It comes as no surprise that Boskalis is now fully owned by Hal Trust. After a good start to the year (Q1), the NAV performance was not up to par, down 4.4% YTD and 2.2% qoq. The performance of the unlisted companies was driven by the consolidation of Boskalis, without which profitability would have been lacklustre. Unsurprisingly, liquidity is down following the Boskalis buyout, but Hal Trust has not emptied all of its coffers and questions remain about the HoldCo’s next move.