IEA highlights rising oil demand
Lower prices and colder weather fuelling growth In its latest report, the IEA noted that global oil demand rose in Q4 2024, driven by lower fuel prices, colder weather, and ample petrochemical feedstocks, marking the strongest growth since the second half of 2023. The IEA Oil Market Report (OMR) is recognized as one of the […]
Tanker market cools after strong start to 2025
Rates decrease as January ends After a strong start to 2025, driven by sanctions and geopolitical events, the tanker market saw a quieter week with a general softening across key segments. Particularly in the West, Suezmax rates experienced downward pressure due to reduced activity and a surplus of available tonnage. Downturn caused by sudden drop […]
Sanctions and geopolitics still driving tanker rate surge
2025 off to hectic and lucrative start The tanker market has experienced significant activity in recent weeks, driven by the Trump presidency, sanctions, and geopolitical developments like the recently announced ceasefire in the Middle East. According to Clarksons, Aframax rates in the Far East have surged to $150,000–200,000 per day due to limited tonnage. Recent […]
2024 sales end on a high note
Amerikanske sanktioner får tankrater til at stige voldsomt Grounds for optimism after new car sales spike in December This December, new car registrations in the EU rose by 5% year-on-year, Spain leading the way with an impressive 29% growth. Although Germany and Italy experienced modest declines, the overall performance stabilized annual EU car registrations, which […]
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 […]
