James Lightbourn

[Video] The Business of Shipping Watch my discussion from the CMA Shipping conference on how to rationalize investments in shipping alongside industry expert panelists. The panel was a hit at the conference and the organizers generously allowed me to share the video with my Freight + Fortune subscribers. cavaliershipping.substack.com/publish/post/1… I hope you enjoy The Business of Shipping panel video and I hope to see you at CMA Shipping 2027 in Houston!

Shipping and stocks have an on-again, off-again relationship. Lately, it’s in the “off-again” status, with many shipping companies leaving stock exchanges. These shipping companies typically depart when large private investors (and often company insiders) bid to buy all the outstanding shares. But this one-way tide pulling companies away from public markets suddenly reversed with not one, but two, shipping initial public offerings (IPOs) in Oslo in March 2026. Which company—(1) a conventional shipping company or (2) a ship leasing company—do you think raised more money from investors? cavaliershipping.substack.com/publish/post/1…

@JBlack151 @cpgrabow The more interesting question might be what the relet market for Jones Act tonnage is today to have a more apples-to-apples comparison for spot voyages.

@cpgrabow @JLightbourn Foreign flag MR tankers are currently being fixed at $110k-$125k per day. US Flag MR tankers are currently on term for $80k-$87k/day. You’re not easing the prices at the pump with higher CPG freight economics.

"American tankers cost about $50,000 a day more to hire than foreign vessels, said @JLightbourn...Using non-American ships could cut transportation costs by about 5 cents per gallon of oil, Mr. Lightbourn estimates."

@healy_trader Ah - yes, in that sense they are taking steps towards vertical integration. The plan to use ammonia as a vessel's fuel, well, that's another discussion...

@JLightbourn True but also referencing their continued investment in Namibia's ammonia supply chain for their vessels

Shipping companies are encouraged to remain simple, while being valued at a discount to the market value of their own vessels. But some nontraditional companies escape this paradoxical framework. Navigator Gas (“Navigator”; NYSE: $NVGS) is a useful example of what a more robust and value-add shipping company can look like in practice. Continued on Freight + Fortune: cavaliershipping.substack.com/p/the-myth-of-…

@healy_trader It is an interesting comparison but I think there is some nuance in that $CMBT is horizontally integrated across different vessel types while $NVGS is vertically integrated along the liquefied gas supply chain.

@JLightbourn Also worth mentioning $CMBT

It was only a matter of time before publicly-traded @ZimShipping became an acquisition target: enter @HapagLloydAG. The acquisition has more consequential effects in geopolitics than in market consolidation. More on this deal and considerations for the US via my Freight + Fortune substack. cavaliershipping.substack.com/p/container-sh…

Cabotage Arbitrage: Circumventing the Jones Act | How the economics of the Jones Act direct voyage—from U.S. port to U.S. port—and alternative routings compare. (Inspiration drawn from @Bloomberg article by @wkubz @lkassai) cavaliershipping.substack.com/p/cabotage-arb…

[Speaking Event] CMA Shipping | March 10-12 I’m looking forward to moderating “The Business of Shipping” discussion at 5:15pm on Tuesday, March 10, when we’ll tackle how to rationalize investments in shipping markets that seem to be moving from strength to strength despite (or perhaps because of) immense geopolitical volatility. I hope to see you at the panel and throughout the event! tinyurl.com/businessofship…

America’s Maritime Action Plan: Déjà Vu? | If the proposal of U.S. port fees on foreign-built vessels sounds familiar, that’s because you’ve heard it before. cavaliershipping.substack.com/p/americas-mar…

Here’s the piece (free link): nytimes.com/2026/02/11/bus… (with insights from @cpgrabow and @JLightbourn )

[Media Feature: NYT] Trump Wants to Revive Shipping. Investors Are Slow to Back Him. | February 11, 2026 @nytimes article excerpts, featuring Cavalier Shipping insights. Written by @PeterJEavis in New York. cavaliershipping.substack.com/p/media-featur…

How Many Shipowners Does It Take to Buy a Ship? | While generalist financial investors remain cautious, shipowners continue to reinvest their profits back into the industry. cavaliershipping.substack.com/p/how-many-shi…

What happens if the SHIPS for America Act never materializes? Picture this: Senator Mark Kelly in the Oval Office looking over President Trump’s shoulder as he signs into law a bill for which Kelly is the lead sponsor. That image feels almost impossible to imagine—and for good reason. After Senator Kelly released a video reminding U.S. service members that they may refuse illegal orders, President Trump responded on Truth Social by calling the message “SEDITIOUS BEHAVIOR, punishable by DEATH!” The collateral damage of this extraordinary political rupture may be the SHIPS for America Act—the shipping revitalization bill at the center of that now-unthinkable Oval Office scene. So, does this political fallout mean all hope is lost for reinvigorating the U.S. commercial maritime sector? Not necessarily. cavaliershipping.substack.com/p/looking-back…

Here's my battleship take. It won't get built, but, if the Navy speed-runs the HM&E design process, we can get some much-needed auxiliary ships built @forbes forbes.com/sites/craighoo…

I spy with my little eye, the most expensive U.S.-built vessel ever… (Hint: not the vessels with the orange or grey hulls)

[Media Feature: Riviera] John Fredriksen seals US$2Bn VLCC 'win-win' deal for Frontline and Hemen Cavalier Shipping founder James Lightbourn told Riviera that Hemen, Mr. Fredriksen’s private investment vehicle, appears to have carried out a well-timed asset play. Based on his estimates, the company originally ordered the vessels at approximately US$118M each and is now selling them to Frontline – in which it holds a 35% stake – for US$136M apiece. That represents a nominal profit of US$18M per ship, or US$162M across all nine vessels. “It is a win-win for both parties,” Mr. Lightbourn said. “Frontline renews its fleet and boosts its net asset value (NAV), thanks to the higher benchmark prices for VLCCs achieved in this deal, while Mr. Fredriksen’s private fortune grows further.” cavaliershipping.substack.com/p/media-featur…

@Verginius_post @ScotWasham For context, the $22 million dry-docking was at a Chinese shipyard which while common for Jones Act vessels arguably doesn’t do much to support our domestic U.S. shipyards (which the Jones Act is meant to do)

@ScotWasham @JLightbourn $22 million drydock is a re-building. Certainly cheaper (and less shipbuilder profit) than a new boat, but generally in the spirit of the Jones Act. If you think things are expensive here, PR's costs are way higher and I can support keeping their prices down

U.S.-Seized Vessels: An Alternative Path Into The Jones Act | cavaliershipping.substack.com/publish/post/1…

@johnkonrad Thanks @johnkonrad - permission to delete LinkedIn granted!

James is a close friend and basically the only reason I still open LinkedIn. I’m 🤩 he’s finally on X. PLEASE follow him so he stays and I can delete that cursed app forever. 👇