Positive gains in US and European stocks over the first few weeks were erased in the last week of the month, as market volatility spiked in reaction to lock-downs. US and European Markets ended October with negative returns. The price of Brent Oil lost another 11,5% to US$ 38.0 per barrel at the end of the calendar month. The Price of Henry Hub Gas increased from 3.2 MMBtu to 3.36 MMBtu. In this environment energy stocks led the decline whereas transportations stocks had shown marginally negative returns during the course of the month. LNG Spot rates have increased from $ 33k/day to over $ 100k/day at the end of the month. VLGC rates have remained firm and the SCFI (Shanghai Containerized Freight Index) had another monthly increase of 3%. On the other hand, VLCC – rates and Capesize-rates have further weakened. The overall fund result was negative. LNG and LPG tanker stocks have performed positively whereas long positions in the energy segment have performed negatively.

For more information you can find our latest Fact Sheet – October 2020.

During the month of November the USD-S-Class has lost -3.3%. The YTD fund performance is at -22.1%.

Seahawk Investments GmbH