Growing recessionary fears put capital markets under pressure in June with most major equity market indices falling alongside bonds. In the, US the headline inflation rate unexpectedly rose to 8.6% (YoY May figures) as energy and food prices re-accelerated. The FED has raised the FED funds target rate by 75bps to 1.5%-1.75%. The Price of Brent fell from $ 122.84 to $ 114.81 by month end. In this environment the cyclical equity market segments were sold-off. Given the decline in the oil price the oil & gas sector dropped. Within transportation, the aviation sector was hit the most, followed by the shipping sector. On a month-on-month basis product tanker rates were stable whereas crude tanker rates have increased. Cape-size rates have softened to around $20k/day. LNGC spot rates (MEGI) have dropped from $ 89k/day to $70k/day and VLGC spot rates declined from $ 48k/day to $ 29k/day. The overall fund performance was negative. Short positions have in aggregate contributed positively.
For more information you can find our latest Fact Sheet – June 2022.
Seahawk Investments GmbH
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