Company Overview - Tsakos Energy Navigation (NYSE: TEN) is a significant player in the shipping industry, primarily focusing on tankers with a fleet of just over 60 vessels, including 3 VLCC, 12 Suezmax, and 27 Aframax vessels [1] - The company is set to take delivery of just over 20 additional vessels, indicating growth and expansion in its operations [1] Investment Insights - The investment group European Small Cap Ideas provides exclusive access to actionable research on appealing Europe-focused investment opportunities, particularly in the small-cap sector, emphasizing capital gains and dividend income [1] - The group features two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1] Analyst Positions - There is a disclosed long position in TEN.PR.E, indicating a positive outlook on this specific security [1] - Additionally, there is a long position in TEN.PR.F, with plans to write more put options to establish a long position in TEN's common shares [2]

Company Overview - C3is Inc. is a ship-owning company that provides seaborne transportation services to dry bulk and tanker charterers, including major national and private industrial users, commodity producers, and traders [3] - As of the end of Q1 2025, the company owns three Handysize dry bulk carriers and one Aframax oil tanker, with a total capacity of 213,464 deadweight tons (dwt) [3] - The company's shares are listed on the Nasdaq Capital Market under the symbol "CISS" [3] Upcoming Financial Results - C3is Inc. will release its first quarter financial results for the period ended March 31, 2025, before the market opens in New York on May 15, 2025 [1] - A conference call will be hosted by the company's management on May 15, 2025, at 10:00 am ET to present the results and discuss the company's operations and outlook [1] - There will be a live and archived webcast of the conference call available on the C3is Inc. website [2]

Small deep value individual investor, with a modest private investment portfolio, split approx. 50%-50% between shares and call options. I have a B.Sc. in aeronautical engineering and over 6 years of experience as an engineering consultant in the aerospace sector. The latter statement is not relevant in any way whatsoever to my investment style, but I thought to add it for self-indulgent purposes. I have a contrarian investment style, highly risky, and often dealing with illiquid options. How illiquid? Well ...

Company Overview - CMB.TECH NV is a diversified maritime group operating over 160 seagoing vessels, including crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels, tugboats, and ferries [3] - The company also provides hydrogen and ammonia fuel to customers through its own production or third-party producers [3] - CMB.TECH is headquartered in Antwerp, Belgium, with offices across Europe, Asia, and Africa, and is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT [4] Upcoming Earnings Release - CMB.TECH will release its first quarter 2025 earnings on May 21, 2025, prior to market opening [1] - A conference call to discuss the quarterly results will be held at 8 a.m. EST / 2 p.m. CET, which will be available as a webcast with a slideshow presentation [1][2] - Details for attending the conference call, including registration and dial-in options, are provided on the company's "Investor Relations" page [2][3]

Investment Rating - The report does not explicitly state an investment rating for the global shipping industry Core Insights - Capacity growth in the global shipping industry is projected at +8% year-over-year in June, a decrease from +10% in May [3] - Air freight rates have shown a growth of +2% year-over-year in April, down from +4% in March [1] - The overall number of scheduled sailings has increased by approximately +11% year-over-year [3] - The idling rate of vessels has decreased to 4.0% by TEU, compared to 4.5% the previous week, aligning with the ten-year average [3] - Schedule reliability improved to 57.5% in March, up from 54.5% in the previous month [3] Summary by Sections Capacity and Sailings - Capacity growth into the US is +4%, while growth into Europe is +10% [3] - Cancelled sailings decreased to 8.0% this week from 9.8% last week, which is higher than the previous year's level of 5.5% [3] Congestion and Reliability - Global congestion has decreased, with a seven-day moving average at 9.59 million TEU, down from 9.69 million TEU last week [4] - Congestion at the US West Coast decreased to 0.56 million TEU, while the US East Coast saw an increase to 0.72 million TEU [4] Market Dynamics - The China-US shipping lane experienced a volume drop of 30%-40% in April [8] - Shippers are currently in a "wait and see" mode, relying heavily on existing inventories across Canada, Mexico, and the US [8] - There is a significant impact expected on goods with no alternative to Chinese supply, with US consumers likely to absorb inflation if the situation does not resolve by summer [8] - If normalization occurs, demand growth is expected to catch up according to Maersk [8]

Core Viewpoint - Okeanis Eco Tankers Corp. (OET) is set to report its unaudited condensed results for Q1 2025 on May 14, 2025, with a subsequent webcast/teleconference scheduled for May 15, 2025 [1]. Company Overview - OET is a prominent international tanker company specializing in the seaborne transportation of crude oil and refined products [2]. - The company was incorporated on April 30, 2018, under the laws of the Republic of the Marshall Islands and is listed on both the Oslo Stock Exchange (OET) and the New York Stock Exchange (ECO) [2]. - The fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [2].

Company Overview - Navigator Holdings Ltd. operates the world's largest fleet of handysize liquefied gas carriers, specializing in the transportation of petrochemical gases such as ethylene, ethane, liquefied petroleum gas (LPG), and ammonia [5] - The company owns a 50% stake in an ethylene export marine terminal located at Morgan's Point, Texas, enhancing its operational capabilities [5] - Navigator Gas' fleet comprises 59 semi- or fully-refrigerated liquefied gas carriers, with 28 vessels capable of transporting ethylene and ethane [5] Annual Meeting Details - The 2025 Annual Meeting is scheduled for June 16, 2025, at 09:00 A.M. local time, to be held at the offices of Baker Botts LLP in New York [1] - The record date for voting at the Annual Meeting is set as May 5, 2025, where shareholders will vote on the election of Board members and the ratification of PricewaterhouseCoopers LLP as the independent public accounting firm [2] Regulatory Filings - The company has filed its Form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission, which is accessible on the company's website [4] - The Notice of the Meeting and Proxy Statement will be mailed around May 9, 2025, and will also be available on the SEC's website [3]

Core Viewpoint - Navigator Holdings Ltd. announces a change in its board of directors, with Yngvil Åsheim resigning effective June 16, 2025, reducing the board size from seven to six members [1][2]. Company Overview - Navigator Holdings Ltd. operates the world's largest fleet of handysize liquefied gas carriers and is a leader in seaborne transportation services for petrochemical gases, including ethylene, ethane, liquefied petroleum gas (LPG), and ammonia [3]. - The company owns a 50% share in an ethylene export marine terminal at Morgan's Point, Texas, located on the Houston Ship Channel [3]. - The fleet consists of 59 semi- or fully-refrigerated liquefied gas carriers, with 28 capable of transporting ethylene and ethane [3]. - Navigator Gas plays a crucial role in the liquefied gas supply chain, providing efficient and reliable transportation services that connect energy companies, industrial consumers, and commodity traders [3].

Core Insights - CMB.TECH's diversified business model spans multiple sectors, including dry bulk, tankers, containers, and offshore wind, with over 250 vessels post-merger with Golden Ocean, aiming for long-term growth and sustainability [3][8] - The company emphasizes the importance of stability and a long-term vision in an industry often focused on short-term gains, with leadership prioritizing sustainable growth over immediate profits [5][6] - CMB.TECH is addressing the valuation gap between net asset values (NAV) and market valuations by focusing on earnings potential and strategic positioning rather than just liquidation value [6][7] Business Strategy - The merger with Golden Ocean is expected to increase CMB.TECH's free float from 8% to 38%, enhancing liquidity and attractiveness to institutional investors [7][8] - Post-merger, CMB.TECH will have a fleet of 253 vessels with an average age of 6.1 years, a contract backlog of $3 billion, and capex commitments of $2.2 billion, targeting a leverage of 50% [8] - The company plans to invest in ammonia and hydrogen as future fuels, aligning with emissions targets and focusing on sustainable growth [9][10] Newbuilding Program - CMB.TECH is overseeing an ambitious newbuilding program with 46 vessels on order, including ammonia-capable ships scheduled for delivery starting in 2026 [11] - All newbuilds will be equipped to operate on alternative fuels, except where engine technology is not commercially available, ensuring cost-effectiveness [11] Infrastructure and Regulatory Strategy - The company acknowledges challenges in developing bunkering networks for ammonia but believes existing infrastructure for industrial ammonia can support initial phases of adoption [12] - CMB.TECH's strategy does not rely solely on regulatory support, emphasizing the need for a self-sustaining business model that can thrive without subsidies [13] Market Outlook - Mr. Saverys expresses a bullish outlook on Africa, highlighting its potential due to population growth, technology adoption, and emerging trade routes [14][15] - The company believes that success in shipping will require a strategic focus on Africa, leveraging its unique economic models and sustainable practices [15]

Core Points - The U.S. Postal Service (USPS) has appointed David Steiner, former CEO of Waste Management, as the new postmaster general, succeeding Louis DeJoy and Doug Tulino [2] - Steiner is expected to officially join USPS in July and will resign from the FedEx board, where he has served since 2009 [2] - USPS reported a significant net loss of $9.5 billion in 2024, highlighting ongoing financial challenges [2] - Steiner expressed his honor in leading USPS, emphasizing the importance of its public service mission and its role as an independent establishment of the executive branch [2] - During his tenure at Waste Management from 2004 to late 2016, Steiner was recognized for transforming operations and culture, resulting in strong financial performance [3]