ANTERO RESOURCES CORP COM 03674X106 1943628 57915 SH SOLE 0 0 57915 ARDMORE SHIPPING CORP COM Y0207T100 1489573 125490 SH SOLE 0 0 125490 BANCO BBVA ARGENTINA S A SPONSORED ADS 058934100 2177483 261716 SH SOLE 0 0 261716 BANCO MACRO SA SPON ADR B 05961W105 2037357 48175 SH SOLE 0 0 48175 BRITISH AMERN TOB PLC SPONSORED ADR 110448107 882934 16634 SH SOLE 0 0 16634 BW LPG LTD COM Y10230103 701617 49128 SH SOLE 0 0 49128 CAL MAINE FOODS INC COM NEW 128030202 287595 3056 SH SOLE 0 0 3056 CENTRAL PUERTO S A SPONSORED ADR 155038201 2475371 309035 SH SOLE 0 0 309035 CIVITAS RESOURCES INC COM NEW 17888H103 349395 10750 SH SOLE 0 0 10750 CNX RES CORP COM 12653C108 2131165 66350 SH SOLE 0 0 66350 COMSTOCK RES INC COM 205768302 3680344 185594 SH SOLE 0 0 185594 CORE NATURAL RESOURCES INC COM SHS 218937100 1398271 16749 SH SOLE 0 0 16749 CRESUD S A C I F Y A SPONSORED ADR 226406106 2950041 320656 SH SOLE 0 0 320656 DHT HOLDINGS INC SHS NEW Y2065G121 2765175 231395 SH SOLE 0 0 231395 DIANA SHIPPING INC COM Y2066G104 26376 15700 SH Call SOLE 0 0 15700 ECOPETROL S A SPONSORED ADS 279158109 548398 59543 SH SOLE 0 0 59543 EQT CORP COM 26884L109 2320547 42633 SH SOLE 0 0 42633 EXPAND ENERGY CORPORATION COM 165167735 2455587 23113 SH SOLE 0 0 23113 EXPRO GROUP HOLDINGS NV COM N3144W105 1237074 104130 SH SOLE 0 0 104130 FRONTLINE PLC COM M46528101 4184618 183616 SH SOLE 0 0 183616 GEOPARK LTD USD SHS G38327105 1128056 177088 SH SOLE 0 0 177088 GEOSPACE TECHNOLOGIES CORP COM 37364X109 3455667 182260 SH SOLE 0 0 182260 GLOBAL X FDS MSCI GREECE ETF 37954Y319 8880216 137891 SH SOLE 0 0 137891 GULF IS FABRICATION INC COM 402307102 1952099 278076 SH SOLE 0 0 278076 HAFNIA LTD SHS Y2990R101 574738 95522 SH SOLE 0 0 95522 HELIX ENERGY SOLUTIONS GRP I COM 42330P107 1270757 193712 SH SOLE 0 0 193712 ICL GROUP LTD SHS M53213100 1922768 309126 SH SOLE 0 0 309126 INTERNATIONAL SEAWAYS INC COM Y41053102 2327170 50502 SH SOLE 0 0 50502 INTREPID POTASH INC COM 46121Y201 1794350 58677 SH SOLE 0 0 58677 INVESCO QQQ TR UNIT SER 1 46090E103 291179450 485000 SH Put SOLE 0 0 485000 IRSA INVERSIONES Y REP S A SPON GDS ECH 10 450047303 512750 43306 SH SOLE 0 0 43306 ISHARES INC MSCI BRAZIL ETF 464286400 8373361 270108 SH SOLE 0 0 270108 ISHARES TR 20 YR TR BD ETF 464287432 222718977 2492100 SH Put SOLE 0 0 2492100 ISHARES TR CHINA SM-CAP ETF 46429B200 7184754 182076 SH SOLE 0 0 182076 ISHARES TR CORE S&P500 ETF 464287200 748277 1118 SH SOLE 0 0 1118 KRANESHARES TRUST CSI CHI INTERNET 500767306 9287478 221077 SH SOLE 0 0 221077 LOMA NEGRA C I A S A MTN 14 SPONSORED ADS 54150E104 3084161 418475 SH SOLE 0 0 418475 MIND C T I LTD ORD M70240102 203953 185395 SH SOLE 0 0 185395 MOSAIC CO NEW COM 61945C103 1639708 47281 SH SOLE 0 0 47281 NOBLE CORP PLC ORD SHS A G65431127 2033819 71917 SH SOLE 0 0 71917 NOBLE CORP PLC ORD SHS A G65431127 8484 300 SH Call SOLE 0 0 300 OCEANEERING INTL INC COM 675232102 1823007 73567 SH SOLE 0 0 73567 OKEANIS ECO TANKERS COR SHS Y64177101 755184 25666 SH SOLE 0 0 25666 PAMPA ENERGIA S A SPONS ADR LVL I 697660207 3888878 64749 SH SOLE 0 0 64749 PEABODY ENERGY CORP COM 704551100 2704232 101969 SH SOLE 0 0 101969 PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 552207 43618 SH SOLE 0 0 43618 RANGE RES CORP COM 75281A109 2108812 56025 SH SOLE 0 0 56025 SCORPIO TANKERS INC SHS Y7542C130 1679619 29966 SH SOLE 0 0 29966 SEACOR MARINE HLDGS INC COM 78413P101 1199684 184851 SH SOLE 0 0 184851 SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 4404151 391828 SH SOLE 0 0 391828 SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 1124 100 SH Call SOLE 0 0 100 SPDR GOLD TR GOLD SHS 78463V107 853128 2400 SH Call SOLE 0 0 2400 SPDR S&P 500 ETF TR TR UNIT 78462F103 21983940 33000 SH Put SOLE 0 0 33000 STAR BULK CARRIERS CORP. SHS PAR Y8162K204 515167 27712 SH SOLE 0 0 27712 TECHNIPFMC PLC COM G87110105 2958488 74993 SH SOLE 0 0 74993 TEEKAY TANKERS LTD CL A G8726X106 1857199 36739 SH SOLE 0 0 36739 TIDEWATER INC NEW COM 88642R109 1383566 25943 SH SOLE 0 0 25943 TORM PLC SHS CL A G89479102 545516 26455 SH SOLE 0 0 26455 TRANSOCEAN LTD REGISTERED SHS H8817H100 2090946 670175 SH SOLE 0 0 670175 TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 898460 42722 SH SOLE 0 0 42722 TSAKOS ENERGY NAVIGATION LTD SHS G9108L173 2357755 106109 SH SOLE 0 0 106109 VALARIS LTD CL A G9460G101 1528347 31337 SH SOLE 0 0 31337 VALARIS LTD CL A G9460G101 5389085 110500 SH Call SOLE 0 0 110500 VANECK ETF TRUST GOLD MINERS ETF 92189F106 8968843 117393 SH SOLE 0 0 117393 WEIBO CORP SPONSORED ADR 948596101 255468 20602 SH SOLE 0 0 20602 YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2921872 120291 SH SOLE 0 0 120291