I noticed last week that I never posted a Feb 2024 Shipping basket update. Although there were a bunch of transactions, I will just say there were multiple additional purchases of LPG, CLCO & FLNG.
In March, so far, the significant item has been a new idea in the basket - Okeanis Eco Tankers (ECO). Well, that item and more LPG purchases. ECO is a tanker company focused on VLCC and Suezmax tankers. In that regard, their closest peer (for now) would probably be Euronav (EURN). The latter is in the process of morphing into a lower carbon-emitting entity and also having a broader tanker focus (LPG and chemical tankers added to the mix)
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03/29
Well, the week and month have wrapped up. A few more events that affected the basket since the OP.
- TNP-PRE trading above par, so I trimmed the position.
- Taxable ac: Slashed the GSL stake 50%
- More CLCO in Roth ac
Top positions
FLNG
FRO
CLCO
Basket has been positive (excluding dividends) since Jan 2023. The end-of-month gains have been 6% - 24%. This month, ended about 11% FLNG has now slipped to cap gains -ve, but positive overall (i.e. including divs). Ideas with upside - would lean towards the tanker names. Most shipping companies are less leveraged today than in prior years. Although the individual companies have not come out and said so specifically, I suspect the IMO standards on emissions are having a bigger impact than the companies originally thought e.g. GNK has been dumping their older Capes. HSHP on my watchlist