"I've stood on the deck of the ships I write about. That's not a marketing line — it's the only way I trust the numbers."
— Founder, Real Maritime Opportunities
We research and position in the ships, ports, and cargo that carry the physical economy — the asymmetric bets hiding in plain sight, away from crowded equity screens.
Five live theses across the maritime real-asset chain, each logged with entry rationale and conviction.
Oaktree's controlling stake passed to Brookfield without a share changing hands. We think that's a mild net positive, not just a headline.
Orderbook-to-fleet ratios near multi-decade lows while yard capacity is committed to container and gas carriers through 2028.
Charter-adjusted resale values lagging newbuild pricing despite a widening delivery gap for mid-scale carriers.
Regional transshipment hubs absorbing volume diverted from congested first-tier ports — quietly compounding utilization.
Fleet average age climbing toward scrapping thresholds; recycled steel margins reset as newbuild costs stay elevated.
Mutual club reserves tightening after a soft decade — early signs of a hardening premium cycle across hull & liability cover.
Physical trade infrastructure is under-owned relative to its role in the global economy.
Equity analysts follow shipping lines' share prices. Almost nobody tracks the underlying vessel and cargo economics that actually drive them.
Orderbooks, drydock schedules, and port congestion are public, laggy, and chronically mispriced by a market that isn't watching.
Vessels, terminals, and charters — priced against replacement cost and cash yield, the way an operator would underwrite them.
"I've stood on the deck of the ships I write about. That's not a marketing line — it's the only way I trust the numbers."
Biweekly research on maritime real assets — vessels, ports, and the cargo economics behind them. No noise, positions we hold ourselves.