Oman strategy set to increase VLAC demand
Another huge boost for the future of green ammonia trading Oman is positioning itself as a key exporter of renewable ammonia, with significant projects now underway. Through its national hydrogen strategy and agency Hydrom, Oman targets 5.6 million tons of renewable ammonia by 2030, and over 30 million tons by 2050. This shift will significantly […]
Upward momentum as tariffs are rolled back
Easing of US-China trade tensions met with worldwide relief Markets responded positively this week as the US and China agreed to roll back tariffs for an initial 90-day period. Headline US tariffs on Chinese imports were cut from 145% to 30%, while Chinese tariffs on US exports dropped from 125% to 10%. Although earlier tariffs […]
Shadow fleet and sanctions in focus
Recent events have brought renewed attention This week, the UK sanctioned 100 vessels, and the EU followed with 189 more, now targeting over 340 ships involved in the grey trade. Meanwhile, geopolitical tensions have flared in the Baltic, where Estonia attempted to block a shadow vessel en route to Russia. With enforcement increasing and political […]
Tanker market steady – LPG rates strengthening
Growth expected soon as OPEC+ restores production The tanker market has seen limited movement in earnings this week, with average crude tanker rates stabilizing around USD 43,000/day following a decline in rates last week. However, with the recently announced unwinding of OPEC+ production cuts set to add approximately 400,000 bpd in May and June, we […]
US ramps up sanctions on Iran
Latest measures could support further tanker demand The US has intensified its “maximum pressure” campaign on Iran, blacklisting around twenty companies and vessels involved in the covert sale of Iranian oil to China. The latest sanctions target middlemen, inspection firms, and tankers accused of disguising the origin of Iranian crude. Another potential windfall for non-sanctioned […]
EU crackdown on Russian shadow fleet
Sanctions package aims to limit Russian war efforts The EU has approved its 17th sanctions package against Russia, focusing on the shadow fleet – targeting tankers operating outside regulatory oversight, often used to move Russian oil at prices exceeding the established price cap. The goal is to limit Russia’s ability to fund its war economy […]
IMO introduces daily carbon fees
New net-zero regulations aimed at older vessels – modern ships will benefit The IMO has introduced new regulations to achieve net-zero emissions for global shipping. These rules will have a direct financial impact on older, less efficient, and therefore more carbon-intensive vessels. Under the new agreement, by 2028, all ships over 5,000 GT – including […]
Another major OPEC+ production increase
Rates may spike as vessel availability tightens This week, OPEC+ announced a further increase in oil production of 411,000 barrels per day (bpd), effective from June onwards. This follows a similar rise in May. With a total supply boost of 960,000 bpd between April and June, the group has now reversed about 44% of its […]
Tanker rates ease as activity drops
LPG and PCTC remain steady – US incentives underway This week, tanker rates experienced broad-based downward pressure, with average weighted earnings falling 8% week-on-week to USD 32,585/day. The decline is primarily driven by reduced fixing activity across both the crude and product segments. For context, a modern scrubber-fitted Suezmax is currently earning around USD 52,000/day, down […]
Ammonia-fueled ships given UK the go-ahead
New approval process marks the commitment to ammonia infrastructure The UK Maritime and Coastguard Agency has outlined a formal approval process for ammonia-fueled vessels, encouraging early engagement from owners and operators. This marks a clear step toward operational readiness and reflects growing regulatory support for ammonia as a marine fuel. The announcement follows last week’s […]
