The Most Extreme Shipping Market in History, Explained | J Mintzmyer on Why Oil Tanker Rates Are Up 25x and Why It Can’t Last (and Why Dry Bulk, not Tankers, is the Next Shipping Boom)

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Crude tanker rates have exploded to more than $1 million per day on some Middle East Gulf to China voyages, roughly 25 times normal levels, as the Iran war and disruption in the Strait of Hormuz throw global oil shipping into chaos. J Mintzmyer, founder of Value Investors Edge, joins Jack to explain why disruption and inefficiency are rocket fuel for ship owners, why "ton miles" are the real commodity, and why real-time AIS ship-tracking data in the Strait can't be trusted. J argues today's spot rates are unsustainable on a timescale of days or weeks, warns that the BWET freight ETF (up roughly 4,000% this year) could get smashed when rates turn, and lays out the wave of new tanker supply set to arrive in 2027–2028. He separates rates, ship values, and tanker equities, flagging Nordic American (NAT) as an avoid, naming Okeanis Eco Tankers (ECO) and TORM (TRMD) as the quality names, and explaining why product tankers may finally be catching up. We also cover the aging dark fleet, a potential US diesel export ban, and why J sees dry bulk as the most attractive segment in shipping today, with CMB Tech (CMBT) as his top pick and China's push into Guinean iron ore as a major tailwind. Recorded September 30, 2026. J Mintzmyer on X https://x.com/mintzmyer Jack Farley on X https://x.com/JackFarley96 Pieces Discussed: “CMB.TECH: Updates From Our Top Shipping Pick Of 2026”: https://seekingalpha.com/article/4944783-cmbtech-updates-from-our-top-shipping-pick-of-2026?gt=e5bc41646f6cc54e “Dry Bulk Shipping Momentum Poised To Continue”: https://seekingalpha.com/article/4946334-dry-bulk-shipping-momentum-poised-to-continue?gt=b81339756f928160 “Here's What Happens To Shipping When The Strait of Hormuz Reopens”: https://seekingalpha.com/article/4949498-heres-what-happens-to-shipping-when-strait-of-hormuz-reopens Value Investor’s Edge: https://www.vieresearch.com/ Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considere