Of all the energy complex, I think LNG is the most over-valued energy source relative to everything else. The long side is still the riskier in my view.
Disappointed by the dilution, but delighted with the merger. Market fundamentals have weakened in the short term from Nigerian issues and Iran releasing some vessels from storage, but the FFA YTD average remains strong and the forward curve for the remainder of 2015 is healthy. I have also noticed a large uptick in VLCC fixtures this week relative to the last several weeks which may suggest a reprieve from the recent decline in rates.