Korean shipbuilders seize bulk of VLGC/VLAC orders as LPG demand surges

The high-value ship order range of Korean shipbuilders is expanding from liquefied natural gas (LNG) carriers to very large gas carriers and very large ammonia carriers (VLGC/VLAC) that carry liquefied petroleum gas (LPG) and ammonia. As freight rates for LPG carriers remain high due to increased LPG exports from the United States and Middle East risks, shipping companies are placing more newbuilding orders. Korean shipbuilders are leading the market this year, winning about 75% of VLGC/VLAC orders placed worldwide.

VLGC/VLAC are high-value ship types with higher prices and technological complexity than general merchant vessels, as they share similar basic designs such as cargo tanks and gas handling systems. Recently, order trends have been shifting toward multi-specification vessels that can carry both LPG and ammonia or can be adapted for future ammonia transport.

◇ Even with transits through the Strait of Hormuz, gas carrier shortage persists

According to shipbroking and shipping market firm Fearnleys on the 29th, the spot rate for an 84,000-cubic-meter VLGC in the third week of May was $6 million per month (about 9 billion won), up $300,000 (about 450 million won) from a week earlier. On a simple conversion, that is about $200,000 per day (about 300 million won). Fearnleys said some recently concluded contract rates have again hit a record high on a per-ton basis because there is a shortage of ships to load June cargoes departing the U.S. Gulf.

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U.S. Navy intercepts Iran-linked vessel in Arabian Sea, orders return to Iran | Maritime Crew

U.S. naval forces intercepted a sanctioned vessel called ’Sevan’ in the Arabian Sea on Saturday, in a move tied to the Trump administration’s campaign to block Iranian energy exports, U.S. Central Command said. The vessel was halted by a helicopter deployed from the guided-missile destroyer USS Pinckney (DDG 91), and is now complying with orders to reverse course toward Iran under escort.

“M/V Sevan was among 19 “shadow fleet” vessels sanctioned by the U.S. Department of Treasury for activities related to transporting billions of dollars worth of Iranian energy, oil and gas products, including propane and butane, to foreign markets,” Central Command said in a statement.

Planned Negotiations in Pakistan Canceled

Earlier today, U.S. President Donald Trump said he canceled the planned visit of U.S. envoys to Islamabad on Saturday in a post on Truth Social, adding that the US has “all the cards” and all Iran has to do “is call.” Later, speaking to reporters of the decision to cancel the trip, Trump said of Iran, “They have no military left, they have no leaders left,” and that the envoys wouldn’t be traveling 16-17 hours to not meet “the leader of the country.”

He also said that they received “a paper that should have been better,” and within 10 minutes of it being “canceled,” they received a “new paper that was much better,” but the offer wasn’t good enough. “They will not have a nuclear weapon,” he added.

Jared Kushner and Steve Witkoff were scheduled to arrive this weekend in Pakistan for a fresh round of diplomacy aimed at ending the eight-week conflict with Iran, but their trip was canceled after Iran’s Foreign Minister Abbas Araqchi left Pakistan early, before the envoys arrived.

In a post on Truth Social, Trump stated: “Too much time wasted on traveling, too much work! Besides which, there is tremendous infighting and confusion within their “leadership.” Nobody knows who is in charge, including them. Also, we have all the cards, they have none! If they want to talk, all they have to do is call!!!”

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Europe looks to secure shipping in Strait of Hormuz

France and the United Kingdom have said they are ready to lead a multinational mission to help restore freedom of navigation and trade in the Strait of Hormuz, only to be deployed once peace had been agreed in the region.

But at a meeting of the coalition of nonbelligerent states in Paris on Friday, the mood remained one of caution.

A temporary ceasefire has put fighting between Iran and a US-Israeli coalition on hold until April 22. On Thursday, a 10-day ceasefire was also announced between Israel and Lebanon, the stronghold of Iranian-backed militia Hezbollah.

On Friday, both Iran and the US said the Strait of Hormuz was now “open” to commercial shipping, though the US said its blockade of Iranian ports would remain in place until a peace deal with Tehran was reached. Shortly after, on Saturday, Iran reversed its decision to open the strait, citing the US blockade of its ports. Several merchant vessels reported gunfire as they were attempting to cross.

Maritime traffic there had ground to a halt since the start of the war on February 28, with Iranians threatening to bomb merchant ships attempting to pass through the key waterway. About 20% of the world’s oil and gas normally passes through the strait.

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Oslo port incentivising green ships

As global emissions standards tighten, ports and maritime authorities are rolling out new schemes to reward vessels that operate more efficiently and sustainably.

Oslo Port – Rewarding Emission Reductions

Starting in 2026, the Port of Oslo will introduce financial incentives for cleaner shipping. Vessels which operate emission-free in and out of the Steilene area will receive a 100% discount on quay fees, while cargo vessels that connect to established shore power facilities will qualify for a 20% discount. At the same time, the former 20% discount for scheduled-route traffic will be discontinued, shifting the scheme toward rewarding genuine emissions reductions.

Environmental discounts are calculated using two established methods:

Environmental Port Index (EPI) – specifically for cruise ships. The EPI measures a vessel’s environmental performance while in port, fuel consumption and use of shore power. It is managed by EPI AS (developed with DNV and Norwegian ports). Cruise ship owners should register their vessels and report technical data to the EPI portal, which in turn will allow the Port of Oslo to issue discounts based on the ship’s EPI score.

Environmental Ship Index (ESI) – used for all ship types. Administered by the International Association of Ports and Harbors (IAPH), ESI evaluates ships’ overall emissions performance and increasingly considers at-berth emissions. Ship-owners voluntarily register their vessels and provide verified emissions data, and higher ESI scores make ships eligible for larger environmental discounts at Oslo.

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US presses forward on port fees despite China’s warning

The United States is moving forward with a plan to collect port fees, putting the onus on ocean carriers to calculate and setting the stage for a showdown with China, which is teeing up its own retaliatory actions.

The US Customs and Border Protection in a notice issued Friday, directed ocean carriers to determine any China-built tonnage calling US ports and pay new fees starting Oct. 14. China-based operators face harsher fees than their counterparts, spurring Beijing last week to prepare its own retaliatory “special fees” for ships that are tied to actors hurting Chinese interests.

The vagueness of the criteria China could use to determine ties to the United States has expanded the risk of other ocean carriers getting caught in the crossfire beyond the obvious targets: US-flag vessel operators. A change to Chinese shipping law that took effect Sept. 29 allows China to go as far as blocking vessels from its ports.

The US Maritime Administration has been in a long-running disagreement with China’s Ministry of Transport, accusing Chinese ports of giving unfavorable treatment to US-owned vessels. Both countries agreed to a level playing field through the US-China Bilateral Maritime Agreement, which took effect in 1998.

The US federal register notice doesn’t detail how US Customs and Border Protection (CBP) would enforce the new port fee. The shipping industry largely failed to convince the USTR to again water down the Section 301 tariffs underpinning the port fees, although LNG-vessel shipowners and operators were exempted. The shipping industry successfully lobbied to ease the planned USTR port fee, with the agency releasing a less-severe plan in mid-April.

Container lines have made moves to avoid the new fees. A week prior to Oct 14, there were 647,000 TEUs of China-built capacity, equating to 13% of the tonnage on the trade between Asia and North America, according to rate benchmarking provider Xeneta. On the trans-Atlantic, which includes some Canada-only calls, there were 81,000 TEUs of capacity or 8.6% of deployed capacity. There’s more than 118,00 TEUs of China-built tonnage from vessels that are smaller than 4,000 TEUs and deployed on US services but are excluded from the new port fee.

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The new energy equation: Why LNG is vital to the future of supply chains

A major trend in the global energy landscape today is the ongoing recalibration of supply chains, driven by shifting geopolitical dynamics. Nations are increasingly recognizing that energy security extends beyond basic supply and demand; it is intrinsically linked to political stability, international relations and economic resilience.

Recent conflicts near major oil and gas producers have exposed vulnerabilities in existing supply chains, prompting urgent reassessments of national energy strategies. The Strait of Hormuz, for example, through which 20% of global oil and a significant share of LNG flows, has once again become a flashpoint. Iranian threats to disrupt this 33-kilometre chokepoint sent freight rates soaring 55% month-on-month, disproportionately impacting price-sensitive South Asian economies such as Pakistan and Bangladesh. Though a temporary ceasefire has provided some relief, it underscores the need for diversified, resilient energy sources.

Liquefied natural gas (LNG) has emerged as a critical buffer in this new energy equation, offering both security and flexibility. It enables rapid response to supply shocks and supports energy transitions by displacing more carbon-intensive fuels like coal. In regions such as South Asia and South-East Asia, home to fast-growing populations and rising energy demands, LNG is playing an increasingly central role.

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US sanctions on Iran to tighten China crude flows, raise shipping costs | Merchant Navy Jobs

The latest US sanctions on Iran, in response to its missile attacks on Israel, are expected to tighten crude flows to China and reduce the competitiveness of these barrels due to a shortage of ships and higher shipping costs in the near term, Chinese refinery and trade sources told S&P Global Commodity Insights on Oct. 14.

These sanctions, along with worries about further measures, if the Iran-Israel conflict escalates, could create prolonged uncertainty for China’s independent refiners, the biggest customers for Iranian crude, leading them to consider alternative supply options.

“Most of those vessels shuttled to China with Iranian barrels,” said a Shandong-based trade source with knowledge of the Iranian flows to China.

A Shandong-based independent refiner said sanctions complicate financing for affected cargoes, as “no bank will dare to handle cargoes shipped by a sanctioned vessel.”

In September, about 30 vessels loaded with Iranian crudes were discharged for China’s independent refineries, according to Commodity Insights estimates based on various market sources. Among these, six vessels were on the latest US sanctions list.

“With 23 vessels being sanctioned at one go, it is going to be challenging for dealers to find alternative carriers and redo administration works,” said Sijia Sun, associate director for downstream research and analysis at Commodity Insights.

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More ships to avoid the Red Sea as attacks disrupt world trade. | Sailor Job

Germany’s Hapag-Lloyd and Hong Kong’s OOCL said on Thursday they would avoid the Red Sea, the latest shipping companies to do so after attacks by Yemen’s Houthi group on vessels disrupted global trade, prompting the establishment of a naval task force.

Hapag-Lloyd said it would reroute 25 ships by the end of the year the key waterway as freight rates and shipping stocks have increased because of the disruption. Avoiding the Red Sea and Suez Canal means following a far longer route around Africa.

The Iran-aligned Houthis, who control much of Yemen, have been attacking ships passing through the Bab al-Mandab Strait at the southern end of the Red Sea for weeks in what they say is a response to Israel’s war in Gaza.

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Secondhand LNG carrier prices hit a record high; prospects rosy. | Rig Jobs

Due to stricter environmental restrictions and rising demand from European nations looking to replace their reliance on Russian gas imports, the price of used liquefied natural gas (LNG) carriers is rising rapidly and is now almost on close to the price of new LNG ships.

According to global market researcher Clarkson Research Service, a five-year-old LNG carrier with a 174,000-cubic-meter capacity was traded at a record $250 million in June.

The price compared with $185 million a year ago and $170 million in June 2021.

Last month’s used LNG carrier price is more than 96% that of a newly built LNG ship, which cost $260 million.

Prices of smaller LNG vessels with capacities between 138,000 cubic meters and 140,000 cubic meters have also doubled from two years ago, data showed.

“Ship owners, which run a fleet of LNG carriers over a relatively short period for investment purposes, are busy handling incoming requests for sales these days,” said an industry official.

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Iran, Venezuela launch direct shipping line | Crewing Assistance

Iran and Venezuela have launched a direct shipping route to enhance trade ties amid U.S. sanctions, the Iranian embassy in Caracas announced in a statement released on Friday.

According to the statement, the route seeks to facilitate the interaction between traders in both countries, Mehr News Agency reported.

Appreciating the efforts of the Islamic Republic of Iran Shipping Lines (IRISL), the embassy said a cargo ship will leave Iran for Venezuela every three months.

The IRISL said last week that a ship carrying Iranian goods will head to Venezuela in May.

In late December 2022, the state-owned shipping company had notified Iranian authorities and the chambers of commerce of the country, expressing readiness to create a regular shipping line to export Iranian commodities to Venezuela. 

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Critical port connectivity projects to get Rs 1 lakh Cr Gati Shakti push | Marine Mantra

The Centre has earmarked over ₹1 lakh crore for 100 critical port connectivity projects under the PM Gati Shakti Master Plan, according to Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal.

Sonowal said that the cost of moving goods through the shipping route is always cheaper as he alleviated concerns raised by Punjab on increasing power costs due to coal movement by coastal shipping.

Sonowal’s ministry is monitoring the progress of Sagarmala, an ambitious plan for improving port connectivity and developing coastal regions. The initial plan comprised 802 projects, at a budget estimate of ₹5.4 lakh crore. Additionally, 567 new projects with an estimated cost of ₹59,000 crore were added during the last Sagarmala Apex Body meeting held in May last year.

“This is part of the Holistic Coastal District Development plan starting from Gujarat to Bengal. Of these, 220 projects have already been completed, 230 projects entered the implementation phase, while the rest are under different stages of development,” he said.

In addition to these, Sonowal said that port connectivity is also being aided through more projects. “There is ₹1 lakh crore PM Gati Shakti Master Plan, which has given us further opportunities by bringing 18 infra allied ministries together to work under one single banner,” he said, adding that 100 critical projects have been identified including improved connectivity between various ports either through rail or road.

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Adani Ports halts non-group loans, to cut debt instead | Marine Mantra

Adani Ports and Special Economic Zone Ltd will discontinue lending money to non-group companies after having lent at least ₹12,687 crore last year, according to a Mint analysis. Instead, the Gautam Adani-controlled company will use surplus funds to cut its ₹44,000 crore debt pile.

Adani Ports’ management disclosed the information to analysts from Pimco, Deutsche Bank, and JP Morgan Asset Management in response to queries regarding the nature of the loans extended to non-related parties or those not owned by the group promoter.

“Let me categorically say there is no ICD (inter-corporate deposits), there are no loans, no advances given to any group company,” Karan Adani, chief executive of Adani Ports, said in a post-earnings call with analysts on 7 February.

Karan is the elder son of founder Gautam Adani, whose family owns 65.13% of Adani Ports. About 17.3% of the promoter’s stake is pledged with creditors as of 31 December.

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