Nor-Shipping Week celebrated PCTC vessel sales European Maritime Finance hosted a reception at its Oslo office this week to celebrate the successful sale of its first two PCTC vessels. The event coincided with Nor-Shipping, one of the leading global gatherings for the maritime industry, and brought together EMF investors, business partners, and key figures from across the shipping sector. Here’s to our guests: Thank you for participating!Among the guests were representatives from Clarksons, Hyundai, and embassies, along with EMF’s management

Number of incidents on the rise as obsolete vessels are kept in use The increasing number of vessels over 20 years old is becoming a safety liability, with incident rates sharply rising in recent years. Older ships now account for the majority of machinery failures and onboard fires, underscoring the escalating operational risks associated with fleet age. Regulatory uncertainty, geopolitical tensions, and elevated newbuilding prices have discouraged owners from renewing their fleets; however, the result is an ageing fleet facing

July sees return to 1.4 million barrels per day OPEC+ has confirmed an additional production increase of 411,000 barrels per day (bpd) in July, extending the phased rollback of its voluntary cuts. Combined with earlier hikes of 960,000 bpd from April through June, a total of 1.4 million bpd is expected to return to the market by July. This increase involves eight core producers – including Saudi Arabia, Russia, the UAE, Iraq, and Kuwait. While some of this supply will

OPEC+ confirm further production boost in July The past week brought limited changes across shipping markets. In the tanker segment, average crude earnings softened slightly to $34,208 per day, while product tankers remained more stable. OPEC+ confirmed that it will continue unwinding its voluntary production cuts, announcing a further increase of 411,000 barrels per day to return in July. This brings the total increase from April to July to 1.4 million barrels per day, which could support seaborne volumes later

Trading giant orders four gas carriers, committing to green marine fuel Global trading giant Trafigura has placed an order for four dual-fuel, ammonia-capable gas carriers, signalling growing momentum behind ammonia as a future marine fuel. The vessels will be built by HD Hyundai Mipo and are scheduled for delivery starting in 2028. Industry heavyweights turning to net-zero fuelThis represents some of the first confirmed orders for medium gas carriers (MGCs) designed to operate on ammonia, highlighting the commitment of major

Strength building in key segments – tough week for other sectors The tanker market experienced mixed developments over the past week. In the crude segment, limited activity led to a slight easing in rates, with average earnings now around USD 38,000/day. However, with OPEC+ set to increase output in the near term, we expect this additional crude supply to boost earnings in the coming months. Product tanker rates up by 16%In contrast, the product tanker market saw a notable upswing.

Industry experts foresee upsides as more oil enters market The current optimistic outlook for the tanker market is now being emphasised by leading industry experts. With more oil expected to enter the market, a tight vessel balance due to sanctions, and an ageing fleet, these conditions indicate potential upside risk going forward – factors we have touched upon in earlier editions of the Weekly. This week, leading industry analysts from Clarkson Research and Fearnleys have weighed in, underscoring the same

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 increase long-haul ammonia trade, especially to Asia and Europe. Long-term growth expected as a result of $140b outlayProjects like SalalaH2 (1 million tons/year), backed by

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 still apply, the de-escalation is seen as a net positive for global trade and sentiment, particularly for seaborne volumes. Tanker market remains solid despite recent

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 dynamics shifting, the shadow fleet’s future is a key factor for market fundamentals. What could change going forward?Several scenarios could reshape the shadow fleet’s role: