VLGC market holding steady – February outlook remains hopeful
More renewable ammonia projects in the offing VLGC rates remain steady, holding in the $35,000–$40,000/day range, well above break-even levels. With the market covered throughout January, optimism for further rate increases in February prevails as demand remains strong. CIP to break ground on Mexico ammonia project in 2026 Copenhagen Infrastructure Partners (CIP) is advancing its […]
Solid week for VLGC market
Solid week for VLGC market Optimism over further rates increases throughout January The latest week has been a good, if quiet period for the VLGC market with current average spot market rates at more than $40.000 /d. The Western market has been bolstered bycharterers and a thinning tonnage list, resulting in increased earnings. Overall, the […]
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 […]
