OPEC+ increases its oil production
Output set to rise in April, boosting tanker demand OPEC+ has been limiting oil production since 2022 to stabilize prices, cutting output by 2.2 million barrels per day (bpd). The group has confirmed a 138,000 bpd production increase in April, its first step toward gradually unwinding these cuts. This decision follows pressure from President Trump […]
Geopolitical shifts boost tanker demand
Market holds firm during week of global volatility The tanker market has remained steady this week, with earnings staying strong despite ongoing geopolitical uncertainty. Suezmax and scrubber-fitted VLCCs are currently trading at $40,000 per day, according to Fearnleys, reflecting sustained demand and limited fleet availability. Looking ahead, market fundamentals suggest rates could rise further. The […]
Soft start to 2025, but growth expected
Car sales forecast to rise by 3% while US tariffs pose challenge The PCTC market has seen little movement in early 2025, aside from major listed companies reporting quarterly results in line with expectations. GlobalData forecasts global light vehicle sales to grow by over 3% year-on-year, reaching 91.6 million units in 2025. While potential US […]
VLGC stability and ammonia growth
VLGC upside may have to wait until US export increase in Q3/4 This month, the VLGC market remained stable, hovering around $30,000 per day amid limited arbitrage opportunities. The soft market so far this year has been driven by reduced activity, but rates may rebound post-winter as arbitrage improves. Fearnley Securities sees upside potential in […]
Geopolitical shifts drive tanker market surge
Earnings thrive in volatile beginning to 2025 This month, the tanker market experienced significant volatility, driven by tariff announcements, new sanctions on tankers transporting Iranian and Russian crude, and broader geopolitical disruptions. These events have pushed crude tanker earnings – led by the VLCC segment – to more than $40,000 per day, up 50% since […]
China’s ammonia strategy boosts VLAC demand
Government aims to convert 10% of coal power to ammonia by ‘27 China’s renewable ammonia co-firing strategy is set to drive significant demand for ammonia transport, benefiting the Very Large Ammonia Carrier (VLAC) market. As part of its 2024-2027 economic action plan, China aims to retrofit coal power plants to co-fire at least 10% ammonia […]
New tanker sanctions tighten worldwide supply
Rates boost is expected as further vessels are blacklisted The US has blacklisted 13 more tankers, including five VLCCs, while the EU has added 65 tankers to its list, further restricting sanctioned crude exports. These sanctions on shadow fleet tankers are set to increase demand for mainstream vessels, according to Fearnley Securities. Pronounced decline for […]
Solid week for tanker market
Product market strenghtens – VLGC and PCTC remain stable This week has been relatively calm for the tanker segment. Suezmax earnings softened slightly week-on-week, with modern scrubber-fitted Suezmaxes Spot still strong at $45,000 per day on average. The product tanker market has shown some strengthening, with average earnings in the mid-$20,000s per day. Meanwhile, activity in […]
EU boost for maritime fuel transition
European Commission set for €422m clean fuel infrastructure investment The European Commission is directing €422 million toward 39 projects under the Alternative Fuels Infrastructure Facility with a strong focus toward expanding clean fuel infrastructure, including maritime applications. Key investments include onshore power supply in ports, hydrogen refuelling, and infrastructure for ammonia and methanol as next-generation […]
Gearing up towards a stronger 2026
Modest 2025 expected as US export constraints remain Soft LPG markets may persist in 2025, in particular throughout the year’s first six months. An LPG carrier fleet growth of 3.6% (excl. VLECs) is expected to outpace the combined LPG and ammonia tonne-mile trade growth of 1.8% this year. The growth in demand is primarily limited […]
