very Thank Inger. much, you
presentation different X. bit going what done basically of normal a market kind to Slide sanctions, in we We've move focus around on the bit whatnot. this regard a which media of time, Let's the little is on little and tariffs, trying besides war everything and basically to what's the kind
cuts normal global XXX.X So X will per to market, fairly That's million very looked million upon building barrels in inventory IEA production in as be year. XXX.X In maintained QX consumption number, a oil least barrels expected kind day. QX. year-on-year. of averaged XXXX, December barrels million XXX.X per in by up XXX we OPEC barrels is development reach supply and calendar good are supply day -- And according EIA to barrels a at sorry, This was 'XX. year-end. in million their actually expecting reach a Global firm within up start this 'XX. to to
we've QX, day. a Global seen in to million seen 'XX. per XXX,XXX some expected rates. of can the as be compared disappointments X.X and down of, This actually were oil alone For day partially be to explains QX kind is per period. this draws barrels what exports Dec the explained during inventory barrels down large to was degree, by
well exports quite October, Asian QX. also the You Iran with remember saw, that markets into in their making to need we supplied particular, molecules in hiking basically
fleet. the This is not compliant tanker obviously benefiting material,
in in is XXXX, are continue owners since day, muted time build The This of highest continue framework lead to years. to -- age to into get kind asset the is regulatory compliant the tankers you ordering, facing. ship this any the that XXXX, the window QX vessel and delivery also to water. for see actually moved firmly on X-year XX.X order average fleet We we want but saw see maintaining at for the new we
is we're trying the we and -- we the that the which us book of beyond kind speak, And above to reduced manageable look will this that also be over sanctions and see kind then is years we years. we all as up trade efficiency effect expect XX that the you X of tariff see an trade be us, more demand noisy argue Suezmax for of have the replacement over XX% and vessels they If the sail Aframax lanes. basically And order at if XX% now, years. of only in, narrative classes to and LRX operate Basically, in XX materially the inefficiency may what a even frontline how you asset will don't unrest an longer and or hurt -- are see XX% are of meaning will this around scenario. next in kind increased ships shows then that
tankers. remains backdrop for good The quite
it good I everything is listeners our beyond think functioning. reminder else, was there market a of of that normal actually kind
an the coming on talking These questions we entire headlines and spend that So are we're whatnot, also speak. are about basically we receive that every on going journalists, tariffs. investors, slide sanctions out various all day to from as
Depending first always outcomes, actually big the let's kind to this have So a at in question, tariffs effect is and what come look on a end. China will the on Canada, and EU. Mexico, be of
day. modest crude surprise day. X exposure. China material U.S. only a volume which also a very incur from of to as barrels million around a come from every U.S., may oil These energy Canada goes some. import export imports tariffs XXX,XXX day, XXX,XXX day. day. so total barrels to around Mexico, per again, barrels XXX,XXX barrels to around Then per This Mexico in U.S., export XXX,XXX is U.S. half per barrels per
the if meaning industry. plays see that these that in between it become weaponized how tariff quite tanker and So to oil for out can gets this discussion energy actually countries, interesting
built Then we have U.S. USTR the on trade Chinese recent representative or more tonnage. fee million $X.X
XX% created being legislation we of fleets have law heard. our Japan, kind This only So built inefficiency and It China. built for no yet watch. in is be put no tanker and exposed altering how in in are outcome to would it's not interesting more Korea been But either on in lanes of LRX ships or again, the will but vessels all be yet. trade. on of and It's is kind trade been on here China. Frontline out global are has Suez, or Afra, order VLCCs
you have or on maximum on a pressure Iran. Then Iran solution
scenarios here. So at those let's X look
storage access first operate needs be that in be and found If would the potentially us be This compliant And to market. again, Iranian that compliant sanctioned, Iranian sorry, pressure that The up. but floating oil as compliant would oil a the that for the beneficial oil to OPEC, well, needs maximum solution is remove oil's likely would stops incur market. from one, that Iranian oil would this also from and ships. replaced -- barrels previous means one back potentially to will suddenly needs
needs for or they're have sanctions it's of be become side if compliant of oil for compliant this, tankers. increased even whether Look heightened if tankers the other Iranian compliant sanctions, bullish at removal other is potentially Then of compliant tankers you the and oil it, or or altogether the side removed. would more pressure would as the Russian
the the because barrels I We see the side beginning we of So we're or the seeing see results pressure, already on the increased export that. sanction still not think actually move.
Iranian that import but not the falling. the globally imports in some also degree, on side, already Russian, and But are oil see only Venezuela statistics we to
the tonnage, complicated, compliant building. So up sanction the basically, and basically of an the kind more trade But dark be around barrels floating market into tonnage makes tying the must out or market. further taking pressure anyway, more of increased storage those gray it's
remove If the remove easy that overnight, to in that have you mind oil. it's sanctions sanctions and also you all around turn on then that bear you say very to
of remove have potentially the expensive done until of happen, the mind, remain that And are to to that But ask corner, fleet incentivized that market change if and on expensive as does chart beyond not stroke we've age above if XX to charters be the That on bit probably the that's to vessels is we've even becomes sanctions, policy the stated, complicated. right-hand becomes more EU probably that bottom all by could XX-year close more you this freight charters And trading -- from or XX% previously is or move vetting lists so their firm departments on pen, the removing cap. -- the in cap.. years. so XX-year sanctions than bear the and OFAC Russian the could but that a indicated the
of on Treasury aligned in also U.S. be have is exemptions. Russia. are part lifted and important or our sought kind Then very if a OFAC to sanctions this recently EU Venezuela Also, going we narrative lifted
This U.S. actually to new maybe some, So Venezuela to to to XXX,XXX grown exports and crude. seems given exemptions Venezuela. on has put from expansions position having to lifting poised their Venezuelan surprise production barrels barrels XXX,XXX year-on-year. is exports pressure a the on for be a as Venezuela and from
were tankers. also enforce XXX they to only million sanctioned Port not that barrels expansion almost we Authority allowing directly. But simultaneously vessels churn by hit list to have data, tracking listed And OFAC it's and Shandong then it vessels able somebody change. their themselves is this OFAC list when to expanded which game This discharge obviously, with And out part preliminary actually in close actually, will because basically December. on will this any OFAC that another self-sanction. This aligning changer province. can't hope But is might that sanctions, in per of here, day X happened the is as a -- OFAC you on
coming at Further important suit to And done. their listed to the private is have China China playground also alternative which, a OFAC of so and there might have motive. that, side province which advantage far in ports. province and least very in large for comment degree, teapots, a seemingly between present taken Iran. Shandong and effectively are follow kind cheap and owned an of One the feedstock evening an preventing very vessels small has import state in this discharge this this China, has has to refineries, what interest India in hub from
situation in the that moving And in Sea, exposed relation and owners risk Red and as then Hamas of the Israel Houthis Sea. lastly, continues. the Red in are actions have parts tanker the their list the of we still the mind course, to, We It we extensive any way ebb of we so the fairly don't it's We massive believe and this the kind to flow and Gaza, go taking see charters also, incentivized region a to to that not tanker owner, through. with pressure through we're developments as around. long from don't either. but And currently necessarily move in
I wrong go which the high note something and top Red And fire Sea, argue, situation here can wanted we not extremely they the this the focus been cease escalate this might in make the look ships on kind And and attacked to still is and necessarily of right-hand at then or slide the risk, in in on would but a also haven't, process chart. because quickly. things have peace
The the fleet around lived we actually where if blue is oil anniversary. been. or trade normal got line their is development world line ships ships did orange how XX-year not on in has The sanctioned recycled a and
growing this, Suezmax you and at the fleet, VLCC in we if that VLCC, October September, conventional tanker at stopped XXXX. XXXX. in alone, Looking Aframax, look actually exercise Have the it stopped growing done for
market mind. to years So below we or actually fleet Keep growth had for close XX-year in negative the in that compliant X now.
-- political much in this And to Slide these the world is basically moves us. XX. on going to in move and around to Let's how is exposed is all show what's this how much
and let's around out lost XXXX. the oil. million Then day and to XX pre-Russian imported Europe barrels back Europe So million barrels move of to war Invasion of per go Russian oil. X back broke
MED, so here, incremental increased forth, barrels They Basin or its million XXXX, necessarily and little were we supply per like barrels if million like Atlantic quite lost XXX end but oil growth. bit day. a to Atlantic barrels. Basin. the by XX.X Europe volume Europe a But a the Europe per a want the Africa sourced U.S., has growth. the At X.X This And shipper, consumed look Sea remarkable. from West incremental amounted XXX is small at it to for not Brazil, others North in the and source into XXX from don't It's changes you massive barrels from day. they're
in loss from want Iran we barrels million the Then has with that East lost XXX,XXX moved XX.X broke Basin inside X.X In North per their as further X.X barrels that oil, of had from share And market, Atlantic to They by in the XXX,XXX XXX,XXX X.X almost obviously, went and million has barrels. increase Basin. the Europe, per Sea. Asia. the barrels locked taken east. Atlantic to Atlantic million market almost Russia. day or exports lost MED. million war contributed But imports. They The the Eastern That move all Russia Asia came stayed oil move managed east. to into They barrels been has oil Pre-Invasion, Basin. out. barrels from barrels Middle from traditionally
importing normal, came we has that a And as see million that to to and would oil available replaces -- where it's obviously growth or it's Basin operate of Iran. the is supposed not A and and finish to the more it's markets reversal growth frontline beneficial the to to or the fleet this stays Russian in trading be period trade is that And come this we lanes benefited basically the into go Russia lack east. off XXXX, barrels. to of oil long would for Atlantic X-year the dark that, is trade. Russian going this shipowner in from XX pattern further change Asia of and interesting compliant back And predominantly hugely local
So to XX Page the look let's books. move and order at
have it's a which column call quite we We interesting. here, And actually OFAC. added
OFAC your actually tell where the so list want this card list. to casually it list. basically list. be go you just an to is you and U.S. basically say free company OFAC It ship is many you, OFAC kind people an or of Well, grab money. get on on And OFAC how the gives ships of are don't a on on measure So I this
just hanging they it want accounts, have take don't people necessarily can dominated and go them. U.S. the that have over and you to If
age XXX years VLCC on So And why above fleet that XX.X% the XXX basically, above fleet ships mentioned close book the is vessels or there's is XX. of at estimated starts OFAC fleet. of that stands vessels, XX the I is and fleet Order is overall XXX now around existing again, of X.X those are to average of XX.X, XX% XXX XX% vessels, of Suezmax, very percentage make previously sense. is to XX kind the the is the to be This years. above of which list.
above order of XX.X% fleet currently Aframax. stands XX.X%. got book then or at years And that we LRX XX have You've and the and XX the
Aframax of On not that puts mentioned book that and and order the XX that fleet currently. switch It's before, XX between But the is looks see clean is XX% glance, LRX with kind modest the way then first we're That XX% order the as years we way the these book again, about dirty, interesting into trade years about they order some Aframax to book. of side, order the a very chunky. interact and of book either. chunky looking quite kind on about quite and perspective or
-- effective and predominantly if the XXXX, and remain to will consider aging for the tanker supply some we importers takes growing. kind see any on is XX bull here always seeking kind compliant that's Asian We Regretfully, we put of in know ourselves, a of move let's $XXX,XXX it argue, trade that patterns way remain being and bit headline political Slide a time. other headline stable, if VLCCs. course, see to I tonnage So and it muted a can would quickly a The pending for Africa out you fleet. demand, sum I supply translate market. up. to demand called Oil world the happens. of especially up of per Brazil happening We that and are like investors It of see U.S. challenged. XX extent, day not on also then growth West but action key or into fleet
by oldest and our trade have, Frontline, fleet we retain analyze. upside and modern, are changes questions answers that. an serviced is more of oil the World we kind mean fleet. Right creates more difficult outcomes We -- now, to spot oil our policy with interesting and now the admit trade, is in but to discussion material retain world we X decades. than exposed this
questions. that, up with for open we And
