Marhelm

And 2025 is a wrap! Here were our 2025 picks Not pictured is Seabird Exploration, which was acquired mid year up > 50% (good for 100% TWR) Average pick returned ~50% for 2025, with 4/20 names providing a negative return Best pick returned > 300%, worst pick returned -23%

@ausnotes @KatieGrace2022 It's from their client report published today, definitely not fake

@KatieGrace2022 @MarhelmData Seems false. Can't see it anywhere

STAR ASIA: SINGAPORE BUNKER SUPPLIERS FORCED TO HALT / RATION FUEL SUPPLIES

The VLCC market firmed up this week, especially in the US Gulf, while the East faced challenges due to the Iran war. The Suezmax and Aframax markets showed resilience, with rates firming by week's end.

The product tanker market is facing challenges due to regional tensions, with suppressed activity in the Middle East and firming rates in the UK Continent and Med markets. The North Handy market remains strong, while the Med MR market is active with bullish sentiment.

LNG spot charter rates have decreased across all vessel types this week, with the largest drop seen in X-DF/ME-GI vessels.

Guinea plans to reduce bauxite exports to support prices, impacting Chinese demand and potentially affecting Capesize vessel demand.

The Federal Reserve faces a complex policy environment due to the Iran conflict, with rising energy prices fueling inflation and stagflation risks, complicating interest rate decisions.

Sinopec increases crude imports from Saudi Arabia's Red Sea hub to bypass the Strait of Hormuz, facing challenges with lighter crude grades. This reflects a shift in global crude flows due to geopolitical risks.

The U.S. challenges the IMO's Net-Zero Framework, citing economic concerns and advocating for a broader energy approach. Japan and China propose alternatives, highlighting global shipping's decarbonization debate.

The container market is facing uncertainty due to the Arabian Gulf conflict, causing mixed rate data and fears of port congestion. Some analysts report rate increases, while others show declines. Major shipping lines halt Gulf bookings.

The global tanker market is under strain due to the Strait of Hormuz blockade, with significant production drops in Iraq and Saudi Arabia. Freight rates are surging, with VLCC and Suezmax routes seeing significant increases.

Saudi Arabia's shipment redirection is insufficient, leading to discussions on fuel rationing. Middle distillate markets face record spreads due to refinery slowdowns.

IRAN THREATENS TO CUT HORMUZ INTERNET CABLES WHICH HANDLE ~18% OF GLOBAL TRAFFIC

US midstream firm Targa Resources has declared force majeure on LPG loadings from its Galena Park terminal on the Houston Ship Channel due to mechanical failures on its low ethane propane (LEP) unit.

Guinea may curb bauxite exports by early April to support prices amid rising freight costs, without imposing formal quotas.

China and Russia are delaying fertilizer exports to Nigeria due to disruptions from the Iran conflict.

Sinochem hunts spot crude while slashing Quanzhou refinery runs by ~40%, a clear signal Middle East supply shock is tightening flows and reshaping Asian demand.

Sinokor is rumored to be chasing 7 Suezmaxes at ~$83m each. Pareto sees a ripple effect lifting secondhand values, signaling renewed bullish sentiment in the tanker market.

VLGC market on fire: US Gulf fixtures surge to 21+ last week, pushing rates to ~$80,000/day to Asia (+~50% WoW), a two-year high as Middle East disruptions reshape LPG flows.

Aframax and Suezmax tankers increasingly haul US crude to Asia via Panama as Middle East supply tightens, boosting ton-mile demand and opening opportunities for players like Frontline and Greek owners.