Topic
tankers
Logistics Transponders Off: Saudi Crude Tankers for India Exit Red Sea 'Dark' to Avoid Houthi Blockade
Two oil tankers carrying Saudi crude to Indian refiners—the Suezmax Amazon and Aframax Rodos—switched off their Automatic Identification System (AIS) transponders to safely exit the Red Sea via the Bab el-Mandeb Strait, after Houthi rebels announced a blockade on Saudi shipments. The vessels, managed by Dynacom Tankers, changed course southward on July 22 and are now heading to India, with Rodos due at Mangalore on August 1 and Amazon expected in Chennai in early August. This is the first known instance of 'dark' sailing for Saudi crude tankers to India since the blockade began.
Logistics Scorpio Tankers Takes Minority Stake in Eight VLCC Newbuilds and Orders Two LR2s
Scorpio Tankers has taken a minority stake in an eight-vessel VLCC newbuilding venture and signed a letter of intent for two LR2 product tankers at Jiangsu Hantong Ship Heavy Industry. The company also completed MR newbuilding agreements at Jiangsu Yangzi-Mitsui. The moves expand Scorpio's directly controlled newbuilding programme to 14 ships, with exposure to additional eight VLCCs through the joint venture. Net income surged to $387.5 million in the second quarter.
Logistics Vafias-backed Stealth Maritime Orders Two More MR Tankers from HD Hyundai, Extending $1.3bn South Korea Newbuilding Drive
Harry Vafias-backed Stealth Maritime has ordered two additional 50,000 dwt MR product tankers at HD Hyundai Heavy Industries for $53m each, extending a South Korean newbuilding drive valued at around $1.3bn. The company now has at least 15 tankers under construction at South Korean yards across MR, LR2, suezmax and VLCC segments, with deliveries stretching through 2030.
Logistics GTT Projects 550 New LNG Carriers Needed by 2035, Signaling Fleet Expansion
GTT expects around 550 LNG carriers to be ordered between 2026 and 2035, adding to the current record orderbook of 338 ships. The forecast is driven by 37m tonnes per annum of new liquefaction capacity reaching FID this year and a projected 5% annual LNG demand growth, primarily from Asia. Shipyard capacity is expanding to meet demand, with Korean and Chinese yards expected to exceed 100 annual slots by 2028.
Trade US Sanctions Iran’s Hormuz ‘Extortion Scheme’ and Eight Shadow Tankers
The US Treasury sanctioned Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority for running an IRGC-backed extortion scheme that forces commercial vessels to purchase maritime insurance before transiting the Strait of Hormuz. OFAC also designated eight tankers and their owning companies for transporting Iranian crude oil, bringing the total shadow fleet sanctions to over 100 ships since the start of the year.
Logistics Top Ships Redirects Dubai Refund into Three MR Tanker Newbuildings, Orderbook Reaches 10
Top Ships has redirected funds from a cancelled Dubai property deal into three MR tanker newbuildings, increasing its orderbook to ten vessels. The company will pay about $7.4m after deducting the $23.5m refund. The vessels have secured five-year charters with an unnamed oil major, with potential gross revenue of $140.6m.
Logistics BGN Launches US Gulf Bunkering Arm, Expanding into Direct Physical Supply of Marine Fuels
BGN has launched its first US retail bunkering operation, supplying conventional marine fuels from Houston across the Gulf Coast. The new business will serve the company's own LPG fleet and third-party customers, supported by a partnership with Centerline Logistics and two chartered barges. The move expands BGN beyond wholesale fuel trading into direct physical supply, while the company continues to grow its LPG and LNG shipping footprint.
Logistics Ditaş Orders Two Suezmax Tankers at DH Shipbuilding in $196M Deal
Turkish tanker owner Ditaş has been linked to an order for two 157,000 dwt suezmaxes at South Korea's DH Shipbuilding, valued at KRW271.3bn ($196m). This marks Ditaş's first suezmax order in about a decade and would double its suezmax fleet to four vessels. DH Shipbuilding's 2026 order intake reaches a record 17 ships.
Logistics UK Trade Body Urges Government to Approve Rosebank and Jackdaw Energy Projects
Offshore Energies UK (OEUK) has urged the UK government to approve the Rosebank and Jackdaw offshore energy projects, arguing delays threaten domestic supply and investor confidence. The combined £10.8bn projects could deliver 10% of UK gas and oil output, supporting thousands of jobs. OEUK warns that reliance on imports increases carbon footprint by up to four times.
Logistics Pan Ocean Confirms Two VLCC Newbuildings at Qingdao Beihai Shipyard
South Korean shipowner Pan Ocean has confirmed a pair of VLCC newbuildings at CSSC-controlled Qingdao Beihai Shipbuilding. The 319,000 dwt ammonia-ready vessels are scheduled for delivery in September 2030, priced around $122m each, according to market sources. This follows a single same-design VLCC ordered in March, bringing Pan Ocean's VLCC orderbook at the yard to three ships.
Logistics DH Shipbuilding Sets Annual Order Record with Fresh Suezmax Pair – New Deliveries Through 2029
South Korea's DH Shipbuilding has secured a KRW271.3bn ($196m) contract for two 157,000 dwt suezmax crude carriers from an unnamed European owner, pushing its 2025 order intake to a record 17 ships. The yard's orderbook now stands at 36 vessels, filling its construction schedule through the end of 2029.
Trade EU Grants Dynagas 12-Month Reprieve in Latest Russia Sanctions Package
The European Union has added 41 vessels to its shadow fleet blacklist while granting Greek shipowner Dynagas a temporary 12-month reprieve from restrictions on carrying Russian LNG to non-EU countries. The exemption limits volumes to 2025 levels and is part of the EU's 21st sanctions package.
Logistics Why America May Reflag Gulf Tankers Again: Strait of Hormuz Crisis Escalates
The US may reflag Gulf tankers again, escalating its escort operations in the Strait of Hormuz amid a direct conflict with Iran. According to Splash247, Iran's capabilities have grown since the 1987 Operation Earnest Will, with 17 damaged ships and 12 seafarers killed or missing since February 2026. The US already runs an improvised escort scheme, but formal reflagging would give insurers and shippers legal clarity to bring stranded tonnage back through the strait.
Logistics ABL Wins Papua New Guinea FSO Support Contract for Santos Subsidiary
ABL, a marine and energy consultancy, has won a contract from Santos subsidiary Oil Search Limited to provide marine warranty survey services for a new FSO facility in Papua New Guinea. The FSO, the country's first offshore floating facility, will be deployed at the Kumul Marine Terminal as part of the Kutubu Pipeline System. ABL's scope covers equipment supply and installation across India, Indonesia, the UK, and Papua New Guinea, with work expected to run through 2028.
Logistics Titan Wind Energy enters tanker building with order for two crude oil tankers
Titan Wind Energy, a Chinese renewable energy equipment manufacturer, has entered the tanker building sector with an order for two firm 113,800 dwt crude oil tankers, with options for two more. The deal is valued at CNY1.874 billion ($257.8 million) if all options are exercised, with deliveries scheduled for 2028-2029. The order marks the company's first move into mainstream tanker construction, adding to China's growing shipbuilding capacity.
Logistics Houthis Claim Missile and Drone Strikes on Two Saudi Tankers in Red Sea Escalation
Yemen's Houthi movement claimed to have struck two Saudi oil tankers in the Red Sea on July 23, 2026, the first attacks since declaring a naval blockade on Saudi Arabia. One tanker, the Encelia, was hit by an unknown projectile, causing a fire. The Houthis declared the Bab el-Mandeb strait closed to Saudi-flagged tankers, raising risks for shipping lanes and energy infrastructure.
Logistics Pelagic Credit Enters Chemical Tanker Market with $24.7M Pre-Delivery Financing for Two Newbuilds
Pelagic Credit has made its first investment in chemical tankers, committing $24.7m to pre-delivery financing for two 10,000 dwt newbuildings. The vessels have secured long-term time charters with an unnamed energy infrastructure company. The transaction is expected to close this month and represents a diversification of the Oslo-listed company's portfolio beyond multipurpose and offshore support vessels.
Logistics Tankers Carrying Saudi Crude for India, China Make U-Turn in Red Sea on Houthi Threats
Three tankers carrying Saudi crude oil bound for China and India reversed course in the Red Sea on Tuesday after Yemen's Houthi militia warned of a naval blockade on Saudi ports. The vessels are now heading toward the Suez Canal, lengthening voyages and raising insurance costs.
Logistics Two Tankers Carrying Saudi Crude Reverse Course After Houthi Maritime Threat
Two tankers carrying Saudi crude for China and India reversed course in the Red Sea, and a third diverted before a scheduled call at Yanbu, following a Houthi maritime embargo threat. This is the first publicly confirmed route change linked to the embargo, which could add weeks to voyage times if vessels are forced to reroute via Suez and around Africa.
Logistics Essberger Exercises Options for Two More Chemical Tankers, Lifting Programme to Eight Ships
John T. Essberger has exercised options for two additional 7,900 dwt chemical tankers, increasing its newbuilding programme to eight vessels. The ice-class ships are designed for European coastal chemical trades, with deliveries from mid-2027 through September 2029. The fleet will be operated under the E&S Tankers joint venture with Stolt Tankers.
Logistics Hormuz transits fall sharply as Iran warns of unsafe waters amid US strikes
Transits through the Strait of Hormuz have dropped sharply after Iran claimed two oil tankers exploded and warned the waterway is unsafe. Clarksons data shows crude tanker transits fell from six to roughly two per day, and total shipping from 36 to about 15, as the US continues airstrikes on Iran.
Logistics JP Morgan Tied to Hanwha Ocean's Latest VLCC Newbuilding Order
JP Morgan has been identified as the owner behind Hanwha Ocean’s latest order for two VLCC newbuildings, priced at about $132.5m each. The order is part of a broader programme of 10 VLCCs across South Korean and Chinese yards, with total spending near $1.3bn. Hanwha Ocean has now secured 27 vessels worth $4.61bn in 2026.
Logistics Splash Singapore: Christoph Toepfer Warns of Recurring Hormuz Disruption for Tanker Industry
Christoph Toepfer, CEO of Borealis Maritime, warns the tanker industry to prepare for recurring Strait of Hormuz disruption rather than one-off events. Speaking at the upcoming Splash Singapore conference, he highlights impacts on charter rates, insurance premiums, and rerouting via the Cape of Good Hope, urging investment in supply chain resilience and AI-driven logistics tools.
Logistics Suriname FPSO GranMorgu to Test First-of-Its-Kind Kite-Assisted Towing Across Pacific
A joint venture of SBM Offshore, Technip Energies and TotalEnergies has agreed with Beyond the Sea to trial a kite-assisted towing system on the GranMorgu FPSO for Suriname. The technology, used for the first time on an FPSO, aims to reduce fuel consumption and towing duration during the vessel's voyage from China to Suriname. If successful, it could open a new decarbonization pathway for large-scale maritime towing.
Logistics Rubico Acquires MR Tanker Newbuilding from Top Ships in Fleet Expansion Deal
Nasdaq-listed tanker owner Rubico has agreed to acquire an MR tanker newbuilding from former parent Top Ships for about $6.25m for the shares of a special-purpose company holding the contract. The 47,499 dwt product and chemical tanker, built at Guangzhou Shipyard International (GSI), is priced at $45.2m and scheduled for delivery in Q3 2029. The vessel has been fixed to an unnamed major oil trader for seven years with extension options, carrying potential gross revenue of about $75.4m.
Logistics Hidden Bunker Defects That Pass ISO 8217 Testing Still Disrupt Ship Operations
Lloyd's Register FOBAS reports that ship operators are increasingly facing bunker defects that pass ISO 8217 testing but cause operational issues. In March and April 2026, fuels with elevated Estonian shale oil led to filter, separator, and pump problems. Off-spec cases remain high, with sulphur, water, sediment, and stability issues persisting.
Logistics Hormuz crisis reaches final form: double tolls, dual routes, and paralysis for shipping
The Strait of Hormuz has become the world's first double-tolled chokepoint after the US announced a 20% levy on all cargo transiting the strait, while Iran continues collecting fees from 'friendly' vessels. The dual pricing, along with two rival traffic routes and two irreconcilable geopolitical worldviews, is creating paralysis across ocean freight, especially for oil and LNG tankers. P&I clubs, charterers and traders have no precedent to price the risk.
Logistics Andriaki Shipping Breaks Decade-Long Newbuilding Silence with LR1 Tanker Pair at Chinese Yard
Greek tanker owner Andriaki Shipping has been linked to its first newbuilding order in about a decade, booking two 73,500 dwt LR1 tankers at China's New Times Shipbuilding. The scrubber-fitted vessels are priced at about $55.1m each and expected to deliver in 2030, marking a rare move into Chinese shipyards for the conservative owner.
Logistics Ciner Group's VLAC Investment Surpasses $1 Billion with Three New Orders at HD Hyundai
Turkish industrial conglomerate Ciner Group has ordered three additional very large ammonia carriers (VLACs) from HD Hyundai, bringing its total investment in the segment past $1 billion. The $363 million contract for 90,000 cbm LPG dual-fuel ships follows a $717 million order for six VLACs in May 2026. Ciner now has nine ammonia carriers on order at HD Hyundai Samho, with deliveries extending into 2030, amid a sharp rebound in large gas carrier contracting.
Logistics Trump Monetises Hormuz Security as Tanker Attack Kills Indian Seafarer and US Reimposes Iran Blockade
A UAE-flagged tanker was struck by Iranian missiles in the Strait of Hormuz, killing an Indian crew member, as the US resumed its blockade of Iranian ports and President Trump announced a 20% toll on all cargo transiting the waterway. DP World is planning a new port at Fujairah to bypass the strait.
Logistics BW LPG India Sells Vintage VLGC for $36M Gain as Secondhand Values Remain Strong
BW LPG India, a 52%-owned subsidiary of BW LPG, has sold the 2007-built VLGC BW Elm to an undisclosed buyer for net cash proceeds of about $64m, generating a net book gain of approximately $36m. The sale capitalizes on strong secondhand values and comes on the heels of an eight-vessel newbuilding order at HD Hyundai Heavy Industries. The transaction underscores a broader fleet renewal strategy as the company reshapes its presence in India.
Logistics ADNOC L&S orders four LNG carriers worth $900m from Jiangnan Shipyard in fleet expansion
ADNOC Logistics & Services has ordered four 175,000 cubic meter LNG carriers from Jiangnan Shipyard in a deal worth approximately $900 million. The vessels, delivered in 2029, expand ADNOC L&S’s LNG newbuilding programme to 18 ships, reinforcing its role in long-term LNG supply chains.
Logistics Strait of Hormuz Near Standstill, Ukraine Strikes, Evergreen Raided, ZIM Sale Faces Hurdles
The Strait of Hormuz saw a near standstill after US strikes on Iran, with three vessels attacked. Ukraine escalated attacks on Russian shipping. Evergreen Marine was raided in Taiwan. The ZIM sale to Hapag-Lloyd faces political opposition. The Panama Canal will reduce neopanamax draught limits.
Logistics Strait of Hormuz Traffic Near Standstill as Trump Declares Ceasefire 'Over' After US Strikes on Iran
Traffic through the Strait of Hormuz came to a near standstill on July 9 after a second day of US strikes on Iran, with President Trump declaring the ceasefire 'over.' Iran struck Kuwait and Bahrain, and attacks on three commercial vessels—including an LNG carrier and two VLCCs—prompted an IMO evacuation framework suspension. The Joint Maritime Information Centre raised the threat assessment to severe, and Iran threatens to close the strait completely.
Logistics Ukraine's Tanker and Refinery Campaign Deepens Russia's Fuel Crisis
Ukraine escalated its campaign against Russian maritime and refinery infrastructure, hitting over 20 shadow fleet tankers in the Kerch Strait and disabling major refineries including Omsk, deepening a fuel crisis that now affects more than 50 Russian regions. The campaign has also sparked diplomatic tensions with Greece after a Ukrainian sea drone was found near Lefkada.
Trade US revokes Iranian oil sanctions waiver after three tankers hit in Strait of Hormuz
The United States revoked a sanctions waiver allowing Iranian oil sales after three tankers were hit by projectiles in the Strait of Hormuz. The license, issued under an interim US-Iran agreement, was lifted due to Tehran's 'unacceptable' actions. Iran condemned the move as a breach of the deal.
Logistics Tor Olav Trøim-backed Bruton splits 12-ship VLCC programme into two listed vehicles
Bruton, backed by Tor Olav Trøim, is splitting its 12-ship VLCC orderbook into two separate listed vehicles. The first four VLCCs from New Times Shipyard will remain in Bruton Limited as a dividend-paying company, while the remaining eight (four at New Times and four at CIMC Raffles) will be spun into a new Bermuda company expected to list on Euronext Growth Oslo by end of August. The company has taken delivery of its first VLCC, Mount Vision, which will start a time charter with a fixed rate of $95,000 per day for the first nine months. Lars-Christian Svensen has been appointed interim CEO.
Logistics Four Oil and Gas Tankers Turn Back from Strait of Hormuz After Renewed Vessel Attacks
At least four oil and gas tankers have turned back from the Strait of Hormuz after renewed attacks on vessels in the critical waterway. The diversions follow damage to a Qatari LNG tanker and a Saudi-flagged crude oil tanker, prompting a 'severe' threat risk for transiting vessels. The disruptions affect LNG and crude oil flows from Qatar and the UAE, with a queue of ballast vessels building up at Qatar's Ras Laffan export facility.
Logistics d'Amico International Shipping fixes MR2 tanker to oil major for two-year period
Italian product tanker owner d’Amico International Shipping has chartered out one of its MR2 tankers to an oil major for two years. The deal, signed by its Irish operating arm d’Amico Tankers, was described as highly profitable, though the rate and vessel name were not disclosed. Following the fixture, the company has 53% of its available vessel days covered for the second half of 2026 at an average time-charter equivalent rate of $23,700 per day.
Logistics Performance Shipping Locks in $39M Aramco Charter for Aframax Briolette
Performance Shipping has extended the charter of its 2011-built aframax Briolette to Aramco Trading for 35 months at $37,700 per day, generating about $39 million in gross revenue. The deal is the fourth consecutive contract between the companies for the vessel and pushes Performance's revenue backlog above $500 million as of mid-2026.
Logistics MAC Shipping Expands Chemical Tanker Newbuilding Program with Four Vessel Order at Taizhou Maple Leaf
Singapore-based MAC Shipping has ordered four 29,000 dwt chemical tankers at Taizhou Maple Leaf Shipbuilding for delivery in 2029, expanding its newbuilding program to eight vessels across two Chinese yards. The latest deal adds to the company's push into stainless steel chemical tanker tonnage, following an earlier order of four 25,900 dwt units at Jiangxi New Jiangzhou.
Logistics BW LNG orders 174,000 cbm FSRU newbuild at HD Hyundai for Indonesia project
BW LNG has been identified as the contractor for a new 174,000 cbm floating storage and regasification unit (FSRU) at HD Hyundai Heavy Industries in South Korea, costing roughly $320m for delivery in Q2 2029. The vessel will support a joint venture with PT AKR Corporindo to develop an LNG FSRU project for the JIIPE Gresik Special Economic Zone in East Java, Indonesia, with commercial operations targeted for Q3 2029.
Logistics Advantage Tankers Orders Two Suezmax Newbuildings at Samsung Heavy Industries
Geneva-based Advantage Tankers has confirmed orders for two dual-fuel-ready suezmax crude tankers at Samsung Heavy Industries, costing $88.25 million each, for delivery in the first and second quarters of 2029. The vessels, Advantage Spirit and Advantage Synergy, are part of a growing orderbook that now totals 13 ships across VLCC and suezmax tonnage.
Logistics Hormuz dispute shifts from access to control as containership grounding highlights risks
Indirect US-Iran talks in Doha yielded only a seven-day quiet period on the Strait of Hormuz, with negotiations deadlocked over joint sovereignty and tolling proposals. A Comoros-flagged containership sanctioned under OFAC ran aground after deviating from Iran's approved corridor, exposing the operational risks for vessels transiting the waterway. The dispute has shifted from access to control, with Iran demanding passage fees and warning of 'irreversible incidents' for non-compliant ships.
Logistics VLCC market adapts as Hormuz closure reshapes global crude flows: Splash247 analysis
The effective closure of the Strait of Hormuz in Q2 2026 forced VLCC charterers, owners, and traders to reroute crude flows, with the Gulf of Oman emerging as the new Middle Eastern baseline. The Baltic Exchange introduced a new benchmark route, TD34, while freight rates on key lanes fluctuated. The Atlantic Basin gained strategic importance as Brazil drove activity.
Logistics Strait of Hormuz Operations at Risk as Iran-Oman Toll Plan Threatens Global Oil and LNG Flows
Iran and Oman are considering charging ships for transit through the Strait of Hormuz, a vital chokepoint for about one-fifth of global oil and LNG trade. The move follows a months-long blockade triggered by conflict, and despite a June 17 MoU that reopened the strait, attacks on vessels continue. The legal status of such tolls is disputed, with the US warning of 'total chaos'.
Logistics Pan Ocean orders two more VLCCs as crude tanker expansion accelerates
South Korean shipowner Pan Ocean has ordered two more very large crude carriers (VLCCs), ammonia-ready and costing about $122m each, for delivery by September 2030. The move extends a series of investments that have reshaped its fleet, including a $525m order for four VLCCs at Hanwha Ocean and a $700m acquisition of 10 VLCCs from SK Shipping.
Logistics Mikael Skov to Step Down as Hafnia CEO; Søren Steenberg Jensen Named Successor in 2026
Product tanker giant Hafnia announced a planned leadership change, with CEO Mikael Skov stepping down on September 1, 2026. Executive Vice President and head of asset management Søren Steenberg Jensen will succeed him. Skov, who led Hafnia since its 2010 founding and through its 2019 merger with BW Tankers, is expected to join the board of directors, subject to approval at an extraordinary general meeting. The transition reflects continuity as an internal candidate takes the helm.
Logistics Machine Guns on Russian LNG Carrier in the Baltic Raise Security Alarms for Shipping
The Russian LNG carrier Marshal Vasilevskiy was photographed in May with two 12.7 mm Kord heavy machine guns mounted on its bridge as it transited the Baltic Sea, according to an OCCRP investigation. At least 22 individuals with military or security service backgrounds were identified aboard, raising concerns about the militarisation of commercial shipping and its implications for maritime security and sanctions enforcement.
Logistics HMM Secures Bareboat Charter for Two Gas Carrier Newbuilds with Swiss Commodity Trader Mercuria
South Korean shipping major HMM has secured bareboat charter contracts with a shipping unit of Swiss commodities trader Mercuria for two 90,000 cu m gas carriers. The seven-year charters, worth KRW311.8bn ($202m), are scheduled to start in July 2029 with options to extend. The vessels are part of HMM's recently disclosed 10-ship newbuilding programme aimed at expanding beyond container shipping.
Logistics CMB.TECH sells two modern suezmax tankers, books $100.5m capital gain
Belgian diversified owner CMB.TECH has sold two 2023-built suezmax tankers, the Brest and Brugge, in a deal expected to generate a capital gain of about $100.5m. The vessels, built by Hyundai Samho Heavy Industries, are linked to Greece's Naftomar at around $110m each. The sale follows a series of tanker disposals as the company continues to reshape its fleet towards dry bulk.
Logistics Strait of Hormuz Security Collapses as US and Iran Trade Fresh Military Strikes
The 14-point ceasefire for the Strait of Hormuz collapsed over the weekend as US and Iranian forces exchanged strikes following drone attacks on two commercial vessels. The Panama-flagged tanker Kiku and containership Ever Lovely were hit, with Iran threatening stricter routing enforcement. Oman has proposed an alternative corridor, but shipping through the strait is unlikely to return to pre-conflict arrangements.
Logistics Strait of Hormuz Crisis Tests Trust Between Shipmanagers, Owners and Crews, Says InterManager President
The crisis in the Strait of Hormuz is testing relationships between shipmanagers, owners, and crews. InterManager president Sebastian von Hardenberg writes that mental well-being and transparent communication are critical. The industry's response will affect seafarer recruitment and retention.
Commodities Crude Oil Dips to $75 as Tankers Resume Hormuz Transit After Ceasefire
Crude oil prices edged lower on Friday as more tankers moved through the Strait of Hormuz following a ceasefire, easing supply disruption concerns. Brent crude fell 0.41% to $74.95/barrel, while WTI slipped 0.44% to $71.60/barrel. Weekly losses are about 7% for both benchmarks, despite earlier gains from a cargo ship attack near Oman and Venezuela earthquake worries.
Logistics Strait of Hormuz Shipping Traffic Surges 48% in One Day as IMO Evacuates 11,000 Stranded Seafarers
Vessel traffic through the Strait of Hormuz surged 48% in a single day, marking the clearest sign yet of a return to commercial normalcy. The IMO is overseeing the evacuation of over 11,000 stranded seafarers, while Iran released crew from the seized containership Epimonidas.
Commodities Crude Slips Toward $70 as Tankers Return to Hormuz After US-Iran Peace Deal
Crude oil prices tumbled toward $70 per barrel as tanker movement through the Strait of Hormuz resumed after the US and Iran reached a peace deal. Brent crude fell to $72.90 and WTI to $69.61, with physical cargoes trading at discounts globally. The return of normal flows and potential increase in Iranian exports are easing supply concerns.
Commodities Oil Flows Through Hormuz Strait Close to Normal, US Energy Secretary Says
U.S. Energy Secretary Chris Wright said crude oil flows through the Strait of Hormuz are near pre-conflict levels, with 20 million barrels and 72 ships transiting in the last 24 hours. Benchmark oil prices fell more than $3 to their lowest since before the Iran war began in February, as supply disruption fears recede. Wright also noted Venezuela's oil exports are rising and could double to 2 million barrels per day by 2029.
Logistics IMO and Oman Orchestrate Phased Reopening of Hormuz as Vessel Transits Rise
The Strait of Hormuz is reopening under a phased evacuation plan coordinated by the IMO and Oman. Vessel transits are rising after the US-Iran agreement, with over 11,000 seafarers still stranded. Allianz estimates $125bn in vessel and cargo value waiting passage, while insurers brace for claims.
Logistics Greek owner Ionic orders four tanker newbuilds at Japanese shipyards for fleet renewal
Greek shipping company Ionic has ordered four tanker newbuildings at Japanese shipyards, according to Greek media reports. The order, led by owner Dimitris Sarakakis, includes a mix of suezmax and aframax tankers aimed at fleet renewal rather than expansion. No price or delivery dates have been disclosed.
Logistics Pan Ocean Locks In $1.62B VLCC Newbuild Deal with SK Energy for 20-Year Crude Transport
Pan Ocean has secured a $1.62 billion, 20-year crude transport contract with SK Energy and SK Incheon Petrochem for four very large crude carrier (VLCC) newbuildings. The deal, running from 2029 to 2049, covers crude oil trades from the Middle East to South Korea, providing long-term employment for the tankers built at Hanwha Ocean. It marks Pan Ocean's continued expansion in the crude tanker segment, following its earlier $700 million acquisition of 10 VLCCs from SK Shipping.