Geopolitical-fueled supply-chain dislocations have provided a constructive supply-demand backdrop for product and chemical-tanker fleets in 2025. The crisis in the Red Sea, sanctions on Russian energy exports and potential US tariffs have increased ton-miles and absorbed capacity. Time charter rates remain above historical averages despite coming off their robust levels over the past three years, which will weigh on earnings this year. In this Talking Transports podcast, Gernot Ruppelt, CEO of Ardmore Shipping, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights into the state of the product tanker market. Ruppelt also discusses the company’s integrated trading strategy, focus on innovation to drive operating costs lower and capital-allocation priorities.