The United Arab Emirates has prohibited ships flying the flag of landlocked Eswatini from entering its ports. The move is a response to vessels involved in transporting Russian oil, with Cameroon’s flag also on the restricted list. Safety concerns have emerged regarding lesser-known flags post-Ukraine invasion. Eswatini’s ship count is minimal.
The crude oil tanker market faces challenges due to an ageing fleet in need of replacement. Shipyards focus on building other vessel types. Trafigura orders five new VLCC tankers to modernize its fleet. The market requires around 1,100 new crude oil tankers, including 400 VLCCs, to meet demand. Trafigura sees potential growth in this segment.
The United Arab Emirates has banned ships flying the Cameroon flag from entering its waters, in an effort to distance itself from vessels transporting sanctioned oil. The ban does not apply to ships rated by a major international classification body. Russia has used Cameroon-flagged tankers to circumvent U.S. sanctions.
