Summer/Autumn 2018: A strategy of acquiring older vessels with high technical standard and limited downside to scrap values was put into force. We believed at that point the cyclical bottom was imminent, hence the tonnage was perfectly positioned for the uptick in earnings and rising asset prices. The investments presented a counter cyclical and low risk exposure on the back of depressed asset values and significant upside potential. The market fundamentals were highly attractive in terms of record scrapping activity, new environmental regulations and growing refinery output. All vessels were sold at the first quarter of 2020, yielding between 44-71% based on entry respectively.