The Shipbrokers Podcast

Seven weeks before the US-China maritime trade truce expires, American shipbuilding policy is at a crossroads. Richard Matthews sits down with Ryan Lynch, Managing Partner of Maritime Opportunity Investment Corp, to ask what comes after Section 301 and whether the rules that stunned shipping last year are about to do it again.

Lynch's answer: everyone was watching the wrong statute. The port fees that made headlines were never the full story. The real leverage sits in a dormant provision a president could trigger without Congress at all.

Tax architecture that treats ships like floating real estate. A strategic fleet that may run into constitutional limits. Why US shipyard economics come down to throughput, not labour costs. Listen for the full picture and why Lynch thinks the next twelve months matter more than the last twelve.

0:26 Welcome & Introduction

2:05 US Maritime Capability & Shipbuilding

5:39 Re-industrialization & Strategic Commercial Fleet

10:10 Enforcement & Implementation Challenges

16:09 Section 301 Status & Trade Truce

19:26 Ships for America Act & NDAA

21:54 Act Components & Shipper Implications

24:57 Discriminating Duty on Non-US Vessels

26:49 Ships Act Outlook & Executive Pathways

30:13 Capital Architecture & Tax Barriers

34:07 Nuclear Propulsion & Technology Hurdles

35:18 Investment Appetite, Korean FDI & Supply Chain

38:57 Jones Act Waivers & Domestic Concerns

40:24 Future Orders & Fleet Composition

42:43 Tax Reform: Ships as Floating Real Estate

46:04 Maritime OIC: Advisory & Investment Approach

Six months into the Middle East war, oil has barely moved. Richard Matthews asks Vortexa Chief Economist David Wech the obvious question: why so calm and how long can it last?

Wech's answer is that everyone has been watching the wrong chokepoint. Hormuz was never the real story, and the numbers underneath the headline price look very different from the numbers on the screen.

Diesel, inventories, and a European winter he's genuinely worried about. Listen for the full picture, including why he thinks cheap oil could still be closer than anyone expects.

0:23  Welcome & Guest Introduction

1:59  Hormuz Flows & the VLCC Shuttle Strategy

5:10  US Export Decline

10:49  China's Refining Comeback & Crude Demand

14:18  Global Inventory Levels

17:06  Diesel Shortage & Product Market Stress

19:07  Refining Capacity Shifts

22:47  Winter Energy Supply Outlook

24:40  Structural Shift & China's Resilience Model

28:35  Macro Impact & Producer Perspective

30:58  Tanker Resilience & Shipping Market Adaptability

33:15  Long-Term Oil Demand & Price Outlook

In one of the most turbulent weeks in recent maritime history, Richard Matthews sits down with Nick Maddalena, Managing Director of Ambrey Global Specialty, and Robert Peters, Director of Risk Analytics at Ambrey, to unpack an unprecedented convergence of maritime threats.

With tankers struck in the Middle East, a new Houthi maritime blockade targeting Saudi Arabia, Somali pirates hijacking vessels, and ongoing attacks in the Black Sea the experts at Ambrey break down what's driving the crisis and what it means for commercial shipping.

00:49 Setting the Scene: An Unprecedented Week

03:02 The Maritime Risk Landscape Today

04:05 The Houthi Maritime Blockade

12:03 The Strait of Hormuz & the Oman Corridor

18:10 The Black Sea: Escalation & Changing Targets

23:36 Affiliation Risk & Data Accuracy

27:25 Somali Piracy: Back but Not Changed

43:01 Outlook: Permanent Threats & the Future of Maritime Risk

Host Richard Matthews is joined by Lindsay Hunting (Head of Tanker Projects), Gerrit Stricker (Head of LNG), Sen Raviraj (Lead LPG Analyst) and Dan Gifford (Head of Newbuildings) to review a turbulent first half of 2026. From geopolitical disruption and freight market swings to changing trade flows and record vessel ordering, the panel explores the key forces shaping shipping markets and the outlook for the months ahead.

00:31 2026 Chaos Overview
01:54 Tanker Talk Begins
04:18 Clean vs Dirty Impact
06:06 Contango and China
08:40 Post War Tanker Outlook
10:18 LNG Market Rewiring
14:42 LPG Freight and Product
22:48 Newbuild Ordering Boom
28:40 Key Takeaways and Close

Host Richard Matthews speaks with journalist Sean Matthews on the risk of a “no war, no peace” standoff in the Strait of Hormuz, as US and Iranian tensions simmer below open conflict. They unpack how Gulf states are navigating the pressure, from Qatar’s cautious diplomacy to the UAE’s exposed trade position and Saudi Arabia’s strategic balancing act, alongside rising regional rivalries, proxy conflicts, and a shifting post-American order.

About Sean Matthews
Covering a wide swath of the Middle East and southeastern Europe, Sean is a journalist and a correspondent with Middle East Eye covering regional politics and security. He has previously written for The Economist, Al Monitor and Al Jazeera English, reporting across Egypt, Jordan, Lebanon, Turkey and Greece. 

He is also the author of The New Byzantines: The Rise of Greece and Return of the Near East, a bold reappraisal of Greece's place in the wider Middle East, available now from all major retailers: https://amzn.eu/d/0i2n6nMr 

00:00 Welcome and Guest Intro
00:55 Iran War Stalemate in Hormuz
05:21 Gulf States Winners and Losers
12:18 Pipelines and Bypassing Hormuz
14:42 Saudi-UAE Rift and Yemen Houthis
23:35 Sudan Power Struggle
24:41 Gulf Rivalry in Sudan
27:15 Why Saudis and UAE Clash
29:03 Turkey Fills the Vacuum
34:04 Greece and the New Byzantines

Ed Romer-Lee, Lindsay Hunting and Richard Matthews of EA Gibson break down the unfolding Middle East crisis and the extraordinary strain it is placing on global tanker and energy markets, from disrupted oil flows and regional supply shortages to extreme freight volatility and rapidly shifting trade routes. They explore how multiple pressures are colliding at once, including Red Sea disruption, Panama delays and the closure of key chokepoints, creating a level of dislocation few in the industry have seen before.

Beyond the immediate crisis, the conversation turns to what may be being overlooked. As attention remains fixed on the Middle East, they examine wider geopolitical risks, structural shifts in energy supply, and the longer-term consequences for freight markets, energy security and investment. With uncertainty still high, the episode considers not just where the market stands today, but what could shape its next phase.

00:25 Middle East Focus

01:07 Unprecedented Volatility

02:33 Supply Shock Explained

04:24 Hormuz Closure Reality

05:23 Why Markets Misprice

10:11 Crude Freight Shifts

13:48 Clean Market Resilience

19:01 Strategic Reserves Risks

20:41 Client Mood And Positioning

24:59 Reopening And Recovery

28:35 Energy Transition Debate

35:23 Other Geopolitical Wildcards

38:29 War End Predictions

Richard Matthews speaks with Engebret Dahm, CEO of Klaveness Combination Carriers, about the rise, fall, and resurgence of tanker/dry-bulk “two-in-one” vessels. Once prominent between the 1970s and 1990s, these ships declined due to stricter safety and vetting standards following major incidents, cargo history limitations, higher complexity and capital costs, and poor economics in an era of low fuel prices.

Dahm outlines Klaveness’ journey and current fleet - 17 vessels, expanding to 19 across two core segments: CABU/Carbo ships, which transport liquid caustic soda in one direction and dry bulk cargoes on the return leg (notably Australia and Brazil), and CLEANBU designs, carrying clean petroleum products into the Americas before backhauling grains, sugar, and vegetable oils.

The conversation also covers operational complexities such as cargo switching and tank cleaning, early resistance from oil majors, and the broader, more diversified customer base seen today. Dahm highlights the high barriers to entry—from vessel design to crew expertise and systems—as well as the role of efficiency in decarbonisation, the limitations of current CII metrics, ongoing retrofit investments, alternative fuel flexibility, and the value of extending asset life through strong, customer-backed contracts.

00:53 What Is a Combination Carrier

01:53 Heyday and Decline

04:33 KCC Fleet and Origins

07:29 Trading Routes and Optimization

09:29 Operational Challenges and Vetting

14:49 Barriers to Entry and Know How

17:46 Efficiency and Decarbonization Edge

24:51 Alternative Fuels and Retrofits

30:00 Life Extension at 25 Years

35:16 Newbuild Plans and Market Timing

Richard Matthews interviews Dan Gifford on the newbuildings market, which remains very strong—especially tankers—with a major VLCC and Suezmax ordering wave (nearly 40 VLCCs ordered so far this year and more in the pipeline). 

They explain that newbuild prices are being supported by historically high modern secondhand values, limited ships for sale, tight shipyard capacity (Korean yards booked up to 3.5 years forward), and ongoing equipment bottlenecks such as main engines. Dan expects prices to stay firm and sees “second-wave” demand from owners who delayed ordering but now face fleet renewal needs, with delivery slots stretching into 2028–2029. 

They discuss activity in other sectors (Newcastlemax bulker orders due to an overaged fleet; containers cooling; LNG interest returning) and note that many owners sell ships at high prices and reinvest into newbuilds despite the speculative nature of returns. The episode also covers yard capacity expansions, the impact of US policy proposals and earlier USTR concerns on a shift toward Korean yards, and the reduced focus on decarbonization/dual-fuel ordering due to high premiums. 

00:00 Welcome to the Podcast

00:24 Meet Dan Gifford

00:35 VLCC Ordering Surge

02:07 Newbuild Prices Explained

04:33 FOMO and Fleet Renewal

06:31 Bulker Market Check

07:57 Speculation and Bubble Talk

13:21 Yard Capacity and Bottlenecks

16:33 US Policy and Geopolitical Risk

20:21 Decarbonization Takes Backseat

25:19 Conclusion

In this episode of the Shipbrokers Podcast, Richard Matthews, Head of Research at Gibson, delves into the impact of technology and AI on shipbroking and chartering. Joined by Ioannis Martinos, founder of Signal Group, the discussion covers the evolving role of technology in the industry, the successful launch of Signal's innovative chartering products, and the recent acquisition of AXS Marine. Ioannis shares insights on leveraging technology for commercial advantage, integrating customer feedback, and the significance of AI in enhancing operational efficiency. The episode also touches on the competitive landscape, future breakthroughs in maritime tech, and the importance of continuous innovation driven by customer needs.

00:00 Introduction to the Shipbrokers Podcast

00:18 The Impact of Technology on Shipbroking

01:17 Interview with Ioannis Martinos: Founding Signal Group

02:58 Signal Group's Innovative Chartering Products

12:40 The Role of AI and Data in Chartering

18:11 Acquisition of AXS and Market Consolidation

25:36 Future of Maritime Tech and Final Thoughts

In the first episode of 2026, Richard Matthews delves into the chaotic geopolitical landscape and its impact on the tanker and LPG market, joined by guests Ed Romer-Lee and Sen Raviraj from Gibson Shipbrokers

The podcast discusses recent events, including the US capture of Venezuelan President Nicholas Maduro, ongoing tensions in Ukraine and Iran, and potential implications on China’s strategy towards Taiwan. The group analyse how these geopolitical developments are affecting crude and LPG trades, the demand for tankers, and the possible shifts from sanctioned to mainstream fleets. 

The episode also anticipates further complexities in the year ahead, predicting continued volatility and higher freight rates amidst a backdrop of global uncertainty.

00:20 Geopolitical Chaos in 2026

01:25 Expert Insights: Ed Romer-Lee and Sen Raviraj 

02:10 Venezuela's Oil Sanctions and Global Impact

05:08 Shifts in Tanker Demand and Market Dynamics

12:23 Iran's Role in the Global LPG Market

14:32 Impact of Sanctions on Chinese and Iranian Trade

17:35 Market Reactions and Future Predictions

22:10 Global Oil Supply Chain Tightening

22:28 Geopolitical Influences on the Freight Market

24:04 Iranian Oil and Sanctions

26:28 Russia-Ukraine Conflict and Its Implications

34:04 US-China Trade Relations and Tariffs

37:42 Predictions for the Freight Market in 2026