As another month draws to a close, three major developments this month
Implementing the TRMD trim after ex-div. - did I get carried away a little? Instead of slashing the position by 1/3, I have sold 2/3 of my TRMD stake
SBLK clean-out. Wasn’t planned. But I closed out my SBLK position in the DRIP basket the day before company announced a deal with Oaktree Capital, to buy back shares at a fixed price. Post deal announcement, closed out most of the SBLK stake in Roth ac
FRO trimmed after ex-div. This one was more coordinated. Happy with the FRO stake. Need to think about selling puts on FRO.
Ok, the month has come to an end.
As noted in the OP, extensive trimming in two ideas - SBLK and TRMD means the shipping basket is the lowest it has been:
on a cost basis - since 04/30/2023
on a value basis - since 05/31/2023
Overall, basket is still very positive
Top holdings
FLNG 29.11%
FRO 23.41%
CLCO 13.04%
NMM 8.66%
TRMD 6.56%
GOGL 4.79%
remaining ideas - GSL, TNP-E, BDRY, SB, SFL, DSX, SBLK make up the remaining 14.43&
Only two shipping positions negative - BDRY (very negative), DSX (slightly)
09/30 - 10/01
SBLK had a new presentation at the tail end of the week. It added more context to my two SBLK moves of the last 10 days
Decision to sell my SBLK stake in taxable ac prior to Oaktree Capital event
Decision to sell most of my SBLK stake in Roth ac after Oaktree Capital event
I have to say there was some angst after SBLK share price crossed $19 earlier in the week. But after I digested the presentation and thought about it some more, both moves were right with the data I had at the time. The Oaktree Capital plan to sell shares back to SBLK were an event within a larger window - a slower-than-normal Q3 for dry bulk shipping. The analysis is on the “Value Hounds” board –
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As I mull things shipping related – why did EURN take a 6% haircut on 09/29 on above-average volume? (It is in Sept, but it wasn’t Triple Witching either)