​Maritimedata.ai is a digital broker of data and analytics solutions for the maritime ecosystem.

Source, Evaluate and Purchase maritime data and analytics from the largest network of specialised providers in the world.

200+ Products

50+ Maritime Intelligence Providers

30+ Years of Experience

Insights 📈

Oil & Gas 🛢️

• It's Complicated - Targeting Chinese Vessels Could Be Costly For The US (Link)
• Power Shift (Link)
• Middle East LPG exports hit record high in March (Link)​

Dry 🚢

• Dry Bulk Market Insights - April 2025 (Link)
• S8 Route Surges Amidst Tightening Tonnage Supply (Link)
• Argri-Commodities Update (Link)

​

Explore, test, and feedback on maritime data solutions before they hit the market.

We're delighted to be launching a number of beta tests for new-to-market data services over the next few months, and we'd like to offer you the opportunity to take part.

Upcoming Opportunities 2025

• Global Maritime Security Event Data
• A new benchmark for asset quality, backed by the world’s largest network of surveyors.
• Predictive models for Freight

How to get involved?

You can register your interest for future beta tests below.

Trump weighs Chevron waiver as Ecuador's outages tighten heavy crude markets - Kpler​

Just before the end of his presidency, the Biden administration gave a parting gift to the tanker markets as the Office of Foreign Assets Control (OFAC) sanctioned 155 mainly Russia affiliated tankers. In the same week, Shandong Port Group, home to refiners responsible for significant crude imports from countries under US embargo, banned sanctioned tankers from calling into its ports in eastern China. The following weeks saw some redirection of trade flows and rising freight rates especially for VLCCs, as buyers of Iranian and Russian crude attempted to diversify their import streams to safeguard supply.

Not long after Donald Trump came to power, he confirmed that the “maximum pressure” policy from his first administration would be reinstated, raising hopes that widespread sanctions and sanctions enforcement on the Iranian oil trade were forthcoming. Yet, after yesterday’s round of sanctions this brings the number of Iranian tankers sanctioned by OFAC since then to 23, and this hope seems to so far have been misplaced. Freight rates which soared in January have shrugged off any further sanctions announcements from the US, UK and EU, and have come back down to earth. This begs the question whether flows have also returned to normal, or whether any lasting impact of this renewed pressure on Iranian and Russian seaborne flows still prevails.

Russian crude imports to India, one of the main importers of Russian crude, initially dropped below its 2024 average by 200kbd in January, and 300kbd in February, which was compensated for by increased imports from West Africa and Latin America. However, imports of Russian crude into India have rebounded so far in March to above average post-Ukraine War levels, possibly supported by prices recently falling below the price cap threshold.

Chinese crude imports seem to have seen a stronger impact, as flows from Iran, Venezuela, and Russia were 800 and 900kbd lower in January and February than the 2024 average, respectively. These numbers need to be taken with a grain of salt, however, as Chinese crude imports from all sources were significantly lower in January, and not all barrels imported in February have been detailed yet. Similarly to India, so far in March imports from Iran, Venezuela, and Russia are back to above 2024 average levels. Run cuts by independent refineries in Shandong may also have contributed to reduced imports, as a change in tax regulations coming into force on January 1^st heavily impacted refining margins.

It was reported that the Trump administration was considering an international accord to inspect Iranian oil tankers at sea, though details have been limited. Overall, this could indicate that increased sanctions had a temporary impact on seaborne flows which seem to be normalising again as workarounds have been found. An alternative explanation is that the full effect is yet to be felt. It was reported today that several Chinese state oil companies are halting purchases of Russian oil for March-loading, which would support this thesis. Thus, the effect of sanctions on the utilisation of the dark and sanctioned fleets remains unclear.

​

Tanker Fleet Rebounding: Revealing Latest Orderbook Trends - AXSMarine​

The global tanker fleet orderbook has rebounded sharply from the historic low witnessed over 2020–2021. AXSMarine data shows that the overall tanker orderbook-to-existing-fleet ratio has climbed from under 5% to roughly 15–16%, indicating renewed confidence from owners. Several factors drive this trend, including major shifts in trade flows, an aging global fleet, and the strong appeal of modern tonnage equipped for future regulatory compliance. Changing sanctions' regimes and new refining capacities in Asia and the Middle East have also boosted ton-mile demand, as oil and product shipments travel longer distances. In spite of these positive dynamics, questions remain about the balance between new vessel deliveries and demand. Macroeconomic risks and the impact of ongoing energy transition policies incur some uncertainty, making it crucial for stakeholders to track data-driven trends and plan fleet development strategies accordingly.

Historical context and market overview

From its previous peak in 2016 to the end of 2022, tanker newbuilding activity slowed dramatically, reaching a multi-decade low when the orderbook-to-fleet ratio dipped below 5%. Owners confronted weak freight markets and lingering doubts about future marine fuel technologies. AXSMarine data confirm a decisive turnaround since early 2023, with the combined crude and product tanker orderbook surging from roughly below 28m MT of deadweight to over 105m MT of deadweight by the end of 2024. This has propelled the ratio above 15%, underscoring the industry’s renewed willingness to invest after a period of caution. The present ordering wave was partly tied to sustained earnings in 2022, but there are also longer-term reasons for fleet renewal. Older units, including many built in the early 2000s, remain in service, often concentrated in sanctioned or "shadow" trades. While that phenomenon has prevented scrapping from rising significantly, the steady addition of more modern ships raises questions about overcapacity if supply overshoots the modest growth in global oil demand.

Crude Oil tankers: Trends and Outlook

Crude-focused segments such as VLCCs and Suezmaxes had seen contracting stalling during the depths of the pandemic. Owners were hesitant to order large crude carriers with uncertain demand and high building prices. Spot charter rates for crude tankers rebounded toward the end of 2022, fuelling a wave of fresh orders. The crude tanker orderbook now stands at about 12% of the current fleet, a significant rise from its low of just 3% in early 2023. Much of this expansion is a response to shifting oil trade patterns, including longer-haul routes for Russian crude to Asia and evolving OPEC+ supply adjustments. Another factor shaping the crude tanker market is the gradual enforcement of the IMO's EEXI and CII rules. Although these regulations have not yet forced widespread demolition, they have encouraged more eco-friendly designs and, in some cases, pushed high-emitting older tankers into slower speeds or specialized trades.

The Trends in Floating Oil Storage - Signal Ocean​

The floating oil storage sector has undergone marked fluctuations since 2020, attributable to global economic circumstances, war sanctions, geopolitical tensions, and evolving market forces. Principal determinants affecting storage utilisation encompass the COVID-19 pandemic, imposed sanctions, oscillations in oil prices, and the strategic measures undertaken by Western, Middle East, and Asian markets. The influence of Iranian oil reserves, Saudi Arabia, and OPEC in determining supply-demand equilibriums is of considerable significance. Concurrently, emerging risks and legal complexities are increasingly becoming prominent.

The historical timeline of key events influencing floating oil storage trends

The Impact of COVID-19 (2020-2021)

At the onset of the COVID-19 pandemic, the oil tanker storage market witnessed an unprecedented surge as global lockdowns and travel restrictions drastically reduced oil demand. The sharp drop in consumption led to a supply glut that overwhelmed onshore storage capacity, making floating storage units a crucial alternative for oil traders and producers. As storage terminals filled up, companies turned to Very Large Crude Carriers (VLCCs) and other oil tanker storage to store unsold crude, significantly altering the dynamics of global energy markets.

Oil tankers, which were traditionally used for transportation, were increasingly repurposed for long-term storage, driving up tanker charter rates to record highs. This reshaped global crude trading patterns, as vessels idled offshore in strategic locations such as Singapore, the U.S. Gulf Coast, Middle East, and the North Sea, waiting for demand recovery or favourable price conditions.

In April 2020, oil prices experienced a historic collapse, with West Texas Intermediate (WTI) crude briefly trading in negative territory for the first time. This extreme price movement was driven by a confluence of factors, including plummeting demand, storage shortages, and logistical bottlenecks. The situation incentivised traders to capitalise on the contango market structure, where future oil prices were significantly higher than spot prices. This encouraged large-scale stockpiling on tankers, as companies sought to profit from holding crude for future resale at a premium.

By late 2021 and into 2022, as widespread vaccination programs facilitated economic recovery, global oil demand rebounded. The gradual reopening of industries, resumption of travel, and increased energy consumption led to a steady drawdown of stored crude. As a result, floating storage volumes declined, and tanker charter rates began to stabilise. Market normalisation followed, with oil supply and demand dynamics returning to more traditional patterns.

‍

Sanctions, Geopolitics, and the Role of OPEC+ (2022-Present)

Russia-Ukraine Conflict and Sanctions on Russian Oil

The 2022 Russia-Ukraine war fundamentally transformed the global crude oil trade, disrupting established supply chains and maritime logistics. Western war sanctions against Russian crude forced traders to find new markets, causing a dramatic shift in oil flows and trade routes. This, coupled with regulatory constraints and logistical bottlenecks that slowed the movement of sanctioned oil, led to a surge in demand for floating storage.

Before the war, Russia’s Urals blend crude was a key supply source for European refiners. However, the EU embargo and G7-imposed price caps on Russian crude and refined products dismantled traditional trade corridors, forcing Russian oil to pivot towards Asia. China, India, and Turkey emerged as dominant buyers, capitalising on discounted pricing to secure a steady inflow of Russian crude. China and India significantly increased imports, refining the oil domestically and, in some cases, re-exporting products to Western markets. Turkey positioned itself as a crucial transit and blending hub, facilitating the movement of Russian crude while maintaining its role as a bridge between sanctioned and non-sanctioned trade flows.

As Russian oil found new destinations, floating storage and shadow fleet operations played an increasingly vital role in sustaining these alternative trade routes. The displacement of Russian crude led to congestion in transit corridors and heightened reliance on offshore storage, as shipments faced prolonged delays due to logistical challenges and evolving sanctions compliance. The so-called dark fleet—a growing network of aging, under-the-radar tankers operating beyond mainstream regulatory oversight—expanded rapidly to facilitate sanctioned oil shipments. Many of these vessels were reflagged under jurisdictions with minimal compliance requirements, bypassing Western maritime insurance to continue operations. Some were repurposed as floating storage units, particularly in international waters where enforcement mechanisms were weak, allowing sanctioned oil to be transferred or blended before reaching its final destination.

The geopolitical crisis has triggered a major shift in global crude trade, leading to longer voyage distances, higher freight costs, and increased market fragmentation. This has permanently reshaped traditional shipping patterns and global oil flows. With ongoing geopolitical tensions, the future remains uncertain. However, the crisis has underscored the growing importance of sanctions-compliant maritime logistics and alternative supply routes.

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.