Norway accelerates ammonia readiness Norway continues to lead on ammonia adoption through targeted government support. Azane Infrastructure has secured approximately USD 43 million in ENOVA funding to develop three ammonia bunkering terminals along the Norwegian coast at Florø, Stavanger, and Mongstad. Expected to come online by 2029, these facilities are designed to provide the fuel availability required for ammonia-powered coastal and offshore vessels. Global waterways prepare for lower-emission fuelsBeyond Europe, major maritime corridors are also preparing for a lower-emission future.

Suezmax earnings at a three-year high Tanker: Exceptionally strong week following geopolitical speculationTanker markets strengthened sharply over the week, driven by a surge in crude tanker earnings and tightening tonnage availability across key loading regions. The ClarkSea Index rose 11% week-on-week to USD 31,606 per day, marking the largest weekly increase since early 2021. Fleet weighted tanker earnings climbed 40% week-on-week to approximately USD 59,000 per day, with VLCC and Suezmax earnings exceeding USD 100,000 per day. Strong Middle East

Auto export growth supports PCTC demand; VLGC markets remain firm Tanker: Crude tanker markets re-ignite on Middle East fixingTanker markets rebounded strongly over the week as activity picked up following the holiday slowdown. Earnings rose, driven by increased Middle East Gulf fixing and tighter tonnage availability, with fleet-weighted average earnings climbing around 45% week-on-week to the low-$60,000s per day. Ongoing tensions involving Iran continue to add an underlying geopolitical risk premium to Middle East tanker markets, supporting owner sentiment despite

Re-marketing of Venezuelan crude drives structural change in tanker supply Developments in Venezuela are reshaping global tanker dynamics following the US-led seizure and re-marketing of the country’s oil exports. Commodities traders Vitol and Trafigura have reportedly received authorisation to begin marketing Venezuelan crude, with early discussions underway with buyers in China, India, and the United States. The US is now preparing to market between 30 million and 50 million barrels of seized Venezuelan crude through compliant channels, marking a decisive

Rising geopolitical risk skews sentiment to the upside Geopolitical tensions surrounding Iran continue to intensify, with President Trump signalling a tougher stance toward the capital Tehran, including a proposed 25% tariff on goods from countries “doing business” with Iran. While there are no confirmed disruptions to Iranian crude exports at this stage, the rhetoric has contributed to a sharp increase in perceived geopolitical risk, prompting a swift reaction across oil markets. Crude prices have rallied accordingly, with Brent up roughly

Geopolitical pressure reducing Russian crude export Speculation is growing that India may reduce purchases of Russian crude under mounting US pressure, following tariff threats from Washington and new reporting requirements for Indian refiners. Early January data already points to softer Russian flows, with bookings well below recent averages.  Despite ongoing geopolitical risks, oil markets remain structurally oversupplied. Both the International Energy Agency and the US government expect global production to exceed demand by more than 2 million barrels per day in 2025,

Will Venezuelan crude return to the mainstream oil trade? Venezuela has returned to focus as oil production and exports softened late last year and vessel seizures added fresh uncertainty to trade flows. Most crude continues to move on restricted tonnage, limiting transparency and muting the immediate impact on mainstream tanker demand.  For now, the effect on VLCC, Suezmax, and Aframax markets has been limited, as compliant fleets remain largely insulated from Venezuelan volume declines. The bigger question is whether Venezuelan barrels re-enter the mainstream

Markets remain firm over New Year as focus turns towards Venezuela Tankers: Rates softened across the board Tanker markets softened further this week, with the ClarkSea Index easing for a fifth consecutive week to $28,090 per day. VLCC earnings declined materially from late-2025 highs, with fleet-weighted averages falling to around $44,000 per day amid limited activity and continued charterer control. Suezmax markets also softened on reduced enquiry, particularly in the Black Sea and West Africa, while Aframax markets were mixed, with firmer cross-UKC rates offset by weaker

Seaborne trade and energy assets crucial to hostilities Maritime risk in the Black Sea escalated sharply over the weekend after Russia launched one of its largest attacks on Ukrainian port infrastructure, damaging commercial vessels and disrupting operations around Odesa and Chornomorsk. Two Turkish-controlled ships were struck in separate incidents, including a ferry alongside port infrastructure and a product tanker transiting Ukrainian waters, underscoring the growing exposure of civilian shipping to direct conflict spillover. The strikes were widely viewed as retaliation

Heightened sanctions enforcement disrupts Venezuelan exports as mainstream tanker demand edges higher Venezuelan crude exports have fallen sharply following the recent US seizure of a sanctioned VLCC, with tanker movements in and out of the country now reportedly close to a standstill as owners reassess enforcement risk. Shipping data indicates that around 11 million barrels of crude and fuel are currently stranded in Venezuelan waters, while Chevron remains the only operator lifting material volumes under its US licence, largely using