A study on shipping’s progress towards decarbonisation said the industry will need to commit to investing $40bn a year by 2030 to develop Scalable Zero Emission Fuels (SZEF).

The European Union (EU) needs to ensure its sanctions on Russia sanctions do not negatively impact the bloc or individual member states, especially when it comes to the shipping sector, said Cyprus President, Nicos Anastasiades.

The release of Greek seafarers on board the two national-flagged tankers held by the Iranian authorities since May in retaliation for the case of the cargo of the tanker Iranian-flagged Lana has begun.

Tolls for vessels using the Suez Canal are set to rise by 15% next year with the exception of dry cargo and cruise ships which will increase by 10%.

Looming economic uncertainty and the fallout from the war in Ukraine could upset buoyant conditions in container and tanker trades, cautions former International Chamber of Shipping (ICS) chairman Esben Poulsson.

Concordia Maritime has agreed to sell three of its product tankers which it previously explored converting to carry containers.

A Suezmax tanker sale and reports of negotiations on big bulkers indicate that recyclers are moving on from a dull season and virtually no transactions.

Companies in the tanker market are enjoying much improved business this year and Lois Zabrocky, President and CEO of International Seaways, expects this to continue.

Supply and demand fundamentals for tanker markets look good through 2023 but could be shaken by global recession, according to Bimco.

Tankers generally, but VLCCs in particular, will benefit spectacularly as Europe’s energy trades transform and the ban on Russian crude oil imports comes into effect in December.