No. of Recommendations: 1
Sold remaining FAX shares. The holding had been a good, steady idea for several years. Still like
the idea, but I think at the current price the upside is somewhat limited. Sure, there's a monthly
dividend with a nice yield, but I preferred the idea when it had both growth and yield.

Added to the TNP position @ $3.31/sh. Still a little nervous about the fleet valuation, but their
charter coverage is a slight buffer. Well, that plus their cash position, financing on their
two shuttle tankers, shuttle tanker charters, etc.
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