The rosy outlook for the tanker has taken another knock with the surprise announcement by OPEC of production cutbacks.

China’s insurance service provider, Taiping Insurance, has ordered two 175,000 cu m LNG carriers via its subsidiary from CSSC Jiangnan Shipyard at a total cost of $470m.

The current state of the shipping sector in the Gulf Cooperation Council region gives regional owners and operators reason for optimism, with the offshore sector looking especially strong and containers in for a downturn.

Hong Kong-based CSSC Shipping recorded a revenue of HK$3.21bn ($408m) last year, a year-on-year increased of 29.9%, the operation's efficiency reached the best level since the founding of the company decade ago.

The Greek controlled fleet decreased in number of vessels, DWT and GT in the 12 months to March 2023 for its biggest decline since 2008 as owners move to renew their fleets.

A battle on the field of regulation will herald the arrival of the next generation of vessels, according to retired Teekay CEO Peter Evensen.

The graphs for the tanker and container markets have never featured so many peaks and valleys, or so it seemed watching the opening presentation on the final day of the Connecticut Maritime Association’s Shipping 2023 event.

Euronav avoids a complete board sweep by CMB in a general meeting while both John Fredriksen and Marc Saverys have been voted on.

Delivery slots at China State Shipbuilding Corporation’s (CSSC) three major yards in Shanghai, Hudong-Zhonghua Shipbuilding, Jiangnan Shipyard and Waigaoqiao Shipbuilding, are full to 2027.