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Product tanker newbuilding contracting drops 86% to nine-year low

“Between January and August, product tanker newbuilding contracting dropped 86% y/y to 2.6 million deadweight tonnes (DWT) representing a nine-year low,” says Filipe Gouveia, Shipping Analysis Manager at BIMCO. The development marks a stark reversal from the boom seen in 2023 and 2024. During those years, ships in the LR2 and MR segments dominated the …

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DNV: Fleet readiness surges ahead of fuel supply – green transition at a tipping point

By 2030, the alternative-fuelled fleet will be able to burn up to 50 million tonnes of oil equivalent (Mtoe) of low-greenhouse gas (GHG) fuels annually, double the estimated volume needed to meet the International Maritime Organization’s (IMO) 2030 emissions target. Yet today, actual consumption of low-GHG fuels remains at just 1 Mtoe. This widening gap …

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US says business with Russia’s Arctic LNG 2 faces ‘significant sanctions risk’

The US government has issued fresh warnings that doing business with Russia’s Arctic LNG 2 will face “significant sanctions risk,” a State Department spokesperson told Platts, part of S&P Global Commodity Insights, following a series of LNG cargo discharges in China on sanctioned Russian ships called at Arctic LNG 2 facilities. “Sanctions on Russia, including …

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