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War broke out between Israel and Hamas with shipping currently minimally effected. One Israeli port, Ashkelon, situated 10 km north of the border with the Gaza Strip, has shut and queues have been detected at Haifa. A tight tanker market has seen some rallying on the back of the tension in the Middle East. The Saverys family reached a truce with John Fredriksen over the future of Euronav. After a two-year battle for control of the Antwerp tanker giant, Famatown Finance, Fredriksen’s finance vehicle, along with Frontline, his tanker firm, announced a deal with the Saverys-controlled Compagnie Maritime Belge (CMB) whereby 24 Euronav VLCCs will be handed over to Frontline for $2.35bn in return for Fredriksen backing away from his take over ambitions with the Saverys’ buying him out. Brussels decided not to extend the European Union’s legal framework which exempts liner shipping consortia from EU antitrust rules. The European Commission said that the Consortia Block Exemption Regulation (CBER) no longer promotes competition in the shipping sector and therefore it will let it expire on April 25, 2024. Belgian owner Exmar will become the first shipowner in the world to take delivery of ammonia-powered ships in the first half of 2026. Exmar has two 46,000 cu m LPG carriers contracted earlier this year with Hyundai Mipo Dockyard, with these ships set to be able to operate on ammonia or LPG, the owner revealed this month. The engines will be delivered by WINGD and the fuel supply system will be handled by Wärtsilä Gas Solutions. Japanese shipowner Mitsui OSK Lines (MOL), along with yards Onomichi Dockyard, Kawasaki Heavy Industries and Japan Engine Corporation (J-ENG) have conducted a risk assessment of a multipurpose vessel powered by hydrogen, which has been granted approval in principle (AiP) for the ship’s parcel layout concept from ClassNK. This marks the world’s first AiP certification for a ship equipped with a low-speed two-stroke hydrogen-fuelled engine as the main propulsion engine. MOL said a trial vessel will be launched in 2027 with two years of testing set to follow and the Japanese government backing the project. George Economou’s pursuit of Performance Shipping stepped up. The Greek shipping magnate launched a tender offer for all outstanding shares of common stock of the New York-listed tanker owner at $3 per share in cash. Gas ship operator BW Epic Kosan is to be privatised with Web Holding, a company controlled by Kristian Mørch-led J. Lauritzen and Greek shipowner Nicholas Lykiardopulo making a voluntary unconditional offer of NOK24 ($2.20) per share to acquire all outstanding shares in the Oslo-listed shipowner. A key shareholder, Odfjell, has signalled its willingness to sell its shares while Andreas Sohmen-Pao-led BW Group has said it will join Web Holding in taking the company private. Washington is easing its six-year-old sanctions against Venezuela. The US has issued a six-month licence authorising transactions in Venezuela’s oil sector after Venezuelan administration and opposition leaders reached an agreement to ensure fair 2024 elections. After 143 years London-headquartered shipbroker Simpson Spence Young has gone in for a rebrand and will be known henceforth simply as SSY. In addition to the official name change, SSY has also unveiled a new global corporate identity, a new website, and a dedicated online portal for its research division.

October 2023 Review

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