New business opportunities for tankers
OPEC+ production increase will boost demand for crude oil. Is the market heading for a new contango?
MOL buys LBC Tank Terminals
1.7 billion-dollar operation to take over terminal operator specializing in chemical storage
CMPort investing in Brazil
70% stake in Vast Infraestrutura, a terminal company specializing in handling crude oil
D’Amico buys Cielo di Houston back
Ownership regained for $26.5m. The tanker had previously been sold to a Japanese holding company
Cosco expanding its tanker fleet
Cosco Shipping Energy Transportation ready to commission 11 newbuildings at a price of $1.1bn
Aframax freight rates soaring
Sanctions against Russia targeting its shadow fleet have driven up freight rates for ESPO crude oil
Shell suspends its Red Sea shipments
The oil giant fears further escalation after the US and British attacks against the Houthis
Maersk takes over Penfield Marine
The US shipping company that operates 83 tankers is to be merged with the Danish big carriier
IEA report, oil demand down in 2024
Next year, crude oil consumption will drop to 900,000 barrels per day. No growth-rate change in 2023