Kazakh exports boost current rates surge The crude tanker market is holding firm, with average weighted earnings now at $35,000 per day – a 14% increase week-on-week and the highest level since June 2024. The upswing is supported by a strong VLCC sentiment, a surge in Kazakh crude exports via the Black Sea benefiting the Suezmax segment, and continued firmness in the Clean Petroleum Products market in the East. VLGC sector continue an upward trendThe VLGC segment has also seen notable

Major delays following US strikes in Yemen Shipping through the Red Sea and Suez Canal faces further delays after US airstrikes on Houthi targets in Yemen and Israel’s renewed conflict in Gaza. Analysts now expect it to take at least six more months before major container lines resume normal operations. Most carriers continue rerouting around Africa, as the risk of Houthi missile attacks remains too high. Some smaller Asian carriers, mainly Chinese, still operate in the region, but overall traffic

G7 cracking down on shadow tankers The G7 is stepping up efforts to crack down on the shadow fleet, which now accounts for more than 20% of the global tanker fleet. Foreign ministers have called for expanded satellite-based vessel tracking to monitor illicit ship-to-ship oil transfers and unregistered tankers – many of which are moving Russian oil under sanctions. What is the shadow fleet? The term shadow fleet refers to a group of older vessels, often poorly maintained, underinsured, and

Spot rates surge after a soft start to 2025 After a weaker-than-expected start to the year, the Very Large Gas Carrier (VLGC) market has shown a sharp turnaround in March. Spot rates, which had fallen below $30,000 per day earlier in the year, have now climbed to approximately $40,000 per day.  US export infrastructure set for significant expansion.According to BW LPG CEO Kristian Sørensen, the rate surge is driven by seasonal shifts in US exports and a planned expansion of

Tariffs and sanctions causing tanker demand to surge The tanker market gained strong momentum, with average earnings rising 11% week-on-week. The Suezmax segment increased with a 23% surge, reaching a nine-month high. Additionally, product tankers saw a notable rise in earnings, further highlighting the market’s strength. This uptrend reflects the broader impact of ongoing trade disruptions, including tariffs and sanctions, which continue to influence tanker demand. US Gas and oil production is set to hit an all-time high.Looking ahead, the

Another boost for global ammonia shipping fuel demand Egypt has signed a €7 billion agreement with France’s EDF and UAE-based Zero Waste to develop a green hydrogen facility near the Gulf of Suez. The project aims to produce over one million metric tons of green ammonia annually, primarily as a low-carbon shipping fuel for vessels transiting the Suez Canal. Great news for the VLAC market – and the green transitionThis initiative reinforces Egypt’s commitment to clean energy development and strengthens

OPEC+ production increase, Tarrifs and possible Russia-Ukraine truce? As last week’s update highlighted, OPEC+ announced its plan to unwind its 2.2 mbpd production cuts introduced in November 2023 to stabilize oil prices. Starting in April, output will increase by 138,000 barrels per day, with an increase of an additional 400,000 barrels per day set for December. Clarksons estimates that this will raise tonne-mile demand by 2% to 2.5%, boosting the crude tanker market. Trump’s tariffs – and their impact on

Suezmax segment shows growth during quiet week overall This week has been relatively quiet across EMF’s key markets – tanker, LPG, and PCTC – with no significant shifts. The tanker market has shown some positive momentum, particularly in the Suezmax segment, which saw a 10% weekly increase. The Middle East Gulf to Mediterranean route via the Suez Canal recorded the most significant weekly growth at 23%, highlighting strength in the market. Product tankers also experienced a modest uptick in earnings.

EMF’s 7th Aframax tanker delivered this week European Maritime Finance is proud to announce the successful delivery of our seventh Aframax, Oslo Star, on March 6th. This marks a significant milestone, completing the construction process, and we are thrilled to see her embark on new voyages. This vessel was built at Daehan Shipbuilding in South Korea, a globally recognized leader in shipbuilding and innovation. EMF has a long-standing partnership with the yard, having placed multiple orders over the years, reflecting

Tariffs and political upheaval remain a concern for times ahead The PCTC (Pure Car, Truck Carrier) market continues to show positive momentum, with vehicle production and exports increasing across key regions. In Japan, both production and exports grew in January, driven by strong demand, especially from North America. China also saw a rise in production, supported by solid domestic sales and steady export volumes. European exports from Japan declined, however, reflecting shifting trade patterns. Meanwhile, geopolitical uncertainty remains, as President