Twelve Capital Event Update – 27 Juli 2020

Hurricane situation

Over the past 48 hours there have been two hurricanes that have made landfall, one in Texas and the other in Hawaii, which is ongoing.

Hurricane Douglas passed very close to Oahu, Hawaii and is currently moving over Kauai, travelling in a north-westerly direction as a Category 1 hurricane with estimated maximum sustained wind speeds of 90mph.

Douglas represents a risk to all of the Hawaiian Islands both from a wind and rainfall aspect, but as this event is currently ongoing, more information on specific impacts is not yet available.

Hurricane Hanna made landfall on the south-western tip of Texas at Padre Island. It landed around 5pm local time on Saturday 25th July as a Category 1 hurricane with estimated maximum sustained wind speeds of 90mph. It moved in a south-westerly direction and is now a tropical storm located near Torreon, Mexico.

Heavy rain is concentrated over portions of southern Texas and northern Mexico increasing risk of flash-flooding. Hurricane strength winds caused damage in the Port Mansfield area of Texas, which is fortunately not a large centre of population.

Twelve Capital expects the impact on its portfolios to be minimal given the size and location of the events. As more information becomes available, particularly regarding Douglas, Twelve Capital will monitor any potential impacts.

There are currently no other active hurricanes in the Atlantic, Eastern Pacific, and Central Pacific regions. There is a disturbance located approximately half way between the West coast of Africa and Venezuela that has a high chance of developing into a tropical storm/depression in the next 48 hours that remains under observation.

As always, Twelve Capital continues to closely monitor any catastrophe events and will issue specific updates on any relevant new major events which occur.

Montag, 27 Juli 2020