HoHumYNWA's Shipping basket Jul 2023

As Jul 2023 comes to an end, the primary events

  1. Several nibbles in TRMD - increasing position by 50%
  2. Monetizing NAT
  3. Attempt to lower coast basis in FRO via additions (lower priced shares) and subtraction (this week on price bounce past $16, opted to trim higher priced shares)

On #2 - while NAT could maintain a 15c/sh div for Q2, I think the company would be spreading themselves thin if they do so. Lots of if’s, including quite a few older Suezmax tankers. A few other owners (EURN, FRO) have been trimming their older tonnage - in FRO’s case, their older tonnage is still classified as modern (LT 15 yo)

Strategy with TRMD? Similar idea to FRO - buying replacement shares now, and will trim higher price shares on a reasonable bounce. On the debt side, TRMD is less leveraged than FRO


Now the month is officially over.
Generally, though most shipping names have not released their Q2 2023 results yet, tanker and container shipping names have had a good month. Good enough for the shipping to swing into the black AND offset realized shipping losses YTD. Will take that and plot my strategy through Q2 earnings.

Shipping is now a decent 20.5% of self-managed basket.
The larger holdings

  1. FRO 22.69%
  2. FLNG 18.44%
  3. TRMD 13.18%
  4. SBLK 10.34%
  5. CLCO 9.59%
  6. NMM 6.59%
  7. GOGL 5.09%

and eight dinkier stakes (ZIM, TNP-E, NAT, INSW, SFL, BDRY, GSL, SB)