12/31
Close out 2025 with a shipping basket of 9 names. Ranked by size
- BWLP 29.86%
- FLNG 25.90%
- INSW 16.60%
- TRMD 15.74%
- FRO 5.55%
- HAFN
- NAT
- CMBT
- SFL 1.16%
I heard on the radio, too much oil being produced worldwide. That might explain the older tonnage being sold instances. If vessels are used for temp storage i.e. contango situation, the vessel is typically modern (under 15 years). This is due to contango nuances - vessel could be called on to make prompt delivery, no predefined location, on short notice. NAT’s two recent vessel sales are probably a good case of fewer opportunities - as a sailing option. Vessel were both unencumbered for most of 2025. Medium term, those vessels might fill a storage need. Just not a contango storage need. Also, heard some positive developments in the dry bulk segment. While that might be the case, my own involvement in the sector is via a small stake in CMBT. At a lower price point, SBLK, might have potential as an addition.
Unlike 2024, I don’t have a lot of depressed shipping positions to close out 2025. Only TRMD & HAFN are red to end the year. FWIW, HAFN has a stake in TRMD (about 15%). Will see whether the situation changes in 2026.