We raise our target price by 37% as 1) we increase 2021-2025F earnings by ~14% on average, 2) factor in a higher-than-expected ending cash balance at end-Q4 2020 and 3) expect PVT could acquire tankers at cheaper prices than previously forecast. However, we downgrade our rating from OUTPERFORM to MARKET PERFORM as PVT’s share price has risen ~40% over the past three months.