Gabriel Castro, CFA

Fund Manager at Singular Asset Management Views my own, it is not an investment advice

[Gabriel Castro, CFA @gabcaspa]

At the event we organized to celebrate the 5th anniversary of Sigma Internacional and Gamma Global, I was asked an excellent question:Given that we've had major successes like positioning ourselves in shipping, in China, and in O&G before it was evident to the rest of the market,

[Gabriel Castro, CFA @gabcaspa]

To receive Sigma Internacional and Gamma Global's quarterly letters and videos by email, you can register using the following link:

https://t.co/vren2Y6Rxy

[Gabriel Castro, CFA @gabcasla]

Para recibir por email las cartas y los videos trimestrales de Sigma Internacional y Gamma Global os podéis registrar en el siguiente enlace:

https://t.co/8KLm6VvcxW

[Gabriel Castro, CFA @gabcasla]

I've been adding $GLNG. All indicators point towards an imminent announcement of the 4th FLNG. Golar announced yesterday that it secured a $600 million senior-secured revolving credit facility for MK2 FLNG. Remember, Golar has already invested $1.2bn in equity, and all project funds are secured, so this additional financing is likely for other purposes. Additionally, Baker Hughes reported in 2Q26 earnings that Golar ordered four gas turbines for a new 3.5 mtpa FLNG unit.

“We also booked a significant award from Golar to provide 4 aeroderivative gas turbine-driven refrigerant compressor trains for a floating LNG facility, marking the fourth Golar vessel to feature Baker Hughes' gas technology solutions”

FID is now a matter of time, similar to Argentina’s charters. Although I have an idea of where it can be located, I'm still uncertain whether they will FID the vessel without a contract or execute the contract simultaneously. They've been very cautious managing the balance sheet, so if they proceed with the spec order, I expect a contract will follow within the next 3 to 6 months. They indicate that charter agreements will be quite similar, so we could see an increase in NAV by $10/15 soon.

Besides that, Kosmos confirmed that the Gimi FLNG has been exceeding expectations, generating additional profits and reaffirming Golar's reputation as the most reliable FLNG supplier. Meanwhile, the Hilli contract expired, and cargo operations concluded in July 2026. Karl Fredrik Staubo told TradeWinds that the unit left Cameroon waters for Singapore for upgrades before beginning a new 20-year charter in Argentina, starting mid-2027.

I believe this is a highly attractive investment. The core operations are performing strongly, providing a solid upside potential until 2028, when all vessels will be operational and Golar is expected to pay a $6 dividend, justifying a $65/$70 valuation. Apart from the quarterly $0.25 dividend until then, several catalysts are expected to boost the IRR notably. These include the likely addition of a fourth unit, a potential fifth unit possibly this year, and the Goldman Sachs outcome, which should also occur within this year.

Considering the current weakness caused by a lack of news and comments about the war ending, I feel confident in increasing my position.

I suggest checking out my friend @AyusoValue writing:
https://t.co/LMDe4muKAq

[Gabriel Castro, CFA @gabcasla]

En el evento que organizamos para celebrar los 5 años de Sigma Internacional y Gamma Global, me hicieron una excelente pregunta:

Dado que hemos tenido grandes aciertos como posicionarnos en shipping, en China y en O&G antes de que fuera evidente para el resto del mercado, el partícipe se preguntaba cuál era la temática que dominaba la cartera actual y que podría generar rentabilidades excepcionales.

La respuesta fue sencilla: actualmente no hay un sector destacado en la cartera; sin embargo, al analizar en detalle cada posición, descubrimos un patrón común: negocios simples, con activos reales, poco sexys, muy rentables, con un propietario que vela por nuestros intereses, sin riesgo de disrupción, negocios de los que somos usuarios en el día a día y que forman parte de la economía real.

Gimnasios, juegos de mesa, cines... Aunque no sean apuestas obvias en un mundo dominado por la inteligencia artificial, siguen siendo excelentes inversiones.

[Gabriel Castro, CFA @gabcasla]

Esta semana nos entrevistaron en @elEconomistaes . Repasamos la estrategia de Gamma Global y las tesis de inversión más relevantes en Sigma Internacional.

https://t.co/MzdxFUFvg6

[Gabriel Castro, CFA @gabcaspa]

@TheIgboWolf 😭😭😭😂

[Gabriel Castro, CFA @gabcaspa]

@sapphire_nifemi well according to what I heard in my church, once you are pregnant or already have a child you ain't allowed to cover your face cause you are no longer a virgin, and no they don't do virginity test , if you lied that's between you and God.

[Gabriel Castro, CFA @gabcaspa]

@arojinle1 well they did eat a fruit, cause according to the bible it was in the middle of the garden, just that no one knows what fruit , plus if it's true, then the fruit won't exist here except in the garden since it's one of a kind.
plus apples just look superior and actually fit

[Gabriel Castro, CFA @gabcaspa]

@ReelRebel_ clash of Titans 🤷🤷