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Investing in the Recovery of Global Shipping

The Albemarle Shipping Fund

Our sector focus is on Global shipping and related industries and our objective is long-term capital appreciation over the cycle with an unconstrained approach. 

Our Strategy

• The Fund invests predominantly in listed equities as well as listed and OTC shipping related commodity derivatives, and Forward Freight Agreements (FFAs).

• The Strategy has the ability to be both long and short, and will be highly directional across the Shipping cycle, with the aim to generate alpha in all market conditions.

• The Shipping sector is volatile, cyclical and seasonal, exhibits low correlations with the broader market, is highly fragmented and under-researched providing an ideal environment for long / short hedge fund positioning.

• The is a concentrated portfolio of 20-30 of our highest conviction ideas.

Current Opportunity

• We expect a strong fundamental recovery in shipping over next 3 years from near record low valuations.

• A strong commodity cycle paired with 30 year low order book of new vessels.

• A cyclical upturn to be enhanced and extended by regulatory changes.

• We are currently predominantly long listed equities at this point in the cycle; we expect to reposition to neutral and then net short further out in time to capitalize on an eventual cyclical downturn.

Investment Team


Image by Matt Hardy

ESG in Shipping

WMC Capital believes that ESG considerations should be an essential part of any investment process. Currently in Shipping, the changing regulatory environment creates an opportunity to invest for positive change.

Image by Christoffer Engström


- Shipping is the most efficient and least polluting means of transporting goods; but given 85-90% of global goods are shipped it accounts for 2.5% of GHG emissions.

- The IMO is introducing new regulations to reduce GHG emissions:

  • IMO 2030: reduce CO2 intensity by > 40% by 2030 versus 2008

  • IMO 2050: reduce GHG emissions by > 50% by 2050 versus 2008

  • 2023: mandatory EEXI & carbon intensity regulations for all vessels


- These regulations will increase barriers to entry and accelerate scrapping of older, more polluting vessels


- Unclear which new means of propulsion will become mainstream, hindering new investment (e.g. LNG, Ammonia, Hydrogen, Methanol).



- The health and safety of seafarers is paramount for successful operations.

- Shipping is a global industry, and it is essential the companies operate in a way that is beneficial to communities across the world.

Old Building


- Shipping has suffered from poor corporate governance in the past but this is improving: well managed companies outperform poorly managed ones with the latter often seeing significant equity dilution and corporate kleptocracy.



For any enquiries, please call or email us:

+44 (0)203 093 6358   |

Our address

49 St. James's Street,

London SW1A 1JT


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