2024.12.03

Panama to de-flag blacklisted ships in sanctions crackdown on Russian oil transport

Panama, the world’s second-largest shipping registry, is set to de-flag six ships blacklisted by the UK for carrying Russian oil, signaling a shift in its enforcement stance. The UK identified these vessels among 30 in its latest sanctions targeting the "shadow fleet." Panama’s new maritime leadership emphasizes preserving the integrity of its registry and avoiding associations with sanctioned activities. The move follows global scrutiny, with Panama previously accused of facilitating Iranian oil transport. Ships flagged by Panama and sanctioned include vessels managed or owned in China, Seychelles, Mauritius, and India. This crackdown aligns Panama with Liberia and Cameroon, which have also stepped up actions against substandard and sanctioned shipping.

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Sanctions Bite Hard: Russian tanker seized over payment disputes amid banking restrictions

Sanctions against Russia have intensified financial struggles for its shipowners, as highlighted by the arrest of Argo Tanker Group’s vessel Unity in India. The tanker, carrying Russian crude, was detained at Mundra Port over an unpaid $110,000 bill for spare parts supplied to another Argo-owned ship, Dignity. Russian shipowners, even unsanctioned ones, face difficulties in making dollar-denominated payments due to banking restrictions. Smaller firms like Argo Tanker, which lacks foreign offices for such transactions, are particularly affected. Founded in 2023, Argo Tanker operates just two vessels, both acquired through intermediaries shortly before the sanctions crisis deepened.

[SLOW] https://slowspace.io/ Flow Unity

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Libya’s recovery lifts OPEC oil output amid supply curbs and glut fears

OPEC's crude oil output increased for the second consecutive month in November, reaching an average of 27.02 million barrels daily, largely due to Libya's recovery from political turmoil. Libya restored production from its Sharara oil field, adding 110,000 barrels per day. Meanwhile, Iraq reduced output by 70,000 barrels, adhering to OPEC's supply curbs, while the UAE exceeded its quota by producing 3.26 million barrels daily, leveraging its unique dispensation for gradual production increases. Discussions within OPEC+, led by Saudi Arabia and Russia, indicate a potential delay in planned output hikes for January due to weak oil prices and signs of oversupply. The group's next online meeting, delayed to Dec. 5, aims to finalize these decisions amid intense negotiations and regional diplomacy.

[SLOW] https://slowspace.io/ Trade Flow OPEC+ seaborne crude exports by origin countries

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Trump’s tariff threats reshape oil trade flows

Analysts suggest that Donald Trump’s proposed 25% tariff on Canadian and Mexican imports could create opportunities for crude tanker owners but might negatively affect product tanker trade. While Canadian oil exports to the U.S., largely pipeline-based, may see limited impact, Mexico’s tanker-reliant exports could be rerouted. If tariffs are enforced, U.S. refiners may shift to pricier crude sources from Latin America or the Middle East, boosting tonne-mile demand for crude tankers. Conversely, higher costs could reduce refining activity, impacting product tanker demand. Aframax and VLCC ships may see increased demand depending on shifting trade flows, particularly if Canadian crude heads to Asia or if replacement barrels enter the U.S. from distant regions.

[SLOW] https://slowspace.io/ Flow Oil Pipeline

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Angelicoussis Group sells vintage VLCC for $45m amid active fleet renewal

Angelicoussis Shipping Group, a leading Greek tanker owner, has sold its oldest VLCC, the Maran Aries (built 2006), for $45 million to Chinese buyers despite a sluggish secondhand market. The vessel, now renamed Sarah and reflagged to Hong Kong, was sold at a premium likely due to its scrubber system and strong maintenance history under Maran Tankers. This is only the company’s second tanker sale in two years, highlighting its selective selling strategy. Angelicoussis is actively renewing its fleet, adding four new VLCCs in 2023 and ordering 11 suezmax newbuildings. Additionally, the group plans to acquire 18 shuttle tankers from Altera Shuttle Tankers for approximately $2 billion.

[SLOW] Weekly Dirty Tanker Research _ VLCC Secondhand Price by ship ages

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EU’s Fuel Regulations to transform shipping industry with rising compliance costs

The EU's FuelEU Maritime regulations, taking effect in January 2025, will impose stricter greenhouse gas (GHG) intensity limits on marine fuels, requiring shipowners to adopt lower-carbon options or face penalties. Initially modest fines will escalate over time, with non-compliance penalties potentially reaching $58,000 per day by 2050 for repeat offenders. The rules, starting with a 2% reduction in GHG intensity below baseline levels by 2025 and progressing to an 80% reduction by 2050, will affect a significant portion of the global fleet operating in EU waters. Compliance options include using biofuel blends, joining compliance pools, or transitioning to cleaner fuels, though limited supply of such fuels presents challenges. Analysts view 2025 as a pivotal year in shipping's decarbonization journey.