In the Polaris Global Value Fund's 2nd-Quarter Letter 2024 Q2, Methanex (TSX:MX, Financial) was noted for its strong performance, driven by rising methanol prices. The company benefited from supply constraints due to seasonal diversions of natural gas in Iran and China, as well as planned and unplanned outages in the Atlantic. These factors led to lower inventories and increased methanol prices throughout the quarter.
"Canadian methanol producer Methanex posted strong results, as methanol prices ticked higher. Methanol supply was constrained due to the seasonal diversions of natural gas in Iran and China and planned and unplanned outages in the Atlantic, leading to lower inventories and increasing methanol prices through the quarter. Methanex completed repairs on its Egypt plant, while work progressed to safely repair Methanex’s Geismar 3 plant, on track for start-up in the third quarter of 2024." — Bernard Horn (Trades, Portfolio), Polaris Global Value Fund, Q2 2024 Fund Letter
Read full letter at gurufocus Bernard Horn's Polaris Global Value Fund 2nd-Quarter Letter 2024 Q2 page.
