Amid the misery and turmoil generated by the ripples of Russia’s war on Ukraine, there are some who have been able to turn a crisis into an opportunity.
Those who bought aframax and LR1 tankers on the cheap and now generating giant profits, as the war boom brought about by the change in trading patterns shows no sign of abating.
Aframaxes in particular are hot assets at the moment. A prime example of the trend was a Marinakis sale of a 113,500-dwt vessel to Middle East interests for $32m. The vessel had been bought four years ago for just $13m.
Meanwhile, product carrier major Scorpio Tankers has decided to take up the option to buy back eight product tankers from China Cosco Shipping’s leasing arm as it anticipates strong forward booking demand.
The product tanker giant is expected to record its highest ever profits for the upcoming quarter due to the favourable market conditions.
In China, the latest detention of ship financiers saw leading industry man Guo Fangmeng, who also goes by Bill Guo, ‘disappear’. The head of Citic FL is the ninth such figure to be detained as the Communist Party cracks down on perceived corruption in the sector.
Market watchers were divided as to the impact of the detentions on the Chinese leasing sector. Some claim the removal of a handful of individuals will have minimal material impact, while others believe lessors will tighten their vetting of international partners and reduce their use of third-party entities to do deals.
Karrie Trauth is a year into the top shipping job at energy giant Shell. Lucy Hine recently caught up with the executive to find out how her stint has played out so far and what changes we can expect to come.
And finally, much publicity has been given to the ships that have managed to get out of Ukrainian ports amid the grain deal struck between the warring parties brokered by Turkey. But what about those vessels still trapped loaded with a non-grain cargo?
The owner of one such vessel, the 14,200-dwt Sea Luck (built 1999) is attempting to secure its escape from Odesa port by switching its steel cargo to grain. But the charterer has so far refused to allow the switch, forcing the shipowner to take the matter to court.
