JP Morgan’s Andy Dacy is again citing caution in assessing shipping markets. The banker-turned-shipowner has added worries about a global banking scare, rising interest rates, the prospects of recession and continued uncertainty over future vessel propulsion systems amid carbon-reduction efforts to the existing fears over the impact of the war in Ukraine.

Oaktree Capital Management has pulled the plug on a planned sale of a chunk of Torm shares after the market reacted adversely to the move. Citigroup Global Markets, Evercore Group and Jefferies were acting as joint book-running managers and global coordinators. But investors reacted negatively to the news on Thursday, with shares in Torm ending the trading day in the US down almost 13%. However, the shares did rally almost 7% in aftermarket trading.

Li Li, the former shipping head at China Export-Import Bank, has admitted to charges of accepting bribes relating to ship-finance deals and pleaded guilty at a Chinese court, according to local news agency reports. The high-profile shipping banker was put on trial following a probe by China’s Central Commission for Discipline Inspection involving 10 high-profile people involved in Chinese ship finance.

German Tanker Shipping has reportedly pulled off a coup by offloading two elderly MR1s for a very strong price. Brokers said the 32,500-dwt Seahake (built 2003) and 32,300-dwt Searay (built 2004) have gone to unknown interests for a combined $30m. The vessels, built at the Lindenau shipyard in Germany, are assessed as worth only $10.5m and $11.5m, respectively. Their values have risen from $6m a year ago.

Euronav is investigating claims that one of its tankers was preparing to receive a cargo of sanctioned Iranian crude in a ship-to-ship transfer off the coast of Malaysia. Campaign group United Against Nuclear Iran (UANI) told Euronav on Tuesday that its 441,600-dwt Oceania (built 2003) was alongside a Vietnam-flagged vessel in the Malacca Strait that appeared to have loaded Iranian crude while its automatic identification system was switched off in February.

Low-profile UK-based Union Maritime is said to have struck a newbuilding deal in China for up to eight 18,500-dwt product/chemical tanker newbuildings. Four IMO II tankers are to be delivered in 2025 and the deal includes options for four additional vessels. Union Maritime is the second shipping company to have ordered the ship-type following Athenian Tankers of Greece.

In TradeWinds’ weekly Green Seas environment newsletter, Eric Priante Martin explores how the latest deliberations at the UN shipping regulator tee up a complex debate in July.