Trump officials take combative approach to climate diplomacy On Thursday, the International Maritime Organization (IMO) voted on the Net-Zero Framework, which combines greenhouse gas limits with fees and subsidies to decarbonize shipping. Donald Trump has strongly opposed this framework, calling it an “unsanctioned global tax regime,” arguing it would raise costs for businesses and consumers. Last Friday, the United States threatened to impose sanctions and other punitive measures on any country that votes in favour of a carbon tax on

Reduced tension could lower premiums and restore confidence in Suez transits A ceasefire between Israel and Hamas took effect this week, drawing increased focus on the potential easing of disruptions in the Red Sea. For now, shipping companies remain in a wait-and-see stance, with no immediate changes in routing patterns anticipated. However, the ceasefire is likely to ease geopolitical tensions around the Red Sea corridor, which has faced ongoing disruptions due to regional instability. If the truce holds, risk perception

New fees on opposite part’s vessels announced China released export restrictions for rare earth minerals and other raw materials last Thursday, with the potential to impact the global economy through increased expenses for large US tech companies reliant on these materials in production. Trump quickly retaliated threatening a 100% tariff on November 1st on top of existing duties on imports from China. The US has released an update on looming port fees that more than triple the cost for car

Geopolitics disrupting goods trade – crude market improves Tankers: Earnings rebound after demand increaseCrude tanker sentiment strengthened after last week ‘s softness. Average VLCC earnings rebounded by 26% week-on-week, supported by firmer demand and limited tonnage. Suezmax rates also rose slightly, while Aframax markets remained active in the North Sea and Mediterranean.The US sanctioned a Chinese teapot (small-sized) refinery and the Rizhao Shihua Crude Oil Terminal, which handles roughly 9% of China’s crude imports. Despite increased enforcement, Iranian exports remain

New restrictions in Shandong aim to limit sanctioned oil trades and raise environmental standards From 1 November, terminal operators in eastern China’s Huangdao Port will enforce stricter controls on aging and high-risk vessels, including those linked to sanctioned oil shipments. The policy bans tankers over 31 years old, ships using fake IMO numbers, and vessels with expired safety or pollution certificates. Analysts view the move as a precautionary response to growing US sanctions pressure and environmental concerns, though the overall

Several factors conspire to support upward momentum Tanker values are expected to maintain upward momentum through the coming year, supported by steady demand, geopolitical disruptions, and limited fleet growth. The combination of sanctions, longer voyage distances, and constrained newbuilding capacity continues to underpin firm earnings and asset prices across the crude segments. According to Veson Nautical, the outlook remains positive for Suezmax and Aframax vessels in particular. They forecast both segments to extend gains through the first half of 2026,

Floating storage is emerging as a key outlet for surplus crude  Global oil markets are entering a period of renewed surplus as OPEC+ producers gradually lift output and key exporters ramp up seaborne flows. According to the US Energy Information Administration (EIA), global oil supply is projected to outpace demand into 2026, putting downward pressure on prices while supporting continued strong utilization of crude and product tankers. Recent weeks have seen record levels of oil on the water, with Bloomberg

US government shutdown yet to effect shipping operations Tankers: Underlying momentum robust despite quiet weekThe crude tanker market continued to show healthy underlying momentum despite a softening in spot rates. Overall fleet utilization remains strong, supported by steady long-haul crude flows and firm OPEC production levels. Suezmax rates saw a mild adjustment, with the West Africa–UKC route, while Mediterranean and Black Sea activity remained broadly stable. Aframaxes were mixed, as gains in the North Sea and cross-Med trades offset softer

Militia claims new strike and blacklists oil majors The Houthis have escalated their campaign in the Red Sea, claiming responsibility for a strike on a vessel this Monday and blacklisting ExxonMobil, Chevron and other US oil majors. The move was presented as retaliation for recent US sanctions, with warnings that ships linked to these companies could be targeted across the Red Sea, Bab al-Mandab and Gulf of Aden. Tankers face rising safety risks in key trade lanes as rerouting pressure

Kirkuk-Ceyhan to restart while OPEC+ flows boost demand Suezmaxes and Aframaxes are emerging as the key beneficiaries of recent shifts in crude flows, with multiple developments reinforcing demand across both the Atlantic and Mediterranean markets. In the South Atlantic, seasonal restrictions are preventing VLCCs from loading Guyanese crude until January, redirecting volumes to Suezmaxes. Analysts noted that last year this effectively doubled tonne-mile demand during the same period, and the effect may be stronger this year given higher production. At