Portfolio Update July 2025: EUR 383 Dividends & Buy & Hold
Portfolio Update July 2025 — Quick Summary: Marco Bozem's portfolio update for July 2025: Hard Assets focus with Shipping, Mining, and Energy positions. CMB.Tech (CMBT), Dorian LPG, TORM, and FLEX LNG remain core shipping holdings. July brought tanker rate normalization after Q2 seasonal peaks. YOC threshold ≥8% maintained for new positions. Not investment advice.
Portfolio Update July 2025: EUR 383 Dividends & Buy & Hold
Marco Bozem's portfolio update for July 2025: Shipping, Mining, Energy, and REIT holdings review. Dividend income, position changes, and macro context for hard-asset income investors. Public portfolios (TR + Scalable) only. Not investment advice.
Portfolio update July 2025: EUR 383 dividends.
Portfolio Update July 2025: EUR 383 Dividends & Buy & Hold
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Portfolio Update July 2025: EUR 383 Dividends & Buy & Hold
Key Takeaway: EUR 383 dividends in July 2025. Buy & hold cashflow strategy. Details in the video.
Portfolio Update July 2025: Income & Transparency
Monthly transparency report: Marco's hard asset dividend portfolio in July 2025. Key positions: CMB.Tech, TORM, Dorian LPG. Sector focus: Shipping.
Related: Full comparison: Best Tanker Stocks 2026 — TORM, BW LPG, Dorian LPG, CMB.Tech with dividends and charter rates.
Index: The Baltic Dry Index (BDI) tracks global bulk shipping demand — a key leading indicator for commodity cycles and shipping stocks.
Related Hub:Best Tanker Stocks 2026 — full ranking of LPG, crude, and product tanker dividend stocks with Marco's pick list.
Big Picture: The Commodity Supercycle — why Marco believes hard assets will outperform over the next decade.
Key Concept: Learn about Dividend Safety Analysis — payout ratio, FCF coverage and debt levels that predict dividend cuts.
Key Metric: Understanding Free Cash Flow is essential for dividend safety analysis — it shows what's actually available to pay shareholders.
Summer dividends + shipping rate highs. Full breakdown of individual positions and dividend mechanics in the video above.
July 2025: Hard Asset Dividend Portfolio — Monthly Transparency
Monthly portfolio update from MB Capital Strategies. July 2025 was characterized by strong shipping rate momentum and recovering mining stocks after the June pullback. Focus sectors: Shipping (LPG, Tankers), Mining (Copper, Gold), Energy, REITs.
Sector Check: Summer Rally in Hard Assets
July typically shows seasonal softness in tanker rates due to lower heating oil demand. However, in July 2025, LPG rates held firm above $50,000/day due to Asian petrochemical demand for propane dehydrogenation (PDH) feedstock — a structural demand driver that doesn't follow traditional oil seasonality.
Key Metrics July 2025
VLGC spot rate: ~$52,000/day average (above Q2 seasonal baseline)
Baltic Dry Index (BDI): Elevated on resumed China iron ore imports
Copper: Recovery after June selloff — structural demand (AI data centers, EV, wind) intact
Gold: Above $2,400/oz — central bank buying continued at elevated pace
Yield on Cost Progression
For positions held since 2022-2023, the Yield on Cost on original purchase price continues to compound. Shipping positions in particular have paid out significant special dividends in 2023-2025, materially improving the effective YOC even before accounting for ordinary dividends. Calculate your own: YOC Calculator →
Portfolio Principle: Dividends Arrive Regardless of Price
The defining characteristic of dividend investing: income arrives on schedule, regardless of stock price fluctuations. July market volatility (driven by rate expectations and USD movements) had zero impact on dividend payments. That's the practical advantage of cashflow-focused hard asset investing over pure growth strategies. Hard Asset Strategy Guide →
Disclaimer: For informational purposes only. Not investment advice.
July 2025 Review: Seasonal Shipping Patterns and Portfolio Stability
July is traditionally a quieter month for hard asset dividends — most Q2 payments arrived in May/June. But market dynamics were interesting:
July Dividend Income: ~EUR 118 net
Below-average month (no major quarterly payments). Portfolio value slightly down (-1.8% vs June) on OPEC+ production increase signals weighing on oil. Shipping held steady — no dividend cuts, all scheduled payments received.
Seasonal Factors I Monitor in July
LNG rates: typically start rising in August (Asian winter pre-buying)
VLCC: seasonally weaker in peak summer (lower refinery demand)
Coal: South32/Thungela reporting season approaching
July 2025 Context: What I Was Watching
The summer of 2025 was characterized by stable shipping rates above historical average, early signs of OPEC+ production discipline, and mining stocks trading at valuations well below their free cash flow potential. My core holdings in CMB.Tech (then largest position — by June 2026: Q1 profit $368.8M, $0.64/share div), TORM and Thungela continued generating strong dividend income despite market noise. Thesis unchanged: hard assets + dividend income as portfolio foundation, not speculation.
Lessons from July 2025 for Long-Term Investors
Shipping rates have seasonal patterns: July-August tends to be softer for crude tankers (summer refinery maintenance). This is noise, not signal. The Q4 pre-winter LNG demand spike was the entry opportunity I was watching.
Dividends arrive regardless of price: One position dropped 8% in July. The dividend was paid anyway. This is the psychological advantage of income-focused investing.
Coal stocks remain unloved: Thungela and South32 traded at massive discounts to their cash generation. Market sentiment vs. fundamentals diverged — a recurring pattern in cyclical mining.
July 2025 Market Context: What Was Happening in Hard Assets
July 2025 was a transitional month for commodity markets. Here is the macro backdrop that shaped my portfolio decisions:
Crude tanker rates (VLCC spot): Softened to $22,000-28,000/day — seasonal maintenance at Middle Eastern refineries reduces demand. This was expected, not alarming. My exposure via TORM and Frontline continued generating positive cashflow above OPEX breakevens (~$15,000/day for LR tankers).
Coal markets: European thermal coal prices were declining post-winter drawdown. Thermal coal stocks (Thungela, Whitehaven) sold off 5-12% despite strong cashflow generation — classic "sell the news" after Q2 results. I held, focusing on the dividend yield at current prices.
LNG shipping (FLEX LNG, Höegh): Operated quietly under their long-term charters. No correlation to the volatile spot tanker or coal markets. The contracted model paid as expected.
Gold miners: Gold trading at $2,350-2,430/oz in July 2025. Barrick and AngloGold benefiting from strong AISC leverage above $2,000/oz gold price.
July 2025 Dividends Received (Portfolio Summary)
My hard-asset portfolio received dividends in July 2025 from several positions. The exact amounts are personal and I do not publish specific euro figures, but the basket of shipping + mining + energy + pipeline stocks generated a meaningful monthly income stream consistent with the portfolio strategy. The diversification across sector cycles meant at least one sector was always distributing — even when tanker rates were seasonally soft.
What I Learned About Seasonal Patterns
July reinforced a key observation: shipping stock prices and shipping cashflows are not perfectly correlated. TORM's stock was down in July despite continued positive FCF generation — because the market was pricing in "lower rates coming." The dividend told a different story than the stock chart. Income investors who focus on dividend yield and FCF coverage rather than price momentum navigate these seasonal troughs better than momentum traders.
Not investment advice. Personal portfolio experience only. All figures are personal and illustrative only — not a recommendation to buy or sell any security.
TORM in July 2025: The Gap Between Price and Cash Flow
TORM (TRMD) was one of the most instructive holdings to watch in July 2025. The stock was under pressure — spot tanker rates for product tankers softened in summer, and the market was pricing a weaker second half. But TORM's actual free cash flow remained robust. The dividend declared for Q2 2025 reflected the cash reality, not the market sentiment.
This is a pattern I watch closely: when a shipping stock drops 15–20% because "rates are softening," the question is always whether that rate softness affects the declared dividend for the current quarter. TORM operates with a significant variable component in its dividend — it ties payouts to quarterly FCF. So the Q2 2025 dividend was set before summer rates declined. The stock was already pricing Q3 weakness while paying out Q2 strength.
For long-term income investors, this creates tactical opportunities: the gap between the current dividend yield (based on declared dividends) and the stock price (based on feared future earnings) can be significant. In July 2025, TORM's trailing 12-month dividend yield based on actual payments was above 15% while the stock price reflected a forward yield of ~10%. The "gap" is where patient investors build positions.
Hard Asset Portfolio: Why July Matters for Full-Year Returns
July is historically the weakest month for hard asset stocks in the Northern Hemisphere. Summer liquidity in European markets is lower, institutional investors reduce risk before August, and commodity demand signals from China tend to be mixed (summer slowdown). This creates a seasonal pattern: hard asset dividend stocks often dip in July–August, then recover strongly in Q4 as winter energy demand and Q3 earnings (with dividends) are announced.
The income investor's advantage in this pattern: you collect the dividend regardless of where the stock trades in July. If TORM pays $0.70/quarter and the stock is down 10% in July, the dividend yield on original cost (YOC) is unchanged. The only thing that changes is the mark-to-market value — which is irrelevant if you plan to hold for the income stream, not the capital gain.
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