#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NATIONAL ENERGY SERVICES REU	NESR	695,543	$10.9M	11.40%
2	SLB LIMITED	SLB	272,390	$10.5M	10.94%
3	GENCO SHIPPING & TRADING LTD	GNK	560,056	$10.3M	10.81%
4	CMB.TECH NV	CMBT	998,052	$9.6M	10.08%
5	NOBLE CORP PLC	NE-WT	211,667	$6.0M	6.26%
6	EXPAND ENERGY CORPORATION	EXE	53,122	$5.9M	6.14%
7	SEADRILL LTD	SDRL	104,828	$3.6M	3.80%
8	EXCELERATE ENERGY INC	EE	122,208	$3.4M	3.59%
9	SCORPIO TANKERS INC	STNG	64,261	$3.3M	3.42%
10	FLEX LNG LTD	FLNG	129,018	$3.2M	3.37%
11	COSTAMARE BULKERS HLDGS LTD	Y2001C101	204,778	$3.2M	3.30%
12	SAFE BULKERS INC	SB-PC	643,211	$3.1M	3.25%
13	WEATHERFORD INTL PLC	G48833118	35,407	$2.8M	2.90%
14	HAFNIA LTD	HAFN	478,486	$2.6M	2.67%
15	HALLIBURTON CO	HAL	82,050	$2.3M	2.43%
16	TEEKAY TANKERS LTD	TNK	36,825	$2.0M	2.06%
17	CENTURY ALUM CO	CENX	25,988	$1.0M	1.07%
18	ALCOA CORP	AA	18,961	$1.0M	1.05%
19	TORM PLC	TRMD	46,236	$905,301	0.95%
20	CORE NATURAL RESOURCES INC	CNR	10,000	$885,100	0.93%