During the month of January the USD-S-Class has gained +2.8%. The 2020 fund performance was at +16.9%. The annualised return since inception is at 15.8%.
Global stock markets have started into the year on a positive note. During the course of the month market participants became increasingly concerned regarding vaccination programme delays, more aggressive COVID-19 mutants and ongoing lock down restrictions. Saudi Arabia has signalled to support the oil market with further supply cuts of 1mn barrels/day in the months of February and March. Brent increased from $ 51.80 to $ 55.90 per barrel. The broad equity markets finished the months in slightly negative territory, whereas the energy and shipping segment closed the month in positive territory. Capsize rates increased from $ 13k/day to $ 21k/day. Given the high Asian gas demand LNG freight rates have sky rocketed to peak rates of $ 175k/day. VLGC spot rates have averaged $ 75k/day. Whereas the SCFI hovered around peak levels, 9% up vs. four weeks ago and 215% up vs. the previous year. Most individual long positions were profitable. Overall hedging positions have contributed negatively.
For more information you can find our latest Fact Sheet – Factsheet 2021.
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