We are an independent shipbroker with an approach focused on expertise rather than scale.
Going Out With A Bang
On 10 January, a mere 10 days before Trump was due to enter the White House, Joe Biden unleashed his most comprehensive package of sanctions on Russia. Oil companies, insurers and traders have all been hit, but perhaps most importantly (at least as far as shipping is concerned) is the large list of oil tankers on which sanctions have been slapped.
By our count, just under 350 tankers are now under OFAC sanctions for trading Russian, Iranian and Venezuelan oil. In DWT terms, this equates to just shy of 7 per cent of the entire tanker fleet – both crude and product.
On the crude side, 7.3 per cent of the entire active fleet is now sanctioned; Aframaxes are most affected, with 13.4 per cent of the fleet now sanctioned. It is less emphatic on the product side; just 3.4 per cent of the fleet is sanctioned. LR2s are the most heavily sanctioned fleet – 5.6 per cent of the fleet is now under sanctions.
Sanctions have been in place on vessels for many years, but they are now of greater importance as Washington begins to more keenly enforce them. China’s Shandong Port Group has reportedly banned US-sanctioned vessels from calling at its ports and, if others follow suit for fear of US reprisal, there could be significant ramifications for the tanker markets as supply is artificially but sharply squeezed. An estimated 35 per cent of the dark fleet is now under sanctions.
In other news, China's housing market showed signs of improvement in December, with home sales in the 30 largest cities reaching their highest levels since 2021. Sales in the top four cities rose by 35 per cent y-o-y, and existing home sales are also increasing. This reflects pent-up demand from buyers who had been waiting for a more favourable time to purchase. However, buyers continue to demand price discounts of 5-10 per cent, underscoring that it remains a buyer's market.
January PMI data highlighted strong growth in the construction sector, adding to the optimism in housing. While it remains uncertain whether this is a temporary boost or the start of a sustained recovery, sustained efforts from policymakers will remain essential, especially given how key a turnaround in housing is to unlocking more consumer demand. Policymakers have shown stronger resolve than in recent years, but it remains to be seen if they will take the necessary steps.
In addition to the housing rebound, there has been a renewed focus by policymakers on driving consumer demand. This priority topped the agenda at the recent Central Economic Work Conference, sparking widespread debate among policymakers and market participants alike.
During a recent visit to Shandong province, Premier Li Qiang emphasised the need for swift and decisive action to stimulate consumption from the start of 2025. And last week, details of an expanded trade-in scheme were also unveiled, now covering electronics like smartphones, tablets, and smartwatches, with subsidies of 15 per cent for products priced under CNY 6,000 (approximately USD 820). Furthermore, last month, civil servants’ salaries were raised by 5 per cent. While this measure affected ‘only’ 40 Mn people, it can be expected to further increase spending power as it comes on top of the trade-in scheme, and measures such as payments for those in need and reduced mortgage rates on existing loans.
Still, the most critical factor in driving sustained consumer spending appears to remain a recovery in the housing market. Improved employment conditions are also essential for restoring consumer confidence and ensuring a long-term increase in spending.
The Chinese government is also moving on the fiscal policy side, however, and on 24 December it revealed plans to issue CNY 3 Tr in special treasury bonds in 2025, a threefold increase from 2024. This indicates a more expansionary fiscal policy, with the central government shouldering greater responsibility as local governments face debt distress and lack the capacity for significant stimulus. The funds will support trade-in subsidy programs, technology investments, and other initiatives.
Additionally, according to Danske Bank, the 2025 growth target should remain around 5 per cent, with the budget deficit projected to hit a record 4 per cent. During an annual meeting on 3 January, the People's Bank of China announced plans to cut interest rates and the Reserve Requirement Ratio “at an appropriate time”. However, action has been delayed due to weakening pressure on the CNY and a sharp decline in bond yields, reflecting market anticipation of prolonged low rates.
Chinese leaders also appear increasingly focused on curbing industrial “involution”, which arises from excessive competition and overinvestment in sectors, such as solar panels and EVs. Overcapacity in these industries has led to sharp price declines and eroded companies’ profit margins. The South China Morning Post recently reported that at a late-December closed-door meeting, solar manufacturers agreed to a self-discipline program aimed at reducing fierce competition. However, scepticism remains about the program’s effectiveness, as it’s ultimately a war of attrition where weaker players must exit for meaningful consolidation.
For this strategy to succeed, local governments will need to withdraw support for struggling companies and allow market forces to lead to necessary bankruptcies. While government backing of certain sectors dubbed of strategic importance has enabled significant development and upgrades, it has also driven overinvestment and reduced profitability, underscoring the complex dynamics of China’s industrial policy.
For now, December data showed contrasting trends in manufacturing and services. While the construction PMI improved, the manufacturing PMI (Caixin) declined from 51.5 to 50.5, primarily due to a sharp drop in new export orders (from 51.5 to 48.6). This may reflect a normalisation after November’s potential tariff-driven front-loading, with anecdotal reports of full US warehouses contributing to softer demand. Also, going forward, data can be expected to remain volatile, at least until the new US administration has settled and there is more clarity on trade policy.
In contrast, the services PMI strengthened, rising from 51.5 to 52.2. However, challenges persist in manufacturing, as the PMI for output prices (Caixin) fell from 51.5 to 48.8, highlighting deflationary pressures that continue to weigh on corporate profits.
Affinity Research LLP
Carbon
Carbon
Using tailored analytics platforms, we offer client-specific advisory and trading services across the global carbon markets. Contributing to hedging strategies, sustainability reporting and financing requirements, our aim is to assist clients in managing their financial exposure to the approaching energy transition.
Contact: Hugo Wilson
[email protected]
+44(0)20 3142 0121
Dry Cargo
Dry Cargo
Our dry bulk chartering teams in Sydney, Melbourne, Perth, Santiago, Lima, Montevideo, Buenos Aires, Singapore and London are cargo-focussed and they fix voyage, COA and time charter business on behalf of their clients with a wide range of ship owners.
For Atlantic business please contact Hans Bredrup
For Pacific business please contact Rahul Khanna
Contact: Hans Bredrup
[email protected]
Contact: Rahul Khanna
[email protected]
LNG
LNG
Our young and dynamic LNG team possess wide-ranging experience of spot and term charters working with all major LNG shipowners and charterers. The LNG team has close interaction with the Newbuilding and Sale & Purchase divisions with an unrivalled track record of contracting LNG newbuildings and in the sale and purchase of LNG assets.
We maintain up-to-date knowledge and an understanding of new technologies within the LNG sector to ensure that our clients can make the most suitable and cost-effective decisions on shipping solutions.
Contact: Joni Mackay
[email protected]
+44(0)20 3142 0133
Newbuilding
Newbuilding
Our Newbuilding team has concluded over 500 newbuildings of all types, including LNGCs, FSRUs, drillships, crude tankers, product tankers and dry cargo vessels. We have contracted in all major newbuilding centres globally, with particular focus on the Korean Shipyards.
Contact: Nick Wood
[email protected]
+44(0)20 3142 0111
Offshore
Offshore
Affinity Offshore is based out of our Oslo and Houston offices. The Team focuses on world-wide sale & purchase of offshore support vessels, as well as chartering – particularly in the Americas and Mediterranean/MENA regions.
Contact: Tor-Øyvind Bjørkli
[email protected]
Research
Research
Our research department combines real time market information with econometric modelling and the latest technology.
Contact: Sevita Kondyliou
[email protected]
+44(0)20 3142 0182
S & P
S & P
Our Sale & Purchase team has extensive experience of working with private clients, national shipping companies, major corporates, oil companies, grain houses and institutional investors. We provide a cradle to grave services across all shipping sectors. We operate from London, Singapore and Seoul to give 24-hour coverage of the markets, working for both newbuilding and second-hand buyers.
Contact: Tom Morrison
[email protected]
+44(0) 20 3142 0128
Tankers
Tankers
Our established tanker chartering teams serve the industry from London, Houston and Santiago delivering a highly proficient spot chartering service with a prime position in the fuel oil market. The team has close relationships with oil majors, national oil companies, oil traders and major ship owners and operators.
Our ethos for operations and post-fixture is simple: these roles are as important to us as the chartering/commercial function, and we continue to apply those same principles of professional ship broking throughout the life of each fixture.
Contact: Tim Gurdon
[email protected]
+44(0)20 3142 0142
Valuations
Valuations
We provide transparent, objective ship valuation service to major owners, banks and other financial institutions at short notice and a daily basis. We provide a retainer service for regular fleet valuations.
Affinity Valuations Limited Terms of Business
Contact: Stuart Morrison
[email protected]
+44 (0)20 3142 0144
Carbon
Using tailored analytics platforms, we offer client-specific advisory and trading services across the global carbon markets. Contributing to hedging strategies, sustainability reporting and financing requirements, our aim is to assist clients in managing their financial exposure to the approaching energy transition.
Contact: Hugo Wilson
[email protected]
+44(0)20 3142 0121
Dry Cargo
Our dry bulk chartering teams in Sydney, Melbourne, Perth, Santiago, Lima, Montevideo, Buenos Aires, Singapore and London are cargo-focussed and they fix voyage, COA and time charter business on behalf of their clients with a wide range of ship owners.
For Atlantic business please contact Hans Bredrup
For Pacific business please contact Rahul Khanna
Contact: Hans Bredrup
[email protected]
+56 99 887 3036
Contact: Rahul Khanna
[email protected]
LNG
Our young and dynamic LNG team possess wide-ranging experience of spot and term charters working with all major LNG shipowners and charterers. The LNG team has close interaction with the Newbuilding and Sale & Purchase divisions with an unrivalled track record of contracting LNG newbuildings and in the sale and purchase of LNG assets.
We maintain up-to-date knowledge and an understanding of new technologies within the LNG sector to ensure that our clients can make the most suitable and cost-effective decisions on shipping solutions.
Contact: Joni Mackay
[email protected]
+44(0)20 3142 0133
Newbuilding
Our Newbuilding team has concluded over 500 newbuildings of all types, including LNGCs, FSRUs, drillships, crude tankers, product tankers and dry cargo vessels. We have contracted in all major newbuilding centres globally, with particular focus on the Korean Shipyards.
Contact: Nick Wood
[email protected]
+44(0)20 3142 0111
Offshore
Affinity Offshore is based out of our Oslo and Houston offices. The Team focuses on world-wide sale & purchase of offshore support vessels, as well as chartering – particularly in the Americas and Mediterranean/MENA regions.
Contact: Tor-Øyvind Bjørkli
[email protected]
Research
Our research department combines real time market information with econometric modelling and the latest technology.
Contact: Sevita Kondyliou
[email protected]
+44(0)20 3142 0182
S & P
Our Sale & Purchase team has extensive experience of working with private clients, national shipping companies, major corporates, oil companies, grain houses and institutional investors. We provide a cradle to grave services across all shipping sectors. We operate from London, Singapore and Seoul to give 24-hour coverage of the markets, working for both newbuilding and second-hand buyers.
Contact: Tom Morrison
[email protected]
+44(0) 20 3142 0128
Tankers
Our established tanker chartering teams serve the industry from London, Houston and Santiago delivering a highly proficient spot chartering service with a prime position in the fuel oil market. The team has close relationships with oil majors, national oil companies, oil traders and major ship owners and operators.
Our ethos for operations and post-fixture is simple: these roles are as important to us as the chartering/commercial function, and we continue to apply those same principles of professional ship broking throughout the life of each fixture.
Contact: Tim Gurdon
[email protected]
+44(0)20 3142 0142
Valuations
We provide transparent, objective ship valuation service to major owners, banks and other financial institutions at short notice and a daily basis. We provide a retainer service for regular fleet valuations.
Affinity Valuations Limited Terms of Business
Contact: Stuart Morrison
[email protected]
+44 (0)20 3142 0144
Click here for our terms of business
Floor 44
The Leadenhall Building
122 Leadenhall Street
London EC3V 4AB
T +44 (0)203 142 0100
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LONDON
Floor 44
The Leadenhall Building
122 Leadenhall Street
London EC3V 4AB
T +44 (0)203 142 0100
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Affinity Shipping DMCC
5A Gold Tower
Cluster I
Jumeriah Lake Towers (JLT)
Dubai, UAE
T +97140 570 8661
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DUBAI
Affinity Shipping DMCC
5A Gold Tower
Cluster I
Jumeriah Lake Towers (JLT)
Dubai, UAE
T +97140 570 8661
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72 Anson Road
#13–03 Anson House
Singapore
079911
T +65 6805 8760
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SINGAPORE
72 Anson Road
#13–03 Anson House
Singapore
079911
T +65 6805 8760
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8/38 Colin Street
West Perth
WA 6005
Australia
T +61 892 260 618
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PERTH
8/38 Colin Street
West Perth
WA 6005
Australia
T +61 892 260 618
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Suite 3.05, Level 3
9-11 Claremont Street
South Yarra
VIC 3141, Australia
T +61 398 671 466
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MELBOURNE
Suite 3.05, Level 3
9-11 Claremont Street
South Yarra
VIC 3141, Australia
T +61 398 671 466
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1st Floor
64 Alexander Street
Crows Nest, NSW 2065
Australia
T +61 299 378 800
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SYDNEY
1st Floor
64 Alexander Street
Crows Nest, NSW 2065
Australia
T +61 299 378 800
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7/455 Brunswick St
Fortitude Valley
Brisbane
QLD 4006
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BRISBANE
7/455 Brunswick St
Fortitude Valley
Brisbane
QLD 4006
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#703, Shin-A Building
50 Seosomun-ro 11gil
Jung-gu, Seoul
South Korea
100-752
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SEOUL
#703, Shin-A Building
50 Seosomun-ro 11gil
Jung-gu, Seoul
South Korea
100-752
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1301 McKinney Street
Suite 2975
Houston, Texas
77010, USA
T +1 832 925 7500
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HOUSTON
1301 McKinney Street
Suite 2975
Houston, Texas
77010, USA
T +1 832 925 7500
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Marco Polo Parkside Building 1204,
Anli Road No. 80,
Chaoyang District,
Beijing, China, 100101
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BEIJING
Marco Polo Parkside Building 1204,
Anli Road No. 80,
Chaoyang District,
Beijing, China, 100101
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6/F Kimberley Plaza
45-47 Kimberley Road
Tsim Sha Tsui. Kowloon
Hong Kong
T +852 2154 2237
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HONG KONG
6/F Kimberley Plaza
45-47 Kimberley Road
Tsim Sha Tsui. Kowloon
Hong Kong
T +852 2154 2237
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Room 1004, 10/F, The Crest
No 500 West Yan An Road,
Shanghai, 200050
People’s Republic of China
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SHANGHAI
Room 1004, 10/F, The Crest
No 500 West Yan An Road,
Shanghai, 200050
People’s Republic of China
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Augusto Leguia Norte 100
Office 710
Las Condes
7550155 Santiago
Chile
T +56 22 352 7100
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SANTIAGO
Augusto Leguia Norte 100
Office 710
Las Condes
7550155 Santiago
Chile
T +56 22 352 7100
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Misiones St. 1372,
1st Floor "De Los Patricios" Building,
11000 Montevideo, Uruguay
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MONTEVIDEO
Misiones St. 1372,
1st Floor "De Los Patricios" Building,
11000 Montevideo, Uruguay
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Fascinatio Boulevard 742
2909 VA Capelle aan den IJssel
The Netherlands
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ROTTERDAM
Fascinatio Boulevard 742
2909 VA Capelle aan den IJssel
The Netherlands
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Cort Adelers gate 16
0254 Oslo
Norway
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OSLO
Cort Adelers gate 16
0254 Oslo
Norway
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1780-355 Burrard St
Vancouver
BC V6C 2G8
Canada
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VANCOUVER
1780-355 Burrard St
Vancouver
BC V6C 2G8
Canada
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Skuteviksbodene 7
5035 Bergen
Norway
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BERGEN
Skuteviksbodene 7
5035 Bergen
Norway
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Rua Duque Estrada 36/101 Rio de Janeiro, 22451-090, Brazil
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RIO DE JANEIRO
Rua Duque Estrada 36/101 Rio de Janeiro, 22451-090, Brazil
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501 5th Ave, New York, NY 10017, USA
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NEW YORK
501 5th Ave, New York, NY 10017, USA
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2 Princes Street
Auckland
New Zealand
T +64 27 240 7129
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AUCKLAND
2 Princes Street
Auckland
New Zealand
T +64 27 240 7129
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