BTIG’s Greg Lewis has upgraded International Seaways to a buy rating, believing the VLCC recovery is in full effect.

The analyst gave the New York-listed tanker giant a $30 price target as oil production ramps up and demand firms.

He said that while there is still time before the market hits its seasonally-strong winter period, the $400 to $500 per tonne spread between high-sulphur low-sulphur fuel oil suggests International Seaways’ scrubber-fitted VLCC fleet could earn as much as $40,000 per day.