James Lightbourn 5/2/25 James Lightbourn 5/2/25

Revisiting Dryships’ 2019 Take-Private: NAV Arbitrage vs. Timing the Cycle

You’ve probably heard this one before: An economist and his friend are walking down the street when they see a $20 bill lying on the ground. The friend bends down to pick it up but the economist says, “Don’t bother. If it were real, someone would have already picked it up.”

James Lightbourn 4/30/25 James Lightbourn 4/30/25

The 2025 Shipping IPO You Didn’t Hear About

With current uncertainty around global trade given the U.S. administration’s policy disruptions, now seems like an odd time for a shipping company to pursue a public listing in New York.

James Lightbourn 4/8/25 James Lightbourn 4/8/25

For Ship Operators, Volatility is Opportunity

In shipping, volatility isn’t noise—it’s opportunity. And in flat markets, even the sharpest traders can struggle to make the math work in their favor.

James Lightbourn 11/21/24 James Lightbourn 11/21/24

Freight Forward Agreements + Liquidity

“Is the FFA market liquid enough?” It’s one of the most common questions about Forward Freight Agreements (FFAs). Like many things, the answer is: it depends.

James Lightbourn 11/6/24 James Lightbourn 11/6/24

Panamax vs. Supramax Earnings

Bigger ships with greater cargo capacity earn more than smaller ships with less capacity for carrying the same type of cargo, right? [Wrong.]

James Lightbourn 10/29/24 James Lightbourn 10/29/24

Panamax Earnings Vs. Values

A core tenet of valuation theory: the price of an asset is the net present value of the cash flows it generates…unless that asset is a ship.

James Lightbourn 10/28/24 James Lightbourn 10/28/24

The Ripple Effects of Earnings Volatility

The ripple effect of a sharp 45% drop in Capesize bulk carrier earnings this October is reverberating across the dry bulk universe.

James Lightbourn 8/2/24 James Lightbourn 8/2/24

Shipping vs. Hedge Funds: Net Asset Values

Publicly-listed ship owners often trade at a discount to their net asset value (“NAV”): the cash amount a company would net if it were to sell all of its assets and use the proceeds to pay off all of its liabilities.

James Lightbourn 4/24/24 James Lightbourn 4/24/24

Bullish Capesize Market

With booming sale-and-purchase activity and future rates trading well above the current spot rate, the bullish sentiment of the Capesize market is hard to ignore.