Starting the monthly thread early again.
- Bumped up stakes in both FLNG and FRO, so each is now over 20% of Shipping port. Had also bumped up stake in NAT, who announced Q1 results today (05/22). Monetized a NAT portion today. Happy to monetize more leading up to ex-div date. FLNG has already announced Q1 2023 results, which were somewhat disappointing. Yes, the company maintained the dividend, Yes, the first round of dry docking of vessels have started (two down, two more to go).
Investment premise: “safe” div of 75c/sh, plus a potential extra 25c for the Q3 div. But if they aren’t going to spend on a newbuild, why the whole cash build-up from the fleet optimization exercise?
FRO - plain and simple, the older share are mostly a bet on price recovery, Newer shares, medium term bet based on outlook,
Closed out most of the ZIM stake last week. After results were announced pre-market today, ZIM shares took a dive. Saved myself from a falling “container” One interesting item - it wasn’t the trans-Pacific route that bit them, It was other routes that resulted in their 10% dip in volume. Have to listen to the call, but what of the car carriers? That’s supposed to be a fairly hot niche.
Even after reporting decent numbers, TRMD selling off. Added to the position after earnings news, and will likely add more soon. I think these guys can likely deliver a 10-12% yield (First TRMD nibble should get there after the Q1 pay-out).