As Sept is end-of-month & end-of-quarter, seems like the next few days will be busier than normal. That being the case, helps to start this thread.
Primary activity has been sprucing up - particularly on the Roth ac side.
What does that mean?
- Well, with FRO, there’s old FRO shares (acquired in 2023) and new FRO shares (acquired in 2024) - Out with the New! Yes, New are the higher priced shares.
- CLCO has completely exited the Roth ac. Timing was involved, but it quickly played to my advantage.
- FLNG is a little like FRO - two flavors. Again, dump the new.
The other significant change has been HAFN. Sept has resulted in a true double-down of the position. As noted elsewhere, HAFN has redomiciled to Singapore. Not sure about the tax implications. But the impact would likely show on the next quarterly div, if there’s withholding involved.
Finally, additional nibbles in BWLP & LPG (both ideas in niche tanker sector are currently red)
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The last hour of Sept trading done - the quarter is over.
Shipping basket (size) probably peaked in July. Gains have disappeared, and size has decreased.
Holdings
FLNG 26.16%
FRO 15.03%
TRMD 12.68%
BWLP 10.93%
LPG 9.58%
INSW 9.39%
CLCO 6.09%
HAFN 5.03%
The rest of the basket is ECO, TNP-PreE & GOGL.
It might not be obvious in the %'s, but there have been trimmings in FLNG, CLCO, FRO, and additions in HAFN, LPG and BWLP.
Though the gains have decreased, a majority of the ideas are still positive (though some require the dividends be included). The only net red ideas are LPG & BWLP.
Next?
LNG shipping rates tend to pick up in Q3, and are usually stronger in Q4. Dry bulk usually has a strong Q3. China did announce a stimulus package recently. But, tomorrow is the beginning of Golden Week in China. Q3 is usually a seasonally weaker time for conventional tankers (clean & dirty). So I have somewhat neutral expectations for ideas that focus on either of those segments individually, or together. OPEC+ is supposed to increase production by about 2M bbls daily, so that should tighten the tanker market some. The second half of the year is supposed to by stronger for the LPG shipping sector. This was not evident in Q3 2024, but the forward market (based on FFA) suggested a stronger Q4 2024.
If the dockworkers don’t get a new deal, East & Gulf Coast dockworkers go on strike starting after midnight today. I think the most affected segment will be the container shipping segment