CLARKSONS HELLAS – SnP WEEKLY

Crude export volumes through the Strait of Hormuz have returned to near pre-crisis levels, with support from shuttle tankers and ship-to-ship transfers. Aramco is exploring this method as a potential long-term solution. In this revised arrangement, exporters now handle the risk of transporting crude through Hormuz to the Gulf of Oman, rather than buyers who traditionally secured tankers for loading at Saudi ports.

Buyers then take delivery and arrange onward transportation using a separate vessel. This shift indicates a greater vessel requirement per barrel transported, with 1 mb/d of crude moving from the Middle East to the Far East requiring 25.5 VLCCs under the shuttle model compared to the previous 24 VLCCs. S&P tanker market interest has grown, with increased demand for product tankers such as LRs and MRs, potentially influenced by a US diesel export ban.

China has resumed product exports after a pause during its Golden Week, contributing to this segment's growth. Buyers are actively seeking non-eco product tankers around 15 years old for prompt delivery. Asset prices have risen across all tanker segments, including VLCCs. In dry bulk, modern eco Kamsarmax units, particularly Japanese-built ones, are in focus, along with a focus on Capesizes due to strong earnings.

Scrubber-fitted Kamsarmax vessels like the WORLD DIANA have been sold at USD 41m, while AH GLOBE changed hands at USD 11.5m, with a delivery deadline within 2026. Japanese owners sold the Handysize LOCOMOTION at high USD 19m prices. SFL concluded the sale of three scrubber-fitted Suezmaxes to Trafigura clients at undisclosed levels, as well as a transaction involving four scrubber-fitted LR2 units with undisclosed pricing.