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One of our best performing picks in 2022 was also our top highlight in last year's model portfolio update, as we had included International Seaways as a 2x weighting in our Value model. This position returned 164% during 2022 and remains reasonably valued after a recent pullback. We have recently selected a new name as a top conviction pick for 2022, which I will discuss in more detail in a forthcoming public update.

Mintzmyer still plugging this in 2024. Thesis is that the worlds stock of VLCCs is getting older, and this firm has a lot. Also, wars will increase demand (which is a product of how much is transported, and the distance it has to be transported), because of wars and general dislocation of supply chains. Also, because sanctions, which were full of loopholes when introduced by Biden, are going to start to bite properly. (Crude is getting cheap, and the US is going to 'Drill, Baby, Drill!'.)