Page 39: of Maritime Reporter Magazine (February 2026)

ENERGY SHIPPING cean movements of crude oil, re? ned prod- ucts, natural gas and liquid petroleum gas have been vital links in energy supply chains for decades. Not surprisingly, diverse and

Odivergent origins and destinations of these energy-related cargoes, and ? uctuating quantities moving can all drive the freight markets and investors’ views of company prospects.

In recent years, media coverage, by traditional outlets, but also by emerging reporting channels and by commenta- tors plugged into social media circuity or online channels, have given far greater visibility to tanker markets outside of the industry.

There has been plenty to be watching, with front page geo- political ? res fueled by restrictions on Russian crude oil and

LNG shipments, activity in the Red Sea, along with seizures of vessels outbound from Venezuela. The markets dodged one major bullet, on hold until late 2026 when decision-makers on

Capitol Hill and in Peking regroup. Restrictions on Chinese- linked vessels by the United States, coupled with retaliatory

Image courtesy Marine Money/Tom Butler photography measures on U.S. linked ships by China, would have disrupted

If the market is too high, I normal ? ows across shipping sectors, including those in the energy trades. But, as 2025 closed out, increased oil quantities don’t want to invest, there’s too available from OPEC+, in the face of shipowners generally much downside. We can only avoiding voyages through the Suez Canal, brought about a control the entry point and the exit point classic more demand/less supply scenario. … if the entry point is too high, it’s a

A Strong Finish to 2025 steep cliff … we’ve all seen those graphs;

Daily hires for large crude carriers and for LNG tankers it’s completely uncontrollable.” were surging as 2025 ended.

For crude carriers (which had bubbled upwards starting mid-year) with hire equivalents on voyages to the Far East – Bob Burke, CEO, getting up towards $140,000/day in late October. As year end approached, hires were still holding at above $115,000/

Ridgebury Tankers day. These vessels are able to transit the Suez Canal “in ballast” (empty) on European voyages; the longer course around Africa lowers the supply by adding as much as two much downside. We can only control the entry point and the exit point … if the entry point is too high, it’s a steep cliff … weeks to voyages.

Savvy investors, studying supply and demand, are keenly we’ve all seen those graphs; it’s completely uncontrollable.”

He added, “If it’s really low, then it’s time to buy … you just aware of the importance of market cycles- which are typi- cally eight to 10 years duration. Connecticut based Ridgebury have to be patient.”

Listed companies that have bene? tted from the late 2025

Tankers had invested in international tankers on behalf of surge for large tankers have included DHT (NYSE: DHT) , institutional clients (notably private equity powerhouse Riv- erstone Holdings), starting in 2013, and had built up a ? eet Frontline (NYSE: FRO) and International Seaways (NYSE: of 30+ vessels at its peak. Ridgebury, operating vessels for INSW). Each of these stocks reached its 2025 peak in ear- ? nancial investors, began selling off its ? eet following the ly December (mirroring the rates on large tankers), backing surge that began in 2022 (fueled initially by the hostilities in down slightly to year-end.

Svein Moxnes Harfjeld, CEO of tanker owner DHT, said

Ukraine), and by early 2025 was no longer operating any ves- sels. Ridgebury’s founder and CEO, Bob Burke, speaking in in end October, responding to an analyst question on its Q3 late 2025 at a Marine Money event, explained to the audience, 2025 earnings talked about demand for larger tankers (DHT “If the market is too high, I don’t want to invest, there’s too owns 26 crude carriers), and alluded to pressures on the sup- www.marinelink.com 39

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