HoHumYNWA's Shipping basket Aug 2023

As the month draws to a close, some thoughts.

  • Some medium term planning for TRMD. Two more nibbles during the month, including one after results.
  • As part of the TRMD planning, prepared to sell some of the earlier higher-priced TRMD shares.
  • After building up FRO position over several month, started hedging my FRO bet by closing out higher cost shares.
  • FRO announced results on 08/24. Results above-average, and a nice payout. But spot averages suggest rev and net income take a hit in Q3. Also, FRO have a lot of vessels going offline in H2 2023 (4 Suezmax in Q3 is not a bad thing)
  • “Normal” result from FLNG. Still worth a nibble.
  • Small gain with SB. Restarted position about 6% lower
  • Exited NAT. Nice gain, Q2 results on 08/28

The month comes to a close. Had forgotten I bumped up FLNG after results which meant FLNG overtook FRO the last week as top shipping holding. Month stacks up as

  1. FLNG 20.32%
  2. FRO 19.81%
  3. TRMD 16.31%
  4. CLCO 10.74%
  5. SBLK 9.25%
  6. NMM 6.79%
  7. GOGL 5.26%
    Top 7 is 88.48 and the remaining is spread across 6 names

Harvested nice gains on INSW & NAT.
Similar harvest plans for FRO and TRMD, each with a slight caveat. With larger positions, the harvest plan on these two was mainly to reduce cost basis. FRO shares reached target, TRMD did not quite meet target price by ex-div. Spot avg reported to-date for Q3 suggest dividend adjusts lower in Q3, so the plan to trim is still on. Silly mind games perhaps. But SB did not seem to behaving right, so I harvested a small gain. Then, 10 days later jumped back in. Missed the dividend, but still a larger gain with the trade. I am now thinking that SB could be another trading fish candidate (like NAT)