October lived up to its expectation as one of the most volatile months for markets. Despite supply-chain crunches and soaring input prices corporate earnings have surprised on the positive side. Major stock market indices had a strong month. The price of Brent oil increased from $78.5 to $ 84.4 per barrel at month end. Natural gas prices (HH) have remained range-bound at elevated levels between $ 5.9 per MMBTu and $ 5.4 or MMBTu. The energy segment performed strongly. Within transportation freight services reversed the past month losses. On the other hand, the aviation segment has shown weakness. The shipping segment was mixed. Capsize rates have corrected from elevated levels of above S54k/day to around $36k/day at month end. VLCC-rates have slowly recovered from depressed levels of $5.1k to $ 8.6k /day whereas LNG spot rates closed the month at sky-high levels of $260/day. The overall fund performance was positive. Index futures hedging positions have contributed negatively.
For more information you can find our latest Fact Sheet – October 2021.
Seahawk Investments GmbH