given the slow fleet expansion progress in 2020-2021F and 2) as we expect PVT will not transport the imported crude for BSR and instead send crude