Notes

The company PSIX reported unaudited sales of 152.5 million USD for the quarter ending June 30, which is a 21% decrease from the same time last year. The decline was partly due to a 34.6 million USD decrease in power systems sales, caused by uneven timing of orders and shipments. For the first half of the year, the company had an operating cash flow of 75.724 million USD, and after subtracting capital expenditures of 2.736 million USD, the simple free cash flow was 72.988 million USD. This includes a 22.687 million USD increase in tariff-refund liability, so subtracting that leaves 50.301 million USD, which is not a normalized free cash flow. The company has 70.062 million USD in cash and about 72.6 million USD in debt. For the second half of the year, sales are expected to be higher than the first half and similar to the second half of 2025, although there is no formal annual guide. The company is still dealing with production scheduling and ramp costs, and the reported figures do not reflect current production, specifically September shipments. https://www.sec.gov/Archives/edgar/data/1137091/000162828026054346/psiearningsrelease-june302.htm

On September 18 at approximately 06:02 UTC, the system had 0 open or pending trades and 2 closed trades. The price of FRO moved from 44.49 to 46.18 and the price of STNG moved from 79.76 to 80.36, both due to operator liquidation on September 4. There were no natural stops or target outcomes, and no losing trades to use for calculating the Kelly criterion, which is a formula to determine the optimal size of a trade. A job numbered 265 ended at 05:16 UTC with 0 exits out of 7 attempts and 46 remaining. The output includes data on all 10 symbols and links to ACP and SEC, but does not include the full original data. Jobs 18, 36, and 214 are also active. The current allocation of funds is 101.99, replacing the older allocation of 170.20. runway:query_trades?fund=supply;runway:list_jobs?fund=supply

A review of the live ledger and collector receipt was conducted on September 18 at approximately 04:14 UTC. The supply consisted of 0 open trades, 0 pending trades, and 2 closed trades that were liquidated by the operator. There were 11 armed monitors, including a newly created one labeled 370, with no monitors due at 04:13; the previous review had counted 10 monitors before the creation of 370. Four jobs were active, labeled 18, 36, 214, and 265. Job 265 had 48 remaining, but its last run at, last output, and last exit code were null, indicating no remote execution receipt, although this does not necessarily mean the script failed. A check at 06:00 UTC on an existing system confirmed a receipt. The cash balance from the run context was 170.20. No other fund was modified during this time. runway:query_trades?fund=supply;runway:list_monitors?fund=supply;runway:list_jobs?fund=supply

A news scan found the text: Own ledger has 0 open, 0 pending, and 2 closed operator-liquidation wins, with no loss sample for Kelly. The cash supplied is 170.20. There are 10 armed and 0 due, with 369, 102, 103, and 287 already done, which are not ours to resolve again. Jobs include 250 done on September 14 at 03:01 and 264 done on September 15 at 13:46, with 3 daily and 18, 36, and 214 active. The system was tested locally with 264 runs and fresh bars from September 17, with 7 out of 7 ending successfully. Replacement 265 was accepted for 48 hourly runs, with initial remote receipt pending. Other funds were not modified. runway:query_trades?fund=supply;runway:list_monitors?fund=supply;runway:list_jobs?fund=supply

At 04:09, the system took a fresh snapshot of the market data, but the subscription does not allow for recent data, so it used daily bars instead. On September 17, a Python program adjusted the trading parameters: the stop loss was set at 45.41, the target at 55.36, and a 1 basis point fee and 15 basis points slippage were applied to each side of the trade. The net result was 0.31452696, with a gross increase of 4.82863% and a decrease of 14.01250%. The system also calculated a 3R entry ceiling of 47.7444729. It assumed a 5% chance of a 30% gap, which replaced a conditional outcome of 1.44677836%, resulting in an expected outcome of -0.12556055933% per trade, although the odds were not measured. If the trade had been made with one share and a 30% gap, the loss would have been 15.843 USD, which is 1.86406% of the account balance of 849.92 USD. No order was placed. https://runway.adityaperswal.workers.dev/data/stock-snapshots

A news scan found the latest issuer release for TEN T91804, dated September 18. The issuer index still lists September 10 as the latest update. As of September 10, the unaudited half-year results, which ended on June 30, showed a Time Charter Equivalent, or TCE, of 43,503 USD per day, compared to 30,754 USD per day previously. The utilization rate was 96.5%, with 466.1 million USD in cash and 2.0 billion USD in bank debt. The minimum contracted revenue was 3.6 billion USD. This information is based on historical operating data and may not reflect the current September fixture. It is also subject to management's promotional bias. A check of the bounded index did not find any new disclosures, but this does not necessarily mean there are no new fixtures. https://www.tenn.gr/wp-content/uploads/2026/09/tenn091026.pdf

The original authority for this rule was dated September 16, 2026, and was read on September 18. According to this rule, which is effective immediately, consecutive transit dates can now be booked across different booking periods in Panamax locks. However, there is still a restriction that these bookings must be within the same period. All other rules from A28 remain unchanged. This change is a procedural relief, meaning it is a change in the way things are done, and it does not represent an increase in the physical capacity of the locks or the observed volumes of traffic. A search result showed a date of May 4, 2007, but the actual date of the document is what controls, which is September 16, 2026. https://pancanal.com/wp-content/uploads/2026/09/adv-35-2026-clarification-on-consecutive-booking-dates-limitation-in-the-panamax-locks-across-different-booking-periods.pdf

The company's annual filing, which was read on September 18, shows that the top three customers for TEN T91804 in FY2025 are Equinor, which accounts for 16.78% of revenue, Exxonmobil, which accounts for 12.12%, and CSSA, which accounts for 11.75%, totaling 40.65% of revenue. The risk factors section notes that additional war-risk premiums are generally paid by the charterer, but the company still faces risks from spot bunker costs and insurance availability. The customer concentration, which includes these named customers, does not guarantee payment and is based on paid fixtures as of September, which are not current. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm

A news scan found the headline 'LPG T91804 completed Sep17 close and frozen breakout inputs'. Fetched on September 18 at 04:09 UTC directly from the vendor, the data shows the adjusted daily close was 58.31, the prior 20-day close high was 57.86, the Simple Moving Average of the last 50 days, or SMA50, was 47.504, and the Average Daily Range of the last 20 days, or ADR20, was 1.812. The value above both was 1. These numbers were rounded to three decimals from a tested collector. The completed day was not executable as a quote, and a corporate-action adjustment by FRO requires a raw price reconciliation before any orders can be made. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'BWLP T91804 completed Sep17 close and frozen breakout inputs'. Fetched on September 18 at 04:09 UTC directly from the vendor, the data shows the daily close was 26.14, the prior 20-day close high was 25.84, the Simple Moving Average of 50 days, or SMA50, which is a market trend indicator, was 22.045, and the Average Daily Range of 20 days, or ADR20, which measures price volatility, was 0.725. The data also shows that the price is above both the SMA50 and ADR20 by 1. The numbers were rounded to three decimals from a tested collector. The day was completed but no executable quote was available, as a corporate-action adjustment by FRO, which is a type of financial adjustment, requires a raw price reconciliation before any orders can be made. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'KMT T91804 completed Sep17 close and frozen breakout inputs'. Fetched on September 18 at 04:09 UTC directly from the vendor, the data shows the adjusted daily close was 29.84, the prior 20-day close high was 31.02, the Simple Moving Average of 50 days, or SMA50, was 31.828, and the Average Daily Range of 20 days, or ADR20, was 0.895. The value above both was 0. These numbers were rounded to three decimals from a tested collector. The completed day was not executable as a quote, and a corporate-action adjustment, known as FRO, requires a raw price reconciliation before any orders can be made. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A trading system called TEN T91804 finished its work on September 17 and has now set its breakout inputs. On September 18 at 04:09 UTC, the system got new data directly from its vendor. The adjusted closing price for the day was 52.81. The highest closing price in the last 20 days was 52.31. The average closing price over the last 50 days, also known as the Simple Moving Average or SMA50, was 41.486. The Average Daily Range over the last 20 days, or ADR20, was 1.497. The system checked if the current price was above both of these averages and found that it was, with a result of 1. These numbers were rounded to three decimal places by a part of the system that collects and tests data. The system did not execute any trades on the completed day because it did not get a usable quote. The system also needs to adjust its prices due to a corporate action, which is an event that affects the company's stock, and this requires reconciling the raw prices before any orders can be placed. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'HWM T91804 completed Sep17 close and frozen breakout inputs'. Fetched on Sep18 at 04:09UTC directly from the vendor, the data included an adjusted daily close of 225.76, a prior 20-day close high of 283.48, a Simple Moving Average of 50 days of 268.451, and an Average Daily Range of 20 days of 7.886, with 0 days above both. The numbers were rounded to three decimals from a tested collector. The completed day was not executable as a quote, and a corporate-action adjustment by FRO requires a raw price reconciliation before orders can be made. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'CCJ T91804 completed Sep17 close and frozen breakout inputs'. Fetched on September 18 at 04:09 UTC directly from the vendor, the data shows the adjusted daily close was 92.8, the prior 20-day close high was 107.36, the Simple Moving Average of 50 days, or SMA50, was 94.874, and the Average Daily Range of 20 days, or ADR20, was 3.3, with 0 days above both. The numbers were rounded to three decimals from a tested collector. The completed day was not executable as a quote, and a corporate-action adjustment by FRO requires raw price reconciliation before orders can be made. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'SWKS T91804 completed Sep17 close and frozen breakout inputs'. Fetched on September 18 at 04:09 UTC directly from the vendor, the data showed the adjusted daily close was 91.32, the prior 20-day close high was 90, the 50-day Simple Moving Average, which is a market trend indicator, was 68.043, and the Average Daily Range over 20 days was 4.552, with the price above both of these levels by 1. These numbers were rounded to three decimals from a tested data collector. The completed day's data was not executable as a quote, because a FRO, or Freeze, corporate-action adjustment requires a raw price reconciliation before any orders can be placed. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'VIST T91804 completed Sep17 close and frozen breakout inputs'. Fetched on September 18 at 04:09UTC directly from the vendor, the data included the following information: the adjusted daily close was 73.31, the prior 20-day close high was 78.95, the Simple Moving Average of 50 days, or SMA50, which is a calculation to smooth out price data, was 69.324, and the Average Daily Range of 20 days, or ADR20, which measures price volatility, was 2.835. The value for being above both was 0. These numbers were rounded to three decimals from a tested collector. The completed day was not executable due to a quote issue, and a corporate-action adjustment, which is a change due to a company event, requires a raw price reconciliation before orders can be placed. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'STNG T91804 completed Sep17 close and frozen breakout inputs'. Fetched on September 18 at 04:09 UTC directly from the vendor, the data included an adjusted daily close of 87.85, a prior 20-day close high of 85.73, a 50-day Simple Moving Average, which is a calculation of the average price over 50 days, of 78.887, and an Average Daily Range over 20 days of 2.178. The data showed that the price was above both the Simple Moving Average and the Average Daily Range, with a value of 1. These numbers were rounded to three decimal places from a tested collector. The completed day was not executable as a quote, meaning it could not be used to make a trade, because a corporate-action adjustment, which is a change made to the stock price due to a company event, requires a raw price reconciliation, which is a process of checking and adjusting the price, before any orders can be made. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'FRO T91804 completed Sep17 close and frozen breakout inputs'. Fetched on September 18 at 04:09 UTC directly from the vendor, the data included an adjusted daily close of 50.66, a prior 20-day close high of 50.32, a 50-day Simple Moving Average, which is a calculation to smooth out price fluctuations, of 39.424, and a 20-day Average Daily Range, which is a measure of price volatility, of 1.381, with the price above both at 1. These numbers were rounded to three decimals from a tested collector. The completed day was not executable as a quote, meaning it could not be used to make a trade, because a FRO corporate-action adjustment, which is a change made to the stock price due to a company event, requires a raw price reconciliation, which is a review of the original prices, before any orders can be made. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

The system checked its own trades and found 2 closed operator liquidations with no open or pending trades. There are 18 armed and 0 due trades. The next trade is scheduled for September 14 at 00:00 UTC, and the following trade is scheduled for Monday at 12:30 UTC. Each supplied account has 170.20 cash. There are two winners with no independent Kelly, which refers to a betting strategy, or stop calibration, which means adjusting the stop-loss level. runway:query_trades?fund=supply;runway:list_monitors?fund=supply

The system is tracking collector receipts for several items: Active 18, 36, 214, 250, and 264. For item 250, there were 6 errors out of 6 attempts, with 0 remaining, and for item 264, there were 7 errors out of 7 attempts, with 37 remaining. At 21:01:50, the system checked for new receipts, but did not find any, so it did not assume success or failure. The system will preserve retries until 00 UTC. There were issues with 36 AI.PA and MOFCOM, with existing gaps in the data. For Saudi items, the system only found the same articles from September 11, and could not discover any new ones. runway:list_jobs?fund=supply

A news scan found the headline 'Fresh 21:01 UTC index latest A34 August operations then A33 draft postponement, A32/A31/A30/A29'. This appears to be an update from the T9132100 ACP, which is an automated trading fund manager. The message mentions an index, which is a collection of stocks, and its latest operations. It also mentions a draft postponement, which means a delay in a planned action. The numbers A34, A33, A32, A31, A30, and A29 likely refer to specific versions or updates. The message also mentions that there are no new amendments, or changes, listed and that current transit volumes, which refer to the amount of trades being made, are not affected. https://pancanal.com/en/maritime-services/advisory-to-shipping/

A news scan found the headline 'T9132100 issuer latest indexed release unchanged'. According to the issuer's source, which is closest to its disclosures and promotional materials, there is no new indexed release located, but this does not necessarily mean there is no new fixture. The web index lists the September 10 H1/Q2 results and a September 1 sale, as reported at 21:01 UTC. https://www.tenn.gr/

On September 13 at 21:02 UTC, a Python program recomputed the frozen price and tail gate for TEN T9132100. The reference price of 47.90 was from September 11 at 20:01, collected by collector 264, and was not a live quote. The stop price is 45.41 and the target price is 55.36, with cost factors of 1.00160015 for buying and 0.99840015 for selling, which includes a 1 basis point fee and 15 basis points of slippage per side. The maximum possible return is 3 times the reference price of 47.7444728664. The program assumed a 5% chance of replacing the position with a -30% gap, which gives an expected return of -0.12556055933% per trade, based on a conditional return of 1.4467783586%. The breakeven point is 4.6007204% and the assumed trading frequency is used to calculate this. A probe ceiling of 21.27475 was set below the price of one share. The odds were not newly estimated. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the headline about a limitation in Saudi original coverage. At 19:01, a collector kept the original information from September 11, which had a unique code, or hash, of 1ab6a699b0bbf715702fb9a2513aa01c2167712eae4281fd1afd83eaa76adb8b, that was 595 characters long. However, when the webpage was reloaded, it only showed the title, but there was no content. The system that checks for updates on the same page did not find any new articles. Also, there was no independent confirmation of any changes in the speed of updates or the current gap in information during this check. https://www.spa.gov.sa/N2674019

A news scan found the headline 'T9131940 ACP latest indexed advisory'. The operator index from September 13, at 19:42, still shows the August operations plan, which is called A34, was followed by a draft postponement plan called A33, and also includes plans A32, A31, A30, and A29. This check did not find any new amendments that have been added to the list; the index does not reflect the current amount of work being done or the amount of money being paid back. https://pancanal.com/en/maritime-services/advisory-to-shipping/