Important Changes in Global Shipping and Oil Markets
The global shipping and oil markets are undergoing significant changes, with US crude oil exports to South Korea hitting record levels. These exports are directly impacting charter rates for Very Large Crude Carriers (VLCCs).
According to consultancy Kpler, US crude exports to South Korea may hit 20 million barrels in May, assuming all scheduled shipments are completed. In April, US oil deliveries increased by nearly 200,000 barrels per day, totaling 540,000 barrels per day, making the US the country’s second-largest supplier. This surge is substantially boosting the charter market, leading to a marked rise in VLCC spot prices.
Clarksons Securities reported a VLCC day charter rate of $53,900, a 26% increase from the previous month, driven by higher demand and increased oil supply from OPEC nations. Meanwhile, British Braemar has estimated one-year time charters for eco scrubber VLCCs at $51,500 per day. Additionally, the Greek Angelicoussis Group has reportedly secured a significant deal, chartering the Maran Taurus (built in 2011) to American Chevron for 9 to 13 months at $45,500 per day.
The Prominence of Greek Shipowners
Greek shipowners continue to play a pivotal role in the global shipbuilding industry, with Greece holding one of the largest national order books worldwide.
Recent data from Xclusiv Shipbrokers indicates that Greek shipping interests have 292 tankers under construction, accounting for approximately 27% of the global total and placing Greece among the leading investors in the sector.
This strong presence is evident in other ship categories as well. In the liquefied gas (LPG) sector, Greek orders comprise 50 ships—28% of the global market—while in the liquefied natural gas (LNG) sector, 47 new units represent about 13% of the global order book.
Greek shipowners consistently opt to place their orders with high-quality shipyards in South Korea, China, and Japan, ensuring superior technical standards and timely deliveries.
