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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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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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