2024's top stories in Tanker Shipping & Trade

The most read stories from 2024 in Tanker Shipping & Trade reflect the continued, and increasing, geopolitical instability around the world and its impact on energy flows, as well as the continually evolving regulations that demand vessel efficiency improvements. 

To read each story in full, click on the headline, the image or the link at the end of the text.

 

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1. Saltchuk finalises OSG acquisition at US$950M

Saltchuk Resources, part of a US-based family owned logistics conglomerate embracing coastal tugs, articulated tug barges and deepwater services in the Pacific, will acquire and take private the US-based deepwater and coastal tanker operator Overseas Shipholding Group, which focuses on US tanker trading within US-flagged markets that fall under the Jones Act umbrella legislation requiring US-built ships for trade in US waters.

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2. MOL, KEPCO collaborate to drive hydrogen shipping forward

A memorandum of understanding between Japan’s Mitsui OSK Lines and Kansai Electric Power Co aims to revolutionise the marine transport of liquefied hydrogen, a cornerstone for the emerging hydrogen economy. The collaboration focuses on designing and creating the operational environment required for hydrogen carriers while addressing safety and regulatory challenges.

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3. How China’s petrochemical sector is driving LPG demand

China’s expanding petrochemical sector is changing the demand for oil-derived feedstocks, causing a shift in suppliers. China, known as the largest importer of polymers and synthetic fibres, accounted for roughly 3% of global oil consumption in 2019 and 2020. With increased production in China, traditional suppliers in the Middle East and Asia have seen a decline in petrochemical activity and oil demand. Shipments of petrochemical products from these regions dropped by almost 30% in the first nine months of 2023 compared with the same period in 2019.

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4. Shell places major MR tanker order in China

Multiple shipbroking sources have reported that Shell has contracted 10 MR2 tankers at Guangzhou Shipyard International, a subsidiary of the China State Shipbuilding Corporation (CSSC) Group. These sources estimate the total order value at approximately US$500M - each vessel costing around US$48M - with deliveries expected between 2027 and 2028.

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5. California mandate set to target tanker port emissions from 2025

California’s upcoming 2025 at-berth regulation, implemented by the California Air Resources Board (CARB), is set to require strict emissions controls for oceangoing vessels at berth in state ports. Tanker and roro vessels will need to adopt CARB-approved emissions control strategies, including shore power or emissions capture and control technologies, to reduce pollutants from auxiliary engines and boilers from 1 January 2025.

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