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World’s first oil tanker shipping ETF starts trading in New York 

Photo of Sam Chambers Sam ChambersMay 4, 2023
2,009 1 minute read

John Kartsonas-led Breakwave Advisors yesterday debuted the world’s first tanker shipping exchange traded fund (ETF) on the New York Stock Exchange. The Breakwave Tanker Shipping ETF (BWET) provides long exposure to the crude oil tanker shipping market through a portfolio of near-dated futures contracts on indices that measure the cost of shipping crude oil.

BWET will hold crude oil tanker futures contracts with a weighted average of approximately three months to expiration, using a mix of one- to six-month freight futures, based on the prevailing calendar schedule. The initial tanker crude oil freight futures allocation will be 90% VLCC contracts and 10% suezmax contracts, rebalancing annually.

“Today, the tanker industry is faced with high demand for oil transportation, a limited vessel orderbook, disruptions in the traditional shipping routes, and longer shipping distances as a result of the major geopolitical changes affecting the oil markets,” said Kartsonas, the founder of Breakwave Advisors. 

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Photo of Sam Chambers Sam ChambersMay 4, 2023
2,009 1 minute read
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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