Thun, Bahri and ING set the tone as tanker market faces Gulf pressure

Erik Thun Group / Thun Tankers was named International Product Tanker Company of the Year for a fleet strategy built around long-term efficiency and adaptability. The Swedish owner’s fleet is anchored by the Vinga-series, which has been promoted as highly efficient on emissions, and the NaabsaMAX designs, built for “not always afloat but safely aground” operations in tidal, restricted ports. The group’s approach was presented as a blueprint for combining efficiency, flexibility and port access in specialist trades.

 

The citation also highlighted the company’s decision to sharpen its maritime focus by divesting non-core aviation interests in 2025. That move was framed as a statement of intent rather than a necessity, reinforcing the idea that disciplined capital allocation can be a competitive advantage in a market where many owners are spread too thin.

 

Joakim Lund, chief commercial officer at Erik Thun Group, told the markets panel that one of the biggest under-priced risks in the sector is the growing patchwork of national and regional emissions regimes. He argued that regulatory fragmentation, rather than headline geopolitics, may prove the most significant medium-term challenge for European shortsea operators.

 

Deputy managing director Henrik Källsson took a more practical line on electrification and shore power, saying there is no universal solution that works for every vessel or port. His message was that installation economics vary sharply, and that operators and port authorities need to match technology to trading pattern rather than assume a one-size-fits-all model.

 

Bahri Chemicals was recognised for operational performance in one of the industry’s most exposed trades. The Saudi operator completed 270 voyages through the Red Sea and Gulf of Aden during a period of severe tension without incident, fatality or disruption, while also recording zero oil spills over the year. Its award citation also pointed to the company’s 2025 partnership with Luberef, which gave it its first Contract of Affreightment for base oils.

 

That Luberef deal was presented as a strategic move, linking Saudi production to the Arabian Gulf and India and reinforcing Bahri’s position as a reliable operator for customers that value continuity under pressure. It was also cited as evidence that the company’s local focus is matched by national ambition.

 

Accepting the award, Abdullah Bakhorgi, director of chartering at Bahri Chemicals, said the recognition mattered because it came from industry peers who understand what it takes to operate at high standards. 

 

Mr Bakhorgi also said trust is what determines whether contracts hold under strain. He described how Bahri Chemicals absorbed losses after a counterparty withdrew from a long-term agreement during US-Iran tensions, arguing that relationships, not paperwork, are what ultimately sustain commercial partnerships.