Shipping broker report 02/28/25

Industry Discussions Shipping News
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Advanced Shipping & Trading broker report this week

  • 10 bulkers sold, mostly modern tonnage
  • 3 Suezmax tankers sold, including two to NAT
  • A pair of container vessel sales
  • 27 - 35 newbuild orders this week. including 9 shuttle tankers for TEN

When I first heard of President Trump’s tariff on Mexico, China and Canada, I thought - “no major issue for tanker companies”. Not a lot of the tankers are delivering to US ports. Then Frontline (FRO) mgmt mentioned USTR, and that made me change my mind. In a nutshell, it is fee scheme on any Chinese-built vessel that enters a US port. The idea is still in comment phase. But, it could be extremely punitive to an owner with only Chinese built vessels, or mostly Chinese built vessels.

That big TEN order - Tsakos must have contracts for some → all nine of those vessels. Planned operational area? Hmm! Brazil or Guyana

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TEN newbuild order - Brazilian contract for Petrobras subsidiary Transpetro

Good forward planning. But TEN already has a debt challenge. The company will likely need to come up with 15% - 25% of the newbuild total cost. I wonder how much contract backlog is added with this deal?

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