On the newbuilding delivery front, Erik Thun AB has recently taken delivery of Thun Vettern, a 17,999-dwt vessel built by China Merchants Jinling Shipyard in Yangzhou.

This vessel is an upgraded version of its sister vessel Thun Venern, and is the latest addition to the Vinga series, which operates within the Gothia Tanker Alliance.

Thun Vettern is designed with an ice-class 1A, dual-fuel capability, and a battery-hybrid solution, making it one of the most environmentally friendly vessels in its segment.

According to Erik Thun AB, these vessels have achieved the lowest Energy Efficiency Design Index (EEDI) value globally, showcasing their commitment to minimal environmental impact.

"Sustainability work has always been and will continue to be a focus for Erik Thun. The delivery of a resource-efficient, top-performing product tanker like Thun Vettern is a testament to our vision of being a sustainable Swedish partner for generations," stated Erik Thun AB managing director Johan Källsson.

In addition to Thun Vettern, Essberger has introduced two new 7,100-dwt stainless steel dual-fuel chemical tankers, Eberhart Essberger and Heinrich Essberger.

These vessels were christened during a significant celebration marking Essberger’s 100 years of operations.

The Xclusiv Shipbrokers’ report for June 2024 provides a detailed analysis of the current tanker market, highlighting both opportunities and challenges.

The report notes the global oil supply surged by 520,000 barrels per day (b/d) in May, driven by a rise in non-OPEC+ production, which countered reductions by OPEC+.

However, the demand for oil has seen a decline, with the growth rate dropping to 960,000 b/d, significantly lower than previous forecasts. This trend is expected to persist, influenced by a muted global economy and the increasing adoption of clean energy technologies.

"The key question remains: what does this mean for the oil and the tanker market? The pace of global economic recovery, the speed of clean energy adoption, and OPEC+’s production decisions will all be crucial in determining the market’s future course," the report stressed.

Newbuilding trends are also indicative of the evolving market landscape.

Recent orders include 319,000-dwt tankers by Trafigura and a 320,000-dwt tanker by Chandris, among others. These orders reflect a strategic move towards replacing ageing fleets rather than expanding capacity significantly.

The Xclusiv Shipbrokers’ report highlights the pricing trends, with newbuilding prices for VLCCs standing at US$130.3M, Suezmax tankers at US$86.9M, and Aframax tankers at US$71.9M.

These figures represent modest increases from the previous year, underscoring a steady demand for new, more efficient vessels.

In other news, E&S Tankers’ recognition at Dow Europe’s 4Star event is a significant milestone for the company. Receiving the Gold Award for its excellence in sustainability, safety, social responsibility and service is a testament to its long-standing partnership and exceptional performance.

"This significant recognition of our long-standing partnership underscores our exceptional collaboration and motivates us to enhance our performance in the coming years," E&S Tankers stated.

Economically, the impact of new tanker deliveries on global trade is profound. These vessels are not only replacing older, less efficient ships but are also enhancing the overall efficiency of global shipping operations.

Market expectations, as analysed in the Xclusiv Shipbrokers’ report, indicate a cautious optimism.

While the demand for oil may peak by 2029, the crude tanker market is expected to remain stable, driven by the need for replacement tonnage and the continued transport of substantial volumes of crude oil.

Source: Riviera Maritime

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	Issue 91 of Robban Assafina (May/ June 2024)