Freight and Fortune

With “Party in the USA” by Miley Cyrus playing, moderator Christopher Ulfers and panelists Hugh Eden, Alan Ginsberg, Michael Braid, and I made our way onto the stage for our …

Once the U.S. Thanksgiving holiday passes, the frenzied, winter celebration-filled race towards the end of the calendar year begins. Amid the fun chaos, I try to carve out just a …

Shipping—often abstracted away into discussions of supply and demand, commodities, and finance—in fact involves very real vessels operated by very real people across the world’s oceans, where extremely dangerous situations …

I didn’t expect to hear business advice from a notoriously successful (and private) U.S. shipbuilder while listening to David Senra’s excellent podcast, featuring founder and CEO Todd Graves of Raising …

Tom Lemmon, London-based host focused on securitizations and credit ratings at ARC Risk Group, interviews James Lightbourn, shipping financier, founder of Cavalier Shipping, and author of Freight + Fortune, and …

The Marine Money Ship Finance Forum takes place in NYC on Thursday, November 20. The event features a panel, Dealmaking in the Jones Act & U.S. Flag, at 3:30pm. Christopher …

Christopher Vonheim, Norwegian host focused on business, ocean industries, investing, and start-ups, interviews James Lightbourn, shipping financier, founder of Cavalier Shipping, and author of Freight + Fortune on the shipping …

In March, French container line giant CMA CGM’s CEO Rodolphe Saade pledged to invest $20 billion in the U.S. maritime sector as he stood alongside President Trump in the Oval …

Last week had three standout developments in the effort to revitalize the U.S. shipbuilding industry: U.S. port fees | One year of waived fees for Chinese vessels from the U.S. …

Publicly listed shipping companies are often critiqued for their shares’ lack of liquidity, or trades in a single day. In the past year, the highest volume of public shipping company …

While there’s plenty of soul-searching underway among supporters of the world’s first proposed carbon tax, its one-year delay could ultimately lead to a more resilient decarbonization framework — and perhaps …

Trump officials go all out to block carbon tax on shipping October 16, 2025 Politico article excerpts, featuring Cavalier Shipping insights. Written by Sara Schonhardt in Washington, D.C.. The Trump …

The fixed income market — where investors purchase loan obligations of governments, companies, and other issuers as bonds — doesn’t attract nearly as much attention as the stock market, where …

With U.S. government port fees on Chinese-made freight vessels scheduled to go into effect next week, confusion is widespread among ocean carriers about whether the U.S. Trade Representative rules could …

The exclusive half-day seminar “From Risk To Return: Investing in Shipping’s Future”, hosted by Reed Smith and DNV, will be held on Wednesday, October 15 from 1:30-6pm. The event features …

One of the most tantalizing investment ideas in shipping is to take a public company private at a discount to net asset value (NAV). It’s like buying a dollar for …

On July 4, 2025, the “Big Beautiful Bill” became U.S. law. One provision from this jam-packed legislation could have a meaningful impact on the U.S. ship finance landscape: the permanent …

Technically speaking, VLCC stands for Very Large Crude Carrier, but with these vessels’ earnings near $100,000/day, it could also stand for Very Large Cash Cow. VLCCs, often referred to as …

The looming Maritime Environment Protection Committee vote on the International Maritime Organization’s (IMO) draft Net-Zero Framework (NZF) in October is getting harder to ignore. Skeptics now include top classification societies, …

In ship finance, just like in physics, every action produces an equal and opposite reaction. International shipping is a U.S. dollar denominated business, so America has an incredible amount of …

Something strange is happening in today’s container shipping market. Charter rates, i.e. costs to use vessels, and freight rates, i.e. costs to transport the goods aboard these vessels, historically move …

With the end of the summer holiday, students around the globe are returning to their classrooms. Ship finance generally isn’t a covered subject, so I am offering my own recommended …

Shipping companies with a widespread form of Chinese financing are rushing to find different funding sources to avoid potential multimillion-dollar fees for US port visits when new Trump administration rules …

There’s growing momentum behind the burgeoning Korean-American shipbuilding alliance, which even has its own acronym, MASGA (Make American Shipbuilding Great Again), created when negotiating U.S. trade deals by the Koreans—who …

Everywhere you look in the shipping sector, there are brokers: the intermediaries that keep one of the world's oldest, most fragmented industries functioning. Other sectors have gone digital (when was …

The 2004-built Jones Act qualified Suezmax tanker “the Alaskan Frontier” (193,049 deadweight tons / built at NASSCO in the USA) is back in action after being laid up at anchor …

Friday, July 18, 2025: Shipowning company OceanPal Inc. (Nasdaq: OP) closes at $1.64 per share. Monday, July 21, 2025: OP crashes by 62% in one day and closes at $0.63 …

The global shipping industry is one of the closest real-world examples of a perfectly competitive market—where price is entirely set by supply and demand. No single authority can monitor and …

Surface level: investing in aircrafts and ships have a lot in common. Both asset types are capital intensive, trade globally across multiple legal jurisdictions, and earn returns broadly linked to …

While it is far from the worst of times for shipping markets, it may well be the worst of times to be a shipping investor. How can that be? Shipping …

The go-to university classroom example of foreign direct investment (FDI) used to be an American company building a factory overseas. Under the second Trump administration, take that example and reverse …

On April 30, Senators Mark Kelly (D-AZ) and Todd Young (R-IN) and Congressmen Trent Kelly (R-MS-1) and John Garamendi (D-CA-8) reintroduced the SHIPS for America Act, potentially reshaping U.S. maritime …

I’m thrilled to be featured in TradeWinds’ 25 New Faces list, as one of the people they’ve picked as “shipping’s next generation news makers and market movers.” Thanks to Joe …

One of the pillars of the SHIPS for America Act is the creation of a 250-vessel Strategic Commercial Fleet (SCF) of U.S.-built and U.S.-flagged ships. The SHIPS for America Act …

If you’ve worked in ship finance over the past decade, you’ve seen the dominant trend of European banks scaling back their shipping portfolios. New sources of debt capital have come …

The United States is the undisputed capital of global finance. The U.S. dollar is the world’s reserve currency. The largest stock exchanges are in New York. The U.S. has a …

Cavalier Shipping is featured in today's The New York Times article "U.S. Ships Championed by Trump Cost 5 Times as Much as Asian Ones", authored by Peter Eavis— "An order …

Stating the obvious: the U.S. wants more American-built ships. Less obvious: how many ships can America’s biggest shipyards build? In the past decade, large ocean-going commercial vessels built in America …

Beginning in April 2029, the Office of the United States Trade Representative (USTR) will enforce a requirement that 1% of all liquified natural gas (LNG) exports from the U.S. be …

To shipping investors, “buying steel” typically means buying a vessel. The informal statement “buying steel” will have an even deeper meaning in the U.S. as the steel industry continues to …

Marine Money Week 2025 was, as always, the singular occasion in shipping to reconnect with global friends in the industry and synthesize perspectives on shipping’s next big area of opportunity–U.S. …

The past year’s renewed focus on bolstering American shipbuilding capacity inspired a slew of shipping deals and investments. Interestingly, the most active players came from outside of the U.S., looking …

On Friday June 20, EuroHoldings Ltd. (NASDAQ: EHLD) closed at $6.61 per share. The next day, the Pittas family sold 51.04% of their EHLD shares for $12.90 per share. EHLD’s …

In one week, the U.S. domestic shipping industry had two major mergers and acquisitions (M&A) headlines. Family office Redwood Holdings announced its agreement to acquire Canal Barge and its fleet …

Most oil majors avoid chartering vessels aged 15 years or older. Yet, ExxonMobil employed the 44-year-old MR product tanker the “Challenge,” built in 1981 at Avondale Shipyard in Louisiana, USA. …

Earlier this week, Heidmar Maritime Holdings Corp (NASDAQ: HMR) purchased the “feeder” container ship A. Obelix from Capital Maritime Management (Capital). Capital through an affiliated company owns 45.1% of HMR. …

Investing in shipping today is hard. Asset prices are high, vessels earnings are OK, and there’s a lot of cash sloshing around the sector from shipowners’ windfall profits earned during …

The appetite to participate in the U.S. maritime sector’s revival has been insatiable over the past few months. I’ve heard from seemingly everyone—real estate developers, private equity funds, family offices, …

In shipping, business is often all in the family–especially in Greece. As with any family business with succession plans, the older generation ultimately hands the reins to the younger generation. …

Large Korean conglomerate Hanwha became firmly intertwined in the American shipbuilding sector’s revival when it acquired Philly Shipyard. Now Hanwha’s doubling down on U.S. shipping by ordering a new LNG …