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

Revised port fee proposal has limited impact on most segments Last week, the United States Trade Representative released a revised US port fee proposal targeting Chinese-built and operated vessels. This updated version takes a more moderate approach and should have a limited impact on Chinese-built or-owned tankers, bulkers, and LPG carriers. Key exemptions like ships arriving empty, short voyages under 2,000 nautical miles, and smaller vessels  mean that most US crude, dry bulk, and LPG exports won’t be affected. The

Further, US sanctions on Iran boosting large crude tankers Last week was relatively quiet for the tanker market, partly due to the Easter holidays and the four-day break. Despite the lull, the crude segment remains strong. Modern, scrubber-fitted Suezmax rates averaged around $65,000 per day, the highest level so far in 2025. Aframax rates followed suit, with averages in the low $50,000 per day. Part of this strength, especially throughout the larger crude segment is caused by renewed US sanctions,

Caution still remains, however, as tariffs loom large Global car sales rose 8% year-on-year in March, with substantial contributions from the UK, Japan, and the US. The rebound follows several weak months and reflects the typical seasonal boost in March. While the return to growth is encouraging, whether this signals a lasting trend remains to be seen. March is usually a strong sales month, so continued improvement in the coming months will be key. US short-term solutions remain a possibilityMeanwhile,