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Statement from Guy Platten, Secretary General of the International Chamber of Shipping, ahead of the UN IMO ISWG-GHG 18

0Guy PlattenAhead of next week’s critical International Maritime Organization (IMO) GHG working group meeting (ISWG-GHG 18) to further develop MARPOL Convention text to decarbonise shipping by 2050, the Secretary General of the International Chamber of Shipping Guy Platten said:

IBIA supports Port of Ceuta’s move to implement mandatory Mass Flow Meters for bunkering operations

0IBIA LOGOIBIA - The International Bunker Industry Association welcomes the Port of Ceuta’s decision to become the first Mediterranean port to implement the mandatory use of ISO 22192 certified Coriolis Mass Flow Meters (MFMs) for marine fuel supply.

T&E, shipping and aviation industry jointly call for urgent action to ramp up clean fuel production

0green fuelEuropean Shipowners (ECSA), Airlines for Europe (A4E), which represent the shipping and aviation sector at European level, along with the green transport group Transport & Environment (T&E) issue today a joint statement calling on the Commission and the EU member states to ramp up the production of clean shipping and aviation fuels in Europe.

Landmark MOU signed to simplify the future of digital seafarer certification

0MOU2The International Chamber of Shipping (ICS), Lloyd’s Register OneOcean (LROO) and the Maritime Industry Authority (MARINA) of the Republic of the Philippines Department of Transportation, signed a landmark joint Memorandum of Understanding (MOU).

European Shipping Summit 2025

0ESS 2025The European Shipping Summit (ESS) returns on 19-20 March 2025 at the Royal Museums of Fine Arts in Brussels, bringing together European and international policymakers, industry leaders, unions, and environmental organisations for two days of high-level discussions, stakeholder sessions, and networking.

Navigating the Storm: How Tariffs and Geopolitical Tensions Are Reshaping the Global Oil Shipping Market

0bulk carrierIakovos ( jack ) Archontakis
Commercial Director
TMC SHIPPING 
 
The global oil shipping market is facing significant disruptions due to shifting tariffs, trade disputes, and geopolitical risks. These factors are reshaping everything from pricing to logistics, with far-reaching implications for the flow of oil worldwide.
 
1.    US-Canada Tariff Disputes: Uncertainty and New Routes
 
Recent tariffs, including a  levy on Canadian oil, are creating uncertainty for the Canadian oil sands industry, especially regarding long-term trade with the US. Rising tariffs and fluctuating oil prices are prompting refiners and shippers to explore alternative routes and suppliers, impacting North American and global shipping volumes.
 
2. Impact on US Gasoline Markets
The imposition of tariffs could significantly raise gasoline prices in the US, particularly along the Atlantic coast and Midwest. With higher operational costs, US refiners may seek alternative oil sources, triggering new shipping routes and increasing demand for maritime transport, especially from the Gulf of Mexico and overseas suppliers.
 
2.    US-China Trade Tensions: A Global Challenge for Oil Demand
 
The US-China trade dispute and retaliatory tariffs on US crude oil could dampen global oil demand, contributing to an oversupply and disrupting shipping logistics. A prolonged trade war risks slowing global economic growth, further reducing the demand for oil and shipping services.
 
3.    OPEC Production Plans: Boosting Tanker Demand
 
OPEC+ plans to increase oil production starting in April 2025, which will require more shipping capacity and drive demand for tankers. This uptick in production will influence global shipping volumes, especially from member countries.
 
4.    US Strategic Decisions: Pressures on Key Oil Suppliers
 
The US's ongoing pressure on Iran to curb its oil exports could tighten the global market and drive up prices. Additionally, geopolitical tensions in Iraq, particularly related to Kurdish issues, could affect oil exports, influencing shipping routes in the Mediterranean.
 
5.    Geopolitical Risks: New Hotspots for Disruption
 
Ongoing conflicts, such as the war in Ukraine and disruptions to Russian oil production, are rerouting shipments and increasing pressure on other regions to meet demand. Other geopolitical risks, including legal issues in the oil trade, further complicate the shipping market.
 
6.    Impact on the Shipping Market: Volatility Ahead
 
Shifting tariffs and geopolitical events are likely to cause dynamic changes in oil shipping demand. New shipping lanes and alternative suppliers will emerge, increasing transport volumes from previously underutilized regions. However, the volatility in oil supply and demand will push shipping costs higher, especially for companies reliant on oil exports.
 
Conclusion: The global oil shipping market faces a future shaped by tariffs, trade disputes, and geopolitical risks. While these factors will lead to more complex and costly shipping arrangements, they also present opportunities for those able to navigate the evolving landscape. Flexibility and adaptability will be key as the market continues to evolve in response to shifting global dynamics.
 
Summary: Trade tensions, production shifts, and geopolitical disruptions are reshaping the oil shipping market. The industry must prepare for new shipping routes, higher costs, and fluctuating demand in the years ahead.
 
Disclaimer
This report and the information contained herein are for general information only and does not constitute an investment advice
 

The dry bulk freight market has experienced significant declines in rates across various vessel sizes

0bulk carrierThe dry bulk freight market has experienced significant declines in rates across various vessel sizes since November 2024.

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