Notes

A news scan found the headline 'T9131940 issuer index unchanged'. A recent web search from September 13 at 19:42 found the latest release of results for the first half and second quarter, which was on September 10, and a vessel sale on September 1. This is the closest index of publications from the issuer, which includes promotional and incomplete information from outside indexed releases. The fact that there is no newer item does not mean that there are no new fixtures. https://www.tenn.gr/

A news scan found the following data line: Collector26419. On September 1, the close and prior 20 day average, 50 day simple moving average, and average daily range, along with a signal, were as follows for several stocks: FRO had a close of 49.21, prior 20 day average of 48.40, 50 day simple moving average of 40.846, average daily range of 1.350, and a signal of true; STNG had a close of 84.52, prior 20 day average of 84.51, 50 day simple moving average of 77.927, average daily range of 2.002, and a signal of true; TEN had a close of 47.90, prior 20 day average of 44.71, 50 day simple moving average of 40.349, average daily range of 1.244, and a signal of true; BWLP had a close of 25.13, prior 20 day average of 25, 50 day simple moving average of 21.461, average daily range of 0.665, and a signal of true; LPG had a close of 55.18, prior 20 day average of 55.20, 50 day simple moving average of 45.939, average daily range of 1.641, and a signal of false; CNQ had a close of 50.07, prior 20 day average of 51.33, 50 day simple moving average of 46.4478, average daily range of 1.049, and a signal of false. The data is for all dated bars, and the signals alone do not repair rejected tests. https://runway.adityaperswal.workers.dev/data/stock-bars

The execution gate for TEN T9131940 was recomputed at 19:01. The collector264 found the daily reference price to be 47.90 on September 11, with a prior 20-day close high of 44.71, a 50-day Simple Moving Average (SMA) of 40.349, and an Average Daily Range (ADR) of 1.244 over 20 days. However, this was not executable due to the Sunday quote. Using a Python script, a fee of 1 basis point (bp) and slippage of 15bp per side were applied, resulting in a buy price of 1.00160015 and a sell price of 0.99840015, with a stop loss at 45.41 and a target at 55.36. This yielded a net return of 2.763913, with a maximum return of 3 times the reference price of 47.744473. The assumptions used included a 5% replacement probability and a -30% gap, with a conditional mean of 1.4467783586%, resulting in an expected return of -0.12556055933% and a breakeven point of 4.6007204%. Note that these are assumptions and not new estimated crisis probabilities. A conditional probe ceiling was set at 21.27475, which is below one share. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the notes: On September 13, at 17:46 and 19:01, there were 6 errors out of 6 after 16:31 in container 503. Job 250 had 7 runs left, with the next run at 20:01, and the final run was scheduled for September 14 at 02:01. Job 264 ended at 19:01 with 7 out of 7 runs completed, and 38 runs were left. Five existing jobs were preserved. The recovery process does not replace the missing data from the failed interval. Job 36 had a timeout issue with AI.PA 403 and MOFCOM, which persisted. runway:list_jobs?fund=supply

On September 13 at 19:42 UTC, the fund's own ledger showed only two closed liquidations of FRO/STNG operators, with no open, pending, or closing positions. The current cash balance is $170.20. There are 18 armed monitors, with none due for action. The next scheduled action is on September 14 at 00:00 UTC. With only two wins and no losses, it is not possible to calibrate the Kelly criterion, a method used to determine optimal bet size. The other funds remain untouched. runway:query_trades?fund=supply

On September 13, at approximately 16:33, a rendered page showed 0 reports with 27 lines, and there were no identified current incidents originally. The rendered empty list does not prove that there were zero maritime incidents or that throughput was restored. No crisis-tail assumption was changed. https://www.ukmto.org/recent-incidents

A news scan found the headline 'Operator index fetched Sep 13 ~ 16:33'. This refers to a list of information gathered on September 13 at 16:33. The list includes heads A34 August operations, A33 draft postponement, A32, A31, A30, A29, which were unchanged from the prior review. The operator index is not the actual amount of goods moving through or the net profits made. The decision is to preserve 103. https://pancanal.com/en/maritime-services/advisory-to-shipping/

On September 10, the primary issuer released unaudited information for the first half of the year, which ended on June 30. The information showed that the company had 43,503 transactions per day, compared to 30,754 previously, with a utilization rate of 96.5%. The company's gross revenues were 551.4 million. This information comes from a promotional source that is close to the company's accounting, and it does not include the past period or September fixtures. The latest release listed on the company's homepage is still from September 10, and was reviewed on September 13. The fact that there is no new information does not necessarily mean that there are no updates. https://www.tenn.gr/wp-content/uploads/2026/09/tenn091026.pdf

On September 13 at 16:33 UTC, a query showed only two closed operator liquidations, FRO and STNG, with no open, pending, or closing orders. There were no new closed lessons due. The list of monitors showed 18 were armed and 0 were due, with the next 369 scheduled for September 14 at 00 UTC. The context allocation was 170.20, which was fully in cash. No other fund order was altered, and since there were two winners and no losses, it was not possible to calibrate the Kelly criterion, a method used to determine the optimal amount to invest. runway:query_trades?fund=supply

A news scan found the headline 'TEN T9131630 frozen price and cost gate recomputation'. A Collector264 report from September 13 at 16:31 showed the underlying asset's daily close on September 11 was 47.90, with a prior close of 44.71 and a 50-day simple moving average of 40.349. The average daily rate over 20 days was 1.244. However, the daily bars were not executable due to a lack of quotes. A Python script calculated buy and sell prices, resulting in a buy price of 1.0001 * 1.0015 and a sell price of 0.9999 * 0.9985. This gave prices of 45.41 for S and 55.36 for T, with a net of 2.763913R for an entry price of 47.90 and a net of 3.007229R for an entry price of 47.74, and a maximum entry price of 47.744473. The script also assumed a 5% increase and a 30% decrease in price, which resulted in a break-even point of 4.6007204%. The script used a term called simple moving average, which is a calculation of the average price of an asset over a certain period of time. The term average daily rate refers to the average price change of an asset over a certain period of time. No orders were placed, with a probe ceiling of 21.27475, which is below the price of one share. https://runway.adityaperswal.workers.dev/data/stock-bars

On September 13, at approximately 16:33 UTC, it was observed that several jobs were active, including jobs 18, 36, 214, 250, and 264. Job 264 completed its task at 16:31 with an exit code of 0 after 40 runs. Job 250, however, did not have an instance in container 503 at 16:31 and had 9 runs, with the next attempt scheduled for 17:31. A prior note from 15:31, note 3074, verified the completion of 6 out of 6 tasks. Although an earlier delay was recovered, the newest attempt failed. The system will attempt to retry the task every 9 hours through September 14 at 01:31 to cover the next review at 00:00 UTC, but success is not guaranteed. Job 36 is still experiencing a timeout issue related to AirLiquide 403 and MOFCOM, but no code failure has been diagnosed, so the scheduled retry will be preserved without duplicate provisioning. runway:list_jobs?fund=supply

A news scan found the headline 'Sep13~13:52UTC own open/pending/closing0;two closed operator liquidations. Python gross returnsFRO3.805162958%,STNG.752256770%,equaltrade mean2.278709864%;wins2/2,loss sample0,stop/target exits0. Entry reference quotes unavailable so slippage cannot be estimated; operator-liquidated N2 cannot supply Kelly win/loss odds.18armed monitors0due;next369Sep14 00UTC.' This is a raw script output. runway:query_trades?fund=supply

A news scan found the headline 'T9131350 collector receipt coverage audit'. The audit found five active jobs, including numbers 18, 36, 214, 250, and 264. For job 264, the actual receipt was received at 13:16 and had 1923 characters, with an END code of 7/7. For job 250, the latest stored receipt was received at 12:46 and had 1173 characters, with an END code of 6/6 and no errors. The next receipt is due at 13:46, but if it is not received by 13:52, it will be considered overdue. There are 12 runs scheduled through September 14 at 00:46. A total of 26443 runs are scheduled. Job 36 had six readable panels and two errors, with issues related to AirLiquide 403 and MOFCOM timeout. The audit notes that scheduled coverage does not guarantee future successful receipts. runway:list_jobs?fund=supply

On September 10, the issuer released a statement for the first half of the year, which ended on June 30, 2026. The operating cash flow was 281.167 million, and the investing activities resulted in a loss of 248.312 million. The average daily time charter equivalent, or TCE, was 43,503 dollars per day, compared to 30,754 dollars per day in the prior first half. The operating expenses were 10,298 dollars, and the overhead was 2,370 dollars. The issuer's promotional statement, which has not been officially audited, is similar to an official accounting event, but it is dated and does not include new information about September, such as new fixtures or common free cash flow. https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

A news scan found the notice that on September 13 at 13:52 UTC, the operator index still leads August operations with A34, and also includes A33, which is a draft that has been postponed, as well as A32, A31, A30, and A29. The index does not prove that there are no unpublished changes and it does not reflect the actual amount paid to vessels. The existing monitor, known as monitor103, will be retained. https://pancanal.com/en/maritime-services/advisory-to-shipping/

On September 13 at 13:52 UTC, a webpage showed 0 reports out of 27 lines, but the search results matched a warning from July 13 instead of the original incident from September 13. This does not mean there were no real incidents or that transit has been restored. A search of Saudi domains by date found repeated information, not new primary data. The alleged incident from September 13 remains unverified. https://www.ukmto.org/recent-incidents

On September 13 at 13:52 UTC, the daily split for TEN from September 1 to 13 was authorized, but the subscription request 403 does not permit recent Systematic Investment Plan, or SIP, access. The collector 264 price of 47.90 from September 11 close remains the dated reference price, which is not an executable quote. Using Python to calculate the fees, which are 1 basis point, and slippage, which is 15 basis points, on each side, the net results are 2.763912834 at 47.90 and 3.007228642 at 47.74. The fixed prices are 45.41 for the stop loss, or S, and 55.36 for the take profit, or T, with a ceiling of 47.744472866. The probe losses are 1.170107 and 1.102743, and the probe gains are 3.234075 and 3.316200. No order was placed. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the headline 'T9131230 UKMTO original lookup incomplete'. On September 13 at 12:35 UTC, a browser search of the recent incidents page returned 27 lines without a noticeable September 13 notice. Two bounded searches did not find a relevant primary match. A secondary new incident lead, 28107, remains unknown and not disproved, so we cannot infer the identity of the vessel, lost capacity, or cash involved. The next handoff at 00 UTC should try to find the exact original information if it is accessible. https://www.ukmto.org/recent-incidents

A calculation was done on September 10 using the issuer's first half data up to June 30. The result was 43503 in total cash expenses, minus 10298 in operating expenses, minus 2370 in overhead, which equals 30835 US dollars per vessel per day. This is compared to 30754 minus 9743 minus 2063, which equals 18948, an increase of 62.7348533 percent. The operating cash flow is 281.167 divided by 115.944 minus 1, which equals 142.502415 percent. This calculation does not include debt service, dry dock or capital expenditure costs, taxes, or claims on residual values, and is not the same as common free cash flow or September spot guidance. The numbers are not annualized. https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

A news scan found the headline about a new shipping incident on September 13 at 02:26 UTC. The report attributes the incident to the UKMTO, but the damage and crew status are unknown. This information has not been fully read or verified against the UKMTO's original report. It is only a lead and no trade has been made. Articles about repeated Saudi attacks refer back to a prior official event and the citations are not independent, as they are based on throughput receipts. https://www.khanlist.com/story/new-report-of-attack-on-strait-of-hormuz-shipping-fans-37ca0ef8

On September 13, the primary page was accessible with a status code of HTTP200 via browser and requests, but after removing HTML, only the title was visible. The same issue occurred with the Arabic original page at https://www.spa.gov.sa/N2674019. It was not possible to independently determine the current throughput or restart information from these responses. The previously stored full disclosure remains the most recent evidence, but it is outdated. A search of the September 13 pipeline returned repeated information and a secondary new incident report, but no verified fresh primary restoration was found. The TEN issuer archive at https://www.tenn.gr/press-releases/ appears to be outdated compared to the September 10 GNW release, and the absence of a release from the archive does not necessarily mean that no release occurred. https://www.spa.gov.sa/en/N2674116

The issuer of TEN T9131230 H1 2026 originated a report on September 10 at 09:15 ET, covering a six-month period that ended on June 30. The report includes a table that shows the operating cash flow was $281.167 million, and the net investing cash flow was -$248.312 million, resulting in a total of $32.855 million before financing. The average daily operating cash flow was $43,503 USD per day, compared to $30,754 previously, with operating expenses of $10,298 per day plus overhead of $2,370 per day, totaling $12,668 per day, which is higher than the previous $9,743 per day plus $2,063 per day, totaling $11,806 per day. This supports the operating rent that has been realized, but does not support a free common distribution. The issuer's report has a promotional bias, and the figures are unaudited and cover a period before the September pipeline attack. https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

A news scan found the headline 'MAERSK-B.CO T9131230 ACP advisory index unchanged top notice'. On September 13, at approximately 12:33 UTC, an index update was read, which included the following steps starting from August: A34 summary, A33 draft, A32 late cancellation, A31 allocation, A30 booking, and A29 precipitation. This update matches collector number 264. Although no newer notice was visible in the inspected index, this does not guarantee that there are no unpublished disruptions. The existing analysis, numbered 3207, and monitor 103, will be retained. https://pancanal.com/en/maritime-services/advisory-to-shipping/

A news scan found the headline 'T9131230 supply state and collector receipt audit'. The audit report for September 13 shows that only two trades were closed, which are FRO with a price change from 44.49 to 46.182917 and STNG with a price change from 79.76 to 80.36, both of which were liquidated by the operator on September 4. There are no open, pending, or closing trades, and no strategy exits. The system also reports that there is no quote baseline for slippage, which refers to the difference between expected and actual trade prices. The monitors show that 18 are armed and 0 are due, with the next check scheduled for September 14 at 00 UTC. The list of jobs includes 264 actual runs at 12:01 with 1923 characters of output, 250 actual runs at 11:46 with 1173 characters of output, and 214 runs with errors. Additionally, there were 36 partial runs with 2 source errors, one from AirLiquide 403 and one from MOFCOM timeout, and 18 period runs from August 30 to September 5. The counts in the report refer to operation receipts, not new trade evidence. runway://query_trades?fund=supply

The system used Python to recalculate some numbers from a saved training set, which had an average return of 1.4467783586%. This was not a new test of the system. The ordinary return was replaced with a -30% return at different probabilities, which are the chances of something happening, to see what would happen. The results were: if the probability is 0%, the return is 1.446778%; if it is 2.5%, the return is 0.660609%; if it is 4.6007204%, the return is 0%; if it is 5%, the return is -0.125561%; if it is 7.5%, the return is -0.911730%; and if it is 10%, the return is -1.697899%. The probability used here is an assumption and not based on how often crises actually happen. The sample of 22 archived cases was used. If the average return is negative, it means that the best strategy would be not to invest at all, according to the Kelly criterion, which is a formula used to determine the optimal amount to invest. Simply lowering the probability to start trading is not a good reason to do so. https://runway.adityaperswal.workers.dev/data/stock-bars