​Maritimedata.ai is a single source of access to 200+ data services.

200+ Products

60+ Maritime Intelligence Providers

30+ Years of Experience

​Explore our catalogue​

Insights 📈

Oil & Gas 🛢️

• Show Me The Barrels (Link)
• Venezuela Reset (Link)
• EU-Owned Tankers Regain Share of Russian Oil Shipments (Link)

Dry 🚢

• Steel: China continues to target export markets (Link)
• Agricultural Commodity Pricing Overview (Link)
• Indonesia Cuts Coal Production Quotas (Link)

Other 🌎

• Top 10 Trade Trends to Watch in 2026 (Link)
• Chinese import dependency persists despite tariffs (Link)
• Global Port Performance - 2025 In Review (Link)

​

China’s role as a pressure valve in sanctioned crude market - Vortexa​

China’s seaborne crude imports breach 12mbd for the first time

China’s seaborne crude imports climbed to 12mbd in December 2025, marking a new record despite a not-fully-recovered domestic economy. More than 35mb (or ~1.1 mbd) of these arrivals flowed into onshore crude inventories, leaving adjusted refinery intake broadly flat month on month.

​China seaborne crude imports and 2025 scenario assuming zero observed stock changes (mbd)While over 12mb of stockbuilds during December occurred in Guangdong, primarily at state-owned storage facilities linked to Sinopec Maoming and PetroChina Jieyang refineries, nearly 15mb was accumulated in Shandong. This aligns with record-high sanctioned crude imports into Shandong during November-December.In November, China granted over 7mt of 2026 crude import quotas for use before end-2025, allowing teapot refiners to maintain strong operating rates. This came as refining margins improved sharply, driven by a collapse in prices for their key sanctioned feedstocks.Delivered-to-Shandong differentials for Russian crude grades fell to their lowest levels since February 2023, as other Asian buyers either halted or markedly reduced purchases. As a result, China’s seaborne Russian crude imports surged above 1.5mbd in December, compared with an average of ~1.2mbd over the first eleven months of 2025.The influx of discounted Russian barrels has crowded out competing Iranian crude, with imports slipping below 1.3mbd in December. That said, steeper Iranian discounts, tracking Russian price weakness, are likely to secure Iranian grades a continued foothold in the teapot market in the coming months.Meanwhile, China has accelerated the discharge of Venezuelan barrels since November amid rising risks of supply disruption. November imports surged to a record ~660kbd, and December arrivals remained elevated.However, the discharge rate has slowed since December, reflecting storage constraints for high-viscosity Venezuelan grades, particularly in Shandong, compounded by seasonally weak winter demand.

​China-bound VLCCs turned back to floating zone near Malaysia​

Elastic demand meets structural constraints in China

China has emerged as the key destination for sanctioned crude in recent years, absorbing around 55% of global seaborne sanctioned exports since 2023.

Its flexible feedstock slate and ample onshore storage capacity allow the country to absorb large volumes of deeply discounted barrels. However, several structural and policy constraints continue to shape how far Chinese refiners can extend this role.State-owned refiners remain self-constrained in their exposure to sanctioned crude, with purchases in recent years largely limited to Russian barrels. With near-term sanctions relief for Iran appearing unlikely, Iranian crude is expected to remain outside the majors’ feedstock basket and excluded from China’s national reserve programme.State refiners also largely halted Russian seaborne purchases in late 2025 following sanctions on Rosneft and Lukoil. That said, imports from Russia and Venezuela could resume if sanctions are eased or enforcement pressure relaxes.In contrast, teapot refiners are the most aggressive buyers of deeply discounted sanctioned feedstocks, but their appetite is primarily constrained by crude import quotas set by the Ministry of Commerce.China released fresh crude import quotas at the start of the year for use during 2026. Unlike 2025 — an unusual year when full-year allocations were issued upfront — refiners have so far received around 132mt across the first two batches, equivalent to ~70% of annual allowances, broadly in line with pre-2024 allocation patterns.While a third batch of 2026 quotas is expected to cover the remaining ~30% gap, an early issuance of 2027 quotas is likely if refiners demonstrate strong quota utilisation throughout 2026, providing some buffering room within the currently tight quota system.

December 2025: Dry Bulk Data Trends - AXSMarine​

Japan Emerges as the Leading Seaborne Corn Importer

Japan ranked as the world’s top destination for seaborne Corn shipments throughout the first 11 months 2025. Between January and November, Japanese ports discharged more than 15.5 million metric tons of Corn, reflecting a 3.5 percent year-over-year increase. This marked the eighth consecutive year in which Japan’s imports exceeded 15 million metric tons, underscoring the stability of its demand profile. With several weeks remaining in the year at the time of measurement, volumes were also on track to potentially exceed 16 million metric tons for the first time since 2019.

Egypt followed in second place, importing just over 10.5 million metric tons so far in 2025. This represented a sharp 40.8 percent year-over-year increase and lifted Egypt’s share of global seaborne Corn demand to 6.9 percent, up from 3.8 percent two years earlier.

South Korea and Vietnam ranked third and fourth, importing approximately 9.7 million and 9.4 million metric tons, respectively. Both markets, however, recorded year-over-year declines, with South Korea down 9 percent and Vietnam down 3.6 percent.

Despite strong performances by the leading importers, the Corn market remained highly diversified. Smaller importing countries collectively accounted for more than 42 percent of global seaborne Corn discharges in 2025.

China represented a notable exception to historical trends. After ranking among the top two Corn importers for five consecutive years, China accounted for less than 2 percent of global seaborne demand in 2025. The 2.8 million metric tons discharged since January reflected the impact of a large domestic harvest and elevated stockpiles and amounted to less than 10 percent of the record volumes seen in 2021.

Seaborne Steel Trade Reaches New Record Levels

Steel and Steel product flows continued to expand through December, pushing global seaborne volumes to new annual highs. With two weeks remaining in the year, bulk carrier discharges of Steel products including Billets, Coils, and Slabs exceeded 226 million metric tons. This already surpassed total 2024 volumes by 3.2 percent.

Based on cargoes already on the water and typical discharge patterns, total 2025 shipments were projected to approach 240 million metric tons. This would correspond to a 9.1 percent year-over-year increase and confirm 2025 as a record year for seaborne Steel trade.

Demand growth was not limited to traditional importing countries. While Turkiye, Indonesia, and Thailand remained major destinations, imports also increased across a broad group of smaller markets such as the UAE, Taiwan, Saudi Arabia, the UK, the Philippines, and Pakistan. This reinforced the highly diversified nature of the Steel trade, with even the largest importer, the United States, accounting for less than 8 percent of global market share.

Political pressure builds in Europe to tackle stateless shadow tankers - Lloyd's List​

BOUYED by the role that the UK played in supporting the US seizure of shadow fleet tanker Marinera (IMO: 9230880) last week, UK defence officials have been talking up the possibility of more imminent action against stateless shadow fleet* vessels.

Defence officials have been briefing journalists that the UK is ready to step up action against the shadow fleet and separately told the BBC on Monday that a legal basis had been identified to allow the UK military to board and detain vessels.

While Lloyd’s List understands that the legal advice to the UK government has not changed, defence officials have been hurriedly reviewing plans to potentially interdict more tankers without valid flag registrations.

According to Lloyd’s List analysis there were 23 vessels either passing through or about to enter the Baltic and English Channel on Monday.

​International Maritime Organization data indicates there are currently at least 466 vessels globally known to be using fraudulent or invalid flag registrations.

The ramped-up rhetoric from the UK comes as EU officials are discussing their next package of sanctions which Lloyd’s List understands will include tightened restrictions targeting shadow fleet vessels passing through EU waters in addition to a lowered oil price cap.

While several EU states have been pushing for a more aggressive stance towards interdicting stateless tankers moving through EU waters, to date states have avoided vessel boardings outside of a handful of specific cases where tight legal justification was sought in advance.

Technically the UN Convention of the Law of the Sea allows boarding of stateless vessels. However, political concerns regarding Russian reprisals in the Baltic have allowed a steady of flow of tankers with no official certification to sail unchecked beyond requests to provide known fake certificates.

The 20th package of EU sanctions targeting Russia is scheduled to be unveiled later this month. It is not yet clear whether more robust measures on stateless tankers proposed by Poland will be included.

The UK, however, appears to be taking a more aggressive stance.

“The UK will not stand by as malign activity increases on the high seas... and alongside our allies, we are stepping up our response against shadow vessels — and we will continue to do so,” UK Defence Secretary John Healey told Parliament last week in the wake of the Marinera seizure.

That seizure of a ship that had switched to the Russian flag having previously been fraudulently flying the Guyana flag, has since been lauded by the UK government as a strong example of UK preparedness to board and seize stateless tankers.

How we can help:

1. ​Submit your requirement - A member of the team will reach out within 24 hours
2. ​Book a call with the team - Explore which of our 200+ data and analytics solutions align with your needs
   ​

Thank you for your time.

Regards,

James Littlejohn

Co-Founder

Info@maritimedata.ai

+44 (0)208 050 9806

You might be receiving this email because we believe that the content of our newsletter may be of interest to you based on your profession. However, if we have made an incorrect assumption, we apologise for any inconvenience caused. If you do not wish to receive future publications, please follow the instructions below to unsubscribe.