The Sa-Oceania: Crew Feedback and Vessel Data

In a significant move, the US Office of Foreign Assets Control (OFAC) has officially blacklisted the tankers 'Abyss' and 'Oceania', alongside four shipping companies, due to their associations with Sa’id al-Jamal, a noted financial facilitator for the Houthi movement, as well as connections to the Quds Force of the Islamic Revolutionary Guard Corps (IRGC). This latest action represents the sixth occasion since December that Al-Jamal has faced sanctions from OFAC. His network plays a crucial role in facilitating the export of Iranian goods, subsequently benefiting both the IRGC and the Houthis. Notably, the tanker 'Abyss' has a history of involvement in maritime incidents, including a notable encounter with Euronav earlier in 2023. Meanwhile, the 'Oceania', which has undergone a change in ownership—previously owned by Euronav and now rebranded as 'SA Oceania'—was involved in a ship-to-ship (STS) transfer of approximately 500,000 barrels of fuel oil from the 'Abyss' earlier this March. The precise origins of the Iranian cargo onboard the 'Oceania' remain unverified.

Euronav Tankers NV, a prominent player in the maritime industry, has successfully secured the acquisition of the ULCC Seaways Laura Lynn from Oceania Tanker Corporation, a subsidiary of International Seaways. This strategic purchase, valued at USD 32.5 million, marks an important milestone for Euronav as it continues to bolster its global tanker fleet. Following the acquisition, the vessel has been renamed Oceania and is now registered under the Belgian flag, enhancing Euronav's operational capabilities in the oil transportation sector.

In a clear indication of rising global oil inventories, oil traders have secured at least 12 tankers to store a substantial 25 million barrels of crude oil offshore, according to recent shipping reports and fixture data. Among these, at least 11 very large crude carriers (VLCCs) have been earmarked for storage, a significant increase from just five vessels reported at the end of the previous week. Each VLCC has the capacity to carry up to 2 million barrels of oil. Additionally, the Ti Oceania, recognized as one of the largest oil tankers globally and classified as an ultra-large crude carrier, has also been enlisted to store crude, as confirmed by market sources and data. This strategic move by traders highlights the ongoing adjustments within the oil market amidst fluctuating demand.