Oil and Gas Marine Transportation Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

ENERGY › ENERGY › OIL AND GAS MARINE TRANSPORTATION

Owners Buy Ships and Shares While the Equities Give Ground

This update covers the two-week period of September 14–28, 2026: what moved, what companies announced, and what changed in the transaction record.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Oil and Gas Marine Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   ENERGY › ENERGY › OIL AND GAS MARINE TRANSPORTATION

   Cover slide introducing the bi-weekly Oil and Gas Marine Transportation industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Oil and Gas Marine Transportation, covering September 14–28, 2026. Over the next pages we walk through what moved, who moved and most likely why, what transacted, and what it means for owners, acquirers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › OIL AND GAS MARINE TRANSPORTATION Owners Buy Ships and Shares While the Equities Give Ground This update covers the two-week period of September 14–28, 2026: what moved, what companies announced, and what changed in the transaction record. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Oil and Gas Marine Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Asset Buying Continued Through a Broad Pullback in the Shares

   Summarizes the two-week period: a broad share pullback alongside continued asset buying.

   23 of 24 covered names fell over the period, with a -3.4% median move against a +1.6% gain for the S&P 500, so the equities gave ground even as the underlying trade stayed active. Two vessel transactions extended a trailing record now at 40 deals with a 5.9x EV/EBITDA median, showing buyers kept paying for hulls and peer shares rather than whole companies. DHT Holdings fixed a VLCC on a three-year charter at $100,000 per day, putting a hard number on charter cover at the top of the market. Together these threads argue the pullback in shares has not slowed the pace of capital deployment into assets.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Asset Buying Continued Through a Broad Pullback in the Shares The two-week period in one page · 24 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Oil and Gas Marine Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 23 of 24 Covered Names Fell; The Median Move Was -3.4% The S&P 500 returned +1.6% over the same two-week period. Nordic American Tankers Limited (NAT) was the only name higher, at +1.2%. 2 Buyers Went for Hulls and Peer Shares, Not Whole Companies Two vessel transactions sit in the window, and the trailing record runs to 40 transactions at a median of 5.9x EV/EBITDA. Hafnia Limited (HAFN) agreed to buy TORM plc (TRMD) shares twice, and Toro Corp. (TORO) announced the acquisition and delivery of two tankers. 3 Period Cover Printed at the Top of the VLCC Market DHT Holdings, Inc. (DHT) fixed the VLCC DHT Panther on a three-year time charter at $100,000 per day, putting a visible number on charter coverage against daily cash breakeven. 4 The Standing Split Between Platforms and Tonnage Providers Held Premium-tier and Discount-tier movers both fell in the window, so nothing here challenges the study's lens of a 7.8x EV/EBITDA sector median with a 16.8x Premium tier and a 3.0x Discount tier. +1.2% Best mover — Nordic American Tankers Limited (NAT) worst: TORO -18.5% · 1 up / 23 down of 24 covered -3.4% Sector median two-week return vs S&P 500 +1.6% 2 Transactions announced in the two-week period terms not fully disclosed 2 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Spot Strength Held One Name up While the Rest of the Set Was Marked Down

   Shows which covered names rose or fell over the two-week window against the S&P 500 and a sector materiality bar.

   Nordic American Tankers was the only name to hold a gain in the window, up +1.2%, while the sector median move came in at -3.4% against a +1.6% return for the S&P 500. We set the materiality bar at ±5.1% on a sector-relative basis so readers can separate genuine outliers from routine drift. Most of the set moved inside that band, which tells us the pullback was broad rather than driven by one or two large single-name moves. That breadth is the signal worth carrying into the next page on catalysts.

   Everything on this page

   PUBLIC MARKET MOVERS Spot Strength Held One Name up While the Rest of the Set Was Marked Down Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.4% · S&P 500 +1.6% · materiality bar ±5.1% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Oil and Gas Marine Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.4% Toro Corp. (TORO) -18.5% No notable in-window news was identified that clearly explains the move. At -18.5%, the decline ran well beyond the -3.4% median for the set. A Premium-tier rating offers little cushion when the whole set is being marked down. UNEXPLAINED Imperial Petroleum Inc. (IMPP) -14.8% No notable in-window news was identified that clearly explains the move. At -14.8%, the fall was deeper than the -3.4% median for the set. The widest moves in this window clustered in Discount-tier names without fresh company news. UNEXPLAINED Tsakos Energy Navigation Limited (TEN) -6.8% Two ownership items landed in the window: a report that an institutional holder cut its position by 58.1%, and a report of a CFO share sale on September 18. The reaction was consistent with those, not with an operating change. In a thinly traded set, holder turnover can move a share price with nothing changing at the vessel level. COMPANY-SPECIFIC Nordic American Tankers Limited (NAT) +1.2% The move appears consistent with the company's own letters to shareholders on September 15 and September 23, which described extraordinary recent spot fixtures and said market conditions for its vessels remain exceptionally solid. Direct spot messaging can hold a Premium-tier name flat while the wider set sells off. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Charter Cover, Share Blocks and Fresh Equity: Owners Put Capital to Work

   Lists the two-week period's highest-impact company announcements, from charter fixtures to share purchases and equity raises.

   The period's highest-impact events center on charter cover, share blocks and fresh equity, with each item linked back to its filing or article. DHT Holdings fixed the VLCC DHT Panther on a three-year time charter at $100,000 per day, giving owners a visible benchmark against daily cash breakeven. Hafnia Limited's moves to build its TORM plc stake sit alongside Toro Corp.'s tanker deliveries as the clearest markers of capital being put to work. We read these as owners acting on conviction in asset value even as the shares around them were marked down.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Charter Cover, Share Blocks and Fresh Equity: Owners Put Capital to Work The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Oil and Gas Marine Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · Business Wire Hafnia Limited agreed to buy a further block of TORM plc shares later in the window A second purchase inside the same two-week period turns a single trade into a pattern. A NeuraCap read is that Hafnia is building a position with intent rather than filling a gap. Watch register changes among listed peers as the leading indicator of segment consolidation. Sep 23 · NEWS · Business Wire Hafnia Limited held an extraordinary general meeting and published the outcome The meeting sits in a window where the company also bought peer shares and priced a placement. A NeuraCap read is that the governance steps are keeping pace with the capital moves. Shareholder approval mechanics set the speed limit on how fast a listed owner can act. Sep 16 · NEWS · Business Wire Hafnia Limited agreed to acquire an additional block of A shares in TORM plc Corporate combinations in this sector are episodic, and this is the more common route: a listed owner taking exposure to a peer's fleet through that peer's paper. Consolidation in the product segment is showing up in share blocks rather than agreed mergers. Sep 14 · NEWS · GlobeNewsWire DHT Holdings, Inc. fixed the VLCC DHT Panther on a three-year time charter at $100,000 per day A three-year fixture at $100,000 per day puts a hard number on period cover at the top of the VLCC market. It adds contracted backlog against a known daily cash breakeven. Owners weighing spot versus period now have a fresh, public benchmark for three-year cover. Sep 24 · NEWS · Business Wire Hafnia Limited completed and priced a placement of ordinary shares Fresh equity landed in the same window as the TORM purchases. The available evidence suggests the equity market was open to a Core-tier owner with a stated use for the money. Access to equity, alongside ship finance and leasing, remains part of who can act at speed. Sep 24 · NEWS · GlobeNewsWire A news item carried under Frontline Plc's ticker does not describe a company development The item tagged to Frontline Plc in this window covers an unrelated subject, so NeuraCap has set it aside rather than read anything into it. Ticker-tagged feeds need checking before a headline is read into a share move.

5. 05
   M&A & STRATEGIC ACTIVITY

   Hafnia Builds Its TORM Stake While Toro Takes Delivery of Two Tankers

   Details the two vessel transactions announced in the window: Hafnia's TORM stake and Toro Corp.'s tanker deliveries.

   Two transactions define the two-week period: Hafnia Limited agreed to buy TORM plc shares twice, and Toro Corp. announced the acquisition and delivery of two tankers. These sit inside a trailing record that now runs to 40 transactions at a median of 5.9x EV/EBITDA, so the multiple context has not shifted with the new deals. Both deals point toward buyers taking corporate exposure through paper and hulls rather than whole-company combinations. That pattern is consistent with the standing split between shipping platforms and tonnage providers we track across the sector.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Hafnia Builds Its TORM Stake While Toro Takes Delivery of Two Tankers 2 transactions announced · September 14–28, 2026 · figures link to the filing Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Oil and Gas Marine Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 23 n/a Undisclosed buyer M/T Wonder Mimosa changed hands, with the buyer undisclosed EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A completed single-vessel sale to an Undisclosed buyer. The record shows the liquid, continuous market in this sector remains ships rather than corporate equity. HOW THE TARGET WAS VALUED No enterprise value was disclosed, so this transaction attaches no multiple. The trailing record of 40 transactions carries a median of 5.9x EV/EBITDA. Sep 18 n/a Toro Corp. Toro Corp. agreed to acquire the M/T Wonder Alasia EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A single hull added to the fleet, consistent with trading tonnage through the cycle rather than pursuing corporate consolidation. HOW THE TARGET WAS VALUED Terms were not disclosed in the record. For reference, the trailing 40 transactions show a median of 5.9x EV/EBITDA against the study's 7.8x sector median on CY2025A earnings.

6. 06
   WHAT IT MEANS

   Reading a Down Two-Week Window with Active Asset Buyers

   Interprets the two-week window for owners, acquirers and advisors, translating the data into observations rather than recommendations.

   For owners and operators, the charter coverage and cash breakeven story did the talking, anchored by a three-year VLCC fixture at $100,000 per day and Nordic American Tankers' spot commentary. For acquirers, the record still prices hulls while corporate exposure is being taken in paper, with two vessel transactions joining a 40-deal trailing record at a 5.9x EV/EBITDA median and Hafnia's repeated TORM share purchases alongside Toro Corp.'s deliveries. For advisors, the standing split between contracted platforms and spot-exposed tonnage providers held through the window and remains the framing worth leading with. None of this is investment advice; it is our read of the recorded evidence.

   Everything on this page

   WHAT IT MEANS Reading a Down Two-Week Window with Active Asset Buyers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Oil and Gas Marine Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2025A) median 7.8x 22 companies in the study 3 valuation tiers Standing thesis: Oil and Gas Marine Transportation Splits Between Shipping Platforms and Tonnage Providers FOR OWNERS & OPERATORS Charter Coverage and Cash Breakeven Did the Talking Companies in the space traded lower while the operating signals stayed specific: a three-year VLCC fixture at $100,000 per day and a direct spot message from Nordic American Tankers Limited (NAT). FOR ACQUIRERS The Record Still Prices Hulls, with Corporate Exposure Taken in Paper Two vessel transactions sit in the period and the trailing record now runs to 40 transactions at a median of 5.9x EV/EBITDA. Hafnia Limited (HAFN) bought TORM plc (TRMD) shares twice and Toro Corp. (TORO) announced two tanker deliveries. FOR ADVISORS Lead with the Split Between Contracted and Spot Exposure The standing thesis that this sector splits between shipping platforms and tonnage providers held through the window.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update and states the report's limitations.

   Every figure in this update links back to the filing, press release or market data point it was taken from, so readers can verify each claim at the source. We draw on SEC filings, company press releases and established outlets in that fixed order of reliability, and we do not use video or social platforms as sources. Driver attributions use calibrated language throughout, distinguishing what the record shows from what we read into it. This page is where to check any number before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Oil and Gas Marine Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T073835Z_312_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · globenewswire.com · sec.gov

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