China complying with US sanction on Iranian crude exports According to the White House, the US has reintroduced its “maximum pressure” strategy on Iran, aiming to reduce crude oil exports to zero. With China, the largest importer of Iranian crude, now complying with OFAC sanctions, Iranian exports – currently at 1.5mbpd – are expected to decline significantly. Tanker demand set for significant rise As China probably will replace Iranian barrels with oil from the Middle East Gulf (MEG) or the

Suezmax rates rise by 25% in strong week overall The crude tanker market had a strong week, with VLCC rates on the MEG-China route rising 10.6% to around $50,000/day, according to Fearnleys. The Suezmax segment also saw a significant 25% week-on-week increase, reaching $40,000/day, reflecting solid market momentum. Upside predicted for 2nd half of 2025 as US export increases In the VLGC market, rates may gain traction as we move past winter, with stronger exports driven by improved arbitrage. However,

As trade war ramps up, the tanker market may well benefit Earlier this week, the US Administration announced 25% tariffs on Mexican and Canadian goods (10% on Canadian energy) and 10% on Chinese imports, set to take effect at the beginning of March (delayed by one month from the first announcement). While these tariffs could weaken the global economy if a trade war emerges, the tanker market stands to benefit from shifting crude trade flows. China, in response, has already

Positivism returns after recent market stabilization The PCTC market has started 2025 on a quieter note, following record-breaking years. Time charter rates have softened, driven by slower growth in Chinese car exports and the anticipation of several new vessel deliveries in 2025. After this rebalancing, the outlook now remains positive for the months ahead. In December, new car registrations in the EU increased by 5% year-on-year, with Spain leading at an impressive 29% growth. While Germany and Italy saw modest

Ammonia-ready vessels making up over 10% of global orderbook The ammonia segment has seen notable progress this January, reinforcing its potential as a key marine fuel. Ammonia’s ability to enable zero-emission shipping when produced from green hydrogen has made it a popular choice among shipowners. Currently, 10.4% of the global orderbook is ammonia-ready according to Green Technology Tracker, showing strong industry interest in this fuel. WinGD ammonia engine set for summer unveiling This month, Swiss engine manufacturer WinGD announced that

Volatile month ends on high rates, even after late market drop-off January has been an active and volatile month for the tanker market. The geopolitical events surrounding new US sanctions, targeting vessels transporting Iranian and Russian oil above the price cap, caused tanker rates to spike sharply earlier in January. Nearly 400 tankers – around 10% of the global fleet – were added to the sanctions list, with some Indian and Chinese ports refusing these ships. This removal of capacity

Solid vessel resale values during subdued week for VLGC segment It was a quieter week in the VLGC spot market, with rates declining in both regions. Earnings on the Ras Tanura-Chiba route dropped 23% week-on-week to $30,708/day, although rates from the Middle East Gulf showed slight recovery signs by Friday.   2001 VLGC vessel sold on for $48m This week saw the sale of a 2001-built non-eco VLGC for an impressive $48 million, according to Clarksons. This transaction highlights the

Lower prices and colder weather fuelling growth In its latest report, the IEA noted that global oil demand rose in Q4 2024, driven by lower fuel prices, colder weather, and ample petrochemical feedstocks, marking the strongest growth since the second half of 2023. The IEA Oil Market Report (OMR) is recognized as one of the world’s most authoritative and timely sources of data, forecasts, and analysis of the global oil market. Depleted reserves could see upturn in months to come

Rates decrease as January ends After a strong start to 2025, driven by sanctions and geopolitical events, the tanker market saw a quieter week with a general softening across key segments. Particularly in the West, Suezmax rates experienced downward pressure due to reduced activity and a surplus of available tonnage. Downturn caused by sudden drop in demand Similarly, Aframax rates remained steady in the UK-Continent, but softened in the Mediterranean after an initial burst of short-haul demand faded toward the

2025 off to hectic and lucrative start The tanker market has experienced significant activity in recent weeks, driven by the Trump presidency, sanctions, and geopolitical developments like the recently announced ceasefire in the Middle East. According to Clarksons, Aframax rates in the Far East have surged to $150,000–200,000 per day due to limited tonnage. Recent sanctions have sidelined numerous Aframax vessels that were previously involved in this trade. U.S. crude exports set to rise – tanker demand to follow These