Group 1 - The analyst team has a proven track record of outperforming across all market conditions, achieving an annualized return of almost 40% over the past decade with a long-only model portfolio return of over 23 times [1] - Pangaea Logistics Solutions, Ltd. is highlighted as a company of interest, with this article serving as an update to previous coverage [2] - The focus has expanded to include the offshore drilling and supply industry, as well as the shipping industry, which encompasses tankers, containers, and dry bulk [3] Group 2 - The company emphasizes income-focused picks for investors who prefer lower-risk firms with steady dividend payouts [1] - The analyst has a background in auditing and trading, providing a unique perspective on market movements and trends [3]

Group 1 - The analyst team has a proven track record of outperforming across all market conditions with an annualized return of almost 40% over the past decade and a long-only model portfolio return of over 23x [1] - The focus includes income-oriented picks for lower-risk firms with steady dividend payouts, indicating a strategy that caters to conservative investors [1] - The research covers various sectors including energy, shipping, and offshore markets, highlighting the breadth of analysis provided [1] Group 2 - The individual has transitioned from an auditor role at PricewaterhouseCoopers to a day trader with nearly 20 years of experience, indicating a strong background in financial analysis [2] - The trading strategy includes both long and short bets, with a historical focus on tech stocks and recent expansion into offshore drilling and supply, as well as the shipping industry [2] - There is an ongoing interest in the emerging fuel cell industry, suggesting a forward-looking approach to investment opportunities [2]

Core Insights - The ongoing conflict in the Middle East has significantly increased oil prices, drawing attention to the Strait of Hormuz and U.S. maritime regulations [1][3] Group 1: Jones Act and Its Implications - The Trump administration is considering waiving the Jones Act, a maritime statute over 100 years old, to alleviate disruptions in goods movement to U.S. ports [2][5] - The Jones Act mandates that shipping between U.S. ports must be conducted by U.S.-built, U.S.-owned, and predominantly U.S.-crewed vessels, which increases operational costs [6][11] - A temporary waiver could allow foreign ships to transport fuel between U.S. ports, but experts believe it may have limited impact on lowering oil prices [3][4] Group 2: Economic Impact and Industry Reactions - The effective closure of the Strait of Hormuz has led to the largest disruption in global oil supply in history, with Brent crude oil prices remaining significantly elevated [3] - Maritime labor unions oppose the waiver, arguing it could harm U.S. maritime jobs and would not effectively reduce gasoline prices, as the primary cause of rising crude prices is not domestic shipping costs [9] - Some advocates suggest repealing the Jones Act entirely to lower oil shipping costs and fuel prices, citing historical precedents for temporary waivers during crises [10]

Core Viewpoint - OceanPal, Inc. has received a determination from Nasdaq indicating potential delisting due to failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days, and intends to request a hearing to address this issue [1] Group 1: Nasdaq Delisting Determination - On March 13, 2026, OceanPal received a written determination from Nasdaq stating that the company may be delisted unless a hearing is requested [1] - The determination was based on the company's common shares failing to meet the minimum closing bid price requirement from January 29, 2026, to March 12, 2026 [1] - OceanPal's prior reverse stock split on August 25, 2025, disqualifies it from receiving a compliance period under Nasdaq's deficiency framework [1] Group 2: Hearing Request and Compliance Plan - OceanPal plans to request a hearing before an independent panel, which will automatically stay any suspension or delisting actions during the hearing process [1] - The company is actively evaluating measures to restore compliance, including potential capital markets transactions and other corporate actions [1] - The hearing will provide an opportunity for OceanPal to present a comprehensive plan to restore compliance with Nasdaq listing standards [1] Group 3: Company Overview - OceanPal Inc. specializes in shipping transportation services, focusing on the ownership and operation of dry bulk vessels and product tankers [1] - The company is engaged in the transportation of bulk commodities and refined petroleum products, primarily through time-charter and spot charters [1] - SovereignAI Services LLC, a subsidiary of OceanPal, manages AI infrastructure and treasury operations to support business growth and innovation [1]

Company Overview - Teekay Tankers Ltd. operates a significant fleet of oil tankers, focusing on reliability and operational efficiency within global energy supply chains [6] - The company emphasizes scale and technical expertise in marine logistics, positioning itself as a key partner for major oil industry participants [6] - Teekay Tankers reported a revenue of $951.8 million and a net income of $351.2 million for the trailing twelve months (TTM) [4] Recent Transaction - On February 17, 2026, Hartree Partners disclosed the sale of 254,101 shares of Teekay Tankers, valued at approximately $14.27 million based on quarterly average pricing [1][2] - Following the sale, Teekay Tankers represented 2.87% of Hartree Partners' reportable assets under management (AUM) [7] - The quarter-end position value for Teekay Tankers fell by $12.42 million, reflecting both the sale and stock price fluctuations [2] Financial Performance - Teekay Tankers reported fourth-quarter revenue of about $258 million, consistent with the previous year, while net income increased to $120.5 million from $82.1 million year-over-year [10] - Strong spot tanker rates contributed to this performance, with Suezmax vessels averaging approximately $53,500 per day and Aframax/LR2 tankers around $43,600 per day during the quarter [10] - As of February 16, 2026, shares of Teekay Tankers were priced at $70.55, reflecting an 80% increase over the past year, significantly outperforming the S&P 500 by 68.55 percentage points [7] Industry Context - Teekay Tankers provides marine transportation services, including voyage and time charter shipping, ship-to-ship transfer operations, and tanker management, primarily for crude oil and refined petroleum products [8] - The company generates revenue through charter contracts, logistics services, and technical management of its fleet of double-hull oil tankers [8] - Shipping stocks, including those of Teekay Tankers, tend to move in cycles, making portfolio moves like Hartree Partners' sale particularly revealing for long-term investors [9]

Core Viewpoint - CMA CGM, the world's third-largest ocean carrier, will re-flag over two dozen ships under the French flag, increasing its home-registered fleet by 30% to 40 ships starting in 2026 [1]. Group 1: Company Actions - CMA CGM plans to register 10 vessels, each with a capacity of 24,000 twenty-foot equivalent units (TEU), under the French flag [1]. - The company had previously pledged a $20 billion investment over four years in U.S. shipping, as announced by CEO Rodolphe Saade during a meeting with President Trump in March 2025 [2]. Group 2: Financial Performance - As of February, CMA CGM had spent approximately $1 billion on terminals in the U.S., specifically in Bayonne, New Jersey, and Los Angeles, but had not invested in new ships from U.S. shipyards [3]. - The company reported a decline in maritime revenue and profits in 2025, despite a modest improvement in total container volume [3]. - Box traffic reached 24.2 million TEUs, reflecting a year-on-year increase of 2.8%, while revenue fell by 6.1% to $34.3 billion [4]. - Operating earnings (EBITDA) decreased from $11.2 billion to $7.9 billion, with the EBITDA margin dropping by 7.8 points to 23% [4]. - Average revenue per TEU declined by 8.7% to $1,414, influenced by a global trade reset, geopolitical disruptions, and excess vessel capacity [4].

Core Viewpoint - Navios Maritime Partners L.P. has filed its Annual Report on Form 20-F for the year ended December 31, 2025, with the SEC, which is accessible on its website [1] Company Overview - Navios Maritime Partners L.P. is an international owner and operator of dry cargo and tanker vessels [2]

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Core Viewpoint - The current geopolitical tensions, particularly the U.S.-Iran conflict, have led to record oil prices and shipping rates, but these disruptions are expected to be short-lived, presenting potential investment opportunities in shipping, energy, and commodities [1][4][20]. Market Conditions - The U.S.-Iran conflict has caused crude oil prices to surge to seven-month highs and shipping rates to reach unprecedented levels, creating significant uncertainty in the markets [2][3]. - The Strait of Hormuz, a critical passage for global oil, is facing disruptions, with a quarter of the world's oil consumption passing through it, leading to increased shipping costs and operational challenges for shipping companies [6][10]. Shipping Industry - The cost of hiring supertankers has skyrocketed, with rates for transporting crude oil from the U.S. Gulf Coast to China reaching $29 million, and shipping from the Arab Gulf to India increasing from $50,000-$100,000 to $477,000 per day [7][14]. - The near-halt of transport in the Strait of Hormuz has created a windfall for shipping companies, as elevated rates are locked in regardless of the conflict's duration [14]. Energy and Commodities - Energy and commodities are expected to remain well-supported, with UBS predicting further upside for broad commodities driven by metals, alongside a geopolitical premium on oil [15]. - Goldman Sachs estimates potential oil price increases of $1 to $15 per barrel depending on the duration of the Strait closures, with strategic reserves providing some cushion [13]. Airlines - Airlines are facing short-term challenges due to rising jet fuel costs, but historical trends suggest a rebound in consumer travel demand following initial disruptions, making airlines a potential recovery trade if the conflict is brief [16]. Historical Context - Historical patterns indicate that geopolitical events often lead to temporary spikes in oil prices, with prices typically retracing once immediate threats subside [12]. - Past crises have shown that investors who maintain their positions during turbulent times often benefit in the long run, as the fundamentals of the global economy remain intact [17][20].

Can we start with the operational consequences here. And can you talk us through a picture of what you see, the transit times that have had to be extended now because of the difficulties getting through that very tight Strait of Hormuz. What's going on now.Well, good morning, Jon. Not much. There are thousands of vessels that are stuck in the Arabian Gulf and just to the east outside of the Strait of Hormuz.About 100 and 1415 container ships balance bulker tankers. And those energy ships that you've talked ...