Aframax News

Reliance Industries has rejected two Iranian oil cargoes as they failed to meet its compliance requirements, the Indian refiner said on Friday, just days before the expiry of a U.S. waiver that has lifted sanctions on Iranian oil exports.Last month, Washington issued 30-day waivers on U.S. sanctions allowing the purchase of Russian and Iranian oil at sea in an attempt to ease prices which soared after U.S.-Israeli strikes on Iran.Treasury Secretary Scott Bessent on Wednesday said the U.S.

A cargo ship carrying wheat sank in the Sea of Azov after coming under attack from Ukrainian drones, a Russia-installed official said on Sunday, leaving one person dead and two missing.Vladimir Saldo, Moscow-installed leader of the Russian-controlled parts of Ukraine's Kherson region, said the attack occurred on Friday but crew members were unable to make known what had happened to them until Sunday."It became known that the reason for the sinking of the Volgo-Balt in the Sea of Azov was a terrorist attack by the Kyiv regime…

Oil tanker availability along the U.S. Gulf Coast has dropped sharply in recent weeks, as Asian and European refiners cut off from Middle Eastern supply have been snapping up vessels to import oil and fuel from the United States, shipping analysts and traders said.The Iran war has stalled tanker movements through the Strait of Hormuz, curbing the flow of Middle Eastern oil to Asia and Europe, and prompting refiners there to buy replacement barrels from the United States, Brazil and West Africa.Wider discounts on U.S.

A Russia-flagged tanker carrying some 700,000 barrels of crude arrived in Cuba's Matanzas Bay at daybreak on Tuesday, according to a Reuters witness and shipping data, marking the first significant oil delivery since the Trump administration cut off the island's fuel supply.The Anatoly Kolodkin vessel, under U.S. sanctions, entered Cuban territorial waters late on Sunday not far from the U.S. Navy base at Guantanamo Bay. The U.S. said it was allowing the tanker to deliver fuel…

Asian refiners are increasingly sending medium-sized crude cargoes from the U.S. Gulf Coast to Asia through the Panama Canal as the U.S.-Israeli war with Iran disrupts trade flows, raises shipping costs and forces Asian refiners to hunt for alternative supplies.The use of medium-sized tankers that typically cost more per barrel to transport crude, coupled with Asian companies' willingness to pay additional fees to move oil through the Panama Canal, underscores their urgent need…

Russian flagship Urals oil is selling at a premium to the Brent international benchmark at delivery in Indian ports for the first time ever, fuelled by rising demand due to the Iran war, traders said on Friday.The U.S.-Israeli war against Iran, which began a week ago, has choked the Strait of Hormuz, the main route for global oil.Russian oil had traded at a discount of several U.S. dollars per barrel to Brent in Indian ports since the start of conflict in Ukraine in 2022 as Russia diverted oil sales to Asia after the EU imposed an embargo on Russian sales.

Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, which is set to speed up shipments starting in March while boosting deliveries to India, according to four sources and data.Trading firms Vitol and Trafigura have been exporting Venezuelan crude and fuel since January as part of a $2 billion deal between the U.S. and Venezuela after the capture of President Nicolas Maduro by U.S.

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has signed a Memorandum of Agreement to sell its oldest vessel, the 2009-built, 105,071 dwt Aframax tanker vessel, M/T P. Sophia, to an unaffiliated third party for a gross sale price of $35.65 million. The vessel is expected to be delivered to her new owners in mid-2026, subject to customary closing conditions.The M/T P. Sophia currently serves as part of the collateral for the Company’s outstanding Nordic bond.

McQuilling Services has released its 29th anniversary edition, 2026-2030 Tanker Market Outlook with the theme: “You Can’t See the Forest for the Trees.”The report frames the outlook for crude tankers over the next five years. Structural forces (the “forest”) including: 1) macroeconomic conditions, 2) a weakening US dollar, 3) a commodity price super cycle, 4) emerging market oil demand, and 5) global shipyard capacity constraints are expected to dominate market direction. Geopolitical…

The United States has seized another Venezuela-linked tanker, U.S. officials told Reuters on Thursday, ahead of a meeting between U.S. President Donald Trump and Venezuelan opposition leader Maria Corina Machado.The seizure marks the sixth vessel targeted since mid-December that was either carrying Venezuelan oil or had done so in the past. The officials, speaking on the condition of anonymity, said the seizure took place in the Caribbean.The U.S. military's Southern Command confirmed the pre-dawn operation, saying U.S.

Three Greek-managed oil tankers were hit by unidentified drones in the Black Sea on Tuesday as they were on their way to load crude at a terminal on Russia's coast, sources told Reuters.The attacks come as Kazakhstan's oil production, most of which is exported via the terminal, cratered in early January.It was not immediately clear who was behind Tuesday's strikes. Ukraine did not immediately comment. The Caspian Pipeline Consortium, which operates the terminal where the tankers were due to take on board cargoes…

Frontline plc has announced a strategic fleet renewal initiative, involving both the acquisition of new vessels and the sale of older vessels.The company has entered into an agreement to sell eight of its oldest first-generation ECO very large crude carriers (VLCCs), built between 2015 and 2016. These vessels are being sold for a total sales price of $831.5 million, with delivery to the new owner scheduled during the first quarter of 2026.After repayment of existing debt on the vessels…

A sanctioned tanker carrying some 300,000 barrels of naphtha from Russia entered Venezuelan waters late on Thursday, while three others also under sanctions either stopped navigation or began redirecting course in the Atlantic Ocean, ship tracking data showed, a sign of last-minute decisions by ship owners amid U.S. President Donald Trump's "blockade" of all oil tankers under sanctions bound for the OPEC country.Trump on Tuesday ordered a "blockade" of all sanctioned oil tankers to and from the South American country…

A Western-sanctioned vessel with Russian oil destined for Indian Oil Corp has had discharge of the cargo delayed at a port in eastern India due to a hold-up in online verification of insurance cover provided by a Russian insurer, three industry sources with direct knowledge of the matter said.India earlier this year tightened insurance rules for ships calling at its ports, focusing on old and so-called shadow fleet vessels often used to carry Russian oil.Aframax vessel Tiger 6…

Performance Shipping reported its third-quarter financial results for 2025, highlighting solid fleet performance amidst softer market conditions.For the three months ending September 30, 2025, the company posted net income of $3.9 million, a decrease from $12.4 million in the same period in 2024. This drop was primarily driven by reduced time-charter equivalent (TCE) rates and a decrease in available fleet days due to the scheduled drydocking of its Aframax tanker, M/T P. Aliki.

MISC Group said has signed shipbuilding contracts for two LNG dual-fuel Suezmax tankers through its petroleum and product shipping arm AET, marking a further step in its fleet renewal and energy transition strategy.The vessels will operate under long-term time charter party agreements, which the company said will strengthen financial resilience and support disciplined growth. The additions expand MISC’s global dual-fuel fleet, giving the group dual-fuel capability across all tanker segments it operates…

Discounts for Russian flagship Urals crude in Indian ports have tripled since August against dated Brent as U.S. sanctions drive key buyers away from Moscow-supplied oil, three sources involved in the trade said.The United States last month imposed its toughest sanctions yet on Russia’s energy sector, targeting oil majors Lukoil and Rosneft. Friday marks the deadline for companies to wind down all dealings with the two producers.Urals crude has been a mainstay feedstock for Indian refiners since 2023, when Moscow redirected flows to Asia after the European Union banned Russian energy.

Crude loadings at Russia's Novorossiysk port are about two to three days behind schedule as damage caused by a November 14 Ukrainian attack has limited the capacity of a key jetty at the terminal, three sources familiar with the matter told Reuters.The Black Sea port of Novorossiysk and a neighbouring Caspian Pipeline Consortium terminal, through which one fifth of Russia's crude exports flow, suspended oil exports on Friday after the attack. Novorossiysk resumed them on Sunday.The Ukrainian attack on the Sheskharis oil harbour at Novorossiysk damaged berths 1 and 1A…

Russia's Novorossiysk port resumed oil loadings on Sunday after a two-day suspension triggered by a Ukrainian missile and drone attack, two industry sources said and LSEG data showed.Novorossiysk and a neighbouring Caspian Pipeline Consortium terminal temporarily suspended oil exports - equivalent to 2.2 million barrels per day, or 2% of global supply - on Friday. Global oil prices rallied by more than 2% on supply fears after the attack.Two industry sources told Reuters on condition of anonymity that loadings had resumed.According to LSEG data…

Increased sanctions (enforcement), resilient oil demand, partly due to stock building in China, and growing OPEC+ supply have all contributed to create a rate environment we have not seen since the freight rate boom in the early days of the pandemic, says Poten & Partners in an opinion this week.Very limited fleet supply growth in 2024 and 2025 has also contributed.“A tightening supply-demand balance has made the freight market more susceptible to small changes in ton-mile demand.

Tanker freight rates for shipping Urals crude from Russia’s western ports to India rose further in late September and early October, tracking a sharp increase in loadings last month, industry sources said.Indian refiners continue to buy Russian oil despite punitive U.S. tariffs on goods imported from India after it defied a demand for it to stop the Russian imports.Crude exports from Russia’s western ports of Primorsk, Ust-Luga and Novorossiisk rose by 500,000 barrels per day in September from August to a record 2.5 million bpd…

In a major milestone for Turkey’s maritime industry, Sefine Shipyard, represented by OKT Shipping Ltd., has welcomed the first vessel into its new floating dock.This addition brings Sefine's total number of large docks to three, strengthening its capacity to handle complex, large-scale repair and conversion projects:Dock No.1 – A 240m x 42m graving dock designed for Post-Panamax vessels up to 90,000 DWTDock No.2 – A 282m x 47m Aframax-type floating dock suitable for vessels up to 120…

Several Greek-managed tankers transporting Russian oil to Asia are increasingly avoiding the Red Sea, opting instead for the longer route around Africa, due to escalating security threats from Houthi attacks, three oil traders and LSEG shipping data show.The rerouting follows a deadly drone and speedboat assault earlier this month on a Liberian-flagged, Greek-operated bulk carrier off Yemen, which killed four seafarers. The Iran-backed Houthi group also sank another vessel in July…