BDRY & BWET - Playing the Shipping Market Through ETFs
- Marie Boyé
- Apr 29
- 22 min read
Introduction
Randomness has been a recurring theme in previous notes and postcards, and this analysis serves as a perfect example of how unexpected encounters can lead to valuable collaboration. While staying in Athens to research the shipping markets, I had the chance to meet Thanos, one of the partners at Breakwave Advisors. What began as an informal exchange about life, background, and market dynamics quickly evolved into a focused discussion on the structure of the freight market. It was during this conversation that he introduced the BDRY and BWET ETFs. At the time, I was searching for a high-quality vehicle to gain exposure to ocean freight, but I hadn’t come across any shipping stocks that met my criteria in terms of structure and liquidity. The Breakwave approach—using freight futures instead of physical shipping equities—struck me as both original and highly relevant.
Although freight is well outside my comfort zone and typically suited to shorter investment horizons, the strategic logic is compelling. These unique products offer a way to gain direct exposure to freight rates, and more importantly, they function as potential diversifiers during geopolitical tensions, port disruptions, and climate-driven supply chain shocks. This analysis explores both of Breakwave’s ETFs: BDRY, which tracks the dry bulk market, and BWET, which focuses on crude oil tankers. A section below outlines their differences and strategic applications. For those interested in going deeper, I highly recommend reading Breakwave’s own research before considering any investment. Their reports provide meaningful context and help frame short-term market behavior.
This piece is also informed by the recent interview with John Kartsonas, founder of Breakwave, which is available on our platform. His perspective was instrumental in shaping this work and provides additional insights into the freight futures space.
