Industry Overview - The product tanker industry has experienced a significant pullback in recent years, indicating a potential cyclical bottom approaching [1] Investment Focus - The analysis emphasizes thematic investing, crisis investing, systematic options trading, and discretionary global macro strategies [1]

Core Insights - The product tanker industry has experienced a significant pullback in recent years, indicating a potential bottom in the cyclical nature of the industry [1] Industry Overview - The product tanker sector is characterized as cyclical, suggesting that it may be nearing a recovery phase after a downturn [1] Investment Strategy - The focus is on thematic investing, crisis investing, and systematic options trading, which includes both premium selling and long-vol positions, alongside discretionary global macro strategies [1] - Experience in private M&A and extensive trading in publicly-traded equities and equity-based derivatives is highlighted [1]

Q3 2025 Financial Performance - Time charter equivalent revenues were $8.9 million, a 23.5% decrease compared to Q3 2024[6] - Net income reached $1.2 million, resulting in an EPS of $0.11 (basic and diluted)[6] - Adjusted EBITDA amounted to $4.2 million, a decrease of $2.5 million from Q3 2024[6] - MR2 tankers reported an average daily TCE of $21,085, while bulkers reported $13,513[6] Fleet and Chartering - As of November 20, 2025, 93% of MR available days for Q4 were booked at an estimated average TCE rate of $20,700/day[6] - 78% of Q4 days for the three dry-bulk carriers were booked at an estimated average TCE rate of $17,150/day[6] Market Dynamics - The IMF revised its forecast for annual global GDP growth to average 3.1% through 2026[13, 21] - IEA projects global oil consumption to increase ~0.8 million barrels/day or less than 1% per year reaching 104.6 million barrels/day by 2026[13] - As of November 1, 2025, the MR2 orderbook stood at 294, representing 15.2% of the worldwide fleet of 1,929 tankers[17] - Arrow Shipbrokering estimated the dry bulk orderbook at 120.4 million dwt, or 11.8% of the worldwide fleet of 1.056 billion tons[21]