# HohumYNWA's shipping basket 2025 **URL:** \ **Category:** Hohum's RollerCoaster Ride\ **Created:** [January 9, 2025, 5:35am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110 "2025-01-09T05:35:23Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [January 9, 2025, 5:35am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/1 "2025-01-09T05:35:23Z")
As 2024 ended, I left the shipping basket on autopilot and let it do its thing. Whether that was a good idea or not, … well, that’s moot at this time. I just have to start working the port and plans going forward. As we start a new year, I think I may change things around a little. Instead of a new thread at the end of each month, I might just keep everything in one thread, and update the thread towards the end of a given month. That might make it easier to follow what going on with the shipping basket. So where am I with the basket right now? Well, the shipping basket flipped to red sometime in Oct 2024, and then progressively got redder. I think right before Christmas was the low point. It has recovered some, but overall still red. A lot of moving parts with the various purchase points and dividend payouts. I think I am okay with starting the year at -11%, and adjusting as losses and gains change the basket. Ugliest position on an unrealized loss basis (prior to div) is likely TRMD. Since I’ve started a clean-up in 2025, LPG on a realized basis. CLCO also got dumped to start 2025. That leaves FLNG TRMD INSW FRO BWLP LPG HAFN ZIM \< GOGL \< TEN-PfdE \< ECO \< ASC \< \< entries are each under 5% of shipping basket ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [January 14, 2025, 9:41pm UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/2 "2025-01-14T21:41:52Z")
Well, the basket has nudged ahead some. Enough to motivate action from me. The big shipping development has been with Dorian (LPG). Basically, a reset of the position. But additional developments have occurred. Last week, I added to INSW. And today, two additional moves - More ZIM in taxable ac (for a trade) - More TRMD (in Roth ac) ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [January 20, 2025, 5:12am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/3 "2025-01-20T05:12:10Z")
01/19 It had looked quite positive thru the first full week of January 2025. Then, along came week 2, and by the end of it, the shipping basket had pulled back some. Some names e.g. HAFN or ZIM, slipped back even lower than start of 2025 - Ugh! Still, the basket is making progress in being less negative. As noted in the OP, Cool Co (CLCO) has been dumped from the basket. Not watching it too closely. But, I will keep an eye on it until it approaches the 31st day after its exit. With the first newbuild not being fixed, that counted as two hurdles. 1. No revenue coming in 2. CLCO would be responsible for getting the vessel to operational state i.e. fuel, supplies, crew To avoid a wash sale, I can restart a CLCO stake around Feb 9th. Will I want to then? I don’t know. I do sense Q1 2025 will work out better for CLCO. The 2nd newbuild will have delivered and started its long-term charter with GAIL (India). Also, it is quite likely that, at least one, of its two available LNG tankers had secured employment since late Oct 2024. If nothing else, there would be a status. DHT has shared some data. Q1 rates for VLCCs in the low $30K’s. First thought, somewhat lower for the start of Q1. But, that was likely prior to the rate bounce on news of tighter sanctions this week on Russia. Will that stay, or will Trump decide to get chummy with Putin? No idea. ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [January 30, 2025, 11:30pm UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/4 "2025-01-30T23:30:20Z")
01/30 There’s still a day for January to officially end. But there’s a lot going on, so I thought I would update this thread. I mentioned in the OP that CLCO had been dropped. In January 2025, I have trimmed LPG so it now drops below a 5% level. Also, HAFN has had a slightly rough month and now has dropped below the 5% mark. I have not made any changes to the HAFN position. At this time, I will just say the shipping holding that are above 5% are FLNG, TRMD, INSW, BWLP, FRO ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [February 1, 2025, 1:22pm UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/5 "2025-02-01T13:22:02Z")
01/31 Ok, now the month Jan 2025 is officially over. Port improved a lot thru mid-Jan 2025, But, then took a dive again the third full week. However, there was some recovery the last full week (01/30 slightly better than 01/31). So here I am, at the end of first month of 2025, and port is now @ -7.43%. Have been picking and choosing spots to enter and exit some positions. But losses and gains, and most 2024 divs are included in the results. Other than FLNG, have made small adjustments on all significant shipping stakes. For 2025, I still see some opportunities in shipping. But some are really presuming short term bounces. ZIM is a good example. That one is a play on a multi-dollar div. ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [February 27, 2025, 2:48am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/6 "2025-02-27T02:48:55Z")
As Feb 2025 draws to a close, am increasingly getting bothered by the shipping basket decline. For those companies that have reported- LPG, ECO, FLNG, etc. some price decline was expected. But, the market seems to have stretched the negativity even further. As an example, take FLNG. Okay results, rev projections for 2025 similar to 2024, div maintained. Does that deserve a 15 - 18% whack? Rational side says no, but it is starting to gnaw at my stance. Slightly separate challenge for me, those cases where I own a shipping idea in both taxable, and tax advantaged accounts - FLNG, BWLP, TRMD, INSW. With two of them, I tried to negotiate thru the challenge with a plan. I focused on getting an idea to just one flavor. If I stretch the time-frame, I could say this occurred with CLCO. In Sep 2024, there was a complete CLCO exit in Roth ac. In early Jan 2025, decided CLCO exit was needed. For taxable ac, so far LPG has gone thru a systematic clean-up. No more LPG in Roth ac. High price LPG shared have been sold. For Roth ac, TRMD and INSW are the picks that I’m working a “cost basis reset”. Different size positions makes comparison tricky. But INSW reset seems to be working better than TRMD reset. Smaller position - ECO exit. ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [February 27, 2025, 3:21pm UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/7 "2025-02-27T15:21:10Z")
02/27 Busy reporting day for shipping companies - BWLP, HAFN, INSW & CLCO. As a quick metric check, divs for first three, CLCO - zero BWLP 42c/sh HAFN 2.5c/sh (most excess cash went to buyback) INSW 70c/sh total (12c reg + 58c special) ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [March 3, 2025, 1:22am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/8 "2025-03-03T01:22:32Z")
03/02 Shipping basket had a very rough Feb 2025. Tried a couple of actions to reduce the carnage, with a little bit of success. 1. Trim positions and buy a little lower - worked a little with TRMD. Then it didn’t. Slightly better with BWLP which bounced a little prior to earnings. INSW turning out like TRMD 2. Closed out stake - ECO, ASC The earnings story – Q4 2024 has generally been weaker for the tanker segment. The extreme case was CLCO - who decided zero dividend (CLCO had exited the port in Jan 2025, so no impact for me). FLNG maintained their payout. But FLNG price has taken a hit since results. ECO, ASC, INSW - all lower (With INSW being able to argue its total div is lower, but its regular div was maintained) Shipping basket YTD -21% ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [March 9, 2025, 9:31pm UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/9 "2025-03-09T21:31:12Z")
Finished a more detailed review of BWLP a couple of days ago– > [@BW LPG Q4 2024 results](https://discussion.fool.com/t/bw-lpg-q4-2024-results/113908/2): > > 03/07 Busy week dealing with work, market developments and tariff impacts. As noted in prior BWLP threads, BW LPG (BWLP) is a complicated entity. But, what I have learned in the last couple of BWLP presentations and earnings calls, don’t focus on the revenue. BWLP has two segments - trading and shipping. The trading side generates a lot of revenue, but has slim margins. In addition, trading income is recognized over several quarters. On the flip side, shipping generates lower revenue, but… An additional point. The 12 VLGCs from the Avance Gas transaction did not all arrive in the BWLP fleet at once. This gradual injection means the Q4 2024 numbers are not a proper reflection of revenue and earnings potential. A couple of events in Q1 2024 conspired to create a rate spike in a normally not-so-strong quarter. In Q1 2025, BWLP does have a larger owned + charter-in fleet than it did in Q1 2024. But, I suspect the rate delta will mean Q1 2025 will not match Q1 2024 revenue, even with additional vessels. ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [March 14, 2025, 4:11am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/10 "2025-03-14T04:11:46Z")
03/13 Closed out the HAFN position in taxable ac. Smaller Roth ac stake exited in Jan 2025. So HAFN has exited the shipping basket. Tried hard to look for the upside. But not seeing it. Market looks iffy, and faces additional pressure from the decisions of a tariff-focused dictator and wannabe monarch. ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [April 12, 2025, 8:34pm UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/11 "2025-04-12T20:34:07Z")
04/12 End of a rough bouncy week. Decided to start a reset on some names. What does that mean? Ideally, one would be buy low, sell high. Then wait. Hopefully, repeat. With shipping that’s slightly harder. FLNG had that aspect. Until it didn’t. No, that’s not quite accurate. A portion of FLNG still had that aspect. The oldest portion of FLNG were purchased when the shares traded in the single digits. Even the second oldest FLNG shares were still holding onto gains. It started with the shares accumulated after this that represented a challenge. With the additional FLNG shares accumulated, too much burden placed on the cheaper shares. Averaging down had to stop. There were additional factors. 1. The gap year for one FLNG vessel. This adds to an existing vessel that is trading spot. Two vessels trading spot in a weaker market is a challenge. 2. The tariff fiasco. Who knows how that will play out? 3. FLNG CEO Kalleklev leaving. Again, the uncertainty factor. The taxable side of FLNG needs a clean-up. After the 31-day window, I will focus on the Roth ac side. With the whack due to market reaction to the tariffs, should I also be looking at other names? A good candidate there would be STNG. They probably de-risk the Chinese-built fleet aspect better than most. TRMD going thru a reset. Unlike FLNG, less of a wash concern. The Roth ac trimming of TRMD already occurred, so now I can focus on taxable ac side. ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [April 17, 2025, 2:46am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/12 "2025-04-17T02:46:18Z")
Basket has a new addition - nibbled on Scorpio Tankers (STNG). Owned the name in the last year (Purchased in late 2023, exited in mid 2024). Decent cap gain + a couple of dividend payments. New shares acquired for less-than-half the exit price. Sure, it is a different market environment. But, STNG has also made some positive developments - paid down debt, repurchased shares, and has a generally modern fleet. Another small bite of Dorian LPG (LPG) Restarting TRMD was tempting recently. But, I thought a little harder about it, and decided, “I can wait”. New shares acquired for less-than-half the exit price. Sure, it is a different market environment. But, STNG has also made some positive developments - paid down debt, repurchased shares, and has a newish fleet. ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [April 26, 2025, 7:58pm UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/13 "2025-04-26T19:58:20Z")
Two recent purchases of BWLP have increased the position by 25%. Shares had a very good price bump this week. This comes on the heels of last week’s Trump administration decision on port call fees - six month delay in implementation of the fees. BWLP shares still very under-water. But this can be a different approach to a position reset. Might look for additional opportunities to add to BWLP next week. ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [May 17, 2025, 7:16pm UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/14 "2025-05-17T19:16:49Z")
05/16 The first full week in May had several names reporting. This past week a few more shared their results. General thoughts - Tanker companies reporting suggest market is weaker than Q1 2024. - Company management have been cautious on the impact of tariffs. The final decision has already been shifted out to Oct 2025, - Very few shipping companies are hiking their Q1 div. So GSL who did hike their payout \> 10% certainly stands out. Summary of basket FLNG 32.10% BWLP 20.30% ZIM 14.11% INSW 13.59% TRMD \< TEN-PE \< STNG \< GOGL \< FRO 1.17% Four names account for 80% of the basket and do the heavy lift ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [May 26, 2025, 9:55am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/15 "2025-05-26T09:55:31Z")
Per 05/25 - In taxable ac, the TRMD position was closed in early Apr 2025. The rebuild started in the 2nd week of May 2025. Did it work as planned? Nope. However, if I’m looking for a silver lining, no wash transaction, no disallowed losses. - Another shipping idea got added to the basket - NAT. If someone had asked me 12 - 18 months ago, what are the prospects for NAT? My general sense was NAT would struggle. What I failed to predict was older Suezmax vessels would hold their value. And that would allow NAT to rejuvenate their fleet. Thus far in 2025, NAT has sold a pair of vessels, each over 20-yo, and replaced with similar type vessels. But the fleet additions are only 9-yo. - Over the last 7 weeks, have been increasing my BWLP stake. A new tariff tantrum could bring about a BWLP price retreat. Or, BWLP could surprise when they eventually announce Q2 results. ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [June 2, 2025, 2:31am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/16 "2025-06-02T02:31:54Z")
Well, May 2025 is done. Most shipping names have released their results. I guess I would count GSL’s 2nd recent hike as a surprise. Conventional tanker names have generally cooled off vs Q1 2024. LNG & LPG tanker names are also weaker than last year. Dry bulk, overall, weaker. But some companies (SBLK) did better with their Cape vessel strategy. The port? Started nibbling on NAT FLNG 33.71% BWLP 20.31% INSW 14.84% TRMD 10.18% ZIM \ **Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [June 5, 2025, 2:05am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/17 "2025-06-05T02:05:36Z") I am aware that NAT has some vessels on TC. The exact number - was not sure how many, until I went digging. Thought it would take me awhile, but quick browsing gave me the answer (Slide 12 in the Annual Report) - Both 2022-builds on 6-year charters started upon delivery - One vessel 5-year charter started in late 2024 - One vessel on TC expiring in Nov 2026 - Two vessels on TC expiring during 2025 > **[NORDIC-AMERICAN-TANKERS-Ltd-20F-2024.pdf](https://www.nat.bm/wp-content/uploads/2025/04/NORDIC-AMERICAN-TANKERS-Ltd-20F-2024.pdf)** > > 798.02 KB – Hafnia Tankers (HAFN) announced a shelf registration. Can’t read too much into the event. Standard process if a company wants to have some flexibility. [https://seekingalpha.com/news/4453651-hafnia-files-shelf-registration-for-mixed-securities-offering](https://seekingalpha.com/news/4453651-hafnia-files-shelf-registration-for-mixed-securities-offering) ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [July 2, 2025, 6:19am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/18 "2025-07-02T06:19:20Z")
07/01 The first half of 2025 has wrapped up. Worthwhile adding a couple of comments at this time. Shipping basket started looking better in May 2025 and early June 2025, and then seemed to reverse course the last 10 days of June. Not good from my perspective, as I had started rebuilding FRO stake in Roth ac, and added to INSW and BWLP. The latter has become my second largest shipping position. What did Q1 2025 results seem to suggest? Well, my take. Dry bulk - somewhat weak overall. LNG - weaker spot market than last year. Conventional tankers - in general, weaker than Q1 2024. But, Q2 2025 appears to be looking better. Will have to see how the tail end of Q2 played out, but my guess Q2 2025 will be better than Q1 2025. Ranking of shipping ideas 1. FLNG 29.97% 2. BWLP 3. INSW 4. TRMD \< 10% 5. ZIM 6. FRO 7. NAT 8. TEN-PfE 9. STNG 10. GOGL 1.55% Overall, it might be a weaker year for yield. [Edit: With the various resets and restarts, the shipping basket is now at a lower percentage - about 11% at the half-way mark of 2025] ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [July 12, 2025, 5:41am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/19 "2025-07-12T05:41:46Z")
07/11 Got my free Slurpee today and later notice something unusual - two, possibly three, shipping names flipped to the positive (on a capital gain basis). That means a majority of my shipping names are positive on a capital gain basis. The “iffy” one is INSW. But, the two definite names are BWLP and FRO. Even excluding INSW, 6 names are positive Just checked - INSW is still red on a Cap gains basis. Like FLNG or ZIM, need to include the dividend to make the holding green. Still, I like that BWLP flipped to the positive ---
**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\ **Post date:** [August 7, 2025, 1:28am UTC](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110/20 "2025-08-07T01:28:49Z")
Busy weekend - forgot to record my shipping basket total - will have to work back to end of month, and calculate the numbers. Slow, but steady, rise in price for many shipping names (FLNG, TRMD, BWLP, FRO, NAT, etc) - enough to flip the existing port green on cap gains basis. My top two shipping holdings - FLNG, BWLP are both positive. A few names (TNK, CCEC) have reported so far. But, I think the pace will pick up as August progresses. DHT reported today (08/06), and I just noticed that INSW has also reported (have not parsed thru their numbers yet). Others shipping names will likely follow. [Next page](https://discussion.fool.com/t/hohumynwas-shipping-basket-2025/112110.md?page=2)