The Shipbrokers Podcast

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 Focus01:07 Unprecedented Volatility02:33 Supply Shock Explained04:24 Hormuz Closure Reality05:23 Why Markets Misprice10:11 Crude Freight Shifts13:48 Clean Market Resilience19:01 Strategic Reserves Risks20:41 Client Mood And Positioning24:59 Reopening And Recovery28:35 Energy Transition Debate35:23 Other Geopolitical Wildcards38:29 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 Carrier01:53 Heyday and Decline04:33 KCC Fleet and Origins07:29 Trading Routes and Optimization09:29 Operational Challenges and Vetting14:49 Barriers to Entry and Know How17:46 Efficiency and Decarbonization Edge24:51 Alternative Fuels and Retrofits30:00 Life Extension at 25 Years35:16 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 Podcast00:24 Meet Dan Gifford00:35 VLCC Ordering Surge02:07 Newbuild Prices Explained04:33 FOMO and Fleet Renewal06:31 Bulker Market Check07:57 Speculation and Bubble Talk13:21 Yard Capacity and Bottlenecks16:33 US Policy and Geopolitical Risk20:21 Decarbonization Takes Backseat25:19 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 Podcast00:18 The Impact of Technology on Shipbroking01:17 Interview with Ioannis Martinos: Founding Signal Group02:58 Signal Group's Innovative Chartering Products12:40 The Role of AI and Data in Chartering18:11 Acquisition of AXS and Market Consolidation25:36 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 ShipbrokersThe 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 202601:25 Expert Insights: Ed Romer-Lee and Sen Raviraj 02:10 Venezuela's Oil Sanctions and Global Impact05:08 Shifts in Tanker Demand and Market Dynamics12:23 Iran's Role in the Global LPG Market14:32 Impact of Sanctions on Chinese and Iranian Trade17:35 Market Reactions and Future Predictions22:10 Global Oil Supply Chain Tightening22:28 Geopolitical Influences on the Freight Market24:04 Iranian Oil and Sanctions26:28 Russia-Ukraine Conflict and Its Implications34:04 US-China Trade Relations and Tariffs37:42 Predictions for the Freight Market in 2026

In this episode of the Shipbrokers Podcast, hosted by Richard Matthews, head of research at Gibson Ship Brokers,  Neil Atkinson, an independent energy analyst, discusses the complexities of oil demand forecasts. They explore why predictions for the oil market vary significantly among institutions like the IEA and OPEC.. Atkinson emphasises the resilience of oil demand due to ongoing developments in regions like Africa and Southeast Asia, where economic growth and rising populations drive energy needs that renewables alone cannot meet. They also delve into the impact of geopolitical factors, sanctions, and industry regulations on the global oil market. The episode concludes with a discussion on long-term oil demand outlooks and the importance of balancing ambitious climate policies with economic realities.00:00 Introduction to the Shipbrokers Podcast00:27 Neil Atkinson's Career Journey01:29 Diverging Oil Demand Forecasts05:08 Short-Term Oil Supply and Demand10:18 Impact of Sanctions on Oil Markets16:36 Long-Term Oil Demand and Peak Oil27:52 Challenges in Energy Transition34:03 Conclusion and Final Thoughts

In this episode of The Shipbrokers Podcast, host Richard Matthews talks with Anuj Gosalia, an S&P Broker from the Mumbai office at Gibson Shipbrokers, who specialises in sourcing vessels for recycling. Anuj shares his journey from a small town known for ship recycling to becoming a key player in the ship recycling market. They discuss the evolution and processes of ship recycling, the impacts of environmental regulations like the Hong Kong Convention, and the future outlook for the recycling market. Anuj also provides insights into recycling challenges like the 'Dark Fleet' and offers his perspective on investment strategies in the current market conditions.00:00 Richard introduces the podcast and today’s guest 00:19 Meet Anuj Gosalia: From the hub of Ship Recycling in Alang04:23 Understanding the Ship Recycling Process07:43 The Impact of the Hong Kong Convention11:34 Current Market Dynamics and Future Outlook19:58 Challenges for Recycling the Dark Fleet25:26 Conclusion and Final Thoughts

In this episode of The Shipbrokers Podcast, Richard Matthews, head of research at Gibson Shipbrokers, interviews Paul Martin, a chemical engineer and independent consultant from Spitfire Research. They delve into the hydrogen and ammonia markets, discussing the misconceptions about hydrogen as a fuel, its inefficiencies, and the challenges in transporting it. Paul explains why hydrogen, largely derived from fossil fuels, is not a feasible long-term fuel source compared to electricity and green alternatives like methanol.They also tackle the critical safety concerns associated with using ammonia as a marine fuel and why electrification should be prioritised across various industries. The conversation offers a grounded perspective on the future of energy, highlighting the complexities of decarbonizing sectors like shipping and aviation.00:00 Introduction to The Shipbrokers Podcast00:31 Guest Introduction: Paul Martin from Spitfire Research01:08 Understanding the Hydrogen and Ammonia Markets02:39 The Realities of Hydrogen Transportation03:50 Hydrogen as a Commodity and Fuel04:44 Challenges of Using Hydrogen as a Fuel09:35 Green Hydrogen Production and Its Challenges15:10 Ammonia as an Alternative Fuel25:25 Decarbonizing Shipping and Aviation32:06 Conclusion

In this episode of the Shipbrokers Podcast, brought to you by Gibson Shipbrokers, Richard Matthews speaks to freight analyst Michael Ryan of Sparta Commodities to break down arbitrages in the shipping and commodities trading scene. The conversation covers the concept of arbitrage, traditional and emerging Arbs, and how market factors like geopolitical activities and seasonal demand affect these opportunities. Michael also shares insights on the impact of geopolitical events like the war in Ukraine and US sanctions, and future prospects such as Arctic Arbs. Finally, they discuss the influence of environmental regulations on Arbs and how Sparta Commodities' live arbitrage margins tool aids in navigating the market.00:00 Introduction to the Ship Brokers Podcast00:27 Guest Introduction: Michael Ryan01:07 Understanding Arbitrage in Shipping02:57 Components and Dynamics of Arbs08:06 Seasonal and Geopolitical Influences on Arbs22:03 Impact of Environmental Regulations on Arbs22:58 Future of Arbs and Conclusion

In this episode of the Shipbrokers Podcast, hosted by Richard Matthews,  the focus is on the evolving landscape of ship finance. Guest Richard Moore, director of EA Gibson Capital, shares his extensive experience in shipping and finance, detailing the formation of EA Gibson Capital and its offerings. The discussion covers current trends in ship financing, including the rise of green financing, alternative financing, and the role of Asian banks. It also examines the impact of US policies on Chinese leasing and the significance of decarbonisation. The episode provides valuable insights into the challenges of refinancing under new U.S. regulations and offers expert perspectives on future growth areas in ship finance.00:00 Introduction to the Shipbrokers Podcast00:30 Meet Richard Moore: Background and Gibson Capital01:31 Current Trends in Ship Financing06:02 Sector-Specific Financing Approaches07:42 Private Equity and Competitive Financing Sources15:52 Impact of US Trade Regulations on Chinese Leasing22:13 Future Investment Opportunities in Shipping25:11 Conclusion

Crude Complexity: Sanctions and the Dark Fleet with Leigh Hansson of Reed Smith on The Shipbrokers PodcastIn this episode of The Shipbrokers Podcast, Richard Matthews, Head of Research at Gibson Shipbrokers, interviews Leigh Hansson, a sanctions and export controls expert and partner at Reed Smith. The discussion covers the evolving sanctions landscape, particularly focusing on the increased complexities since 2022, US sanctions on Iran, EU and UK sanctions pressures on Russia, and the implications for the shipping and energy markets. The conversation also dives into recent sanctions on teapot refineries in China, compliance challenges, the impact of secondary tariffs on countries trading with Iran and Venezuela, and the importance of rigorous due diligence for ship owners and brokers. Leigh provides insights into the latest EU sanctions package, enforcement trends, and the broader geopolitical ramifications, offering valuable advice for industry professionals navigating these turbulent times.00:00 Introduction to The Shipbrokers Podcast00:24 Meet the Guest: Leigh Hansson from Reed Smith00:32 Sanctions Landscape and Key Changes01:46 US Sanctions Focus: Iran and China06:08 Sanctions on Venezuela and Market Reactions11:43 EU's 18th Sanctions Package16:26 Impact on Shipping and Compliance Challenges29:15 Enforcement and Future Outlook31:40 Conclusion and Closing Remarks