After a strong start into the year global equities were mixed in February. Central Banks continued to raise interest rates. The FED raised the fed funds target rate by 25bps, whereas the European Central Bank raised its key interest rates by 50bps. Improvements in the near-term economic outlook as well as higher than expected inflation data in the US and in Europe have worried investors that rates may remain higher for longer. The price of Brent-Oil fell from $ 84.5 to $83.9 per barrel. US Energy stocks dropped whereas their European peers were resilient. Within transportation, the aviation segment took a breather. On the other hand, the shipping segment was strong. Crude tanker rates increased from $25k back to $50k/day for VLCCs and dry bulk rates (Supramax, Panamax) increased to around $12k/day. The Shanghai Containerized Freight Index (SCFI) dropped by another 8%. The overall fund performance was positive. Short positions had a negative contribution.

For more information you can find our latest Fact Sheet – February 2023.

Seahawk Investments GmbH

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