waltz

@christankerfund @BuddyBurkie They have! I’m disappointed in share price today. Havent listened to call yet!

@thewaltzy @BuddyBurkie They’ve done much better about Updating that 🤠

$TEN $1 dividend

@christankerfund @BuddyBurkie They do have their data kit which is now updated monthly!

@BuddyBurkie They never do …

@christankerfund Before selling assets…dividend was $0.20. I’m not as impressed as Mr Market. But congrats to all holders today 💰💰

From the $CMBT conf call, they intended to continue to pay out 50-60% of net profits as dividends

@joeriwestland I do think $PXS is cheap. But their MRs are fixed for next 2Qs. They’re going to invest when assets are dear. Not sure here tbh!

Definitely very cheap $PXS . Product $Tanker $Bulk Earnings start to inflect higher. irp.cdn-website.com/fedb857f/files…

@christankerfund Any interest in owning shares of $CMDB here? (Asking selfishly!)

$CMDB finally turns a profit after getting rid of its disastrous trading division. Chalk CMDB as another shipping co in a net cash position.

@christankerfund They had flagged Q1 I think in previous PR. Q2 is amazing.🤩

$TRMD Q1 was on the disappointing side. 70 cent dividend. However Q2 guidance is 🔥🔥 MRs at $73K. LR2s $71K.

@J_M_G_B_ Yep! I’m torn…tankers have done well, but by god $INSW $TRMD have massive quarters ahead.

@thewaltzy Eye popping isn’t it ?

$TRMD Upgraded 2026 guidance is still conservative IMO 👇

@ed_fin That’s…$5 EPS in q2 2026?! Unreal 🥰

$TRMD raising FY guidance 🤩

@AndersSjastad I think nothing has changed really -> market rates will remain stable/similar.

These rates they aint stopping for nothing. Higher for longer it would seem

@christankerfund They’ll get there..I trust nothing about Bugbee & friends.

Is $STNG OK??? They filed their S-8 and are only registering 320K shares to be issued under their equity RSU plan. Hmmmmm. They typically issue 1.5-2M RSUs a year. Hmmmm.

@christankerfund Lots of spot in quarter. Still cheap!

Oh wow. $INSW declares a huge Q1 dividend of $4.55

@gabcasla @aksjefokus I like NMM. But to be fair: she bought more containers, even recently. Dividend is comical. Previous subsidiaries were basically run into the ground. How big does the firm “need” to get? 300 ships??

haha don't quote me as a Mr. CFA 😅 The NAV discount is mainly due to a misunderstanding of the benefits of fleet diversification (shipping investors usually prefer pure players) and to their reputation, which I argue is unfair, but that's a long conversation. Also, the fact that she is not distributing a big part of the FCF to shareholders is something the investor community doesn't like, but she is doing what she said she was gonna do... first fleet renewal with common sense, then deleverage, and finally buybacks. The market is giving some credit, but there is still a long way to go.

$NMM Two weeks ago, I spent several days meeting with both listed and non-listed shipping companies in Greece. It’s encouraging to see that, overall, shipping owners are now more disciplined than before and are not rushing to order vessels on spec. However, we all understand human nature, and I believe everyone will become greedy at some point. Balance sheets look very good, and rates are excellent, so I think the only reason for the delay in placing more orders is that you have to wait until late 2028 or 29 to take delivery of newbuildings. Although I’ve been following NMM since 2016 and regularly meet with them—usually with a team lead by the COO—the meeting with Angeliki was particularly surprising. She presented a compelling investment case, emphasizing the company's resilience and predictability. She also highlighted that she automatically buys shares in the market every day to remain fully compliant and avoid interfering with the ongoing buyback program. By increasing her stake, she aligns completely with the minority shareholders. It's important to note that she is purchasing shares in the market similar to us, unlike other companies that offer large stock-based compensation, which significantly dilutes minority shareholders. Navios's true strength will be revealed not during good times, but when the market suddenly shifts. NMM has a robust backlog that ensures the company's safety even in a major crisis, as its contract revenues more than cover all cash expenses. However, the backlog alone isn't enough, as it diminishes over time; the key factors are the young fleet and diversification. A 5-year-old vessel is 30% more efficient than a 10-year-old one. Technological advancements have greatly improved efficiency, which is less noticeable in good times but critical during downturns. Diversification allows better management of investments and strategies, especially as drybulk and tankers are rarely impacted simultaneously. She assesses risks carefully, especially in good times. While Navios must continually renew its fleet, current vessel prices are high, so they secure long-term charters that greatly reduce residual value risk. This makes the investment either good or excellent, depending on future market conditions, but never poor. Shipping is fundamentally about risk mitigation. For example, Navios has five vessels in the Hormuz area paid through time charters. She noted that even if a counterparty tries to reduce payments due to force majeure or if a vessel is attacked, trapped, or abandoned for a year, insurance coverage ensures they are fully compensated for any lost revenue and the vessel's value. She also showed us the Navios' technological capabilities. Starlink provides them with increased data access and supports their smartship tool, enhancing efficiency and profitability. Finally, we discussed the three segments. We both agree that Containers are the most vulnerable, especially in the event of a global crisis. However, the low activity in the Red Sea and NMM's long-term order book in this segment makes them quite secure. Additionally, she emphasized that NMM is not focused on the largest sizes (>10k TEU), which are crucial for liners and have a massive orderbook. Therefore, NMM's container segment is likely more resilient than the typical container segment. On the other hand, tankers and bulkers look very positive. Hormuz traffic will take some time to return to normal due to damage and the 70 vessels trapped, which limit activity. However, when the hub reopens, we’re likely to see a rate squeeze, with NMM having some vessels ready to seize any opportunities. Additionally, there’s a high chance that the USA and Russia will reach an agreement, leading to the dark fleet's disappearance. The dark fleet is now blacklisted and will likely be scrapped, similar to the Venezuelan vessels that were seized. Tanker rates are at all-time highs, and tanker equities are also trading well above NAV, though Navios remains deeply undervalued at around 0.45 NAV. Does that make sense? Lastly, drybulk shipping remains very robust. The ME conflict is boosting gas-to-coal switching and highlighting coal's continued importance for many economies. She speculated that countries may begin building strategic coal reserves in the future. Demand for iron and bauxite remains strong, especially given the aging fleet and the minimal orderbook. The outlook for this segment is excellent, and Navios charters are positioned to benefit from rate spikes, particularly on capesize vessels. In the first four months of 2026, Capes averaged $28,000/day, up from $18,000/day last year, more than doubling their earnings. Term charter activity is rising, with 3-year charters near $30,000/day, compared to the $27,000/day average on the spot market over the past five years. Navios has performed well in recent years, but I believe it is still significantly undervalued on both a relative and an absolute basis. I also anticipate that contracted revenue in 2026 will surpass that of 2025, as Navios is seizing opportunities to secure very favorable charters. While many shipping segments may be near the peak of the cycle, I argue that Navios still has considerable upside with limited downside risk. This is why it remains my sole exposure to equity shipping companies at this time. We also own a significant position in Navios bonds.

@christankerfund He was saving up 😂

@thewaltzy Not sure why he waited till now ! But good sign of course

Well I’ll be darned … open market buys by Nikolaos at $TEN!

@joeriwestland @Fa_us_to @ed_fin Are ppl actually long $IMPP?! 🤯

@Fa_us_to @ed_fin Verus enterprise value is way more extreme considering the large net cash position

A 19–year old Suezmax (‘Suez Enchanted’) just sold for $48m. Just 4 months, ago a 19–year old VLCC (‘Towada’) sold for less. 😳

@christankerfund @Naviospirates Just a casual +$200m revenue for $TEN. As a company, they seem solid.

@Naviospirates I workout at 3am, not 3pm !!

$TEN forward fixes its 2 shuttle tankers; excess of $200M I calculate a charter rate of over $54,800

@christankerfund $0.73 was the cheapest I bought it for. Didn’t buy enough!!

If you bought $NMCi at its lows in the 70-80 cents in the summer of 2020, it’s now worth $28/share based on the $NMM buyout. $DAC went from $5 to now $118 $GSL from mid $4s to now $38 plus massive dividends. Container returns this first half of the decade have been wild.

@JVandenDriessc1 @joeriwestland New TEN data kit. Havent really looked but their chartering seems poor on first glance.

@JVandenDriessc1 @joeriwestland But will she ever stop buying additional, expensive, assets? She can well afford to repay the company owners today (see INSW ECO FRO SHIP etc etc) It’s not quite Berkshire. I remain wary they’ll buy another company or some other good “idea” 😉

My "Play of the day" has been selling some USO and BNO near term puts. Sizable option Implied Volatility (expensive) and very hard for me to come up with scenario's of large further oil price drops from here. Current oil price move already seems way too large to me.