Demand for Canadian crude oil driving transatlantic trade The tanker market remains strong this week, with rates ticking higher – driven primarily by gains in the Aframax segment. This strength is linked to increased demand for Canadian crude heading east to Europe, as Aframaxes take on a growing share of these transatlantic and regional trades (Read more). Quiet week for LPG, PCTC segments – charter levels remain highThe LPG market has been relatively quiet, with no major developments. Spot activity has

Short supply keeps pushing rates skywards Suezmax tankers are seeing strong earnings again, with rates in the Mediterranean reaching $63,000 per day – the highest in over 12 months. The key driver? A sharp increase in crude oil shipments from Kazakhstan via the Black Sea. Major Tengiz expansion boosts tanker demand.Recent expansions at the Tengiz oilfield have led to more cargo moving through the CPC terminal in Novorossiysk. April will see nearly 40 Suezmax liftings, well above last year’s monthly

Tomorrow’s fuel – today’s investment object Ammonia continues to gain ground as a preferred zero-carbon fuel, with two major developments this week highlighting growing confidence in the segment. Firstly, six major Japanese companies – including shipping heavyweight MOL – have signed an agreement with India’s ACME Group to explore investment in a large-scale green ammonia plant in India. If finalized, the facility could annually produce 400,000 tonnes of renewable ammonia by 2030. The product is expected to serve power generation,

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