Adding to an already difficult year, global stock markets corrected further in the month of September. Investors were more and more concerned about persistently high inflation rates. The U.S. Central Bank increased the FED-funds rate again by 0.75%, with investors now expecting another 1.25% in rate hikes by year-end. The 10-year treasury yield rose by 0.61% to end the month at 3.76%. The price of Brent crude oil decreased from $96.49 to $87.96 a barrel. In a general risk-off environment most cyclical equity markets corrected further extending previous months losses.  Within transportation, crude tanker rates have increased further averaging $ 50k throughout the month for VLCCs. LNGC spot rates (MEGI) have reached record levels of $ 297.5k/day at month end whereas dry-bulk rates were hovering around subdued levels of only 12k/day (Capesize). The overall fund performance was negative. Short positions had a positive contribution.

For more information you can find our latest Fact Sheet – September 2022.

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