The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALCOA CORP COM 013872106 747,605 11,271 SH SOLE 11,271 0 0
ALPHA METALLURGICAL RESOUR I COM 020764106 82,313 401 SH SOLE 401 0 0
ANTERO RESOURCES CORP COM 03674X106 10,300,188 242,700 SH SOLE 242,700 0 0
STATE STR SPDR S&P 500 ETF T PUT 78462F103 436,310 271 SH Put SOLE 0 0 271
ARCHER DANIELS MIDLAND CO COM 039483102 1,916,108 26,360 SH SOLE 26,360 0 0
ARDMORE SHIPPING CORP COM Y0207T100 356,133 23,353 SH SOLE 23,353 0 0
BAKER HUGHES COMPANY CL A 05722G100 4,841,509 79,304 SH SOLE 79,304 0 0
BUNGE GLOBAL SA COM SHS H11356104 1,935,221 15,214 SH SOLE 15,214 0 0
BW LPG LTD COM Y10230103 409,949 23,601 SH SOLE 23,601 0 0
CENTURY ALUM CO COM 156431108 736,736 12,553 SH SOLE 12,553 0 0
CHENIERE ENERGY INC COM NEW 16411R208 1,915,664 6,751 SH SOLE 6,751 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 824,585 97,584 SH SOLE 97,584 0 0
CMB.TECH NV SHS B38564108 7,145,580 564,868 SH SOLE 564,868 0 0
CORE NATURAL RESOURCES INC COM SHS 218937100 598,322 5,713 SH SOLE 5,713 0 0
COSTAMARE BULKERS HLDGS LTD COM SHS Y2001C101 3,955,323 255,677 SH SOLE 255,677 0 0
DORIAN LPG LTD SHS USD Y2106R110 943,407 27,585 SH SOLE 27,585 0 0
EXPAND ENERGY CORPORATION COM 165167735 12,309,302 112,127 SH SOLE 112,127 0 0
FLEX LNG LTD SHS G35947202 130,694 4,399 SH SOLE 4,399 0 0
FRONTLINE PLC COM M46528101 1,004,212 28,807 SH SOLE 28,807 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131 6,535,667 289,830 SH SOLE 289,830 0 0
GOLAR LNG LTD SHS G9456A100 986,912 18,239 SH SOLE 18,239 0 0
HAFNIA LTD SHS Y2990R101 367,262 48,324 SH SOLE 48,324 0 0
HALLIBURTON CO COM 406216101 6,259,650 160,545 SH SOLE 160,545 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 1,410,520 19,354 SH SOLE 19,354 0 0
MARATHON PETE CORP COM 56585A102 1,136,414 4,654 SH SOLE 4,654 0 0
NATIONAL ENERGY SERVICES REU SHS G6375R107 3,486,728 162,400 SH SOLE 162,400 0 0
NAVIGATOR HLDGS LTD SHS Y62132108 624,282 32,296 SH SOLE 32,296 0 0
NUCOR CORP COM 670346105 1,804,804 10,673 SH SOLE 10,673 0 0
OKEANIS ECO TANKERS COR SHS Y64177101 5,684,849 112,371 SH SOLE 112,371 0 0
PBF ENERGY INC CL A 69318G106 722,348 15,169 SH SOLE 15,169 0 0
PEABODY ENGR CORP COM 704551100 565,752 17,170 SH SOLE 17,170 0 0
RAMACO RES INC COM CL A 75134P600 70,312 4,548 SH SOLE 4,548 0 0
SAFE BULKERS INC COM Y7388L103 25,807 4,077 SH SOLE 4,077 0 0
SLB LIMITED COM STK 806857108 5,188,334 100,960 SH SOLE 100,960 0 0
SCORPIO TANKERS INC SHS Y7542C130 2,229,646 29,864 SH SOLE 29,864 0 0
SEADRILL LTD COM G7997W102 8,547,175 187,850 SH SOLE 187,850 0 0
STEALTHGAS INC SHS Y81669106 240,268 26,173 SH SOLE 26,173 0 0
STEEL DYNAMICS INC COM 858119100 1,852,020 10,289 SH SOLE 10,289 0 0
TEEKAY TANKERS LTD CL A G8726X106 13,974,205 190,592 SH SOLE 190,592 0 0
TORM PLC SHS CL A G89479102 643,402 23,061 SH SOLE 23,061 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L173 514,874 13,048 SH SOLE 13,048 0 0
VALERO ENERGY CORP COM 91913Y100 1,182,772 4,787 SH SOLE 4,787 0 0
WEATHERFORD INTL PLC ORD SHS G48833118 3,319,758 35,100 SH SOLE 35,100 0 0