HohumYNWA's shipping basket May 2024

Investment Analysis Clubs Hohum's RollerCoaster Ride
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Month of May is winding down.

  • Token GSL stake was closed out in early May. In hindsight, closing GSL in April-May 2024 was a significant blunder. Then again, who could have predicted a 30 - 40% run-up in 7 weeks?
  • New shipping ideas now trading on US exchanges: HAFN, BWLP.
  • After quick ROM on HAFN value, nibbled on the clean tanker entity. HAFN announced q1 2024 results last week The slide-deck was helpful in building a model. But, I still want to see their actual fleet list with vessel build year.
  • No BWLP yet. Stock ran out the gate upon US listing - up ~30% over the past month. Prior earnings slide deck is useful. But entity seems more complicated than peer Dorian (LPG)
  • Shipping ideas that reported this week: LPG, CLCO & GOGL
  • Trimmed CLCO on bounce. Why? Taxable ac shares were LT and trading positive again after being underwater most of 2024.
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05/31
The month is complete. The shipping basket has had a good month and I even opted to monetize stakes in a few names
As % of shipping basket

  1. FLNG 30.49%
  2. FRO 19.01%
  3. CLCO 11.45%
  4. TRMD 11.41%
  5. LPG 10.79%
  6. INSW 8.55%
    Holdings less than 5% include GOGL, STNG, TNP-PrefE, HAFN, ECO

Though I don’t have a position yet, I was left really impressed with BWLP after listening to their earnings call yesterday. Q2 results might be slightly weaker. But that is consistent with LPG shipping seasonality. Will watch and wait for a good opportunity.

CLCO monetized gains ~22% LT; Roth ac ST & LT gains
LPG monetized Roth ac gains > 36% (purchased mid Jan)
Shipping basket is sitting pretty with unrealized gains. Q1 dividend flows have just started. Dorian on a slightly different cycle made their payout last week.