HoHumYNWA's shipping basket

Per 9/30/22, the Shipping basket –

Val Inv Cap
TNP-E 2.87 1.85
NMM 12.95 6.93
GOGL 16.46 16.33
ZIM 13.37 23.79
SBLK 15.83 15.88
GNK 8.27 10.22
FLNG 15.82 7.69
GSL 6.76 6.67
BDRY 6.24 9.77
GRIN 1.42 0.87

All the ideas, including the BDRY index with a token 1c/qtr, pay a dividend


Per 9/30/22 -
Four ideas - TNP-E, NMM, FLNG, GRIN (positive excluding div)
One idea - GOGL (positive with div)

On 10/5/22-
SBLK turned positive (if div are included)

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$BDI weekly and monthly charts

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Q3 has traditionally been the BDI’s strongest Q in the cycle. This year, that will likely not be the case. As I was putting together my Q3 summary, there was a tinge of regret regarding SBLK. As a major holding, it was the only shipping one in which I did not realize major capital gains. GOGL, ZIM, FLNG - all have wonderful gains in 2022. That said, I don’t think the SBLK story is done - lots of upside with a fleet of over 115 scrubber-fitted vessels. GNK, with its very low leverage, is also appealing

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Third shipping nibble in Q4 - more GSL.
Following GNK and SBLK additions last week

Multiple shipping broker sources report recent 2nd hand container vessel sales (using Seasure here)

Given the collapse of the container shipping spot market on one major aggregate route (Asia-to-US-West-Coast), I am a little puzzled why a liner company would still pay a premium on 2nd hand tonnage over 12-years old? The newbuild orderbook is weighted towards the larger CV sizes. So, in particular, why pay $85M for the “Northern Jasper”? Then again, the liner company involved in all three transactions is #1 liner company - MSC. With all their existing routes, perhaps MSC, has a specific need for each vessel?

Follow-up article I posted on “Value Hounds” board–

If I see a few more container vessel sales the next few weeks, I might try and update GSL numbers again

10/17 - Pondered on GOGL
10/18 - Trimmed GOGL on the bounce
Even though Q3 BDI did not play out as in a normal cycle, GOGL should have decent results. At least, that’s what the Q2 “look ahead” suggested with Q3 to-date averages. Having realized a bunch of LT losses elsewhere recently, it seemed okay to realize some gains and plan a re-group of the GOGL thesis.