HohmYNWA's shipping basket June 2024

Investment Analysis Clubs Hohum's RollerCoaster Ride
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As the calendar nears the half way point, some thoughts.
In hindsight, as I closed out the month of May, the basket was peaking. In terms of unrealized Cap gains, the basket was up almost 29% Then, the first two weeks of June struck. The gains suddenly evaporated - more than half went Poof. This week is a little better. The gains have been increasing again. Also, during the time, some names went negative. CLCO was an obvious one. BWLP was initially a single purchase. I have since added to the stake. It has been bobbing, positive, negative, positive, and now, negative. HAFN also had a steep drop. But that name is now positive.

As far as the shipping sub-sectors, LNG shipping generally slows down, Also, crude and clean products - usually weaker. But, not the weakest Q This year, clean products, much stronger (due to the round-the-Cape trips). For dry bulk, Q3 is typically the strongest. If the build-up starts earlier, Q2 can be stronger than normal. LPG is a new sub-sector for me. As I understand it, the second half of the year is usually stronger. But, Q1 overall was stronger after a nasty late Jan dip. Q2 has been weaker.

.Have added to FRO. And to TRMD

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In late May, gains were taken primarily in CLCO. Also, reduced the LPG stake in Roth ac. In early June, monetized a portion of LPG in taxable ac. Both were timely events. Shares had started pulling back, and shortly afterwards, Dorian LPG announced a smallish secondary offering of 2M shares. Shares fell a little more. To close out the month, I repurchased LPG shares.

However, the bigger shipping addition this month has been LPG peer/rival, BW LPG (BWLP). Three nibbles so far, in a shipping company somewhat larger than LPG, with lower leverage. BWLP also has more liquidity than LPG.
Shipping subsectors are generally doing well, so I also restarted a position in BDRY - a dry bulk shipping index.

As June 2024 ends, the make-up of the shipping basket is
FLNG 28.09%
FRO 18.77%
TRMD 12.32%
CLCO 9.95%
INSW 8.80%
LPG 8.78%

GOGL 3.53%
BWLP 3.25% [Edit: correction on ticker symbol]

Smaller stakes in BDRY, HAFN, STNG, TNP-prE, ECO

As noted in the OP, had great gains through the end of May 2024. The basket tumbled the first half of June. However, some of the names e.g. TRMD, FLNG & FRO have recovered a little. The net unrealized gains from the basket is greater than SPY or VOO. I am excluding the realized gains (net positive) and/or dividends paid the first half of the year.

As a newly US-listed entity, BW LPG, is an interesting name. Keeping an eye on the developments of the trading side of the company, and also on how they manage their charter-in fleet. A payout linked to debt levels is also helpful.