The US said it will target ‘dozens’ of Venezuela‑linked tankers in a serious shadow fleet squeeze. Thursday saw a sixth tanker apprehended by US forces, while Vitol and Trafigura became the first international companies to start shipping oil out of Venezuela since the January 3 ousting of Nicolas Maduro. 

Tension between Iran and the US had international shipping on edge all week, with the situation still unclear as we go into the weekend. 

The series of maritime attacks between warring neighbours Ukraine and Russia showed no sign of abating this week, something that has seen insurance rates spike for vessels heading into the Black Sea. 

Danish carrier Maersk, the world’s second largest liner, made headlines on Thursday with its first structural step back into the Red Sea, deciding to reroute its MECL service, connecting the Middle East and India with the US east coast, through the Suez Canal after months of Cape of Good Hope diversions.

A Korean shipping major’s decision to cash in its container chips and invest them in VLCCs is having major repercussions in the sale and purchase markets. Brokers are agog at Sinokor’s market-altering decision to largely exit the container scene in favour of supertankers, paying over the odds for available VLCC tonnage, having secured more than 30 VLCCs in the past month and aiming to bag another 20 or so. 

A takeover tussle is brewing in the US-listed dry bulk space after Genco Shipping & Trading formally rejected a cash buyout approach from Greek peer Diana Shipping, setting the stage for a public war of words between two established owners.

This week’s Splash Wrap podcast, carried below, looks at what Maersk’s announcement of a phased return to the Red Sea could mean for liner profits in 2026.