Monetary Matters with Jack Farley “Books Will Be Written” About This Shipping Market | Ed Finley-Richardson of Misadventures in Shipping on War-Induced Oil Tanker Mayhem, Squeeze for Asiabound Refined Products, and Persian Gulf “Feeding Frenzy” Scenario
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Apr 4, 2026 
Ed Finley-Richardson, shipping analyst and author of Misadventures in Shipping, breaks down chaos in tanker markets caused by Middle East conflict. He describes why US Gulf MR product tankers are minting fortunes. He maps which vessel classes and stocks stand to gain and outlines a potential Persian Gulf “feeding frenzy” if straits reopen.
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US Gulf MR Tankers Are Minting Fortunes
- The biggest rate explosion has been in U.S. Gulf product exports on small MR tankers, with some fixtures jumping from ~$30k/day to ~$100–$300k/day.
- Asian refined-product prices spiked so high that refining in Texas plus long MR voyages still yields guaranteed arbitrage profits.
Korean Buyer Quietly Cornered VLCC Capacity
- A Korean billionaire quietly accumulated hundreds of VLCCs before January, buying at ~20% premiums and then used that scale to pressure spot rates higher.
- His stealth buying and chartering derisked yearlong charters when the January market exploded, fueling a prior VLCC rally.
High First Voyage De‑Risks Long Charters
- Exceptional short-term spot voyages can derisk multi-month or year charters because the first high-rate voyage covers much of the charter cost.
- Traders charter-in vessels at elevated time-charter rates then lock in profit via lucrative initial spot trips, pushing charter and asset values up.