CMB.TECH

But then, of course, as an investor, as an analyst, you say, okay, yeah, but what if another quarter? What if two more quarters? Then you pay down a lot.

Tell us a bit about the most interesting strategic decisions being executed by shipping companies, whether that's Bruton selling the fleet, CMB Tech selling some older vessels, going into dry bulk or Okeanes doing crazy trades like they always do.

Can you just summarize some of the most interesting aspects? I guess there is a strategic decision to take, you know, sell some vessels, double click on the spot market.

What have been your sort of view on the different decisions and what has been interesting to see?

Green ammonia is five times the price of diesel.

CMB.tech is betting on the long game, but right now it's a financial hemorrhage.

Look, it's a hedge.

You don't buy the most expensive fuel because you like the price.

But there is a company that we follow very closely that has been selling their tankers in the open market.

It's CMB Tech, CMBT, and that happens to have been our top pick for 26 years.

They're much more of a dry bulk company, but they are harvesting and selling their tankers.

And there's a rumor they sold a trio of old tankers, not old, more middle-aged, but middle-aged tankers for around the 250 mark.

There's several dry bulk firms that we believe are trading at very attractive valuations.

I don't think it's fair to my members and our model portfolio folks to just sit here and rattle them all off and list our favorites and all that.

But I will say one company, it was published publicly as our top idea of 2026, was CMB Tech, CMBT.

And I still have a long position in that company.