2024.09.12

UK blacklists 10 Sovcomflot tankers

The UK has blacklisted 10 Sovcomflot tankers identified as "high-volume offenders" transporting Russian oil. This move is part of a broader crackdown on Russia’s shadow fleet, with theUK having now sanctioned 25 tankers in total. The latest sanctions targetsix Aframaxandfour Suezmaxvessels, three of which have transported over $5 billion worth of oil since Russia's invasion of Ukraine. The tankers, managed byDubai-based Stream Ship Management, include ships flagged by Gabon and Panama. These sanctions block the vessels from UK ports and restrict UK-linked financing and services from supporting them. The UK's actions, aimed at disrupting Russia's shadow fleet, have reportedly caused many tankers to idle outside ports, unable to load oil. Despite Sovcomflot's efforts to manage its sanctioned fleet, its profits have significantly declined. Industry experts have expressed skepticism about the effectiveness of sanctions, with some predicting that only a major oil spill could prompt stronger international action.

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[SLOW] Tanker Fleet Study _ Top 30 ship operators by number of vessels

APPEC 2024 : Trafigura eyes more crude to product tanker conversions

Trafigura Group may shift more of its crude-oil tankers, specifically VLCCs and Suezmaxes, to carry refined products due to current market conditions. About 12% of VLCCs and 20% of Suezmaxes in its fleet are already equipped for this switch. The change is driven by low crude-oil tanker rates, weak oil demand from China, and OPEC's production cuts. Additionally, attacks by Houthi militants in the Red Sea are forcing ships to take longer routes, increasing demand for smaller fuel transport vessels. The company expects this trend to continue, with more focus on product tankers rather than VLCCs, and anticipates shipyard expansions in China to meet the rising demand.

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Cosco's CSET enters LNG market with first fully-owned carrier order

Cosco Shipping Energy Transportation (CSET), China's tanker giant, has diversified into LNG carriers with a $509.23 million order for two 175,000-cbm ships. This marks the company's first fully-owned LNG vessels, to be built by Dalian Shipbuilding Industry. The investment is managed by subsidiary Shanghai Cosco Shipping LNG Investment, through its unit Yuanhai LNG Investment. CSET has also strengthened ties with Japan's Mitsui OSK Lines (MOL), acquiring a 49% stake in three LNG vessels ordered by MOL. The Cosco group now has stakes in over 70 LNG carriers and continues expanding its fleet, which includes 42 VLCCs and various product carriers.

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Maersk Tankers to launch new chemical carrier pool

Maersk Tankers is launching a new pool for chemical carriers, named "Maersk Tankers Chemicals," starting on October 1. Initially, the pool will feature five J19 stainless steel chemical tankers, each with a deadweight of between 19,000 dwt and 22,500 dwt, from Maersk Tankers’ existing partners. These vessels are currently part of the company’s intermediate pool. The new chemical pool aims to maximize returns for its partners, offering flexible redelivery terms and no minimum commitment period. Maersk Tankers emphasizes a fair and transparent earnings model for partners, leveraging its extensive experience in chemical shipping.

[SLOW] Chemical Tanker Fleet Study _ Top 30 chemical tanker operator by number of vessels

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Saudi Aramco strengthens ties with Rongsheng and Hengli

Saudi Aramco has announced new agreements aimed at strengthening its collaboration with two major Chinese partners, Rongsheng Petrochemical and Hengli Group. The agreement with Hengli advances discussions for Aramco’s potential acquisition of a 10% stake in Hengli Petrochemical. Additionally, Aramco signed preliminary documents with Rongsheng related to the joint development of expansion projects at the SASREF facilities, including Rongsheng’s potential acquisition of a 50% stake in SASREF. Aramco may also acquire a 50% stake in Rongsheng's affiliate, Ningbo Zhongjin Petrochemical, and participate in the expansion of ZJPC.

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Technological uncertainty could delay shipping supercycle peak, warns Martin Stopford

Martin Stopford, a veteran shipping industry analyst, warned that investment in shipbuilding for low-emission vessels, expected to peak in 2036, could face a decade-long delay due to uncertainties surrounding the development of cleaner fuel technologies. Speaking at the Capital Link conference in London, Stopford suggested the shipping industry is currently in its third "supercycle," driven by technological advancements and structural changes. However, delays in technological readiness may shift the peak investment to 2046. The transition to net-zero emissions by 2050 will require significant investment in new ships, but the industry remains unsure of which clean fuels will dominate. Stopford emphasized the need for shipping companies to stay agile and ready to adapt to future technology shifts, with other industry leaders echoing concerns over regulatory changes and technological unpredictability.