Crude oil freight rates go through the roof on new sanctions
OFAC sanctions send tanker demand soaring Nearly 10% of global tanker fleet blacklisted – remaining market set to benefit The Office of Foreign Assets Control (OFAC) has added further vessels transporting Iranian and Russian oil above the price cap to its sanctions list, raising the total to 400 — nearly 10% of the global tanker […]
U.S. sanctions cause tanker rates to spike
U.S. sanctions cause tanker rates to spike 2025 kicks off with forceful momentum Tanker rates have surged this week, largely due to the immediate impact of OFAC (The Office of Foreign Assets Control) sanctions on the physical tanker trade. The United Statesrecently sanctioned more than 180 vessels — mainly tankers — and some Chinese and […]
Massive ammonia project to launch in Argentina
Massive ammonia project to launch in Argentina European market targeted – ammonia carrier segment set to benefit RP Global and GIZ have partnered to advance a green hydrogen and ammonia project in Argentina. This initiative aims to develop Argentina’s renewable energy potential to produce green ammonia for export to Europe, creating demand for VLACs. The […]
IEA: Oil demand to rise this year
IEA: Oil demand to rise this year Low stocks and supply growth set to boost tanker demand In its latest report, the IEA forecasts global oil demand to rise by around 1 million barrels per day (mbpd) in both 2024 and 2025, reaching nearly 103 mbpd this year. The medium-term outlook for oil demand is […]
Optimism over Iran sanctions speculation
Optimism over Iran sanctions speculation US clampdown could fuel tanker rates boost The first week of 2025 brought limited activity to the tanker market, with only minor fluctuations in charter rates. However, growing speculation about stricter US sanctions on Iran is drawing attention. Iran’s oil exports — nearly all heading for China — have recently […]
Monthly Dec. 2024
Tanker outlook positive for 2025 Rising crude demand set to boost the year ahead By early December, average crude tanker earnings hovered around $36,000/day. Suezmax and Aframax have showed the most resilient segments. Seasonal improvements that typically bolster the fourth quarter have yet to fully materialize. However, shipbrokering house Fearnleys forecasts a potential rate rally […]
Key steps made towards ammonia as fuel for vessels
IMO safety guidelines drawn to enable use of zero-emission – if toxic – fuel Denmark, Copenhagen – 22 December 2024. The IMO’s Maritime Safety Committee has adopted new guidelines and lifted restrictions, allowing ammonia to be used as a fuel for ships, supporting the industry’s shift toward decarbonization in line with the IMO’s 2050 net-zero […]
PCTC news: Chinese car exports continue strong growth
23% rise in 2024 may dip – but no decline expected in 2025 Denmark, Copenhagen – 22 December 2024. In November, China exported 548.6k cars, a 6.2% decrease month-on-month, but still reflecting a solid 4.7% year-on-year growth. Although we’ve observed some slowing in year-on-year growth in recent months, this is likely due to global car […]
Gas market update: LPG rates climb
Limited availability driving rates this January – further rises expected Denmark, Copenhagen – 22 December 2024. LPG freight rates surged this week, driven by increased activity in both the East and West. RT/C rates rose 21% week-on-week to USD 37,800/day, marking a nine-week high. According to Clarksons, the market is tightening due to limited vessel […]
Tankers: Stricter sanctions on Russian oil expected
Doubts remain over duration and efficiency of forthcoming U.S. sanctions Denmark, Copenhagen – 22 December 2024. The U.S. is preparing harsher sanctions on Russia’s oil trade, according to Bloomberg. The aim is to pressure the Kremlin economically. Details are expected soon, including potential measures against shipping fleets. Questions remain, however, about the effectiveness of such […]
