EMF Chairman of the Investment Committee, Martin Haugaard’s view

In light of the current strong conditions in the tanker market, our Chairman of the Investment Committee, Martin Haugarad, shares a positive outlook for the months ahead. Through discussions with experts from leading shipping companies, he has gained valuable first-hand insights. Below you will find his reflections for the coming period.

Trade flows bolster demand
The tanker market is benefiting from a rare alignment of supportive factors. Oil demand remains resilient despite the energy transition, and OPEC+ has added roughly 2.5 million barrels per day over the past year, with further unwinding of voluntary cuts expected in September. At the same time, non-OPEC supply growth in the Atlantic Basin is driving more barrels long-haul to Asia, particularly to India and China. These flows are extending ton-miles and providing a strong foundation for continued earnings momentum.

Limited supply underpins strength
On the fleet side, supply remains structurally constrained. Orderbooks for large crude tankers are at historically low levels, while much of the existing fleet is aging. Environmental regulation and charterer preferences increasingly favor modern, fuel-efficient vessels, concentrating demand on compliant tonnage. At EMF, we view this as reinforcing the attractiveness of focusing on high-quality, modern ships that can meet both today’s operational needs and tomorrow’s regulatory requirements.

Suezmax at the forefront
Among the crude tanker classes, Suezmaxes stand out. Their ability to serve diverse load and discharge regions, efficiently transit the Suez Canal, and adapt quickly to shifting trade patterns provides owners with unique flexibility. Recent spot earnings underline the strength of today’s market, while one-year time charters are offering owners strong visibility into 2026. With constrained deliveries, long lead times for newbuildings, and solid investor demand for compliant tonnage, we believe the Suezmax segment is positioned to capture both cyclical strength and long-term growth.

Looking ahead with confidence
Looking ahead, I remain confident that Suezmax tankers offer one of the most compelling opportunities in shipping today. They combine near-term earnings strength with enduring structural support.

I would like to thank our investors for their continued trust and support in EMF’s projects.

Kind regards,

Martin Haugaard, Founder/Chairman of the Investment Committee