The International Maritime Organization’s Legal Committee has approved a new set of guidelines to improve transparency and due diligence in ship registration, as well as prevent fraudulent registrations and misuse of flags. The guidelines help to close a key regulatory gap for the maritime industry, given there is currently no binding international framework to regulate …

IMO approves new guidelines on ship registration: IMO Legal Committee approves first international guidelines to deter maritime fraud and misuse of flags Read More »

Clean LR2 The TC1 75kt MEG/Japan index climbed from WS543 to WS589 this week. A voyage west also saw the TC20 90kt MEG/UK-Continent index rise $362,000 to $10.2 million. The TC15 80kt Mediterranean/East index was consistently marked around $11.5 million this week, with the corresponding TCE at $113,000/day on Baltic description round trip. LR1 The …

VLCC Tanker Rates in Mixed Mode Read More »

France and the United Kingdom have said they are ready to lead a multinational mission to help restore freedom of navigation and trade in the Strait of Hormuz, only to be deployed once peace had been agreed in the region. But at a meeting of the coalition of nonbelligerent states in Paris on Friday, the …

Europe looks to secure shipping in Strait of Hormuz Read More »

Based on our vessel and commodity tracking data, we currently estimate that between 15 and 16 million metric tons of crude oil are held aboard vessels within the Persian (Arabian) Gulf. Applying a typical conversion factor for Middle Eastern crude grades (around 7.2–7.25 barrels per metric ton), this equates to approximately 108–116 million barrels currently …

Strait of Hormuz: Crude at Sea, Reopening Impact, and Latest Vessel Movements Read More »