2026.01.23

Oil slides 2% as Trump tones down threats toward Greenland and Iran

Oil prices dropped by 2% as Trump eased tensions with Greenland and Iran, potentially impacting oil supply. He secured U.S. access to Greenland and reduced Iran's supply risk, leading to stabilization in oil prices. Furthermore, a potential peace deal in Ukraine could also influence oil prices. European Union leaders are rethinking ties with the U.S. after Trump's threats, affecting transatlantic relationships. Price analysis suggests that oil prices may stay around $60 per barrel with reduced tensions. Diplomatic talks between Ukraine and Russia aim to secure peace and potentially lift sanctions on Russia, impacting global oil markets. Numerous factors, including political negotiations, production levels in major oil-producing countries, and demand growth, continue to influence oil prices.

Trafigura makes first Venezuelan crude sale under supply deal

Trafigura has sold its first cargo of Venezuelan crude oil as part of a 50-million-barrel supply deal with the U.S., with Repsol set to take the shipment. The deal marks the first sale of Venezuelan oil to Europe since the U.S. captured the country's leader and agreed to export up to 50 million barrels. Trafigura and Vitol were tapped by Washington to facilitate exports and revitalize Venezuela's oil production. Repsol, a major importer of Venezuelan oil, is one of the top candidates for future purchases. The U.S. government requires that the majority of Venezuelan oil be sold to the U.S. Vitol has already struck deals with U.S. refiners Valero Energy and Phillips 66, and has been marketing Venezuelan oil to refiners in India and other countries. China is allowed to purchase Venezuelan oil only at fair market prices.

France intercepts suspected Russian shadow fleet tanker in Mediterranean

The French navy intercepted a Russian tanker suspected of being part of the shadow fleet enabling Russia to export oil despite sanctions, with support from allies including Britain. Russia has adapted to sanctions by selling oil to countries like India and China at discounted prices, using a shadow fleet. The intercepted tanker was sailing from Murmansk under a Comoros flag, contributing to funding Russia's war in Ukraine. Ukrainian President Zelenskiy praised the operation and suggested confiscating and selling oil carried by shadow fleet tankers. The case has been referred to the Marseille prosecutor for further investigation, with Moscow expressing displeasure over lack of notification. The Russian consulate in Marseille is investigating if Russian citizens are on board. France detained another sanctioned tanker in October and released it after a few days.

Buyers chase older product tankers in string of secondary market deals

The selective sale and purchase approach reveals a demand for vintage vessels in the niche sector, particularly in the LR1 product tanker sector. German owner Chemikalien Seetransport is selling the 74,000-dwt Hamburg Star, built in 2005, for $10m, less than its assessed value. Greek-controlled 74,000-dwt Ploutos (built 2006) has been sold to a Middle Eastern buyer for $13.5m. Another vessel, the 73,000-dwt Madi (built 2005), was sold for $10.5m. Activity in smaller segments remains selective, with pricing influenced by vessel age, trading flexibility, and regional deployment. The suezmax market also shows firm undertones, with a limited pool of buyers chasing candidates and values holding firm. Fundamentals like crude oil on the water and tightening around the "dark fleet" are contributing to the tanker market's strength. Rates offer "sky-high" returns, with VLCC profitability filtering down to all crude segment rates. Owners exhibit strong confidence in the market, with potential rate spikes making up for less exciting spot performance periods. The secondhand market reflects this confidence, with enquiries moving towards younger tonnage at bid levels previously considered unthinkable.

US crude, fuel stocks rose last week as demand slumped, EIA says

According to the Energy Information Administration, U.S. crude, gasoline, and distillate inventories all increased last week due to a decrease in both refinery and consumer demand. Crude stocks rose by 3.6 million barrels, with stocks at the Cushing delivery hub also increasing. This led to a decline in Brent and U.S. crude futures, heating oil, and gasoline futures. Refinery crude runs fell, while utilization rates dropped. Total product supplied and demand for gasoline and distillate also decreased. Gasoline stocks reached their highest level since 2021, while distillate stockpiles hit their highest since 2024. Additionally, U.S. crude imports fell last week.

Zodiac tanker rescues race competitor after rogue waves make World’s Toughest Row too tough

A solo rower participating in the World’s Toughest Row race off Puerto Rico was rescued by a tanker after his vessel capsized due to two rogue waves. Benoit Bourguet, a Belgian competitor, was saved by the Zodiac Maritime VLCC after deploying his lifeboat. The US Coast Guard coordinated the rescue, with the tanker diverting for 12 hours to reach Bourguet’s location 1,100 nautical miles away. The crew spotted him in a life raft, confirming his identity and bringing him on board. Despite being dehydrated, Bourguet was in good health. Zodiac Maritime praised their crew for their professionalism and teamwork, while the Coast Guard commended the tanker’s participation in the Amver programme. The rescue highlighted the maritime community’s commitment to safety and saving lives at sea.