Weekly Recap KW26: Hormuz Reopens — And My Tanker Portfolio Drops 8%

The Short Version

Hormuz reopened — and that sounds like good news. For tanker shareholders, KW26 was brutal anyway.

Brent Crude: $71.99 — down 7.6% in a single week.

The 60-day US-Iran framework deal wiped out the geopolitical risk premium that had been baked into oil prices for months. TORM, Dorian LPG: each down 8.8% on the week. Equinor down 4.2%.

My largest public position — CMB.Tech? Down 2.2%. The Fortescue deal cushioned the blow.

That's the story of this week: if you have charter backlog, you have a buffer. If you bet on spot rates, you paid the price.

Macro Dashboard KW26

The surprising detail: 10-year US Treasury yields fell in this risk-off week — not rose. That gave Realty Income (O) a tailwind: up 4.8% on the week — the best performer in my portfolio.

Sector Rotation: Where Did the Money Go?

Out of:

• Energy/E&P (XLE) — Brent below $80, geopolitical premium is gone
• Tanker/spot rate exposure — Hormuz reopening hits short-term premium

Into:

• Defensive dividends / REITs — falling yields make them more attractive
• Quality income with charter visibility — CMB.Tech holds better than peers

Position Highlights

CMB.Tech — The Fortescue Deal as Buffer

CMB.Tech secured a deal with Fortescue for 12 ammonia-capable Newcastlemax bulkers. That gives charter visibility far into the future — and explains why CMB.Tech only fell 2.2% while the rest of the tanker space lost 8.8%.

Thesis: decarbonization leadership + long-term charter security = structural advantage over pure spot players.

Note: CMB.Tech is my largest public position (~3.5% in TR/Scalable portfolio). This is transparency, not a recommendation.

Dorian LPG — Fleet Renewal, Still Down 8.8%

Dorian LPG sold three older VLGCs for ~$256M and simultaneously ordered new vessels. Capital recycling at high asset values — strategically sound. Still: down 8.8% on the week. Spot rate pressure hit LPG tankers too.

NAT — Insider Buys 145,000 Shares

Egon Hansson, Vice-Chairman of Nordic American Tankers, bought 145,000 shares at $6.44. The family now holds 5.5% of the company. Cluster insider buying near 52-week highs — a bullish signal worth noting.

Realty Income (+4.8%) — The Quiet Winner

Falling 10-year yields = REIT tailwind. Realty Income captured it. For anyone who wants some stability in risk-off weeks, triple-net REITs with long dividend histories serve that function.

Arbor Realty (ABR) — Risk Flag

ABR already cut its dividend by 43% (from $0.30 to $0.17 per quarter). The forward yield looks tempting at ~13% — but 8% non-performing loans in a $12 billion book are serious. Management is working through $200–300M NPL resolution through Q3. High yield = high risk — especially here.

Macro Context: What Else Happened

Critical Minerals Deal: The Trump administration opened military land for copper, lithium, and rare earth production. Mining tailwind for BHP, Vale, COPX. Few international creators covered this angle this week.

Altria — 57th consecutive dividend increase: A Dividend King with ~6% yield raises for the 57th time. What a signal in uncertain times.

Verizon out of the Dow Jones: Alphabet replaces Verizon. Getting kicked out of an index does not automatically mean dividend risk — Verizon still pays ~6%. "Income investors will buy the dip" is the contrarian thesis.

Outlook KW27 (June 29 – July 5)

Q2 earnings season starts July 22 — Philip Morris and Equinor July 22/23. Until then: quiet on the fundamentals front.

Bottom Line

KW26 was a week of geopolitical de-escalation — and it hurt my portfolio. Tanker stocks shed the risk premium. CMB.Tech held better through charter visibility. Realty Income benefited from falling yields.

The lesson: diversification across subsectors protects — but does not prevent losses. When you calculate YOC on your cost basis, the weekly screen movement looks very different.

KW27 starts quietly — until NFP Thursday reshuffles the rate path cards.

For more on my shipping analysis and hard asset strategy, follow along on YouTube.

Not investment advice. All information provided for informational purposes only. Positions mentioned are personal holdings of Marco Bozem — not buy or sell recommendations. Price data as of June 27, 2026, two sources verified. Always do your own due diligence. DYOR.

Related: Weekly Recap KW25 2026: Hormuz Reopens — Tanker Dividends Don't Drop · Hormuz Opens — Why My Tanker Dividends Are Safe · Best Tanker Stocks 2026 — Full Rankings

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