Portfolio Update July 2026 (as of 12 July 2026): €24,012 pure shipping portfolio (Trade Republic + Scalable Capital, tracked via Parqet), €3,038 cumulative dividends collected, +76.5% total return (incl. dividends), +56.6% price return, 13.9% yield on cost (avg. 12 months), 25 positions. Only 2 of 25 in the red. Not financial advice — portfolio is publicly viewable via Parqet (TR + Scalable only). CapTrader remains private.
€24,012. €3,038 in cumulative dividends. +76.5% total return. 25 positions. Only 2 in the red. This is what counter-cyclical buying in shipping stocks looks like after a few years of holding.
In this update I walk through my complete shipping portfolio: every position, every return since purchase, and why I still think shipping stocks are structurally underpriced for dividend investors who think in cycles rather than quarters. All numbers are as of 12 July 2026, from Trade Republic and Scalable Capital, publicly trackable via Parqet.
Top Holdings by Portfolio Value
The eight largest positions by market value (as of 12 July 2026, TR + Scalable):
| Position | Value | Price Return |
|---|---|---|
| CMB.Tech | €3,570 | +57.8 % |
| Dorian LPG | €3,196 | +66.1 % |
| TORM | €2,818 | +60.2 % |
| BW LPG | €2,270 | +115.6 % |
| FLEX LNG | €2,180 | −2.6 % |
| International Seaways | €1,550 | +126.0 % |
| Frontline | €1,035 | +123.8 % |
| ZIM | €1,028 | +51.9 % |
Source: Trade Republic + Scalable Capital via Parqet, as of 12 July 2026. All figures in EUR, rounded.
Top Gainers — Counter-Cyclical Buying at Work
What stands out in this update is the breadth of gains across the portfolio. This is not one lucky pick — it is a systematic approach playing out across 23 of 25 positions.
Top five by price return since purchase:
- Himalaya Shipping: +183.7%
- Okeanis Eco Tankers: +135.2%
- International Seaways: +126.0%
- Frontline: +123.8%
- BW LPG: +115.6%
My thesis: I buy during cyclical lows in the shipping sector when valuations are depressed. The result is a yield on cost of 13.9% (12-month average). That is not the current dividend yield on market price — that is what I receive on my actual purchase price. This is the real payoff of counter-cyclical investing.
All 25 Positions — the Complete Picture
This is a pure shipping portfolio, not a diversified mix. All 25 positions belong to the maritime sector — tankers, LPG, LNG, car carriers, dry bulk, containers. Here is the full breakdown:
Largest holdings (by value): CMB.Tech, Dorian LPG, TORM, BW LPG, FLEX LNG, International Seaways, Frontline, ZIM
Additional positions: Wallenius Wilhelmsen, Höegh Autoliners, MPC Container Ships, Nordic American Tankers, Diana Shipping, Global Ship Lease, Star Bulk, SFL Corporation, Genco Shipping, Teekay Tankers, Ardmore Shipping, DHT Holdings and further tanker and bulk carrier names.
Only 2 Losers Out of 25 — and Why That is Normal
Hapag-Lloyd: −8.8%. My only pure container liner position. The sector went through a hard normalisation after the 2021–2022 boom. My thesis here is long-term.
FLEX LNG: −2.6%. The LNG transport market is in a cyclical trough right now — too many new vessels delivered simultaneously. FLEX LNG continues to pay dividends. At a yield on cost above 8% on my purchase price, I am patient.
That is the nature of this portfolio: 23 of 25 positions in the green, 2 with small unrealised losses. No distressed names, no zero-dividend positions. All pay out.
€3,038 in Dividends — the Real Return
The unrealised gain of +€8,683 is nice, but it could disappear tomorrow. The €3,038 in cumulative dividends already collected is real. It is in the account. That is the difference between price return and total return.
My core thesis for hard asset stocks: Buy companies that own physical assets (ships, mines, pipelines) at cyclically low valuations, collect dividends while waiting for the market to recognise the undervaluation. The shipping portfolio is the purest expression of this approach.
Disclaimer: This is not financial advice. This is my personal portfolio, shared transparently. Every investor has different risk tolerance and goals. What works for me may not suit you. Portfolio is publicly viewable via Parqet (TR + Scalable only).
The Full Walkthrough — Watch the Video
In the YouTube video above I go through each of the 25 positions: entry point, current price, dividend history, sector outlook. What I have written here is the summary — for all the details, I recommend watching the full video.
The portfolio can also be followed directly on Parqet — I have set my Trade Republic and Scalable Capital accounts to public.
Frequently Asked Questions
What is the current value of Marco's shipping portfolio?
As of 12 July 2026: €24,012 (Trade Republic + Scalable Capital, tracked via Parqet). Unrealised gain: +€8,683, price return: +56.6%, total return including dividends: +76.5%.
What is the yield on cost (YOC) in this shipping portfolio?
The average yield on cost (12-month average) is 13.9%. This means that on the actual purchase price paid, the portfolio generates 13.9% in dividends per year — the result of buying counter-cyclically when the shipping sector was out of favour.
Which shipping stock has gained the most in this portfolio?
Himalaya Shipping leads with +183.7% price return since purchase. Followed by Okeanis Eco Tankers (+135.2%), International Seaways (+126.0%), and Frontline (+123.8%). Of 25 positions, only 2 are in the red: Hapag-Lloyd (−8.8%) and FLEX LNG (−2.6%).
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