Well that's a first during this war. Ukraine has sunk 1 and damaged 3 Oil tankers in a single attack being on the oil terminal at Tuapse.

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We’re so back.

Scorpio, Torm, Norden... all are fixing out their MRs on period charters at $22-23,000/day. $ASC just fixed a 2014-build for 2y at $21,500/day. Meanwhile, Maersk agrees to COAs at < $20k...

Middle distillate cracks have almost doubled. Gasoil/Brent Nov 25 contract below: via Sparta

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Good morning, comrades (Socialism is good for iron ore demand)

Some target price porn to enjoy with your coffee (Arctic)

Splash: “While some Indian state-owned refiners continue to take limited non-sanctioned cargoes, private refiners have sharply reduced purchases, Braemar said, noting a 60% drop in shipments bound for Indian private refiners since the sanctions were announced.” ✍️🏻

Me, when I read yet another shipping report which forecasts BOTH strong spot rates AND 3% scrapping:

Oh look, another 2x VLCC order

VLCC spot market update:

Capesize index +4.62% 🤩

“It was like a black swan, we never could have seen it coming. Oh well.”

Yes please. ☕

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To see #change visually, year-on-year #Charts are useful, for 7 months key #oil buyers seem to have gradually reduced their take of #Sanctions exposed #crude.. $FRO #OOTT

VLCC market update