Topic
tanker
Logistics Iran Blacklist Threatens Hormuz Shuttle Tanker Lifeline for Gulf Crude
Iran's blacklisting of 12 VLCCs at the core of the Hormuz shuttle trade threatens a workaround moving roughly one-third of Middle East Gulf crude exports. Three Indian refiners and a global energy major plan to stop using the vessels, and Braemar warns remaining Hormuz tonnage will command higher premiums.
Logistics KNOT Offshore Partners acquires modern shuttle tanker Hedda Knutsen from parent in $113m deal
KNOT Offshore Partners is acquiring the 2024-built shuttle tanker Hedda Knutsen from parent Knutsen NYK Offshore Tankers in a $113m deal, taking its fleet to 20 vessels. The DP2 suezmax is under firm charter to Petrobras in Brazil until 2034, with an option to 2039. The partnership also completed a $225m refinancing with DNB Bank to replace debt due in September.
Logistics SK Gas Pays Record $5.3m to Jump Panama Canal Queue Amid Drought
SK Gas smashed the Panama Canal auction record with a $5.3m bid to move an LPG carrier northbound on September 1, according to Splash247. The previous record of $4.6m was set only earlier this month. Congestion is worsening as the canal cuts daily booking capacity from 34 to 32 ships in mid-September.
Logistics Houthi Strike Hits Saudi VLCC Amzan Off Yanbu in Red Sea
A Saudi-owned VLCC, Amzan, was struck by an unknown projectile off Yanbu on August 24, causing a main deck fire but no casualties or pollution. The attack extends the Houthi campaign against Saudi shipping to the key Red Sea crude export route, where tanker calls have fallen by more than a third since a July 20 ban.
Logistics Sonangol offloads 19-year-old suezmax Sonangol Namibe for nearly $50m
Sonangol has sold the 19-year-old suezmax tanker Sonangol Namibe for just under $50m, according to Splash247. The deal highlights continued strength in secondhand crude carrier values and follows CMB.Tech's record sale of the modern suezmax Bristol.
Logistics SK Shipping takes aim at Asia LNG top spot in H-Line tanker swap
SK Shipping will double its LNG carrier fleet to 32 ships through a 28-vessel swap with sister company H-Line, according to Splash247. The deal makes it Asia's largest LNG carrier operator and third largest globally, with charters to Vitol, ExxonMobil, Petronas and QatarEnergy. SK Shipping also exits tankers via asset transfers including a prior VLCC sale to Pan Ocean.
Logistics CMB.TECH Locks In $57m Gain on Two-Year-Old Suezmax in Q4 Delivery
CMB.TECH has sold the 2024-built suezmax Bristol, locking in a gain of about $56.9m, according to Splash247. The sale is part of a 2026 tanker disposal programme that has generated around $620m in announced gains. Proceeds will be used to repay debt and fund shareholder distributions.
Logistics Dynacom’s Hengli VLCC Program Reaches 20 as Procopiou Orders Four More
Greek owner Dynacom Tankers has expanded its VLCC order at Hengli Heavy Industry to 20 ships with a new four-vessel contract. Four units from the programme are already delivered, and the group is linked to additional VLCC tonnage at Hudong-Zhonghua, according to Splash247.
Logistics d'Amico International Shipping reclaims MR tanker High Discovery from lease for $15.3m
d'Amico International Shipping is exercising a $15.3m purchase option on the MR tanker High Discovery, bringing it back into full ownership from a 2022 sale-and-leaseback deal. The transfer to d'Amico Tankers is expected in early November, reducing the company's bareboat-chartered fleet from two vessels to one while owned tonnage rises to 27. CEO Carlos di Mottola said the purchase will further reduce financial leverage and cash breakeven.
Logistics Brookfield Takes Indirect Control of 19.86% Torm Stake After Oaktree Buyout
Brookfield Corporation has taken indirect control of a 19.86% stake in Torm after completing its acquisition of the remaining 26% of Oaktree. The change occurs above Oaktree-linked vehicle OCM Njord Holdings, with its direct stake unchanged. Torm continues expanding, with the fleet set to reach 103 ships and a reported MR newbuilding order at Zhoushan Changhong unconfirmed.
Logistics Castor Maritime Shifts Kamsarmax into Fearnley-Backed JV, Banks $18.75m
Castor Maritime has delivered its 2015-built kamsarmax Magic Starlight into a joint venture arranged by Fearnley Securities, taking $18.75m in cash and keeping a 30% stake. The deal closed this month with an $11.5m sustainability-linked loan. Castor expects a $2.9m Q3 net gain and now operates a fleet of 11 vessels.
Logistics China Merchants Energy Shipping exercises option for second DSIC shuttle tanker
China Merchants Energy Shipping has exercised an option for a second 154,000 dwt shuttle tanker at Dalian Shipbuilding Industry Co, confirming a two-ship debut in the specialised sector. The pair is valued at about RMB1.79bn with delivery in 2028. The order is part of a larger tanker newbuilding programme including ten VLCCs and five aframaxes.
Logistics Bruton fixes second VLCC at $105,700 per day in 12-15 month charter
Tor Olav Trøim-backed Bruton has fixed its second VLCC newbuilding, the 300,000 dwt Mount Horizon, at a net rate of $105,700 per day for 12 to 15 months. The rate tops the $95,000 per day first nine months secured for its first VLCC, Mount Vision, giving the pair an average of about $101,000 per day, according to Splash247.
Logistics Iran and Oman close in on new Hormuz traffic regime with carrier fees
Iran and Oman are expected to unveil a new Strait of Hormuz traffic arrangement imminently, with routes split between Iranian and Omani waters and proposed service fees of 5-7% of cargo value. The plan faces opposition from the US and eight shipping associations, while Houthi attacks continue to disrupt Gulf shipping.
Logistics Greece's Nautilus Makes Tanker Newbuild Debut at Wuhu Shipyard
Greek shipowner Nautilus Management has placed its first tanker newbuilding order — up to two MR1 product and chemical carriers at China's Wuhu Shipyard. The deal includes one firm 41,000 dwt vessel and an option for a second, with deliveries scheduled from Q3 2028 into early 2029.
Logistics Ditaş doubles down on suezmaxes with Samsung Heavy Industries brace
Turkish tanker owner Ditaş has ordered four suezmax newbuildings at Samsung Heavy Industries and DH Shipbuilding. Parent company Tüpraş confirmed the four-ship programme, worth more than $370m. The additions will triple Ditaş's suezmax fleet to six ships and lift capacity to nearly 943,000 dwt, according to Splash247.
Logistics Tanker Asset Values Stay Red Hot as Sale and Purchase Activity Accelerates
Tanker asset values remain red hot heading into August, with sale and purchase (S&P) activity accelerating across chemical, VLCC and LR2 segments, according to Splash247. Reported deals include Nisshin Shipping's $30m chemical tanker sale, CMB.TECH's ninth VLCC sale at about $122.8m, and Velos Tankers' LR2 sale at $50m. The transactions underline sharply rising asset values and robust demand for both modern and vintage tonnage.
Logistics Italian Navy Boards Sanctioned Tanker Off Sicily, EU Mission Allows It to Continue
The Italian-led EU naval mission EUNAVFOR MED Irini boarded Cameroon-flagged tanker Toa Payoh west of Pantelleria on Sunday, the second shadow-fleet tanker inspection in less than two weeks. The vessel was allowed to continue because the mission lacked seizure authority, but documents collected could support later detention or seizure.
Logistics Velos Tankers Nets $33 Million Profit on Sale of Vintage Aframax Velos Emerald
Greek owner Velos Tankers has sold the 2008-built aframax Velos Emerald for $50m, generating a $33m profit over its purchase price five years ago. The sale underscores the current tanker asset boom, with the vessel having been heavily involved in Russian oil trades.
Logistics Rubico Lines Up Third GSI MR Tanker Newbuilding with Trafigura Charter at $18,750/Day
Nasdaq-listed Rubico has signed a letter of intent to acquire a special-purpose company holding a contract for an MR product and chemical tanker at Guangzhou Shipyard International, with delivery scheduled for Q2 2029. The vessel has been fixed to Trafigura Maritime Logistics for seven years at $18,750 per day. The deal would lift Rubico's MR newbuilding pipeline to three GSI vessels.
Logistics Fairfield Maritime Japan secures long-term Neste charter for pair of ice-class MR tankers
Fairfield Maritime Japan has secured a long-term charter from Finnish refiner Neste covering two ice-class MR product and chemical tankers. The 50,000 dwt vessels will be built at HD Hyundai in South Korea and are scheduled for delivery in the first and second quarters of 2029. The ice-class 1A specification ensures year-round access to Neste's Porvoo refinery under Baltic winter conditions.
Logistics Direct Hits on Tankers Push Hormuz Traffic to New Lows, Brokers Warn
Tanker traffic through the Strait of Hormuz has fallen sharply after a series of direct Iranian attacks on commercial vessels. Outbound movements average just four tankers per day, inbound three, well below previous averages. The pool of willing shipowners is shrinking, and the risk environment is deteriorating rapidly.
Logistics Houthi Naval Blockade on Saudi Arabia Tightens Oil Supply Pincer, Disrupts Red Sea Tanker Routes
Yemen's Houthis have declared a naval blockade on Saudi Arabia, causing tankers carrying Saudi crude and a Chinese car carrier to turn back in the Red Sea. The disruption threatens the fallback export route via the Red Sea, which Saudi Arabia had relied on after the Strait of Hormuz became too dangerous. Asian refiners are now seeking longer routes via Suez and the Cape of Good Hope, adding weeks to voyages and significantly increasing freight and bunker costs. Analysts warn that combined disruption of Hormuz and Bab el-Mandeb could affect routes carrying roughly a quarter of global oil supply.
Logistics BW LPG Sells Former Avance Gas VLGC for $17m Gain, Returns to Newbuilding
BW LPG has agreed to sell the BW Levant, a 2015-built VLGC acquired in the $1.05bn Avance Gas takeover, for a net book gain of $17m and net cash proceeds of $38m. The sale comes as BW LPG returns to the newbuilding market with an eight-ship VLGC order at HD Hyundai Heavy Industries. The vessel will deliver to an undisclosed buyer by mid-November, with BW LPG continuing to trade it until handover.
Logistics Nanjing Tanker Orders Four MR Product Tankers at GSI for $182.8M
China's Nanjing Tanker has approved a $182.8M order for four MR product and chemical tankers at Guangzhou Shipyard International (GSI), with delivery scheduled across 2028 and 2029. The vessels will meet IMO Tier III and EEDI phase 3 standards and be prepared for methanol dual-fuel conversion. The order extends a long relationship between the two companies, with GSI having already delivered over 10 MR units to Nanjing Tanker.
Somali Pirates Seize Tanker Off Yemen and Steer It Towards Puntland, Reviving Maritime Security Concerns
Suspected Somali pirates have hijacked the Tanzanian-flagged chemical tanker Asana off Yemen and steered it towards Puntland, Somalia. The vessel was seized on Friday after departing Mukalla, with seven armed pirates on board. This incident underscores a sustained revival of Somali piracy in the Gulf of Aden and western Indian Ocean, posing direct operational risks for vessels in the region.
Logistics US Forces Fire Hellfire Missiles to Disable Iran-Bound Tanker in Arabian Gulf
U.S. forces fired Hellfire missiles to disable the Curacao-flagged tanker M/T Belma attempting to violate a blockade toward Iran's Kharg Island terminal. The vessel ignored multiple warnings and is no longer transiting. The U.S. blockade began July 14 after the ceasefire collapsed. Crude oil futures stabilized at $78 per barrel with reduced Strait of Hormuz traffic.
Logistics Ukraine's Azov campaign hits 116 Russian vessels in nine days, eclipsing 1980s tanker wars
Ukraine has struck 116 Russian vessels in nine days in the Sea of Azov, a campaign that maritime security firm Ambrey says has surpassed the pace of the Iran-Iraq tanker war. The attacks, targeting tankers and cargo ships, aim to sever Russian logistics chains. Around a quarter of Russia's grain exports move through Azov ports, and diversions to the Black Sea and Baltic are already being considered. The IMO condemned the strikes, while seafarer casualties have been reported, including eight killed in Russian counterstrikes on Odesa.
Logistics Performance Shipping Lifts Aframax Earnings with Two-Year AET Charter Extension at Higher Rates
Performance Shipping has extended the charter of its aframax Blue Moon with AET for two years at an average rate of $40,500 per day, up from $28,000. The deal will generate about $29m in gross revenue and boosts the company's contracted revenue backlog to over $530m.
Logistics DHT Holdings Secures Three-Year VLCC Time Charter at $75,000 Per Day for DHT Jaguar
New York-listed VLCC owner DHT Holdings has fixed its 2015-built DHT Jaguar on a three-year time charter with an unnamed global energy company at $75,000 per day, starting September. The deal adds long-term forward cover into 2029 and follows earlier high-paying fixtures. DHT reported strong Q2 fleetwide TCE earnings of $126,700 per day, with spot VLCCs earning $162,600 per day.
Logistics StealthGas to Sell Blast-Damaged LPG Carrier After Insurance Settlement
Nasdaq-listed StealthGas has settled its insurance claim for the damaged LPG carrier Eco Wizard and will sell the vessel as-is. The 40,000 cu m carrier was damaged on July 6, 2025, while loading ammonia at Russia's Ust-Luga port, causing an ammonia leak and crew evacuation. The vessel, currently inoperable in Riga, Latvia, will be disposed of to a third party at no expected monetary value after the insurance payout. The incident is part of a broader security concern around merchant ships calling at Russian ports.
Logistics China Merchants Energy Shipping orders 10 newbuildings across tanker, container, and bulk segments
China Merchants Energy Shipping (CMES) has approved the construction of 10 newbuildings across tanker, container, and bulk segments. The order includes five aframax tankers, four 1,800 teu container feeders, and one 210,000 dwt newcastlemax bulker. This is part of a broader fleet renewal programme that also includes earlier orders for VLCCs and methanol-ready boxships.
Logistics Petrobras Rises as Unipec's Tanker Dominance Weakens on Middle East Disruption
Petrobras became one of the biggest gainers in the crude tanker market in H1 2026, climbing to second place in dirty charterer rankings as Unipec's VLCC dominance weakened due to Middle East disruption. According to Poten & Partners, Unipec's VLCC fixtures fell from 317 to 217, while Petrobras' rose 40% to 73, placing it ahead of TotalEnergies, Chevron, and ExxonMobil.
Logistics Asyad places $308m order for six MR tankers at HD Hyundai Heavy Industries
Omani owner Asyad Shipping has ordered six MR product tankers at HD Hyundai Heavy Industries for $308m, with deliveries from 2029, and has secured five-year time charter contracts for all vessels with a leading global energy company. The deal continues Asyad's fleet expansion following its Muscat Stock Exchange listing, and follows recent dry bulk acquisitions including two kamsarmaxes and two baby capes.
Logistics JP Morgan-linked Global Meridian orders two suezmax tankers at Samsung Heavy Industries
JP Morgan-linked shipowner Global Meridian has ordered two 158,000 dwt suezmax crude oil tankers from Samsung Heavy Industries for $189m, according to Splash247. The deal brings JP Morgan-linked suezmax orders at the South Korean yard to seven vessels and pushes Samsung Heavy's 2026 order intake past $10bn.
Logistics Ovkianvance Port acquires vintage non-sanctioned VLCC Takai in muted S&P market
Tanker sale and purchase activity remains subdued this month. Hong Kong-based Ovkianvance Port has acquired the 299,000 dwt VLCC Eclat, now renamed Takai, for an estimated $52 million. The vintage non-sanctioned vessel, built in 2004, is now trading under the Sierra Leone flag.
Logistics Indian Refiner MRPL Cancels Iraq Crude Vessel Charter Amid Hormuz Tensions
Mangalore Refinery and Petrochemicals Ltd (MRPL) has cancelled a charter for the Aframax tanker Jasmin Joy to load crude oil from Iraq, citing technical reasons. The cancellation comes amid heightened tensions in the Strait of Hormuz, where attacks on ships have prompted authorities to raise the threat risk to 'severe'. MRPL is currently scouting for a replacement vessel.
Logistics France fines shadow fleet tanker owner €1m over false Cameroon flag
French prosecutors fined the owner of shadow fleet tanker Tagor €1 million after the vessel was detained in the Atlantic for using a false Cameroon flag. The owner admitted guilt and has agreed to obtain a lawful flag. The case underscores heightened enforcement against shadow fleet operations, with France intercepting at least five such tankers in the past year.
Logistics Canada pipeline plan signals major boost for Pacific tanker trade
Canada has unveiled plans for a new Pacific Coast pipeline that could add over 1 million barrels per day of tanker-loading capacity from southern British Columbia, reducing dependence on the US and boosting crude exports to Asia. The project follows the Trans Mountain Expansion, which tripled capacity and shifted two-thirds of Canadian crude exports to Asia-Pacific.
Logistics Tsakos Energy Navigation Orders Second LNG Carrier from HD Hyundai, Expanding Newbuilding Program to 20 Vessels
Tsakos Energy Navigation (TEN) has ordered a second LNG carrier from HD Hyundai Heavy Industries, scheduled for delivery in the first quarter of 2029. The order expands TEN's newbuilding program to 20 vessels, including LNG carriers, tankers, and shuttle tankers. The company's pro forma fleet now stands at 83 vessels with over 11 million dwt capacity.
Logistics Pirates Board and Damage Tanker in Gulf of Aden, Crew Safe, UKMTO Warns of Persistent Threat
A tanker was boarded by armed pirates 76 nautical miles south of Balhaf, Yemen, in the Gulf of Aden. The crew retreated to the citadel and were safe, but the bridge and compartments were damaged. The UKMTO had raised its threat assessment to 'severe' in late April, and a second suspicious approach occurred hours later. Shipping operators are urged to maintain heightened vigilance and register with UKMTO.
Seacon Shipping Acquires Two Chemical Tanker Newbuilds for $39.2 Million
Seacon Shipping, through its Singapore subsidiary, has agreed to buy two 2026-built chemical/oil tanker newbuilds from Oriental Prime Shipping for $39.2 million. The vessels, Golden Gerbera and Golden Osmanthus, cost $19.6 million each and will be funded via internal resources and external financing. The acquisition supports Seacon's strategy to phase out older vessels and expand its controlled fleet.
Logistics Seized Tanker Smyrtos Tests Limits of Shadow Fleet Enforcement as Russia Warns UK on Cargo Sale
The UK's seizure of the shadow fleet tanker Smyrtos has prompted Russia to threaten legal action if Britain sells the 100,000-tonne crude cargo. The June 14 boarding in the English Channel marks a shift from passive sanctions to direct interdiction. France has also intercepted another Russia-linked tanker, the Deliver, near Sicily, escalating European enforcement efforts.
Logistics France Boards Another Russian Shadow Fleet Tanker Off Sicily
French navy boarded the tanker Deliver, sailing under Cameroonian flag from Primorsk, off Sicily on Tuesday. President Macron announced the interception, the fifth French operation against Russia's shadow fleet, highlighting Europe's campaign to enforce oil sanctions and prevent war financing.
Logistics Troubled Shadow VLCC Era Resurfaces Under Comoros Flag, Heading to Trinidad for Possible Scrapping
The shadow VLCC Era, a 2002-built tanker with a history of Iranian oil smuggling and a US Coast Guard chase, has resurfaced under the Comoros flag with a destination of Chaguaramas, Trinidad & Tobago. Its ownership by Global Marketing Systems and management by Blue Whale Maritime, a firm active in demolition voyages, signals a likely end-of-life scrapping. The vessel's former master pleaded guilty to failing to obey a US Coast Guard order.
Logistics Yasa Holding Tipped for Debut VLCC Newbuilding Order as Supertanker Contracting Surges
Turkish owner Yasa Holding is reportedly ordering four 319,000 dwt VLCC newbuildings at Jiangsu New Hantong Ship Heavy Industry, valued at $125m each and scheduled for delivery in 2029. The order, if confirmed, would be Yasa's first VLCC newbuilding, complementing its existing secondhand VLCC fleet. This comes during the busiest period for supertanker contracting in years, with Q4 2025 and Q1 2026 ordering already topping the highest full-year VLCC order tally on record.
Commodities Crude Oil Futures Fall Nearly 1% as Strait of Hormuz Tanker Traffic Shows Signs of Recovery
Crude oil futures dropped nearly 1% on Wednesday as tanker traffic through the Strait of Hormuz improved, easing supply disruption fears. September Brent fell to $76.29, while August WTI slipped to $72.67. ING Think analysts called the sell-off overdone. US President Trump announced Iran agreed to nuclear inspections, allowing the strait to remain open.
Logistics Cido Shipping Tied to Four VLCCs at HD Hyundai's Philippine Yard for $130m Each
Hong Kong-based Cido Shipping is linked to a newbuilding deal for four 300,000 dwt very large crude carriers at HD Hyundai's Philippines yard, priced at around $130 million each. Deliveries are scheduled between 2029 and 2030, though no official confirmation has been provided. The order adds to Cido's recent tanker ordering activity, including suezmaxes and product carriers at HD Hyundai yards.
Logistics Dorian LPG Orders $115M VLGC Newbuild, Sells Three Older Tankers as Rates Surge
New York-listed VLGC owner Dorian LPG has ordered one 90,000 cu m dual-fuel VLGC at HD Hyundai for about $115m, scheduled for July 2029 delivery, while selling three older VLGCs for combined proceeds of $256m. The fleet moves come as VLGC earnings surge, with the company fixing 99% of its available days for the quarter ending June 30 at over $68,000 per day and 34% of July days at over $100,000 per day.
Finance Oaktree Files to Sell $103m in Torm Shares, Continuing Stake Reduction
US private equity firm Oaktree Capital Management has filed to sell 3.5 million class A shares in Torm, valued at about $103.2 million. The sale follows a series of reductions, including last year's $311.4 million block sale to Hafnia, and has triggered governance changes at the Nasdaq-listed product tanker owner.
Logistics Transpetro signs $427m contract for four MR1 tankers to boost Brazilian coastal fleet
Transpetro, the logistics arm of Petrobras, has signed a $427m contract with Estaleiro Rio Grande for four 40,000 dwt MR1 tankers. The vessels will transport oil and petroleum products along the Brazilian coast as part of the Mar Aberto programme, which aims to renew and expand Petrobras' shipping capacity with a total investment of about $6bn from 2026 to 2030. First delivery is expected within 33 months, and the company's owned fleet will grow from 26 to 42 vessels by 2030.
Logistics MOL and NYK Sign Long-Term Ammonia Carrier Charters with JERA for US-Japan Low-Carbon Fuel Supply
Mitsui OSK Lines (MOL) and Nippon Yusen Kaisha (NYK) have each signed long-term charter contracts with JERA for four very large gas carriers (VLGCs) to transport low-carbon ammonia from the US to Japan. The vessels, built by Kawasaki Heavy Industries, will support JERA's ammonia co-firing project at Hekinan Thermal Power Station, marking Japan's first large-scale low-carbon ammonia value chain.
Logistics Qatar LNG Tanker Sails for Hormuz as US-Iran Deal Reopens Critical Waterway
A QatarEnergy-chartered LNG tanker, the Mraikh, is sailing towards the Strait of Hormuz after a US-Iran interim agreement reopened the waterway, marking the first such movement in months. The vessel is expected to dock at Pakistan's Port Qasim, potentially easing the country's gas shortage. Qatar aims to restore most of its LNG export capacity within two months, but vessel availability remains a constraint.
Logistics Three60 Energy Secures Long-Term Project Support Contract with Vår Energi
Three60 Energy has been awarded a long-term project support agreement with Vår Energi. The initial term is four years with options to extend. The contract covers drilling, wells, and subsurface disciplines, contributing to safe and efficient operations.
Logistics Hunter Group Initiates Arbitration Over $28.2M VLCC Charter Payment Dispute
Norwegian shipping and investment company Hunter Group has commenced arbitration proceedings in London against a long-term charter counterparty over a failure to pay approximately $28.2 million in charter hire. The dispute, which first surfaced in April, involves reduced payments for March, April, and May, with the charterer contesting its obligations. Hunter Group is seeking recovery of all outstanding hire plus interest and costs via the London Maritime Arbitrators Association.
Logistics Ardmore Shipping Exercises Options for Two More Product Tankers at Wuhu Shipyard
Ireland-based product tanker owner Ardmore Shipping has expanded its newbuilding programme in China by exercising options for two additional 40,500 dwt product and chemical carriers at Wuhu Shipyard. The move brings its orderbook at the Chinese yard to four vessels, with deliveries scheduled from late 2028, and the company has secured two further options for future expansion.
Logistics Sanctioned Sovcomflot LNG Carrier Completes Earliest Northern Sea Route Transit in Years
Sovcomflot's sanctioned LNG carrier Christophe de Margerie has completed the earliest eastbound Northern Sea Route transit in many years, entering the route at the end of May. The 174,000 cu m vessel carried LNG from Novatek's sanctioned Arctic projects, breaking ice almost a month earlier than previous transits. The voyage highlights Moscow's efforts to maintain Arctic gas flows to Asian buyers despite sanctions.
Logistics Pan Ocean linked to four-VLCC order at Hanwha Ocean in $524m deal
Pan Ocean has been identified as the buyer behind a four-vessel VLCC order at Hanwha Ocean, valued at KRW800.1bn ($524m). The order follows a $700m VLCC acquisition from SK Shipping and highlights Pan Ocean's continued expansion into crude tanker shipping, complementing its core dry bulk operations.
Logistics Strait of Hormuz Closure Hits 100 Days as Dark Tanker Trade Masks True Oil Flow
The Strait of Hormuz has been effectively closed for more than 100 days, causing a 95% reduction in crude shipments from Arabian Gulf ports and a 99% drop in LNG carriers, according to WTO data. The 'dark trade' of vessels running without AIS transponders makes actual oil flows difficult to quantify, but analysts estimate 100 million barrels may have moved through since May 1. Despite the disruption, Brent crude sits at $87.55 per barrel due to buffers from China, the US, Brazil, and Canada. Recovery may take years, with IEA warning of up to two years for energy facility repairs.
Trade BIMCO Develops Clause for Russia-Linked Tanker Sale Restrictions
BIMCO is drafting a standard clause for tanker sale agreements in response to EU sanctions targeting Russian involvement. The clause aims to ensure compliance with new obligations on EU sellers.