Oil Rises 2% as Trump Threatens Iran Sanctions After Talks Collapse

Oil prices rose nearly 2% on Thursday after U.S. President Donald Trump warned of secondary sanctions on Iran, following the postponement of nuclear talks in Rome. Brent crude settled at $62.13 per barrel and WTI closed at $59.24. Trump stated that any country or individual buying Iranian oil or petrochemical products would face immediate sanctions. Analysts suggest this could remove up to 1.5 million barrels per day from global supply if strictly enforced. OPEC+ is reportedly producing above quota, with members considering increased output in June, while Saudi Arabia has signaled it will not cut supply to support prices. These dynamics come as oil prices remain low, giving the U.S. room to pressure Iran without spiking fuel costs. On the demand side, the U.S. economy shrank in Q1 for the first time in three years, as businesses rushed to import goods ahead of tariffs. A Reuters poll now forecasts a potential global recession due to the ripple effects of Trump’s trade policies.

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Houthis Fire Warning Shots, Detain Tankers at Yemen Port After US Airstrikes

Houthi forces have halted tankers and LPG carriers from departing the Ras Isa oil terminal in Yemen following recent US airstrikes. UK Maritime Trade Operations (UKMTO) reported several ships, including crude, product, and LPG carriers, were blocked from leaving despite UN clearance. Vessels were ordered to berth under threat, with incidents involving warning shots and armed personnel boarding ships. Eleven vessels, including the VLGC Gaz GMS and LR1 Palm, remain stuck in port. The US airstrikes targeted Ras Isa to disrupt the Houthis’ fuel-based revenue streams, claiming profits from oil sales fund militant operations. No ships have arrived or are expected to arrive at the port for the next 30 days. Security groups warn of rising risks, including arbitrary detentions and further violence, especially in Houthi-controlled ports and the Southern Red Sea. Maritime advisors are urging extreme caution for vessels operating near Yemen due to escalating tensions and operational uncertainties.

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China’s Resumed Imports of Kazakh Crude Set to Lift Suezmax Tanker Market

Suezmax tanker rates are expected to rise as China resumes crude imports from Kazakhstan’s CPC blend after a nine-month pause. China is set to receive 240,000 barrels per day of the sweet crude in April, with volumes likely to grow further into May and June. The resumption follows maintenance at Kazakhstan’s Tengiz oil field and benefits suezmaxes, which are well-suited for the long Black Sea-to-Asia route. The Baltic Exchange reported a time-charter equivalent rate jump to $56,540 per day on 10 April, the highest in 2025 so far. The crude is piped to Russia’s Black Sea port of Novorossiysk and shipped from the CPC terminal, with each cargo typically about 1 million barrels. Despite a slight drop in CPC pipeline exports to 1.4m bpd in April from March’s 1.66m bpd due to OPEC+ cuts, exports to China remain strong. Kazakhstan is expected to maintain output around 1.7m bpd through June, sustaining its export capacity. Kpler also emphasized the importance of distinguishing Kazakh CPC barrels from Russian-origin oil, which can also be exported via the same terminal.

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Sanctioned Iranian Crude Reaches China as VLCC Defies Western Restrictions

The US-sanctioned VLCC Gather View has discharged a cargo of Iranian crude at China’s Dongjiakou port, signaling continued sanction evasion despite global pressure. The cargo originated from Iran’s Kharg Island via the FPSO Soroosh and was transferred mid-voyage from another sanctioned tanker, Dino I, off Malaysia. The successful discharge at a major terminal like Dongjiakou suggests that sanctioned oil still finds its way into China’s supply chain. Gather View, previously named Ms Angia, has changed ownership and identity several times, a tactic noted by shipbroker Clarksons. Kpler emphasized that smaller Chinese buyers, reliant on discounted Iranian oil, are likely behind continued imports despite risks. The crude offers a $5–$6 per barrel discount compared to comparable legal alternatives, reinforcing market incentives. The case underscores how enforcement challenges persist and trade flows adapt rather than disappear under sanctions

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Venezuela Uses Sanctioned VLCCs and Feeder Ships in Complex Fuel Oil Delivery to Asia

Venezuela used a complex web of sanctioned and ageing vessels to covertly deliver a high-sulphur fuel oil (HSFO) cargo into Asia. The cargo originated from Venezuela and moved through multiple feeder vessels before being loaded onto the sanctioned VLCC Bertha, which transferred it to another sanctioned VLCC, Natalina 7, operated by US-blacklisted Astrid Menks. Natalina 7 then passed the cargo to the Impalas, a non-sanctioned VLCC operated by China's Shunxiang Ship Management. Finally, the cargo was discharged to the Cs Development, a floating storage unit at the Eastern Outside Port Limit near Malaysia. The operation highlights increasingly sophisticated methods of sanction evasion by disguising cargo origin through multiple layers. Cs Development, frequently used for such operations, is operated by CSH Shipping and previously belonged to Eastern Pacific Shipping. Kpler noted that nearly 30% of fuel oil deliveries to floating storage near Pelepas Light in 2024 have originated from sanctioned countries, underlining the scale of these shadow trades.

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Chevron’s Final Venezuela-Bound Tanker Begins Unloading Amid U.S. Sanctions Fallout

The Chevron-chartered tanker Dubai Attraction, carrying about 300,000 barrels of Venezuelan oil, began unloading at Venezuela's Amuay terminal on Thursday. This marks the final crude return after PDVSA ordered all cargoes back due to payment issues stemming from tightened U.S. sanctions. Venezuelan Vice President and Oil Minister Delcy Rodriguez blamed the U.S. for blocking Chevron’s payments. As a result, Venezuela’s April oil exports dropped nearly 20% to 700,000 bpd — a nine-month low — with Chevron’s shipments to the U.S. plunging 69%. Some of Chevron’s tankers have been redirected for spot sales elsewhere, suggesting the company is winding down Venezuelan operations. This follows the Trump administration's March revocation of Chevron’s 2022 license to operate in Venezuela, giving firms until May to exit. Other PDVSA partners — including Eni, Repsol, Maurel & Prom, and Reliance — received the same deadline for ending exports to Europe and Asia. Meanwhile, traders like Vitol and Reliance have managed to maintain normal operations, with tankers loading and departing Venezuelan ports ahead of the cut-off.

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Torm Tanker Brings Rare GTL Diesel Cargo to US Amid Supply Tightening

The MR product tanker Torm Belis is en route to the US Gulf with a rare gas-to-liquids (GTL) diesel cargo from Qatar. The 50,000-dwt vessel loaded 35,000 tonnes of GTL diesel at Ras Laffan on 24 April and is making a scheduled stop in the Comoros Islands before arrival. GTL diesel, produced using the Fischer-Tropsch process, is a cleaner-burning alternative derived from natural gas and can be used in engines without modification. The shipment marks the first GTL cargo to the US this year, a deviation from Qatar’s usual export pattern that favors Europe. Over the past year, 58% of Qatari GTL exports went to European markets. The shipment coincides with tightening US diesel supplies, with the Energy Information Agency reporting a 2.4 million barrel drop in inventories over the past week. Analysts suggest the move may be opportunistic or could signal a potential reopening of a trade route previously active in 2021 and 2022.

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BP’s Six MR Tankers Sold for $192m as Chinese Leaseback Nears End

Six MR product tankers operated by BP and owned by ICBC Financial Leasing are reportedly sold en bloc for $192 million as their 10-year leaseback agreement expires. The vessels — British Cadet, Captain, Chief, Officer, Engineer (all built 2017), and Sailor (built 2016) — were part of a 2015 $869 million deal involving 18 BP-operated tankers. Each vessel is valued at about $32 million, which brokers noted as slightly low given market conditions but understandable due to the complexity of multi-ship deals. Offers for individual or group purchases were due by mid-April. BP has declined to comment on the transactions. Greek shipping firm Tsakos Group is rumored to be the buyer, though this remains unconfirmed, with another European name also in circulation. Tsakos has recently been expanding its fleet aggressively, including a $1.34 billion newbuilding order for shuttle tankers in March. To finance acquisitions, Tsakos has sold 13 older ships since 2023, raising approximately $360 million.

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CMB.Tech Sells Three VLCCs for Nearly $100m in Capital Gains

CMB.Tech has sold three of its oldest VLCCs — Iris (built 2012), Hakata, and Hakone (both built 2010) — generating a capital gain of $96.7 million. Although the buyers and sale prices weren’t disclosed, the vessels are set for delivery throughout 2025. The three ships, currently part of the Tankers International VLCC Scrubber Pool, are valued at roughly $172.5–$174.7 million, according to Signal Ocean and VesselsValue. These ships were originally bought by Euronav in 2014 in a $240 million en-bloc deal from Maersk. The Iris was built at Hyundai Heavy Industries in South Korea, while the Hakata and Hakone are Japanese sister ships from Universal Shipbuilding. CMB.Tech plans to receive five new VLCC newbuildings in 2026 and 2027 to modernize its 13-strong VLCC fleet. The company owns 150 vessels across multiple sectors and recently acquired dry bulk carrier Golden Ocean, moving away from a “pure-play” shipping model. CMB.Tech has also rescheduled its Q1 earnings to 21 May and Q2 earnings to 28 August.

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Stena Bulk and NNPC Launch Unity Shipping Worldwide for West African Crude and Gas Transport

Sweden’s Stena Bulk and Nigeria’s NNPC have launched a new joint venture, Unity Shipping Worldwide (USW), focused on tanker and gas carrier operations across West Africa. The announcement follows a shareholders’ agreement signed in February in London, which also includes Nigerian logistics firm Caverton Marine. The venture will serve both NNPC’s internal needs and third-party oil producers and traders, transporting crude oil, refined products, and LNG/LPG. NNPC is contributing via its NNPC Shipping division, aiming to expand and modernize the regional shipping infrastructure. The fleet will comprise vessels from Stena, other shipowners, and possibly newbuilds or secondhand acquisitions. USW will prioritize crude and product tankers, LNG carriers, and LPG ships, with asset acquisition strategies including leasing and purchases. The initiative builds on a previous deal between NNPC Shipping and the Stena group involving suezmax tankers supplying Nigeria’s Dangote refinery. The partners intend to make USW a leading maritime player in West Africa with robust financial and operational backing.