Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
✨À Pape'ete, le 20 novembre prochain, à l'heure où le soleil disparaitra derrière l'île de Mo'orea, un petit groupe d'étoiles se lèvera à l'est. Six ou sept points de lumière serrés comme les pépins d'un fruit de la passion que les Grecs ont dénommés « les Pléiades ».
A large billboard maritime insurance ad seen in a major Chinese port city. Direct translation. SoH etc. seem to be front and centre, based on the “Ship Shooting” insurance at top of list…😊
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“New energy passenger vehicle exports skyrocketed 164 percent to 558,000 units in September from a year ago, accounting for about 60 percent of the total, compared with 39.8 percent a year earlier. Battery electric vehicles made up 61 percent of the total electric car exports…”
China's Car Sales Plunge 28% in September While Exports Surge 73% buff.ly/bYebvoQ
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Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
🚨 New episode out with Shipping Analyst, Jørgen Lian!
youtube.com/watch?v=6Bhs2bUj…
Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
Why the Strait of Hormuz is Not "Irrelevant"
⚓The "Irrelevance" Argument: Analyzing the claim that underground pipelines will soon replace 50-70% of the energy moving through the Strait.
⚓The Pipeline Problem: Why moving oil is easy, but moving LNG, LPG, and bulk fertilizer requires ships that pipelines simply can't replace.
⚓Traffic by the Numbers: A deep dive into the latest UKMTO reports showing a 90% drop in AIS-detected transits since the conflict began.
⚓The US "Dark Fleet": How the United States and its allies are using covert ship-to-ship transfers in the Gulf of Oman to bypass the blockade.
⚓Geopolitical Stakes: The dangerous precedent of allowing a nation to control a maritime choke point and what it means for the UN Convention on the Law of the Sea (UNCLOS).
⚓The Multi-Dimensional Threat: Connecting the dots between Iranian actions in Hormuz, Houthi activity in the Red Sea, and the rise of piracy in the Gulf of Aden.
Video: youtu.be/s4NsDkqXkJk
“So, our current working estimate is that there are roughly 70 to 80 Hong Kong Shipowners Association member ships, with around 1,400 to 1,600 seafarers on board remaining in or near the [Hormuz] conflict zone,” scmp.com/news/hong-kong/hong…
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Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
Thai Airways to Cut Flights as Fuel Costs Rise
Thai Airways International (BKK:THAI) plans to cut flight frequencies across Asian and European routes in May amid higher fuel costs, VN Express reported Monday.
In Asia, the airline plans to reduce or suspend services to destinations including Singapore, Cambodia, and several North Asian cities. European routes such as Frankfurt, Munich, Copenhagen, and Stockholm will also see fewer weekly flights.
The airline said the adjustments are aimed at aligning capacity with demand and managing rising operating expenses. (NT Newswires)
“If your master plan involves swapping LEGOs for linguine, we can promise your plan will be cooked al dente,” the police said. 🥸🤪
US man charged in Lego theft scheme of replacing pieces with pasta, police say bit.ly/4mAoLBE
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Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
Flex LNG – Announces contract extensions and fleet update
The Company has received notice from the charterer, a supermajor, of the vessels Flex Resolute and Flex Courageous, Flex Constellation commenced the 15-year time charter contract in March 2026.
Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
Got the wife evacuated, so have time to drink a tea and think about the Strait of Hormuz. I've sailed through the it a few times years ago and done antipiracy operations in the Strait of Malacca.
Maps can be deceiving. The best way to think about the Strait of Hormuz is a four lane highway, with two lanes per direction for the largest ships like crude carriers, cargo vessels, and warships in the center of the channel where it is deepest and free of obstacles.
Then on the outside of those lanes, you have medium sized ships, going Jebel Ali to other regional ports like Sohar, since a lot of international cargo goes direct to Jebel Ali then is cross loaded across the region.
On the outside of those lanes, along both coasts, are dhow fishing boats and all manner of local, smaller craft. Maritime trade crisscrossing this region goes back hundreds of years. The Portugese wrote how disappointing it was to find a tight network of trade already established in the region when they arrived in the 15th century.
It is hard to describe how crowded these waters are. You sometimes wonder if you could walk to Iran across the decks of ships and not get your feet wet.
The amount of traffic makes distinguishing between normal traffic and a threat incredibly difficult.
Is that dhow fishing, transiting between coasts, laying mines, gathering intelligence, or a tender for surface drones? Hard to discern while sailing ducks in a row escorting a lumbering tanker or cargo ship.
Operation Prosperity Guardian in the Red Sea proved to be a Houthi victory when a land power with no navy to speak of fought the most powerful navy on earth to an agreement.
The Hormuz problem is harder now the Iranians have proved they have the will to fight, no matter how much pain is leveled at them from afar.
The shipping lanes in the Strait of Hormuz go around the Musandam penninsula.
This turn exposes ships to 270 degree of fire control in layered systems from Qeshm, the surrounding high ground, to further inland, with surface drones now added to the mix.
Iran doesn't need to mine the entire strait. Iran just needs to turn that main shipping lanes around Musandam into a kill box and divert approved ships past Qeshm, out of the main shipping lanes like a watery weigh station. It has started doing this.
The U.S. has created a hard problem for itself.
NATO understandably wants nothing to do with this. If the most powerful navy in the world can't solve this, what difference does European navies make.
With the watery weigh station past Qeshm, Iran isn't closing the strait to global commerce. It is simply doing what the U.S. does with the dollar, exerting power over the chokepoint it controls.
Understandably the U.S. doesn't like this, so why can't the U.S. just send warships to escort ships through?
Well, when you escort a ship through a strait, you tend to stay ducks in a row.
So if warships are sent to escort tankers, they are now just another target in the strait.
Even if the warships could maneuver through local traffic to screen ships, lets go back to the 270 degree turn around the penninsula.
The warships would be receiving layered waves of fire likely worse than they faced off with in the Red Sea against the Houthis from essentially three directions while having the longer route to run to protect the tankers around the peninsula.
As the Hormuz Crisis drags on, anything less than breaking Iran's control of the strait will be seen as a loss for the U.S., much like the Battle of the Red Sea was against the Houthis.
Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
The biggest supply disruption in oil market history may just be starting.
Our CEO Felipe Elink Schuurman analyses:
• A potential 5–8 mb/d crude deficit
• Why SPR releases only delay the problem
• The Russia sanctions paradox
• Why diesel, jet and LPG are the real vulnerability
Read the full breakdown:
linkedin.com/posts/felipe-el…
#OOTT
Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
CEO Harald Fotland joined @ChrisVonheim's podcast and shared insights on:
⚓ Innovation as DNA
⚓ The first deep-sea green corridor
⚓ Market complexity
⚓ How liquid chemicals are vital for modern life
⚓ Fleet growth
⚓ Leadership philosophy and career advice
Tune in:
Want to learn about $ODF and how the chemical tanker market works? My new episode with CEO Harald Fotland out👇🏽
open.spotify.com/episode/3Qg…
In case this was overlooked (Kallaklev new role) Eastern Pacific Shipping:
epshipping.com.sg/eps-announ…
“Øystein will lead management and commercial strategy…overseeing commercial activities across EPS’ gas platform, supporting… continued growth in LNG and gas shipping markets.”
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•Singapore - record highs in 2025, handling 44.66 million shipping containers, an 8.6% increase from 2024, and vessel arrivals rose 3.5%…
•Bunker sales hit a record of 56.77 million tonnes, driven by alternative fuels like biofuel blends, LNG and methanol sales also grew.
2025 another record year for S’pore’s port, as containers handled, vessel arrivals hit new highs bit.ly/4suB458
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Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
'Tis the season to celebrate the birth of Jesus and the miracles unfolding through acts of love and generosity.
Because of you, children like Armella are not just looking up… they’re looking ahead!
From all of us at Mercy Ships, Merry Christmas!
#HopeAndHealing
Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
so we now have a (partial) explanation as to how Panama allowed the US to seize a Panama-flagged tanker (Centuries).
From the brief explanation given by the Panama government in this story, it appears that Panama deleted the tanker from its registry after it loaded in Venezuela while spoofing its location. It was "not following the rules". Thus the tanker was effectively flagless and stateless after it sailed, allowing the US to intercept and interdict.
Reading between the lines, Panama is cooperating with the US. Such swift and immediate detection of spoofing and fast-track deletion when you have a registry of 9000-plus ships is highly unusual in my experience of tracking flag states and their response to deceptive shipping practices.
Normally flag states (and insurers) will get in touch with the owners, await an explanation, with deletion a last resort. (and normally there's a 30-90 day notice period).
What does this mean? Any tanker, whether it is sanctioned or not, that is calling at Venezuela to load crude without a licence is clearly at risk. If that tanker deploys deceptive shipping practices (and most are), and is flagged in a jurisdiction that will cooperate with the US (and most will) then once on the high seas, they could find themselves flagless -- and vulnerable.
reuters.com/world/americas/p…
Pacific Orient 🇧🇲 🇲🇭 🇳🇴 🇬🇷 retweeted
Merry Ship-Mas indeed 🎅🏼
Exactly one year ago, I highlighted that shipping stocks were dirt cheap, making shipping equities a nice Christmas gift 🎁
At the time, the shipping universe covered by ABG Sundal Collier traded at a 34% discount to Net Asset Value (NAV). Discounts were particularly steep in dry bulk, priced at just 57% of NAV, and crude tankers at 0.74x NAV, despite a compelling supply/demand balance 💸
Finansavisen picked up the story, where Hans Thrane Nielsen (Storebrand ) and I also pointed out that shipping companies generally had healthy balance sheets after several strong earnings years. At the same time, shipyards were packed with newbuilding orders—especially for gas ships (LNG and VLGCs) and large container vessels—limiting their willingness to cut prices to expand orderbooks further 📊
So how has this played out?
The Euronext Oslo Børs Shipping Index (OBSHX) bottomed at 324 on December 17 and today stands at 424—a gain of roughly 100 points, or about 30%, which is twice the return of the OSEBX.
According to ABG Sundal Collier, the sector now trades at just a 8% discount to NAV, with:
•Tankers: 0.98x NAV
•Dry bulk: 0.86x NAV
•LNG: 1.02x NAV
•LPG: 0.76x NAV
However, these averages mask wide valuation differences. Shareholder-friendly companies paying juicy dividends are rewarded with higher multiples—Okeanis Eco Tankers Corp. and Frontline Management AS trade at 1.25x and 1.16x NAV, respectively.
In dry bulk, it has become difficult to find clean Capesize exposure after Golden Ocean became part of CMB.TECH, and Bulkers 2020 sold its entire fleet. Himalaya Shipping is the closest pure play left, also offering some exposure to the LNG product market via bunkering. It is now the only dry bulk stock trading above NAV, at 1.02x.
Glad to see that FLEX LNG continues to be a well-priced stock trading at 1.18x NAV as it continues to pay regular attractive dividends quarter by quarter. In that sense, it’s the gift that keep om giving😇
Overall, the Oslo Børs Shipping Index is getting thinner. Flex has delisted from Oslo, Avance Gas—which I ran—has sold its entire fleet just like Bulkers2020 recently announced, and Belships and Golden Ocean have been taken over. We clearly need more shipping companies listed in Oslo—but that will also require the EU to dial back over-regulation which resulted in Flex LNG leaving Oslo and which might deter companies from doing an IPO in Oslo.




















