Oceanic Investment Management LTD Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLB	SLB LIMITED	272,390	$10,454	10.9%	$36.06	0.0%	COM STK	806857108
GNK	GENCO SHIPPING & TRADING LTD	560,056	$10,322	10.8%	$17.56	0.0%	SHS	Y2685T131
NE	NOBLE CORP PLC	211,667	$5,977	6.3%	$29.24	0.0%	ORD SHS A	G65431127
EXE	EXPAND ENERGY CORPORATION	53,122	$5,863	6.1%	$110.64	0.0%	COM	165167735
SDRL	SEADRILL LTD	104,828	$3,627	3.8%	$31.15	0.0%	COM	G7997W102
EE	EXCELERATE ENERGY INC	122,208	$3,428	3.6%	$27.02	0.0%	CL A COM	30069T101
STNG	SCORPIO TANKERS INC	64,261	$3,266	3.4%	$50.83	—	SHS	Y7542C130
FLNG	FLEX LNG LTD	129,018	$3,219	3.4%	$25.03	0.0%	SHS	G35947202
CMDB	COSTAMARE BULKERS HLDGS LTD	204,778	$3,156	3.3%	$14.49	0.0%	COM SHS	Y2001C101
SB	SAFE BULKERS INC	643,211	$3,100	3.2%	$4.74	0.0%	COM	Y7388L103
WFRD	WEATHERFORD INTL PLC	35,407	$2,771	2.9%	$72.59	0.0%	ORD SHS	G48833118
HAFN	HAFNIA LTD	478,486	$2,550	2.7%	$5.96	0.0%	SHS	Y2990R101
HAL	HALLIBURTON CO	82,050	$2,319	2.4%	$26.29	0.0%	COM	406216101
TNK	TEEKAY TANKERS LTD	36,825	$1,967	2.1%	$56.15	0.0%	CL A	G8726X106
CENX	CENTURY ALUM CO	25,988	$1,018	1.1%	$31.24	0.0%	COM	156431108
AA	ALCOA CORP	18,961	$1,008	1.1%	$40.88	0.0%	COM	013872106
TRMD	TORM PLC	46,236	$905	0.9%	$20.80	0.0%	SHS CL A	G89479102
CNR	CORE NATURAL RESOURCES INC	10,000	$885	0.9%	$85.17	0.0%	COM SHS	218937100
AMR	ALPHA METALLURGICAL RESOUR I	4,266	$853	0.9%	$172.83	0.0%	COM	020764106
FCX	FREEPORT-MCMORAN INC	14,403	$732	0.8%	$43.31	0.0%	CL B	35671D857
CLF	CLEVELAND-CLIFFS INC NEW	53,483	$710	0.7%	$12.63	0.0%	COM	185899101
HCC	WARRIOR MET COAL INC	7,784	$686	0.7%	$75.18	0.0%	COM	93627C101
COPX	GLOBAL X FDS	8,694	$624	0.7%	$71.79	—	GLOBAL X COPPER	37954Y830
STLD	STEEL DYNAMICS INC	3,604	$611	0.6%	$158.36	0.0%	COM	858119100
NUE	NUCOR CORP	3,742	$610	0.6%	$149.77	0.0%	COM	670346105
BG	BUNGE GLOBAL SA	5,967	$532	0.6%	$91.86	0.0%	COM SHS	H11356104
ADM	ARCHER DANIELS MIDLAND CO	9,158	$526	0.6%	$59.48	0.0%	COM	039483102
SCCO	SOUTHERN COPPER CORP	3,599	$516	0.5%	$132.76	0.0%	COM	84265V105
BWLP	BW LPG LTD	29,278	$384	0.4%	$12.78	0.0%	COM	Y10230103
CCJ	CAMECO CORP	4,019	$368	0.4%	$89.94	0.0%	COM	13321L108
URNM	SPROTT FDS TR	5,701	$313	0.3%	$54.89	—	URANIUM MINERS E	85208P303
METC	RAMACO RES INC	17,365	$313	0.3%	$26.27	0.0%	COM CL A	75134P600
VALE	VALE S A	21,026	$274	0.3%	$13.03	—	SPONSORED ADS	91912E105
HBM	HUDBAY MINERALS INC	10,619	$211	0.2%	$16.91	0.0%	COM	443628102
CCL	CARNIVAL CORP	2,894	$88	0.1%	$27.88	0.0%	UNIT 99/99/9999	143658300
RCL	ROYAL CARIBBEAN GROUP	312	$87	0.1%	$281.58	0.0%	COM	V7780T103
NCLH	NORWEGIAN CRUISE LINE HLDG L	3,895	$87	0.1%	$21.11	0.0%	SHS	G66721104

Increased Positions (2)

NESR NATIONAL ENERGY SERVICES REU 11.4%

Value ($000) $10,892 (+1076.3%) Shares 695,543 (+772.7%) Est. Cost $12.80 Unrealized +2.5%

CMBT CMB.TECH NV 10.1%

Value ($000) $9,631 (+270.7%) Shares 998,052 (+234.2%) Est. Cost $8.08 Unrealized +20.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NESR	NATIONAL ENERGY SERVICES REU	695,543 (+772.7%)	$10,892 (+1076.3%)	11.4%	$12.80	+2.5%	SHS	G6375R107
CMBT	CMB.TECH NV	998,052 (+234.2%)	$9,631 (+270.7%)	10.1%	$8.08	+20.4%	SHS	B38564108

Exited Positions (25)

SBLK STAR BULK CARRIERS CORP 6.4%

Value ($000) $6,157 Shares 426,111 Est. Cost $8.10 Unrealized +130.6%

— TEEKAY LNG PARTNERS LP 4.0%

Value ($000) $3,775 Shares 226,054 Est. Cost $16.41 Unrealized —

— CAPITAL PRODUCT PARTNERS LP 3.5%

Value ($000) $3,311 Shares 1,190,980 Est. Cost $3.37 Unrealized —

GLNG GOLAR LNG LTD BERMUDA 2.6%

Value ($000) $2,504 Shares 90,089 Est. Cost $26.60 Unrealized +43.2%

DSX DIANA SHIPPING INC 2.4%

Value ($000) $2,267 Shares 577,998 Est. Cost $2.32 Unrealized -24.9%

— TRITON INTL LTD 2.2%

Value ($000) $2,107 Shares 63,333 Est. Cost $30.61 Unrealized —

SALTUSD SCORPIO BULKERS INC 1.9%

Value ($000) $1,776 Shares 274,000 Est. Cost $6.48 Unrealized —

— ROWAN COMPANIES PLC 1.7%

Value ($000) $1,586 Shares 84,250 Est. Cost $16.64 Unrealized —

— SHIP FINANCE INTERNATIONAL L 1.3%

Value ($000) $1,252 Shares 14,700 Est. Cost $14.96 Unrealized —

DHT DHT HOLDINGS INC 1.3%

Value ($000) $1,202 Shares 255,675 Est. Cost $2.08 Unrealized +490.3%

— PRECISION DRILLING CORP 1.2%

Value ($000) $1,141 Shares 330,200 Est. Cost $2.77 Unrealized —

— ENSCO PLC 1.2%

Value ($000) $1,137 Shares 134,700 Est. Cost $5.91 Unrealized —

ALB ALBEMARLE CORP 1.1%

Value ($000) $1,023 Shares 10,250 Est. Cost $87.32 Unrealized +29.7%

— SHIP FIN INTL LTD 1.0%

Value ($000) $997 Shares 1,000,000 Est. Cost $1.03 Unrealized —

— TEEKAY TANKERS LTD 1.0%

Value ($000) $952 Shares 963,739 Est. Cost $1.40 Unrealized —

— PATTERN ENERGY GROUP INC 1.0%

Value ($000) $949 Shares 47,750 Est. Cost $17.29 Unrealized —

— NABORS INDUSTRIES LTD 1.0%

Value ($000) $939 Shares 152,405 Est. Cost $6.99 Unrealized —

FSLR FIRST SOLAR INC 0.9%

Value ($000) $904 Shares 18,670 Est. Cost $51.90 Unrealized +385.9%

— INDEPENDENCE CONTRACT DRIL I 0.9%

Value ($000) $848 Shares 171,664 Est. Cost $6.30 Unrealized —

— GARDNER DENVER HLDGS INC 0.8%

Value ($000) $758 Shares 26,750 Est. Cost $28.34 Unrealized —

— GULFMARK OFFSHORE INC 0.6%

Value ($000) $617 Shares 16,550 Est. Cost $33.47 Unrealized —

— OCEAN RIG UDW INC 0.6%

Value ($000) $601 Shares 17,360 Est. Cost $29.49 Unrealized —

— NOBLE CORP PLC 0.6%

Value ($000) $574 Shares 81,700 Est. Cost $7.03 Unrealized —

— ATLANTICA YIELD PLC 0.5%

Value ($000) $511 Shares 24,850 Est. Cost $20.56 Unrealized —

TDW TIDEWATER INC NEW 0.5%

Value ($000) $458 Shares 14,700 Est. Cost $31.49 Unrealized +67.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SBLK	STAR BULK CARRIERS CORP	426,111	$6,157	6.4%	$8.10	+130.6%	—	Y8162K204
—	TEEKAY LNG PARTNERS LP	226,054	$3,775	4.0%	$16.41	—	—	Y8564M105
—	CAPITAL PRODUCT PARTNERS LP	1,190,980	$3,311	3.5%	$3.37	—	—	Y11082107
GLNG	GOLAR LNG LTD BERMUDA	90,089	$2,504	2.6%	$26.60	+43.2%	—	G9456A100
DSX	DIANA SHIPPING INC	577,998	$2,267	2.4%	$2.32	-24.9%	—	Y2066G104
—	TRITON INTL LTD	63,333	$2,107	2.2%	$30.61	—	—	G9078F107
SALTUSD	SCORPIO BULKERS INC	274,000	$1,776	1.9%	$6.48	—	—	Y7546A122
—	ROWAN COMPANIES PLC	84,250	$1,586	1.7%	$16.64	—	—	G7665A101
—	SHIP FINANCE INTERNATIONAL L	14,700	$1,252	1.3%	$14.96	—	—	G81075106
DHT	DHT HOLDINGS INC	255,675	$1,202	1.3%	$2.08	+490.3%	—	Y2065G121
—	PRECISION DRILLING CORP	330,200	$1,141	1.2%	$2.77	—	—	74022D308
—	ENSCO PLC	134,700	$1,137	1.2%	$5.91	—	—	G3157S106
ALB	ALBEMARLE CORP	10,250	$1,023	1.1%	$87.32	+29.7%	—	012653101
—	SHIP FIN INTL LTD	1,000,000	$997	1.0%	$1.03	—	—	824689AG8
—	TEEKAY TANKERS LTD	963,739	$952	1.0%	$1.40	—	—	Y8565N102
—	PATTERN ENERGY GROUP INC	47,750	$949	1.0%	$17.29	—	—	70338P100
—	NABORS INDUSTRIES LTD	152,405	$939	1.0%	$6.99	—	—	G6359F103
FSLR	FIRST SOLAR INC	18,670	$904	0.9%	$51.90	+385.9%	—	336433107
—	INDEPENDENCE CONTRACT DRIL I	171,664	$848	0.9%	$6.30	—	—	453415309
—	GARDNER DENVER HLDGS INC	26,750	$758	0.8%	$28.34	—	—	36555P107
—	GULFMARK OFFSHORE INC	16,550	$617	0.6%	$33.47	—	—	402629505
—	OCEAN RIG UDW INC	17,360	$601	0.6%	$29.49	—	—	G66964118
—	NOBLE CORP PLC	81,700	$574	0.6%	$7.03	—	—	G65431101
—	ATLANTICA YIELD PLC	24,850	$511	0.5%	$20.56	—	—	G0751N103
TDW	TIDEWATER INC NEW	14,700	$458	0.5%	$31.49	+67.7%	—	88642R109

Decreased Positions (1)

LPG DORIAN LPG LTD 0.7%

Value ($000) $642 (-89.9%) Shares 26,382 (-96.7%) Est. Cost $11.51 Unrealized +127.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LPG	DORIAN LPG LTD	26,382 (-96.7%)	$642 (-89.9%)	0.7%	$11.51	+127.8%	SHS USD	Y2106R110