Growth expected soon as OPEC+ restores production The tanker market has seen limited movement in earnings this week, with average crude tanker rates stabilizing around USD 43,000/day following a decline in rates last week. However, with the recently announced unwinding of OPEC+ production cuts set to add approximately 400,000 bpd in May and June, we anticipate a notable market strengthening in the short term. Solid boost for LPG segmentThe LPG market continues to gain momentum. Intense activity in both basins

Latest measures could support further tanker demand The US has intensified its “maximum pressure” campaign on Iran, blacklisting around twenty companies and vessels involved in the covert sale of Iranian oil to China. The latest sanctions target middlemen, inspection firms, and tankers accused of disguising the origin of Iranian crude. Another potential windfall for non-sanctioned tankersWith rising enforcement and scrutiny, Chinese refiners may be forced to reduce Iranian oil imports and shift sourcing to other suppliers, likely from the Atlantic

Sanctions package aims to limit Russian war efforts The EU has approved its 17th sanctions package against Russia, focusing on the shadow fleet – targeting tankers operating outside regulatory oversight, often used to move Russian oil at prices exceeding the established price cap. The goal is to limit Russia’s ability to fund its war economy by cracking down on tankers operating under unclear ownership or registration. While full details are still pending, the measures are expected to restrict access to

New net-zero regulations aimed at older vessels – modern ships will benefit The IMO has introduced new regulations to achieve net-zero emissions for global shipping. These rules will have a direct financial impact on older, less efficient, and therefore more carbon-intensive vessels. Under the new agreement, by 2028, all ships over 5,000 GT – including those in EMF’s fleet and comparable market segments must use fuel that is at least 17% less carbon-intensive than today’s standard Very Low Sulphur Fuel

Rates may spike as vessel availability tightens This week, OPEC+ announced a further increase in oil production of 411,000 barrels per day (bpd), effective from June onwards. This follows a similar rise in May. With a total supply boost of 960,000 bpd between April and June, the group has now reversed about 44% of its earlier 2.2 million bpd cut. Why this volume increase benefits shipping rates Lift seaborne crude volumes in the near term Support tanker demand across key

LPG and PCTC remain steady – US incentives underway This week, tanker rates experienced broad-based downward pressure, with average weighted earnings falling 8% week-on-week to USD 32,585/day. The decline is primarily driven by reduced fixing activity across both the crude and product segments. For context, a modern scrubber-fitted Suezmax is currently earning around USD 52,000/day, down from the low $USD 60,000s last week, according to Fearnleys. Despite the drop, earnings remain at strong levels. US vehicle production incentives coming up –

New approval process marks the commitment to ammonia infrastructure The UK Maritime and Coastguard Agency has outlined a formal approval process for ammonia-fueled vessels, encouraging early engagement from owners and operators. This marks a clear step toward operational readiness and reflects growing regulatory support for ammonia as a marine fuel. The announcement follows last week’s successful ammonia bunkering trial at the Port of Rotterdam, adding further positive momentum for the ammonia market.  EMF – Right at the forefront of decarbonisationAs

However, as the Iran talks proceed, the tanker market may benefit Ongoing discussions between the US and Iran have raised the possibility of easing sanctions on Iranian crude. Regardless of the outcome, the tanker market is positioned to benefit. As noted by Alexander Saverys, CEO of Belgium’s CMB Group: “So actually, the Iran story, in our view, can only be positive for the tanker sector.” Two favorable outcomes – in a nutshell: If sanctions remain, oil will continue to be

No news is good news: Steady market conditions persist this week The past week has been steady, with no major developments in earnings to report. The tanker market continues to perform strongly, with average crude tanker earnings now exceeding $55,000 per day, supported by firmer VLCC market conditions. According to Fearnleys, spot rates for modern scrubber-fitted Suezmaxes are averaging around $65,000 per day, underscoring the current strength of the segment. The vehicle market wavers in the wake of tariffsTurning to

Bunkering pilot marks another milestone for the VLAC segment The Port of Rotterdam has successfully completed its first ammonia bunkering pilot, transferring 800m³ of ammonia between two vessels, safely and without emissions. This is a key milestone in preparing major ports for ammonia as a marine fuel and a strong signal for the future of ammonia-fueled shipping and the VLAC segment. With the first ammonia-powered vessels expected to enter the market in 2026, this pilot confirms that safe, large-scale bunkering