[Video] The Business of Shipping

Join me as I moderate a discussion on how to rationalize investments in shipping alongside industry expert panelists at the CMA Shipping conference in Stamford, CT.

Apr 01, 2026

On Tuesday, March 10, I sat down with panelists Morten Arntzen (Macquarie Bank), Kevin Kennedy (Good Ground Advisors), Peter Shaerf (AMA Capital Partners LLC), Ted Young (Dorian LPG), and Jonathan Chia (MTI Network) at CMA Shipping to discuss how to rationalize investments in shipping markets that seem to be moving from strength to strength despite (or perhaps because of) immense geopolitical volatility.

Our conversation also touches on capital availability, investor expectations, as well as the ongoing trend of consolidation via M&A activity.

The panel was a hit at the conference and the organizers generously allowed me to share the video with my subscribers.

Some highlights:

The NAV Paradox: Ted Young discusses the “CFO playbook” for cyclical industries—raising equity when trading above Net Asset Value (NAV) and the challenges of being valued by the market during downturns [05:04].
Barriers to Entry in Liner vs. Bulk: Kevin Kennedy explains why the container liner business has massive barriers to entry compared to tankers, making it nearly impossible for new entrepreneurs to enter the space [07:28].
The “Billionaire Buccaneer” Risk: The panel tackles the moral and financial “game theory” of whether ship owners should risk crew safety to run volatile routes like the Red Sea for high premiums [13:45].
The U.S. Shipbuilding Challenge: Morten Arntzen provides a candid reality check on the U.S. shipbuilding industry’s global competitiveness and its strategic role in national defense [23:44].
Future Tech and Nuclear Propulsion: A look at how “deep tech,” data analytics, and the potential for nuclear-powered vessels could fundamentally reshape maritime power and efficiency [34:30].