Fearnleys

Oslo-based shipbroker Fearnleys has opened a new office in Athens while marking the strongest annual revenue result in Fearnleys’ history, adding another stage to Fearnleys’ global expansion and strengthening Fearnleys’ presence in the Greek shipping market. Norwegian shipbroker Fearnleys chose Posidonia as the moment to unveil Fearnleys’ new Athens base, bringing Fearnleys closer to one of the most important shipowning communities in international shipping. Marius Hermansen is group chief executive of the Astrup Fearnley Group. Norwegian shipping group Astrup Fearnley has delivered another year of strong performance and used Posidonia to launch a new office in Athens, expanding Astrup Fearnley’s reach in a major maritime hub where shipowners, charterers, financiers, lawyers, insurers, technical advisers, and brokers operate in close connection. The new Greek office becomes the Astrup Fearnley Group’s 19th international location and will concentrate on shipbroking, giving Fearnleys a stronger local presence in a market that remains central to dry bulk, tanker, gas, offshore, and sale-and-purchase business. Fearnleys is one of Norway’s most established shipbroking names, with roots going back to 1869, when Thomas Fearnley founded a shipbroking and agency business in Christiania, now Oslo. Across more than 150 years, Fearnleys has grown from a Norwegian brokerage house into an international shipbroking network with a broad maritime reach and a strong reputation in chartering, sale and purchase, newbuilding work, market research, and advisory services. Fearnleys remains closely connected to the Astrup Fearnley Group, which has developed into a wider maritime and financial services organisation serving shipowners, investors, charterers, offshore clients, energy interests, and shipping-related businesses. Fearnleys’ heritage gives Fearnleys a strong position in traditional shipbroking, but Fearnleys has also adjusted to the modern shipping environment by strengthening Fearnleys’ research capability, data use, transaction support, and international office network. The decision to open an Athens office is commercially significant because Greece remains one of the world’s largest shipowning nations, with Greek-controlled fleets playing a leading role in dry bulk shipping, tanker shipping, LNG shipping, LPG shipping, container shipping, and offshore-related markets. For Fearnleys, a physical base in Athens improves access to Greek shipowners and operators who are highly active in chartering, fleet renewal, secondhand ship purchases, newbuilding negotiations, financing, and long-term fleet planning. The Athens office also places Fearnleys closer to clients during market cycles where timing, trust, and direct relationships can determine whether a transaction succeeds. Shipbroking remains a business built on relationships, and a local office can be valuable when shipowners are deciding whether to charter a ship, sell a ship, buy a ship, order a ship, or alter fleet exposure. Fearnleys’ move into Athens also underlines the importance of Posidonia as one of the world’s leading maritime gatherings. Posidonia brings together shipowners, charterers, brokers, banks, insurers, shipyards, equipment suppliers, classification societies, law firms, and technology providers, making Posidonia a major venue for building relationships and discussing shipping transactions. By opening a new office during Posidonia, Fearnleys is clearly signalling that Fearnleys wants to deepen Fearnleys’ relationship with Greek shipping and increase Fearnleys’ influence in the wider Mediterranean maritime market. The timing also matches the Astrup Fearnley Group’s strong financial performance, with the office launch coming during a period when Fearnleys’ shipbroking activity remains a central contributor to the group’s earnings and strategic direction. Fearnleys is widely known for shipbroking expertise across dry bulk, tankers, gas, offshore, sale and purchase, and newbuilding markets. In dry bulk, Fearnleys monitors freight activity linked to iron ore, coal, grains, bauxite, alumina, fertilizers, steel products, and other raw materials. In tanker markets, Fearnleys follows crude oil, refined product, and chemical cargo flows, helping clients understand freight movements, ship availability, cargo demand, and asset pricing. In sale and purchase, Fearnleys works with shipowners and investors assessing secondhand ships, negotiating deals, reviewing values, and deciding whether to buy, sell, or retain tonnage. In newbuilding work, Fearnleys assists clients considering shipyard contracts, delivery positions, technical specifications, pricing, and future fleet needs. Fearnleys’ strength lies in combining long experience with an international broker network that understands local shipping communities while operating within a global market. The Athens office can therefore improve Fearnleys’ ability to serve Greek clients directly while also linking Greek shipping activity with Fearnleys’ wider international platform. For shipowners, the value of a shipbroker is not limited to locating cargoes or ships. A capable shipbroker can provide market intelligence, asset valuation guidance, chartering strategy, counterparty knowledge, negotiation support, and a clearer view of possible movements in freight rates and ship values. Fearnleys has built Fearnleys’ name around this combination of market insight and transaction experience. Fearnleys’ long history also gives Fearnleys credibility among established owners who value continuity, discretion, and deep commercial relationships. The Athens office further increases Fearnleys’ visibility in a city where many major shipping decisions are made. Athens and Piraeus contain a dense concentration of shipowners, ship managers, technical managers, maritime lawyers, insurers, banks, classification offices, ship agents, and service providers. For Fearnleys, operating from Athens creates more direct daily contact with decision-makers and improves Fearnleys’ ability to react quickly when opportunities arise in chartering, ship sales, fleet renewal, or newbuilding contracting. This can be especially important in volatile markets, where freight rates, secondhand values, bunker costs, regulatory pressures, and geopolitical risks can change quickly. Fearnleys’ expansion also demonstrates that shipbroking remains highly relevant even as digital platforms and data tools become more common. Modern shipping now uses more analytics, performance data, satellite information, emissions measurements, and digital market systems, but major shipping decisions still rely heavily on human judgement, trust, negotiation ability, and market relationships. Fearnleys operates in that space by combining information, experience, and client access. The new Athens office gives Fearnleys another route to strengthen these relationships in one of the world’s most competitive and sophisticated maritime markets. Fearnleys’ Athens presence may also help Fearnleys win more business linked to fleet renewal. Greek shipowners are major buyers and sellers in the secondhand market and are also highly active in newbuilding discussions across dry bulk, tanker, gas, and container ship sectors. Environmental regulation, carbon intensity rules, fuel uncertainty, and shipyard pricing have made fleet decisions more complicated. Owners must decide whether to sell older ships, retrofit existing ships, buy modern secondhand ships, or order new ships. Fearnleys can support these decisions through market comparisons, valuation intelligence, shipyard knowledge, and transaction execution. The new Greek office also supports Astrup Fearnley’s broader international strategy. The Astrup Fearnley Group operates across maritime services, brokerage, financial services, offshore, energy, and advisory activities, and Fearnleys remains one of the core brands inside that structure. By adding Athens, Astrup Fearnley is expanding in a market where maritime capital, ship ownership, and commercial decision-making are heavily concentrated. The expansion strengthens the Astrup Fearnley Group’s ability to support clients across shipping cycles and across different geographies. Fearnleys’ record annual revenue also shows that demand for strong shipbroking and maritime advisory services remains high. Shipping markets have been shaped by shifting commodity flows, energy security concerns, war-risk premiums, sanctions, environmental regulation, Red Sea disruption, Panama Canal limitations, fleet supply questions, and rising demand for modern ships. These conditions create uncertainty, but they also generate opportunities for brokers with reliable market knowledge and trusted client relationships. Fearnleys’ performance suggests that Fearnleys has benefited from active freight markets, sale-and-purchase transactions, newbuilding interest, and client demand for informed market guidance. For Fearnleys, the Athens office is not only a symbolic expansion. The Athens office gives Fearnleys a practical base in a market where personal access and long-term trust remain essential. Greek shipowners have historically had an outsized role in global shipping, and many Greek owners are active across several ship segments and asset cycles. A local presence allows Fearnleys to build closer relationships, hold meetings more easily, support transactions more directly, and better understand client requirements. The expansion also places Fearnleys in direct contact with one of the world’s most important shipping communities at a time when ship values, charter markets, financing costs, and environmental rules are all shaping fleet strategy. The opening of the Athens office therefore represents both a growth step and a strategic statement. Fearnleys is celebrating record revenue, but Fearnleys is also investing in stronger future access to Greek shipping clients and Mediterranean maritime business. With a heritage dating back to 1869, a close connection to the Astrup Fearnley Group, and an expanding international network, Fearnleys is positioning Fearnleys to remain a major shipbroking name in chartering, sale and purchase, newbuilding contracting, and maritime market intelligence. The new Athens base creates a stronger bridge between Norway’s long maritime tradition and Greece’s powerful shipowning community, reinforcing Fearnleys’ role as a global shipbroking platform at a time when shipping markets are active, complex, and increasingly international. 3-June-2026

Strait of Hormuz crisis moves into a more dangerous phase as shipping disruption worsens and tanker-market visibility weakens. The Strait of Hormuz shipping crisis is now approaching its 100th day with no clear settlement in sight, while conditions have worsened significantly over the past 24 hours after US forces hit Iranian targets at Bandar Abbas, Iran fired drones and ballistic missiles toward Kuwait, and at least four commercial ships were forced to abandon attempted transits through the strait. The latest escalation started overnight when the US struck Iranian positions at Bandar Abbas after Iran sent four drones toward a US tanker that was sailing outbound with AIS switched off. Iran then answered with several drones and ballistic missiles aimed toward Kuwait, adding another serious security threat to a crisis already affecting one of the world’s most important shipping chokepoints. The escalation produced a severe assessment from Martin Kelly of maritime security firm EOS, who said that despite repeated talk of an imminent ceasefire, MoU, peace agreement, or any other diplomatic expression used to suggest progress, the confrontation between the US and Iran is deteriorating, and the risk to shipping has not meaningfully changed. Since the last ceasefire agreement on 8 April 2026, the US has attacked Iranian targets at Bandar Abbas, Sirik, and Jask on two or three different occasions. Iran has attacked US warships at least twice. Iran has also targeted the UAE, Saudi Arabia, and Kuwait multiple times, while continuing to strike commercial shipping in and around the Gulf. The standard for what is treated as a ceasefire breach has shifted far away from what would normally be expected. Incidents that are not being treated as formal violations already include attacks on commercial shipping and Gulf States. The main conclusion is that Iran still holds practical control over the Strait of Hormuz, Iran is unlikely to surrender that control, and the space for genuine diplomatic progress remains extremely limited. The US has now added the Persian Gulf Strait Authority (PGSA), the Iranian entity created to administer transit permits through the Strait of Hormuz, to OFAC’s Specially Designated Nationals list, identifying the Persian Gulf Strait Authority (PGSA) as connected to the Islamic Revolutionary Guard Corps. That designation places shipping interests in a highly difficult position. Attempting to move through the Strait of Hormuz without Persian Gulf Strait Authority (PGSA) coordination could expose ships to Iranian detention, inspection, or interdiction, while any engagement with the Persian Gulf Strait Authority (PGSA) could create exposure to US sanctions. Iran’s deputy secretary of the Supreme National Security Council, Ali Bagheri Kani, speaking during a security meeting in Russia, made clear that any eventual settlement would not return the strait to its former operating system. Ali Bagheri Kani said shipping procedures in the Strait of Hormuz after the war would be completely different from the arrangements that existed before the armed conflict began. Hopes for a quick diplomatic breakthrough effectively faded on Wednesday after US President Trump publicly rejected an Iranian state television report claiming that Tehran and Oman were close to an agreement that would restore commercial shipping within a month under joint Iranian-Omani management. US President Trump’s reply was direct and threatening. Speaking about the strait, US President Trump said nobody was going to control it, described the strait as international waters, and warned that Oman would have to act like everyone else. For the tanker market, Oslo-based shipbroker Fearnleys dismissed talk of a deal to reopen the Strait of Hormuz as lacking real substance, using unusually sharp language to show that diplomatic claims had not yet produced any practical improvement for ships, charterers, cargo interests, insurers, or shipowners. Oslo-based shipbroker Fearnleys said limited transparency across the market was making it increasingly hard to measure conditions in real time, especially as physical ship movements, security threats, insurance costs, chartering negotiations, freight expectations, and owner sentiment were all shifting quickly. Fearnleys is an important market voice in this situation because Fearnleys is one of the long-established Scandinavian shipbroking names active across shipping, offshore, tanker, dry bulk, gas, sale and purchase, newbuilding, research, and market advisory work. During a Strait of Hormuz crisis, shipbrokers such as Fearnleys help explain how geopolitical danger is being converted into freight rates, ship availability, cargo delays, insurance costs, charter-party terms, and trading decisions. The importance of Fearnleys is not limited to reporting market levels. Fearnleys also helps market participants understand whether charterers are still prepared to fix ships through high-risk waters, whether shipowners are refusing voyages, whether war-risk premiums are changing the economics of cargo movement, whether ships are ballasting away from the Gulf, and whether cargo programmes are being postponed, rerouted, or cancelled. Fearnleys’ view carries weight because tanker-market sentiment can move more quickly than official political messaging. In tanker shipping, a reopening rumour, a naval incident, a drone strike, a sanctions designation, a port disruption, or a single ship turning back can immediately alter charterer demand and shipowner willingness to accept employment. Fearnleys is therefore close to the commercial front line of the crisis, where public statements are measured against actual fixtures, ship positions, cargo stems, demurrage exposure, freight premiums, and shipowner appetite for Strait of Hormuz risk. Fearnleys’ warning about poor transparency is particularly important because reliable pricing becomes difficult during severe disruption. When ships avoid the Strait of Hormuz or charterers delay cargoes, fewer clear comparable fixtures are available. Shipowners may demand higher earnings but avoid giving firm indications. Charterers may test the market without making commitments. Some ships may require special clauses, additional insurance, naval coordination, sanctions guidance, or security approvals. In this type of environment, reported freight levels may not show the full cost of moving crude oil, refined products, or other cargoes through the region. Fearnleys is therefore pointing to a market where visible rates may show only part of the real commercial situation. Fearnleys is also relevant because shipbrokers act as the bridge between shipowners and charterers at times when both sides are reassessing risk. A shipowner considering a Strait of Hormuz voyage must weigh crew safety, war-risk insurance, possible delay, interdiction exposure, sanctions complications, off-hire risk, charter-party protection, and the danger that the ship may become trapped inside or outside the Gulf. A charterer must assess cargo availability, refinery requirements, supply obligations, port schedules, replacement tonnage, rising freight costs, and the risk that a ship may not perform the intended voyage. Oslo-based shipbroker Fearnleys helps read this negotiation environment and can identify shifts in market behaviour before those shifts become visible in wider public indicators. In tanker shipping, the judgement of Fearnleys is especially relevant because the Strait of Hormuz is directly tied to crude oil and refined product exports from the Gulf. If the strait remains unstable or effectively closed, tanker supply can become distorted very quickly. Ships already inside the Gulf may be delayed, ships outside the Gulf may refuse to enter, and charterers may be forced to compete for replacement tonnage in other loading areas. This can trigger sudden freight volatility, particularly for crude tankers and product tankers connected to Middle Eastern export flows. Fearnleys’ warning about limited visibility reflects how difficult it becomes to price ships when normal loading, transit, discharge, and return patterns have been disrupted by security threats.Oslo-based shipbroker Fearnleys’ assessment also matters for the wider shipping market, even though the strongest immediate impact is being felt in tankers. A prolonged Strait of Hormuz disruption can affect bunker prices, war-risk insurance, routing decisions, port congestion, marine fuel availability, refinery scheduling, and broader sentiment across shipping. A crisis that begins in the tanker sector can spread into other ship segments because ships across the industry depend on stable fuel prices, available insurance, predictable port access, and safe movement through major trade corridors. With activity across several shipping sectors, Fearnleys is well placed to observe how a regional security shock can influence markets beyond tankers. The language used by Fearnleys also reflects frustration within the tanker market. Repeated references to reopening plans, temporary arrangements, ceasefire possibilities, or diplomatic formulas have not removed the physical danger facing ships. Shipowners and charterers need more than political optimism before resuming normal trading through a high-risk maritime corridor. They require dependable rules, credible security guarantees, insurable voyages, workable sanctions guidance, clear naval procedures, and a genuine reduction in the risk of drones, missiles, mines, detention, or forced diversion. Fearnleys’ sceptical view shows that commercial shipping participants are not yet convinced that any rumoured or announced arrangement can restore confidence in the Strait of Hormuz. BIMCO (Baltic and International Maritime Council) warned that if the Strait of Hormuz remains effectively closed, oil inventories could reach critical levels by the end of September and may no longer be able to provide a secondary source of oil supply. The warning shows why shipbrokers, tanker operators, governments, refiners, traders, insurers, and energy buyers are monitoring the crisis closely. A prolonged closure or near-closure would not only affect freight markets. It could also influence energy security, refinery operations, fuel prices, storage levels, commodity flows, and wider economic stability. Amid the worsening security situation, one positive development emerged on Tuesday. Ten Indian seafarers detained in Iran since July 2025 aboard the product tanker Harbour Phoenix, which was intercepted near Jask Port before the crew were arrested and imprisoned, have been released after sustained diplomatic engagement by India’s Directorate General of Shipping. India’s Directorate General of Shipping said the seafarers had been released and safely reunited, while arrangements were being coordinated for their earliest possible return to India. The release of the Harbour Phoenix crew is a rare humanitarian improvement in an otherwise worsening maritime crisis, but it does not alter the wider risk environment. Commercial ships remain caught between military escalation, sanctions exposure, unclear transit procedures, uncertain diplomatic signals, and deteriorating security conditions around the Strait of Hormuz. For the tanker market, the warning from Fearnleys captures the central problem: there may be repeated claims of progress, but until ships can move safely, legally, and predictably through the Strait of Hormuz, the crisis will continue to shape freight sentiment, chartering behaviour, insurance pricing, and energy-flow planning. 28-May-2026

The first coordinated VLCC (Very Large Crude Carrier) movements through the Strait of Hormuz have created guarded optimism that conditions around the crucial oil corridor may be starting to improve after nearly 12 weeks of disruption. Three VLCCs (Very Large Crude Carriers) moved outbound through the Strait of Hormuz on Wednesday, offering the clearest indication so far that a more structured transit process may be returning to the waterway. The development is important because the Strait of Hormuz remains one of the world’s most sensitive energy chokepoints, linking Persian Gulf (PG) crude and product exports with customers in Asia, Europe, and other regions. Two Chinese-controlled tankers left the Strait of Hormuz in a coordinated formation, carrying Iraqi crude and Qatari crude for Quanzhou and Ningbo. A third tanker, a South Korean-flagged VLCC (Very Large Crude Carrier) loaded with Kuwaiti crude for Ulsan and Onsan, passed through the same window but did not sail as part of the Chinese-controlled formation and was operating with AIS switched off. The synchronised departure of the Chinese-controlled tankers is commercially and politically meaningful because open AIS transmission across the Strait of Hormuz may suggest some form of informal operating understanding between the USA and China. If such an understanding exists, Chinese-controlled liftings of Iraqi crude and Qatari crude may not be regarded as the main enforcement targets under the current US approach. Oslo-based shipbroker Fearnleys confirmed the tanker movements and also said Eastmed-controlled MT Grand Lady was understood to be proceeding inbound to load inside the Persian Gulf (PG). The reference to MT Grand Lady is important because inbound movement can be as significant as outbound passage. A loaded tanker leaving the Persian Gulf (PG) may show that cargoes are being cleared from a risk area, but an inbound ship demonstrates whether owners, charterers, and cargo interests are willing to send tonnage back into the loading zone. If more tankers begin entering the Persian Gulf (PG) under a recognisable transit pattern, confidence may gradually improve. If inbound traffic remains limited or dependent on special arrangements, the market may continue to treat the Strait of Hormuz as unstable. Fearnleys’ assessment carried weight because Fearnleys is one of the most established shipbroking houses in international shipping, with a long-standing presence in tanker, dry bulk, gas, offshore, newbuilding, and S&P (Sale and Purchase) markets. Fearnleys is widely followed by shipowners, charterers, commodity traders, investors, analysts, insurers, and other maritime professionals for market colour, freight intelligence, fixture information, asset-value insight, and commercial interpretation. In a high-risk environment such as the Strait of Hormuz, the role of a shipbroker is not limited to observing ship movements. Fearnleys can compare AIS behaviour, fixture conversations, charterer interest, cargo nominations, owner sentiment, insurance pressure, and regional risk signals to form a broader reading of what is happening in the market. Fearnleys’ cautious tone is therefore important. Fearnleys treated the coordinated VLCC (Very Large Crude Carrier) movements as a potentially constructive signal, especially alongside talk of a possible understanding between the US and Iran, but Fearnleys did not present the movements as proof that the Strait of Hormuz has returned to normal. That caution reflects how shipping markets usually respond to geopolitical risk. One successful transit, or even a small group of successful transits, does not remove underlying security, sanctions, insurance, and navigation risks. Owners, charterers, banks, and insurers usually need repeated evidence before treating a high-risk corridor as reliable again. The tanker market is particularly sensitive to disruption around the Strait of Hormuz because the waterway is central to the movement of crude oil, condensate, refined products, LPG, LNG, and other energy cargoes from the Persian Gulf (PG). Any disturbance in the area can quickly affect freight rates, war risk premiums, ballast decisions, chartering behaviour, bunker planning, and cargo sourcing strategies. If owners become reluctant to offer ships for Persian Gulf (PG) employment, charterers may face higher freight costs and reduced ship availability. If cargo buyers redirect supply away from the Persian Gulf (PG), tonne-mile patterns and freight demand can shift rapidly. Fearnleys’ tanker-market perspective is valuable in this context because Fearnleys is positioned to observe whether owners and charterers are genuinely regaining confidence or merely reacting to a narrow tactical opening. The fact that a South Korean-flagged VLCC (Very Large Crude Carrier) moved through the same window while operating with AIS switched off also underlines the uneven nature of the current environment. Some ships may feel able to transit openly, while others may still prefer to reduce electronic visibility. This mixed behaviour shows that the waterway may be physically passable but still commercially and operationally risky. For ship operators, AIS decisions must balance safety, transparency, security exposure, regulatory expectations, and tactical risk management. In a contested maritime environment, open AIS transmission can reduce collision risk and support transparency, but it may also reveal sensitive position information. Operating AIS dark can reduce visibility to hostile actors, but it can also increase navigational risk and complicate coordination with other ships. Iran’s Islamic Revolutionary Guard Corps navy separately claimed that 26 commercial ships, including oil tankers and container ships, had transited the Strait of Hormuz during the previous 24 hours in coordination with Iranian authorities. Iranian Foreign Ministry spokesperson Esmaeil Baghaei said Iran wants to establish a mechanism with Oman to support sustainable security in the Strait of Hormuz and is prepared to create safe-shipping protocols with other coastal states. These comments suggest that Iran is trying to present a framework for controlled passage through the waterway, but many shipowners and insurers remain wary of any process that may involve Iranian authorities, especially if linked to the Islamic Revolutionary Guard Corps. Iran’s self-declared Persian Gulf Strait Authority has also issued one of the clearest descriptions so far of the maritime area Iran claims to supervise. The Persian Gulf Strait Authority described the zone as extending from the line connecting Kuh Mobarak in Iran and the south of Fujairah in the UAE in the east, to the line connecting the end of Qeshm Island and Umm al-Qaiwain in the west. An accompanying map showed broad parts of the Persian Gulf (PG) and the Gulf of Oman under what the Persian Gulf Strait Authority described as Iranian armed forces oversight. The PGSA (Persian Gulf Strait Authority) said ships operating inside the declared area must coordinate with the PGSA (Persian Gulf Strait Authority) and secure a permit before passing through the Strait of Hormuz. This claim creates a major legal and commercial complication for international shipping. A waterway may be open in a navigational sense, but if safe passage requires coordination with an authority linked to the Islamic Revolutionary Guard Corps, owners may face sanctions concerns, insurance questions, charterparty complications, and legal uncertainty. For protection and indemnity clubs, hull insurers, banks, and charterers, the issue is not only whether a ship can physically pass through the Strait of Hormuz. The issue is also whether the owner can legally and safely coordinate with the body claiming authority over the passage. This is why industry scepticism toward any Iranian-administered transit regime remains deep. US forces have also continued enforcement operations in the surrounding waters. CENTCOM said marines boarded the Iranian-flagged tanker MT Celestial Sea in the Gulf of Oman after the tanker was suspected of attempting to breach the US blockade by heading toward an Iranian port. The tanker was searched and later released after the crew was ordered to change course. US officials said the blockade campaign has now redirected more than 90 commercial ships operating near Iranian ports. These actions show that the Strait of Hormuz and nearby waters remain part of an active enforcement environment, even while some commercial ships continue to move through the corridor. For tanker owners, the practical risk assessment remains complicated. A ship may have a possible transit window, but the owner must still consider boarding risk, detention risk, inspection risk, crew safety, war risk cover, sanctions exposure, charterparty obligations, cargo ownership, insurance notification requirements, and potential delay. The latest movements took place as BIMCO (Baltic and International Maritime Council), INTERTANKO, OCIMF, the International Chamber of Shipping (ICS), and other major shipping organisations issued updated joint guidance warning that conditions inside the Strait of Hormuz remain dangerous even if the waterway appears open. The advisory highlighted overlapping threats, including GNSS jamming and spoofing, AIS manipulation, mines, drones, unmanned surface vessel attacks, and the possibility of severe congestion if many ships attempt to transit at once after months of delays. The guidance stated that transit planning must consider both security risk and navigational risk, and that delaying passage should be considered a safer option when threat assessments worsen. Ship operators were also advised to disable Bluetooth, Wi-Fi, and location services on personal devices because connected devices may reveal ship position information. This advice shows how modern maritime security now extends beyond traditional physical dangers. Mines, missiles, drones, boarding parties, and unmanned surface vessels remain serious threats, but digital exposure has also become part of the risk picture. GNSS disruption can affect navigation accuracy. AIS manipulation can distort traffic awareness. Personal devices can leak location data. Cyber and electronic vulnerabilities can turn ordinary communications equipment into a security problem. In a narrow and crowded waterway such as the Strait of Hormuz, these risks can combine quickly with heavy traffic, poor visibility, nervous crews, warships, and commercial pressure to keep voyages moving. Fearnleys’ cautious interpretation of the coordinated VLCC (Very Large Crude Carrier) transits fits this wider environment. The movements may be an encouraging sign, but the broader operating picture remains fragile. Several successful transits would be needed before owners and charterers could treat the corridor as predictable again. Even then, confidence would depend on stable protocols, consistent enforcement behaviour, manageable insurance costs, reliable navigation signals, and the absence of sudden military or political escalation. For charterers, the key question is whether cargo programmes can be executed without unacceptable delay or cost. For owners, the main concern is whether ships and crews can transit safely. For insurers, the issue is whether the risk is measurable, priced, and legally manageable. For shipbrokers such as Fearnleys, the task is to read these signals and translate them into practical market meaning. Shipbrokers remain especially important during periods of uncertainty because ship-tracking data alone does not explain the commercial background behind a movement. A tanker leaving the Persian Gulf (PG) may be completing a normal voyage, escaping a risk zone, participating in a coordinated arrangement, or moving under a government-level understanding. A tanker entering the Persian Gulf (PG) may indicate renewed confidence, cargo urgency, charterer pressure, or acceptance of higher risk. Fearnleys can help interpret these distinctions by combining movement data with market conversations, owner feedback, chartering activity, and freight signals. In the VLCC (Very Large Crude Carrier) market, even a small change in confidence can influence freight levels because the ships carry high-value cargoes and alternative sourcing or routing can be expensive. The coordinated Chinese-controlled departure also raises questions about whether some cargoes, owners, or destinations may be treated differently under the current enforcement environment. If Chinese-controlled liftings of Iraqi crude and Qatari crude are not priority enforcement targets, the market may begin to distinguish more carefully between cargo origin, beneficial ownership, flag state, destination port, charterer identity, and political exposure. Such distinctions can influence freight negotiations, insurance requirements, legal review, and owner willingness to offer ships. That makes the latest transit not only an operational event but also a possible sign of selective risk treatment in a complex geopolitical setting. The possible involvement of Oman in future safe-passage arrangements is also important. Oman has often played a diplomatic role in regional maritime and security matters, and Iranian Foreign Ministry spokesperson Esmaeil Baghaei’s comments suggest that Iran may seek a regional mechanism rather than relying only on unilateral declarations. However, for shipowners and insurers, the details would matter. They would need to know who administers the mechanism, whether the PGSA (Persian Gulf Strait Authority) has any role, whether US authorities accept the arrangement, whether permits create sanctions exposure, and how disputes or detentions would be handled. Without that clarity, many owners may remain reluctant to participate in any Iranian-linked permit structure. For Fearnleys and the wider market, the next phase will be closely watched. Market participants will monitor whether more VLCCs (Very Large Crude Carriers), suezmax tankers, aframax tankers, product tankers, LNG carriers, LPG carriers, container ships, and bulk carriers use similar transit arrangements. They will also watch whether ships keep AIS active, whether convoys become more regular, whether inbound tonnage increases, whether insurance premiums ease, whether charterers resume normal fixing patterns, and whether war risk conditions improve. Freight markets may soften if the corridor clearly normalises, but freight markets may tighten again quickly if a ship is boarded, detained, damaged, spoofed, or forced to alter course. The first coordinated VLCC (Very Large Crude Carrier) movements should therefore be seen as a cautious positive signal rather than evidence of full normalisation. The Strait of Hormuz remains a high-risk corridor where security, navigation, sanctions, insurance, diplomacy, and commercial urgency are tightly connected. Fearnleys’ careful reading captures the mood of the market: the movements may suggest that the situation is slowly edging toward some form of solution, but earlier hopes have failed before. For now, the three VLCCs (Very Large Crude Carriers) provide an important sign of movement, while the wider shipping industry continues to approach the Strait of Hormuz with strict planning, heightened caution, and constant reassessment. 25-May-2026

Tankers may be first to move if shipowners begin seeking a way out of the Persian Gulf (PG), with the view emerging that any full reopening of the Strait of Hormuz would likely favour the movement of urgently required crude and refined product cargoes before other ship categories are able to resume normal passage. Even if the ceasefire announced overnight on Wednesday between the United States and Iran remains in place, analysts believe that traffic through the waterway is unlikely to return immediately to pre-war levels, meaning that the earliest phase of recovery could be driven more by cargo priority than by a broad restoration of all delayed movements. That interpretation carries significance because the organisations making it are not marginal commentators, but long-established participants in shipping and maritime finance with deep involvement in broking, research, market intelligence, and investment-related services. One of them is among the oldest names in global shipbroking, with roots stretching back to the nineteenth century and a long-standing international presence, while the other operates as a specialised financial arm focused on market analysis, investment activity, and shipping-related corporate and project finance. Taken together, their assessment suggests that any reopening of the Strait of Hormuz is likely to be uneven in commercial terms at the outset, with tankers carrying crude and oil products potentially receiving priority over dry bulk ships, container ships, and other traffic as energy supply chains are restored and shipowners try to reposition ships affected by the disruption. 8-April-2026

Anchorage backlogs are expanding across Asia as the war approaches its fifth week, with disruption centred on the Strait of Hormuz now spreading across major shipping hubs worldwide. Ships are waiting, diverting, or clustering at substitute ports while operators look for clearer guidance amid conflicting messages from the United States and Iran. The seven-day average number of ships at anchorage in Singapore climbed to 30.3 by March 25 from 20 before February 28, while Busan ranked among the hardest-hit ports, with the average rising to 12.9 from 5.4 over the same period. In the VLCC (Very Large Crude Carrier) segment, one of the areas most exposed to the military escalation, Norway-based shipbroker Fearnleys said the Strait of Hormuz remains, in practical terms, closed, although alternative loading areas such as Yanbu and Oman are attracting growing attention from owners as more ships are released from earlier commitments inside the Middle East Gulf and freight levels face pressure from an increasing belief that these alternatives are less vulnerable. France said that 35 countries had joined talks on reopening shipping through the strait once hostilities have eased sufficiently, with the proposal focused on a strictly defensive operation to escort commercial ships and restore freedom of navigation. German liner Hapag-Lloyd, meanwhile, said it is facing additional weekly costs of $40 million to $50 million because of the continuing Middle East conflict, while six ships and 150 crewmembers remain stranded in the Persian Gulf (PG). Fearnleys carries particular significance in this environment because it is one of the shipping industry’s longest-established broking houses, with roots dating back to 1869, and presents itself as a global platform combining local market presence with an international network of ten offices. That position gives Fearnleys considerable influence in tanker and broader freight-market analysis, since Fearnleys is not simply observing events from a distance but operates within the commercial heart of shipping through shipbroking, sale and purchase, newbuildings, and market intelligence. For that reason, when Fearnleys indicates that the effective closure of the Strait is redirecting attention toward alternative loading areas while market psychology begins to soften, the view is being interpreted not merely as commentary but as a meaningful signal of owner strategy, freight sentiment, and the shifting balance of risk in one of the world’s most strategically sensitive shipping corridors. 27-March-2026

Major energy facilities across the Middle East are now being hit directly as the war between Iran and the US/Israeli coalition moves into its 19th day, with missile attacks reported against vital LNG and oil infrastructure and a fresh strike on a commercial ship leaving one master still missing. The crisis has entered an even more alarming stage after Iran openly declared a full-scale economic war against regional energy assets following Israeli attacks on gas fields jointly shared by Iran and Qatar. Since then, Iran has struck the world’s largest LNG export centre, threatened oil installations throughout the Gulf, and prompted evacuations from Qatar to the UAE. An Israeli airstrike on South Pars, the world’s largest natural gas field shared by Iran and Qatar, set off a fierce Iranian retaliation. Missiles struck Ras Laffan Industrial City, Qatar’s enormous LNG hub that under normal conditions provides roughly one-fifth of global liquefied natural gas supply, with heavy damage reported after four Iranian missiles were intercepted and a fifth hit the complex. Operations at Ras Laffan had already been suspended following an earlier Iranian drone strike this month. Qatar denounced the South Pars attack as reckless and dangerous, warning that it had endangered global energy security. Oil prices surged as markets reacted to statements from Iran’s new supreme leader declaring that energy facilities in Saudi Arabia, the UAE, and Qatar had become direct and legitimate targets. Iranian regional governor Eskandar Pasalar made Tehran’s intentions unmistakably clear, saying that the pendulum of war had now swung into a full-scale economic war. Iran also issued warnings urging the evacuation of oil stations and refineries across Qatar, the UAE, and Saudi Arabia. The human toll of the maritime emergency worsened overnight after a ship was hit by an unidentified projectile around 11 nautical miles east of the UAE port of Khorfakkan and burst into flames. A Cook Islands-flagged tanker rescued 15 crew members from the burning tanker in the anchorage area. Everyone on board was accounted for except the master, who remains unaccounted for. The latest episode marked the 21st merchant ship targeted since hostilities began on 28 February 2026 with the Israel-American attacks on Iran. Amid the turmoil, tanker earnings have climbed to levels once regarded as unimaginable. What is believed to be the highest VLCC (Very Large Crude Carrier) spot fixture ever recorded was reported, with Oceanis Eco Tankers-owned MT Nissos Donoussa fixed on subjects at $752,000 per day by Trafigura, while TCE (Time Charter Equivalent) for ships trading from the Middle East to China has risen to $414,696 per day. Even so, caution remains necessary when interpreting those headline figures, and that is where Fearnleys has become one of the most closely followed voices in the market. Fearnleys is one of the oldest and most recognized shipbroking houses in global shipping, with roots stretching back to 1869, and its long-standing position gives additional weight to its reading of the current disruption, particularly because Fearnleys is deeply embedded in the commercial realities of tanker shipping. Fearnleys warned that the Strait of Hormuz remains closed for all practical purposes and argued that any fixture for inside MEG loading that is quickly and widely reported appears more like a paper play than a realistic loading or transit proposition. Fearnleys also emphasized that the Baltic TD3C estimate is and will remain academic under present conditions and should not be regarded as a reflection of owners’ actual earnings. That view carries significance because Fearnleys is not speaking from the sidelines. Fearnleys combines global shipbroking reach with regular freight reporting and market analysis, making its interpretation influential among owners, charterers, traders, and financial participants attempting to separate theoretical rate spikes from genuinely executable business. Put differently, Fearnleys is effectively arguing that the market is being distorted by fear, scarcity, and headline inflation, with quoted returns in some cases moving far beyond what can realistically be fixed and performed. Yanbu and Oman remain workable loading alternatives, although rates there have slipped into the WS 200s amid continuing uncertainty over loading windows that open and close according to the intensity of hostilities at any given moment. In the US, the Donald Trump administration approved a 60-day Jones Act waiver on Wednesday, temporarily relaxing the law that restricts how oil is carried between US ports. The measure is intended to ease rising domestic fuel prices, but it immediately drew criticism from maritime labour groups, which had already warned that the waiver would do little to resolve the underlying supply disruption. Bunker suppliers across several global hubs are now advising clients to secure stems at least 10 days in advance. The crisis is also being discussed at the International Maritime Organization’s two-day extraordinary council session in London, convened specifically to address the humanitarian and commercial fallout. The International Maritime Organization said the situation is unacceptable and unsustainable, adding that shipping has repeatedly demonstrated resilience but that geopolitics are pushing the sector to its limits and that every time shipping becomes collateral damage, the entire world is affected, from the global economy to food security. International Chamber of Shipping delivered a sombre warning, highlighting that about 20,000 seafarers remain trapped in the affected area. International Chamber of Shipping said the attacks have caused fatalities and serious injuries to seafarers, warning that the longer the crisis continues, the greater the burden on crew members as stores begin to run low and bunkers diminish. International Chamber of Shipping called on all relevant authorities to take immediate and decisive measures to guarantee safe passage and urged all parties to work urgently toward de-escalation, saying that the safety of seafarers, the integrity of essential global supply chains, and the stability of international commerce depend on immediate action to bring these hostilities to an end. 19-March-2026

Iran- and China-linked bulk carriers are using the Strait of Hormuz with growing frequency while many other ships continue to avoid the route, underlining how sharply risk tolerance has split across the dry bulk market as security conditions in and around the Persian Gulf (PG) remain under severe strain. Bulk carrier activity in the Persian Gulf (PG) has weakened, diversions have increased, and the nervousness is especially significant given that about one-third of the world’s seaborne crude oil trade normally passes through the Strait of Hormuz each day. After this week’s missile strikes, many bulk carriers have chosen to stay away from the chokepoint, yet new market data indicates that bulk carriers linked to Iran and China are still making the passage, pointing to a more visible pattern in which China-linked bulk carriers are transiting the Strait of Hormuz more frequently even as wider participation declines. At the same time, the shutdown of the Strait of Hormuz is throwing a much broader shadow across offshore shipping, with shipbrokers warning that the consequences are no longer confined to passing merchant ships but are beginning to disrupt offshore support vessels, production activity and regional energy logistics on a far larger scale. Hundreds of offshore support vessels are now trapped on the western side of the Strait of Hormuz, while oil producers are reducing output and closing oilfields, creating a steadily more difficult commercial environment for shipowners exposed to offshore activity, vessel utilisation and Middle East energy flows. One of the most notable voices drawing attention to those dangers is Norway-headquartered shipbroker Fearnleys, one of the oldest and most respected names in international shipbroking, with origins dating back to the nineteenth century and a global footprint extending across major maritime centres. Fearnleys has built a reputation as a leading shipbroking group with operations covering chartering, sale and purchase, newbuilding and other shipping services across the principal sectors of the maritime market, while the broader Astrup Fearnley structure also maintains a strong presence in offshore and energy-related activities. Within that larger framework, Fearnley Offshore Supply holds particular importance in the offshore segment. Fearnley Offshore Supply has decades of experience and provides vessel procurement services for offshore subsea construction vessels, offshore support vessels, offshore wind support vessels, barges and tugs, giving it direct insight into the type of offshore fleet disruption now taking shape around the Strait of Hormuz. Fearnley Offshore Supply also operates through Oslo and a wider international network that includes Singapore, London, Shanghai, Beijing, Taiwan, Houston and Dubai, which helps explain why its assessments are closely watched by offshore owners, charterers and energy market participants. Against that backdrop, Fearnley Offshore Supply’s warning that “the fact that we now seem to stumble over events that would otherwise be history in the making every few weeks or so is a tad worrying” carries more weight than an ordinary market remark. It reflects the view of a long-established Norwegian shipbroker with deep involvement in offshore support vessels, chartering trends and energy-linked maritime demand, and it highlights growing concern that what started as a regional wartime disruption could leave more lasting damage across offshore vessel deployment, oilfield logistics and longer-term demand visibility for shipowners. In that sense, the present crisis is not merely a temporary freight market shock. It is also a measure of how resilient offshore shipping markets can remain when a critical energy chokepoint turns into both a military flashpoint and a commercial obstacle, and Fearnleys’ assessment suggests that the longer-term impact on offshore owners may prove far more serious than the initial jump in volatility first suggested. 16-March-2026

Norway-headquartered shipbroker Fearnleys says stronger coal demand could soften the impact of a Strait of Hormuz closure on bulk carrier markets, even as tanker markets face the most direct disruption. Bulk carrier trading is seen as less exposed to the chokepoint than crude and product movements, and Fearnley Securities believes higher coal consumption, driven by rising oil and gas prices, could help offset downside risk and support dry bulk demand. Fearnleys also said bulk carrier markets have opened the year on a firmer note, with a seasonally stronger period still ahead. Fearnleys, which traces its roots to 1869, operates a global shipbroking platform spanning chartering and Sale & Purchase, supported by an international office network and market research and reporting used widely across the shipping industry to track freight conditions and asset values. 5-March-2026

The maritime war in the Middle East has intensified sharply over the past 24 hours, with the conflict spreading into new waters as tankers and containerships are attacked. For the first time since fighting began between Iran and the US/Israel coalition, the upper Arabian Gulf (AG) has become an active battleground, triggering immediate concern about an environmental disaster, while the International Maritime Organization (IMO) says around 20,000 seafarers are now trapped in the region. The Bahamas-flagged tanker MT Sonangol Namibe was struck while at anchor about 30 nautical miles southeast of Mubarak Al Kabeer, Kuwait. The Bahamas-flagged tanker MT Sonangol Namibe’s ship master reported a major explosion on the port side followed by a small craft departing the area. UK Maritime Trade Operations (UKMTO) alerts said tanker MT Sonangol Namibe has taken on water and oil has been seen leaking from a damaged cargo tank. The strike point near Mubarak Al Kabeer is roughly 750–800 km from the Strait of Hormuz, the waterway Iran claims to have blocked, indicating a broadening of strikes beyond earlier focus areas around the Strait, Bahrain, and the Gulf of Oman. UK Maritime Trade Operations (UKMTO) warned there “could be some environmental impact,” although the crew is reported safe. Farther south, the 1,740 TEU containership MV Safeen Prestige was hit by a projectile north of the Omani Musandam Governorate, sparking an engine fire. At least 10 commercial ships have now been targeted since the conflict began. The tanker market is being defined by gridlock as ships stack up on both sides of the Hormuz Strait, and Norway-headquartered shipbroker Fearnleys says the soaring rate ideas being circulated for loadings in the Middle East Gulf or the Saudi Red Sea are still largely notional because the physical market has effectively frozen. Fearnleys has emphasised that when cargo movements stop, headline Baltic Freight Rate indications become a placeholder rather than a cleared level, leaving owners and charterers with “paper” numbers but limited executable trade. Fearnleys is one of the longest-established names in global shipbroking, tracing its origins to 1869 and operating across chartering and sale and purchase activity, supported by a research function that monitors freight, fleet utilisation, and trade flows and is widely used by shipping market participants as a benchmark during volatile periods. In gas, conditions are even tighter. Qatar declared force majeure on gas exports on Wednesday, a step that could remove about 20% of global LNG supply for at least a month, and LNG spot rates have surged above $300,000 per day, around ten times the $30,000 level seen a week earlier. In liner shipping, the disruption is now feeding into schedules, with average arrival delays on Asia-Europe services rising from 2.26 to 3.73 days, while Hyundai Merchant Marine (HMM) has seen average delays climb from 3.72 days to 10.45 days and MSC’s delays rise to close to five days. The pressure point is Jebel Ali (UAE), where departure delays have jumped to 4.2 days from a pre-war average of 0.72, leading more operators to choose the longer but more predictable Cape of Good Hope (COGH) route and setting up the likelihood of knock-on congestion at key Asian transhipment hubs, echoing earlier disruption patterns during covid and the Houthis’ Red Sea campaign. The financial penalty for entering the conflict zone has become extreme, with war-risk insurance for Strait of Hormuz transits up roughly 12-fold and premiums quoted as high as 3% of a ship’s value, versus about 0.25% previously. The US President Donald Trump has said the US Development Finance Corp will provide war-risk insurance and guarantees, and the US President Donald Trump has also said the US Navy will begin escorting tankers as soon as possible, but BIMCO (Baltic and International Maritime Council) has cautioned that while escorts can reduce risk, protecting all tankers is unrealistic given the number of warships required, and BIMCO (Baltic and International Maritime Council) has added that only if the Iranian threat is substantially degraded could escorting eventually bring risk below the threshold some shipowners are willing to accept. 5-March-2026

Norway-headquartered shipbroker Fearnleys, a long-established maritime services name with a history reaching back to 1869, has lifted bulk carrier stock target prices as firming ship values drive higher asset valuations across the dry bulk equity space, while maintaining a ‘buy’ stance on the bulk carrier sector. Fearnley Securities said a strong start to 2026 has supported upward revisions to asset value assumptions for dry bulk companies, and Fearnley Securities shipping equity research analyst Fredrik Dybwad has also raised share price targets broadly across the bulk carrier stock universe to reflect stronger secondhand pricing and improved underlying asset backing. Fearnleys operates as a global shipbroking platform serving shipping markets “since 1869,” with activity spanning chartering, Sale & Purchase, and maritime advisory services across major segments, supported by an international office network that provides market coverage and deal execution capability. Fearnleys also publishes market intelligence through its research offering, delivering rate commentary and sector updates that many shipping market participants use to benchmark freight conditions and asset pricing during fast-moving cycles, while the wider Fearnleys platform connects broking, analysis, and capital-markets facing work that makes its valuation calls and sector views closely watched when ship values are rising. 4-March-2026

Dry bulk stocks are climbing to the top of the 2026 shipping-equity playbook as the Simandou project adds extra confidence to future cargo flows, encouraging prominent Norwegian sector watchers to rotate their focus toward bulker-listed names after tankers dominated the prior year. Fearnley Securities and Clarksons Securities are both pointing to bulkers as the leading segment for shipping stocks in 2026, and Fearnley Securities analyst Fredrik Dybwad said the 2026 outlook appears particularly robust, with room for higher ship asset values, a backdrop that often supports share performance for owners with meaningful exposure to large dry bulk carriers. The view reflects the positioning of Fearnley Securities as a maritime- and energy-focused investment bank, where Fearnley Securities is followed for research, trading ideas, and sector commentary that links listed-stock performance to freight cycles, fleet supply trends, and shifts in secondhand ship values. Fearnley Securities sits within a broader Fearnleys network that is closely tied to maritime markets through long-established shipping services and shipbroking activity, giving Fearnleys and Fearnley Securities a market-facing perspective on how freight sentiment, asset prices, and investor risk appetite can change from one cycle to the next. Based on that framework, Fearnley Securities is recommending investors buy shares in owners of large dry bulk carriers, including CMB.Tech and Himalaya Shipping, as Fearnley Securities positions bulker exposure as the most attractive shipping-equity theme for 2026. 7-January-2026

Fearnley Securities has opened January with a shipping-tilted view in its latest monthly top stock selections, naming BW LPG and CMB.Tech as two names that Fearnley Securities believes could outperform the broader market during the month. The call highlights Fearnley Securities’ long-running focus on shipping and energy-linked equities, where Fearnley Securities is widely followed for sector research, trading ideas, and market commentary that often ties listed share performance to freight cycles, contract coverage, balance-sheet positioning, and investor sentiment. The January picks place BW LPG—closely watched for developments in the LPG transportation market and the wider gas shipping backdrop—alongside CMB.Tech, a name that sits at the intersection of shipping-related exposure and public-market appetite for asset-heavy businesses with a clearly communicated strategy. By publishing “top picks” on a monthly cadence, Fearnley Securities is effectively signalling where Fearnley Securities sees the best near-term risk-reward among listed names under Fearnley Securities’ coverage, and the inclusion of BW LPG and CMB.Tech suggests Fearnley Securities expects supportive catalysts or a favourable valuation setup to emerge in January. The selections also reflect the wider Fearnleys ecosystem’s deep ties to maritime markets, where Fearnleys is associated with shipping-focused services and a long history of engagement with shipowners, investors, and chartering-linked stakeholders—an industry proximity that often informs how Fearnley Securities frames relative-value opportunities and sector rotation. 6-January-2026

Capesize bulk carrier charter rates have surged beyond $40,000 per day as capesize bulk carrier tonnage tightens dramatically across the Atlantic basin and the Pacific basin. The capesize bulk carrier segment is closing 2025 with a burst of momentum rarely witnessed outside major cyclical booms. Intensifying constraints on capesize bulk carrier availability and increasingly vigorous long-haul commodity trades have propelled spot capesize bulk carrier charter rates to their strongest levels in roughly two years. Capesize bulk carrier spot charter rates jumped by more than $6,000 yesterday, edging close to the $45,000-per-day milestone. Despite the broader softness in global steel manufacturing — where international steel production has contracted by 1.5% year-on-year and Chinese steel output has fallen by 4% — seaborne iron ore shipments continue to expand. This growth is rooted partly in China’s declining domestic mining output, pushing the country to rely more heavily on imported materials. On a ton-mile basis, capesize bulk carrier demand is up by 8% through November 2025, a pace significantly exceeding the modest 2% growth in fleet capacity recorded over the same period.One of the most influential voices drawing attention to the tightening fundamentals in the capesize bulk carrier market has been Norway-headquartered shipbroker Fearnleys. With origins dating back to the mid-19th century, Fearnleys has long been regarded as one of the most respected full-service shipping brokerage houses worldwide. Operating from Oslo and supported by a global network of offices, Fearnleys provides comprehensive chartering, research, newbuilding, sale-and-purchase, and asset-management intelligence. Fearnleys is widely recognized for its authoritative weekly shipping reports, its deep analytical coverage of bulk carrier trades, and its ability to interpret short-term and long-term market shifts across multiple maritime sectors. In its latest assessment, the Oslo-based shipbroker Fearnleys highlighted tightening availability in capesize bulk carrier prompt supply: “Ballasting capesize bulk carrier tonnage is extremely tight for December 2025 loading windows, with relatively more capesize bulk carrier units likely to surface in early January 2026. Spot capesize bulk carrier tonnage ex-Far East remains scarce,” the shipbroker Fearnleys stated. This commentary reinforced how immediate supply in key Asian export regions is insufficient to match rising chartering demand. Fearnleys’ insights carry additional weight because the shipbroker closely monitors both Atlantic and Pacific repositioning patterns, iron ore flow disruptions, port congestion, and the behavior of major charterers such as Rio Tinto, Vale, and BHP, enabling it to forecast tightness well ahead of other market observers. In the Atlantic basin, similar symptoms of tightening are emerging. North Atlantic front-haul capesize bulk carrier demand is strengthening, and capesize bulk carrier prompt positions are thinning out. Regional freight benchmarks have accelerated, mirroring tightening supply–demand balances and a renewed lift in capesize bulk carrier market sentiment. A deeper structural shift in long-haul trade routes is amplifying support for the capesize bulk carrier segment. Across the last three years, West Africa has risen as a crucial third major loading region alongside Australia and Brazil. Long-distance Brazilian iron ore movements and West African bauxite shipments have underpinned a 5% expansion in capesize bulk carrier loadings during 2025, even as Australian iron ore exports remain broadly unchanged.Looking toward the medium term, the activation of Guinea’s Simandou iron ore project — forecast to deliver 120 million tonnes per year — is poised to reshape the capesize bulk carrier market. Should Simandou iron ore output enter the market as a net addition, capesize bulk carrier demand could rise by approximately 6% per year in 2026 and 2027; even if Simandou exports substitute a share of Australian volumes, annual capesize bulk carrier demand growth could still reach about 4%. With new capesize bulk carrier deliveries expected to average just under 3% during these years, fleet utilisation is projected to climb from 84% in 2025 to around 90% by 2028, creating the potential for a more sustained tight market environment. Shipbrokers have elevated their forward freight expectations accordingly, lifting capesize bulk carrier charter rate forecasts to $27,500 per day for 2026, $30,000 per day for 2027, and $32,500 per day for 2028 — sharply higher than earlier assumptions of a static $22,500-per-day outlook. The renewed pattern of capesize bulk carriers outperforming smaller bulk carrier classes appears to be resurfacing, echoing the recent dynamics observed in the VLCC (Very Large Crude Carrier) tanker sector. Much like VLCC tankers, capesize bulk carriers may once again demonstrate how the largest ship categories can generate superior earnings when structural demand strength aligns with limited fleet growth and tightening supply. Capesize bulk carriers now seem positioned to follow the trajectory of VLCC (Very Large Crude Carrier) tankers, where the largest ship sizes consistently outpace smaller ship types when macro-fundamentals shift decisively in their favor. 4-December-2025

‘Substantial equity upside’ is anticipated for bulk carriers as Norway-headquartered shipbroker Fearnleys raises its target prices and takes a more bullish view on the sector. Fearnley Securities, the investment banking division of Fearnleys, now forecasts a 39% upside for dry bulk stocks and is recommending that investors buy bulker equities given the improving outlook. Analysts Fredrik Dybwad and Nils Thommesen of Fearnley Securities have lifted the target prices across all bulker companies under their coverage, underscoring renewed optimism for the sector. “The dry bulk market is emerging from its prolonged slumber. Sale-and-purchase activity has been resilient for some time, and momentum is now finally returning on the freight rate side,” Fearnley Securities noted in its latest sector report. Fearnleys, established in 1869 in Oslo, is one of the oldest and most respected shipbroking houses in the world. Over its long history, Fearnleys has developed a reputation for excellence in chartering, sale-and-purchase, newbuilding contracts, research, and advisory services. The company has consistently played a key role in the global shipping industry, facilitating transactions and providing critical market intelligence to shipowners, operators, charterers, and investors across the dry bulk, tanker, gas, and offshore segments. Its legacy as a premier shipbroker has positioned Fearnleys as a trusted counterpart in international shipping markets. Fearnley Securities, a subsidiary of Astrup Fearnley and the investment banking arm of Fearnleys, provides a full suite of financial services including equity research, corporate finance, and capital markets transactions. It has become one of Norway’s leading investment banks with particular strength in shipping, offshore, and energy. The division’s equity research team is well-regarded for its deep industry expertise, often cited by institutional investors for insight into market cycles, asset values, and sector performance. By upgrading its bulker sector outlook, Fearnley Securities highlights its conviction that the fundamentals of dry bulk shipping are turning more favorable. Stronger freight rates, a robust sale-and-purchase market, and steady demand from commodities trade are expected to underpin further upside in bulker valuations. For over 150 years, Fearnleys has provided guidance to the global shipping industry, and this latest forecast from Fearnley Securities reflects both historical experience and forward-looking analysis, reinforcing its reputation as a leading voice in maritime finance and shipbroking. 6-September-2025

Norway-headquartered shipbroker Fearnleys, a prominent name in global maritime services with a history dating back to 1869, has reported that its investment and advisory arm, Fearnley Securities Project Finance, arranged new shipping deals totaling $165 million in Q1 2025, bringing the total value of its active project portfolio to approximately $1.3 billion; the $165 million in transaction volume included $66 million in equity provided by project partners and investors, underscoring Fearnley Securities Project Finance’s role in facilitating structured investments across various shipping segments, including tankers, bulk carriers, and offshore assets; despite facing a more challenging market environment in Q1 2025 compared to 2023 and 2024, Fearnley Securities Project Finance noted a strong start to the year, reflecting continued demand for tailored maritime financing solutions supported by the broader Fearnleys group’s deep market expertise, global brokerage network, and longstanding relationships with shipowners, operators, and institutional investors. 5-June-2025

Norway-headquartered shipbroker Fearnleys has forecast zero demand growth for the dry cargo shipping sector in 2025, signaling a challenging year ahead for bulk carrier shipowners. According to the Oslo-based shipbroking group, the bulk carrier fleet will continue to expand due to new vessel deliveries, with some segments growing more significantly than others. Fearnleys highlighted several factors contributing to the tough outlook, including the strong US dollar, high interest rates, and the delayed impact of Chinese economic stimulus measures on bulker demand. The firm also noted that manufacturing activity underperformed compared to the services sector in 2024, a trend expected to persist in 2025, reflecting broader weaknesses in the global economy. These challenges are likely to put pressure on freight rates and profitability for bulk carrier operators, particularly as the supply of vessels outpaces demand. Shipowners will need to navigate these headwinds carefully, focusing on efficiency and cost management to maintain competitiveness in a stagnant market. Fearnleys’ forecast underscores the cyclical nature of the shipping industry and the importance of adapting to evolving economic conditions. As the bulk carrier fleet grows, the ability to balance supply with demand will be critical for the sector’s performance in the coming year. 27-January-2025

Fearnley Securities has notably expanded its project finance portfolio in the shipping sector to an impressive $927 million. This Norwegian powerhouse has strategically added three more vessels to its fleet this year, a move driven by an optimistic market forecast. The surge in shipping markets has become a magnet for a burgeoning number of investors keen on leveraging the sector’s escalating affluence. Specifically, in 2023, Fearnley Securities witnessed a substantial growth in its Project Finance shipping portfolio, with an increase of $280 million, bringing the total value to $927 million. Axel Bendvold, who leads the project finance division at Fearnley Securities, highlighted the massive investor interest, which shows no signs of tapering off. Fearnley Securities, a subsidiary of the long-standing Fearnley Group, which has been a significant player in the shipping, offshore, and financial services sectors for over a century, continues to strengthen its position in the market. With its roots deeply embedded in the maritime industry, the company leverages its extensive network and expertise to offer tailored financing solutions to its clients. Fearnley Securities’ strategy focuses on identifying high-potential projects within the shipping and offshore sectors, thereby providing its investors with lucrative opportunities. The recent expansions and acquisitions are part of Fearnley Securities’ broader objective to diversify its portfolio and enhance its offerings, ensuring robust growth and sustainability in the ever-evolving global shipping industry. Axel Bendvold’s comments underscore the Fearnley Securities’ success in attracting significant investments, a testament to its solid reputation and the attractive prospects of the shipping finance sector. 9-March-2024

Borealis Maritime Limited, a London-based firm, has strengthened its investment team by recruiting Peter Wessel-Aas from Fearnley Securities. Wessel-Aas, an experienced investment banker, will serve as an investment manager at Borealis Maritime’s office in Abu Dhabi, United Arab Emirates. This hire signifies Borealis Maritime’s commitment to enhancing its market presence, particularly in the Asian and Middle Eastern regions. The company expressed enthusiasm about adding such a strong candidate to its team, indicating a strategic move to bolster its coverage and expertise in these key markets. Norway-headquartered shipbroker Fearnleys’ subsidiary Fearnley Securities, where Wessel-Aas previously worked, is known for providing advisory and transaction services to companies in the shipping, offshore, and energy sectors, both public and private. Their Investment Banking Division specializes in a range of services including Equity and Debt Capital Market transactions, mergers and acquisitions, as well as restructuring and recapitalizations. Fearnley Securities leverages its extensive maritime expertise and global placing power to develop innovative solutions for its clients, helping them capitalize on market opportunities and execute their corporate strategies effectively. Wessel-Aas’s move to Borealis Maritime Limited is a significant development, reflecting the ongoing dynamic shifts within the maritime investment sector and the importance of regional expertise in fostering business growth and market expansion. 13-December-2023

Norway-headquartered shipbroker Fearnleys makes a significant move by acquiring Braemar ACM Shipbroking dry cargo shipbrokers to establish a strong foothold in Brazil, marking its first venture into South America. This strategic decision complements the Fearnleys’ existing office in Dubai, enhancing Fearnleys’ global presence. Having appointed three dry cargo shipbrokers from Braemar ACM Shipbroking, CEO Marius Hermansen-led Fearnleys secures a fresh stronghold in Brazil, bolstering its capesize bulk carrier chartering operations in the South Atlantic region. 25-July-2023

Norway-headquartered shipbroker Fearnleys reported that dry bulk market upturn should begin later in 2023 and continue in 2025 onwards. Oslo-based shipbroker Fearnleys believes that cyclical bottom of the dry bulk market will come earlier in 2023 than Fearnleys had previously expected. Norway-headquartered shipbroker Fearnleys noted that ry bulk market will bounce later in 2023. Fearnleys has an extremely bullish outlook from 2025 onwards for dry bulk market. Fearnleys anticipates a broad-based upcycle in dry bulk shipping markets will start sometime between the Q3 2023 and the Q2 2024. At the Astrup Fearnley Shipping and Energy Conference in Oslo, analyst Bernhard Andres Baardson expressed that it could be a good idea to position for bullish dry bulk market during the coming months and quarters. According to Norway-headquartered shipbroker Fearnleys, demand for coal will growth in 2023 due to logistical problems in major exporting nations. 19-January-2023

Norway-headquartered shipbroker Fearnleys appointed Charlie Hockless to S&P (Sale-and-Purchase) department in London. Formerly, Charlie Hockless worked at Marex and VesselsValue. It would be an exciting time for sale and purchase (S&P) shipbroking in London. Lately, Charlie Hockless was CEO of Singapore-based valuation platform VesselsValue. Charlie Hockless accepted the new S&P (Sale-and-Purchase) Shipbroker position at Oslo-based shipbroker Fearnleys. 28-August-2022

The Navios Group is embarking on a strategic restructuring by liquidating Navios Europe II, a subsidiary within its expansive maritime operations. This decision sees the distribution of 14 vessels, consisting of five sub-panamax containerships, two feeder containerships, and seven bulk carriers across various classes, to its primary New York-listed entities. The liquidation, directed by Angeliki Frangou, is a significant move, aiming for completion in the second quarter of 2020. This step mirrors the group’s previous action with Navios Europe I, reinforcing its commitment to optimizing operations and enhancing financial fluidity in response to the volatile shipping market. Navios Europe II, which was established in 2015 in the Marshall Islands, had its fleet financed through $14 million in loans from Navios Maritime Holdings, Navios Maritime Acquisition, and Navios Maritime Partners, with further financial support provided in subsequent years. The dissolution agreement includes the full discharge of a $5 million junior loan, marking a comprehensive approach to settling the company’s financial obligations. Fearnley Securities has highlighted the liquidation’s potential to significantly boost liquidity for Navios Acquisition, especially beneficial given its profitable VLCC charters. The investment bank anticipates a substantial improvement in liquidity by mid-2020 and advocates for the strategic repurchase of bonds at a discount as a means to manage debt effectively and potentially increase equity value. The allocation of assets from Navios Europe II to the respective Navios entities is a pivotal development, with the potential to influence the financial and operational dynamics of the group. This liquidation reflects the Navios Group’s agile strategy in managing its extensive fleet and financial assets, aiming to maintain a competitive stance within the global shipping industry amidst challenging market conditions. 19-April-2020

Norway-headquartered shipbroker Fearnleys eyes Asia expansion as the company marks its 150th anniversary. Fearnleys expands the company’s footprint in Singapore. Fearnleys Asia (Singapore) Pte. Ltd set up LNG Advisory Services and grow the shipbroking activities of Fearnley Offshore in Singapore. Oslo-based shipbroker Fearnleys descended on Singapore for the latest in the company’s string of 150th-anniversary celebrations. Fearnleys developed considerably over the past 150 years. A significant contributor to that development is Fearnleys Asia (Singapore) Pte. Ltd’s presence in the Asian region. Fearnleys Asia (Singapore) Pte. Ltd. has for many years been the prime hub for the shipbroking business in the Asia region. Fearnleys Asia (Singapore) Pte. Ltd. has been serving in Singapore for more than 30 years. Fearnleys Asia (Singapore) Pte. Ltd. is the largest Fearnleys hub outside Norway. Fearnleys Asia (Singapore) Pte. Ltd. covers all segments within the ship and offshore shipbroking. Norway-headquartered shipbroker Fearnleys has been expanding the company’s presence and investments in Singapore. 24-October-2019