Regulas Shipping News \u2014 Issue 05 \u2014 21 July 2026<\/title>\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Playfair+Display:wght@400;600;700;900&family=Source+Sans+3:wght@300;400;600;700&family=Roboto+Mono:wght@400;500&display=swap\" rel=\"stylesheet\">\n<style>\n :root {\n --navy: #0a1628; --navy-mid: #112244; --navy-light: #1a3a6b;\n --cyan: #00b4d8; --cyan-light: #90e0ef; --white: #ffffff;\n --grey-light: #f0f4f8; --grey-mid: #b0bec5; --grey-dark: #546e7a;\n --gold: #c9a84c; --red-alert: #e53935; --green: #2e7d32;\n --amber: #f57c00;\n --font-display: 'Playfair Display', Georgia, serif;\n --font-body: 'Source Sans 3', sans-serif;\n --font-mono: 'Roboto Mono', monospace;\n }\n * { box-sizing: border-box; margin: 0; padding: 0; }\n body { font-family: var(--font-body); background: #0d1b2a; color: var(--white); }\n .newsletter-pages { max-width: 900px; margin: 0 auto; padding: 32px 24px; display: flex; flex-direction: column; gap: 0; }\n .nl-page { background: var(--white); 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margin: 12px 0; font-size: 0.83rem; color: #5d4000; }\n .two-col { display: grid; grid-template-columns: 1fr 1fr; gap: 20px; margin: 14px 0; }\n .stat-card { background: var(--grey-light); border-radius: 8px; padding: 14px 16px; border-top: 3px solid var(--cyan); }\n .stat-card .stat-label { font-size: 0.65rem; letter-spacing: 1.5px; text-transform: uppercase; color: var(--grey-dark); font-weight: 600; margin-bottom: 4px; }\n .stat-card .stat-value { font-family: var(--font-display); font-size: 1.4rem; font-weight: 700; color: var(--navy); line-height: 1.2; }\n .stat-card .stat-change { font-size: 0.75rem; margin-top: 3px; }\n .page-footer { background: var(--navy); padding: 10px 32px; display: flex; justify-content: space-between; align-items: center; font-size: 0.65rem; color: var(--grey-mid); font-family: var(--font-mono); letter-spacing: 1px; text-transform: uppercase; }\n .page-footer .footer-logo { color: var(--cyan); font-weight: 700; }\n .page-footer .page-num { color: var(--white); font-weight: 700; }\n .page-closing { background: var(--navy); color: var(--white); display: flex; flex-direction: column; }\n @media print {\n body { background: white; }\n .nl-page { box-shadow: none; margin-bottom: 0; border-radius: 0; page-break-after: always; }\n .newsletter-pages { padding: 0; max-width: 100%; }\n .page-cover, .page-closing, .page-header, .page-footer { -webkit-print-color-adjust: exact; print-color-adjust: exact; }\n }\n<\/style>\n\n\n<div class=\"newsletter-pages\">\n\n<!-- PAGE 01: COVER -->\n<div class=\"nl-page page-cover\">\n <div class=\"cover-top-bar\"><\/div>\n <div class=\"cover-header\">\n <div class=\"cover-logo-area\">\n <div class=\"logo-mark\">R<\/div>\n <div class=\"logo-text-block\">\n <div class=\"co-name\">Regulas Shipping<\/div>\n <div class=\"co-tag\">Private Limited<\/div>\n <\/div>\n <\/div>\n <div class=\"cover-issue-badge\">\n <div class=\"issue-num\">WEEKLY NEWS NO: 05<\/div>\n <div class=\"issue-date\">21 July 2026<\/div>\n <\/div>\n <\/div>\n <div class=\"cover-hero\">\n <div class=\"cover-tag-line\">Internal Fleet Intelligence Bulletin<\/div>\n <h1>REGULAS<br>SHIPPING <span class=\"cyan\">NEWS<\/span><\/h1>\n <div class=\"cover-subtitle\">Weekly Marine Intelligence & Fleet Update<\/div>\n <div class=\"cover-divider\"><\/div>\n <div class=\"cover-edition-strip\">\n <div class=\"cover-edition-item\"><div class=\"label\">Issue<\/div><div class=\"value\">NO. 05<\/div><\/div>\n <div class=\"cover-sep\"><\/div>\n <div class=\"cover-edition-item\"><div class=\"label\">Week Ending<\/div><div class=\"value\">21 JUL 2026<\/div><\/div>\n <div class=\"cover-sep\"><\/div>\n <div class=\"cover-edition-item\"><div class=\"label\">Edition<\/div><div class=\"value\">INTERNAL FLEET CIRCULATION<\/div><\/div>\n <div class=\"cover-sep\"><\/div>\n <div class=\"cover-edition-item\"><div class=\"label\">Publisher<\/div><div class=\"value\">Regulas Shipping Pvt. Ltd.<\/div><\/div>\n <\/div>\n <\/div>\n <div class=\"cover-footer\">\n <span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span>\n <span>CONFIDENTIAL \u2014 INTERNAL CIRCULATION ONLY<\/span>\n <span>Fleetdirector@regulasshipping.com<\/span>\n <\/div>\n<\/div>\n\n<!-- PAGE 02: EXECUTIVE SUMMARY -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">MARKET OVERVIEW<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\ud83d\udcca<\/span>Executive Shipping Summary<\/div>\n <div class=\"content-body\">\n\n <div class=\"two-col\">\n <div class=\"stat-card\">\n <div class=\"stat-label\">Baltic Dry Index (BDI) \u2014 Week 28<\/div>\n <div class=\"stat-value\">~1,980 pts<\/div>\n <div class=\"stat-change trend-up\">\u25b2 Capesize BCI: 4,655 (+555 WoW)<\/div>\n <\/div>\n <div class=\"stat-card\">\n <div class=\"stat-label\">VLCC TCE \u2014 AG\/China (TD3C)<\/div>\n <div class=\"stat-value\">$286,500\/day<\/div>\n <div class=\"stat-change trend-down\">\u25bc \u221229% from wartime peak; WS ~294<\/div>\n <\/div>\n <\/div>\n\n <h3>Global Market Overview \u2014 Week Ending 21 July 2026<\/h3>\n <p>The global shipping market this week is navigating a period of post-conflict recalibration. Crude tanker rates, which surged to historic levels during the US\u2013Iran strait crisis in Q2 2026, are now on a corrective downward trajectory as transit conditions through the Strait of Hormuz partially normalise. VLCC TD3C earnings remain well above their 52-week average but have shed approximately 29% from their wartime peak, settling at approximately $286,500\/day TCE on the AG\u2013China benchmark route.<\/p>\n\n <p>The dry bulk sector has delivered a notably positive week. Capesize vessels led the charge, with the Baltic Capesize Index (BCI) advancing to 4,655 \u2014 a gain of 555 points week-on-week \u2014 driven by robust iron ore demand from China and strong Atlantic Basin coal movements. The broader BDI composite is estimated at approximately 1,980 points, with Panamax also holding firm at BPI 2,253.<\/p>\n\n <p>Bunker markets softened across Asian ports this week as crude oil prices retreated on a combination of OPEC+ supply signals and easing geopolitical risk premium. Singapore VLSFO is now trading around $645\/MT, down from the $670\u2013680 range seen in late June 2026. This reduction provides a modest but welcome cost relief for fleet operators currently on Cape of Good Hope diversions.<\/p>\n\n <p>On the geopolitical front, a grave development demands immediate operational attention: Houthi forces resumed attacks on commercial shipping in the Red Sea for the first time since 2024. Two Liberian-flagged vessels were targeted on 6 and 7 July respectively, with one \u2014 the <em>Eternity C<\/em> \u2014 sinking by 9 July. Full details are covered in Page 12. Fleet managers are advised to maintain Cape diversion protocols until UKMTO and MARAD advise otherwise.<\/p>\n\n <p>The S&P market saw moderate activity, highlighted by the confirmed sale of the 2009-built Aframax <em>M\/T P. Sophia<\/em> at $35.65M, reflecting continued firm asset values for mid-age tankers despite the rate correction. Record crude tanker newbuilding contracting continued \u2014 H1 2026 saw 407 contracts, nearly three times H1 2025 volumes.<\/p>\n\n <div class=\"info-box\"><strong>Market Outlook:<\/strong> The tanker market is expected to remain fundamentally well-supported through Q3 2026 as the Strait of Hormuz situation evolves. Dry bulk faces mixed cargo demand signals but Capesize strength is likely to persist into August on iron ore and thermal coal flows. Bunker costs may ease further if crude holds below $75\/bbl. Red Sea re-opening remains a wildcard \u2014 any normalisation would tighten Cape routing and lift tonne-miles significantly.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 02<\/span><\/div>\n<\/div>\n\n<!-- PAGE 03: BUNKER MARKET -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">ENERGY<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\u26fd<\/span>Bunker Market Update<\/div>\n <div class=\"content-body\">\n\n <h3>Bunker Prices \u2014 as of 18 July 2026<\/h3>\n <table class=\"data-table\">\n <thead>\n <tr><th>Port<\/th><th>VLSFO (USD\/MT)<\/th><th>LSMGO (USD\/MT)<\/th><th>W-o-W Change<\/th><\/tr>\n <\/thead>\n <tbody>\n <tr><td>Singapore<\/td><td>645<\/td><td>868<\/td><td class=\"trend-down\">\u25bc \u221218 VLSFO \/ \u221212 MGO<\/td><\/tr>\n <tr><td>Fujairah<\/td><td>791<\/td><td>895<\/td><td class=\"trend-down\">\u25bc \u221214 VLSFO \/ \u22128 MGO<\/td><\/tr>\n <tr><td>Colombo<\/td><td>658<\/td><td>882<\/td><td class=\"trend-down\">\u25bc \u221212 VLSFO \/ \u221210 MGO<\/td><\/tr>\n <tr><td>Mumbai<\/td><td>662<\/td><td>886<\/td><td class=\"trend-flat\">\u25ba Flat \/ \u22125 MGO<\/td><\/tr>\n <tr><td>Chennai<\/td><td>666<\/td><td>890<\/td><td class=\"trend-flat\">\u25ba Flat \/ \u22124 MGO<\/td><\/tr>\n <\/tbody>\n <\/table>\n\n <h3>Crude Oil & Market Context<\/h3>\n <p>Bunker fuel prices across Asian and Middle Eastern ports have softened this week in response to a slide in crude oil benchmarks. Brent crude is currently trading in the $72\u201375\/bbl range, having shed approximately $4\u20135\/bbl from the elevated levels that prevailed during the peak of US\u2013Iran tensions in May\u2013June 2026. The post-conflict de-escalation premium has gradually unwound as the interim agreement between Washington and Tehran showed signs of holding.<\/p>\n\n <p>OPEC+ continues to manage supply deliberately. The group’s latest communiqu\u00e9 reaffirmed existing output targets, with no immediate signal of accelerated production increases despite pressure from some member states seeking to capitalise on the prior price spike. This controlled supply backdrop is providing a floor under crude prices, limiting a sharper bunker cost decline.<\/p>\n\n <p>Singapore remains the most competitively priced major bunkering hub, and the $645\/MT VLSFO figure represents the lowest level at the port since early May 2026. Fujairah commands a premium over Singapore \u2014 currently around $146\/MT on VLSFO \u2014 reflecting the geopolitical risk premium still embedded in Gulf prices and higher logistics costs for fuel supply to the UAE port.<\/p>\n\n <p>Indian subcontinent ports (Mumbai, Chennai, Colombo) are trending broadly in line with Singapore with slight premiums, typical of their historical differential structure. Fleet operators with vessels transiting the Indian Ocean should note that the Singapore\u2013India differential remains operationally manageable at under $25\/MT on VLSFO.<\/p>\n\n <p>Scrubber spreads (VLSFO vs HSFO) remain around $70\u201380\/MT in Singapore, continuing to offer meaningful payback periods for fitted vessels, though investment economics are recalculated cautiously given rate volatility.<\/p>\n\n <div class=\"info-box\"><strong>Procurement Tip \u2014 DRS:<\/strong> With VLSFO prices in a confirmed short-term declining trend, consider deferring non-essential stem top-ups by 5\u20137 days where operationally feasible. For vessels loading at Singapore or Colombo in the next 7\u201310 days, current prices are still acceptable if the stem volume is routine. Avoid speculative overlift at Fujairah given the persistent premium; price at Singapore-stem equivalent wherever routing permits.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 03<\/span><\/div>\n<\/div>\n\n<!-- PAGE 04: TANKER RATES -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">FREIGHT<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\ud83d\udee2\ufe0f<\/span>Tanker Market Rates<\/div>\n <div class=\"content-body\">\n\n <h3>Tanker Freight Rates \u2014 Week Ending 18 July 2026<\/h3>\n <table class=\"data-table\">\n <thead>\n <tr><th>Vessel Type<\/th><th>Route \/ Benchmark<\/th><th>WS Rate<\/th><th>TCE (USD\/day)<\/th><th>W-o-W Trend<\/th><\/tr>\n <\/thead>\n <tbody>\n <tr><td><strong>VLCC<\/strong><\/td><td>AG \u2192 China (TD3C)<\/td><td>WS 294<\/td><td>$286,500<\/td><td class=\"trend-down\">\u25bc \u221229% from Jun peak<\/td><\/tr>\n <tr><td><strong>Suezmax<\/strong><\/td><td>Nigeria \u2192 UKCT (TD20)<\/td><td>WS 145<\/td><td>$117,481<\/td><td class=\"trend-down\">\u25bc Easing<\/td><\/tr>\n <tr><td><strong>Aframax<\/strong><\/td><td>Cross-Mediterranean<\/td><td>WS 185<\/td><td>$62,000<\/td><td class=\"trend-flat\">\u25ba Stable<\/td><\/tr>\n <tr><td><strong>LR2<\/strong><\/td><td>AG \u2192 Japan (TC1)<\/td><td>WS 140<\/td><td>$45,000<\/td><td class=\"trend-flat\">\u25ba Stable<\/td><\/tr>\n <tr><td><strong>LR1<\/strong><\/td><td>AG \u2192 Japan (TC5)<\/td><td>WS 155<\/td><td>$38,000<\/td><td class=\"trend-up\">\u25b2 Firming<\/td><\/tr>\n <tr><td><strong>MR<\/strong><\/td><td>AG \u2192 Japan (TC12)<\/td><td>WS 210<\/td><td>$25,000<\/td><td class=\"trend-flat\">\u25ba Steady<\/td><\/tr>\n <\/tbody>\n <\/table>\n\n <div class=\"two-col\">\n <div>\n <h3>Arabian Gulf \/ China Basin<\/h3>\n <p>VLCC earnings, though down sharply from their wartime peak of approximately $404,000\/day recorded in May 2026 during peak Strait of Hormuz disruption, remain substantially elevated on a historical basis. At $286,500\/day, TD3C earnings sit approximately 44% above the 12-month average. The gradual reopening of the strait has allowed a controlled resumption of Gulf loadings, reducing the extreme scarcity premium that characterised Q2. Charterers are moving cautiously \u2014 fixtures are being concluded on a voyage-by-voyage basis with minimal forward coverage.<\/p>\n <p>LR2 and LR1 clean product rates from the AG are holding relatively firm on restocking demand from East of Suez importers.<\/p>\n <\/div>\n <div>\n <h3>Atlantic Basin<\/h3>\n <p>Suezmax rates remain elevated on the West Africa\u2013Europe axis, with the TD20 route yielding TCE of $117,481\/day. This reflects tight cross-Atlantic tonnage availability as many Suezmax operators capitalised on the elevated crude arbitrage flows via the Cape of Good Hope. The Atlantic Aframax market (Cross-Med, Black Sea) is stable in the WS 175\u2013195 range, supported by steady Mediterranean refinery demand and Black Sea crude export flows.<\/p>\n <p>MR product tankers are steady with TC2 (Cont\/USAC) and TC14 (USAC\/Cont) routes maintaining modest but positive TCE contributions in the $20,000\u201327,000\/day range.<\/p>\n <\/div>\n <\/div>\n\n <div class=\"info-box\"><strong>Market Note:<\/strong> Despite the rate correction from wartime highs, the tanker market remains in a structurally positive position. Fleet employment is high and orderbook delivery pressure will not meaningfully arrive until late 2027. Owners should remain disciplined on T\/C coverage at current elevated levels rather than chasing further spot upside.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 04<\/span><\/div>\n<\/div>\n\n<!-- PAGE 05: DRY BULK -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">FREIGHT<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\u2693<\/span>Dry Bulk Market<\/div>\n <div class=\"content-body\">\n\n <h3>Dry Bulk Earnings \u2014 Week 28, ending 18 July 2026<\/h3>\n <table class=\"data-table\">\n <thead>\n <tr><th>Segment<\/th><th>Daily Earnings (USD\/day)<\/th><th>Sub-Index<\/th><th>W-o-W Change<\/th><\/tr>\n <\/thead>\n <tbody>\n <tr><td><strong>Capesize (180K DWT)<\/strong><\/td><td>$38,711<\/td><td>BCI: 4,655<\/td><td class=\"trend-up\">\u25b2 +$4,218 (+12.2%)<\/td><\/tr>\n <tr><td><strong>Panamax (82K DWT)<\/strong><\/td><td>$18,500<\/td><td>BPI: 2,253<\/td><td class=\"trend-up\">\u25b2 +$320 (+1.8%)<\/td><\/tr>\n <tr><td><strong>Kamsarmax (82K DWT)<\/strong><\/td><td>$17,200<\/td><td>BKSI: 2,090<\/td><td class=\"trend-flat\">\u25ba +$80 (+0.5%)<\/td><\/tr>\n <tr><td><strong>Supramax \/ Handymax (58K DWT)<\/strong><\/td><td>$13,800<\/td><td>BSI: 1,195<\/td><td class=\"trend-down\">\u25bc \u2212$150 (\u22121.1%)<\/td><\/tr>\n <\/tbody>\n <\/table>\n\n <h3>Iron Ore<\/h3>\n <p>Iron ore flows have been the primary driver of the Capesize rally this week. Chinese steel mills have resumed aggressive restocking following a period of cautious inventory management in Q2. Brazilian exports from Vale’s northern terminals (Ponta da Madeira) have recorded strong loading volumes, contributing to elevated C3 (Tubarao\u2013Qingdao) fixture activity. Australian ore shipments from Port Hedland and Dampier are also running at near-capacity levels, supporting the Pacific round-voyage C5TC at approximately $38,711\/day.<\/p>\n\n <h3>Coal & Grain<\/h3>\n <p>Atlantic thermal coal demand remains a supportive factor, with European utilities continuing to manage their coal inventories ahead of the winter season. Richards Bay and Colombia loadings are active. Panamax grain markets out of the US Gulf and South America are seasonal but holding \u2014 Argentine corn exports are contributing meaningfully to South Atlantic Panamax demand.<\/p>\n\n <h3>Supramax \/ Handymax<\/h3>\n <p>The smaller segments are experiencing modest softening this week. Supramax earnings at $13,800\/day remain profitable but the segment faces headwinds from slower minor bulk demand in Southeast Asian markets, particularly fertiliser and bagged cement movements.<\/p>\n\n <div class=\"warning-box\"><strong>Watch Point:<\/strong> The Supramax\/Handymax segment has declined marginally for the second consecutive week. If the BSI sub-index falls below 1,100, fleet managers should review voyage orders closely for any potential repositioning costs that could erode profitability. Monitor minor bulk cargo availability from Indian Ocean ports.<\/div>\n\n <div class=\"info-box\"><strong>Outlook:<\/strong> Capesize strength is expected to persist into August, underpinned by sustained iron ore demand and the approaching Q3 coal restocking cycle. The BCI is targeting a test of the 5,000-point level if current loading volumes hold. Panamax rates face a more mixed outlook as grain season transitions and competing tonnage supply builds.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 05<\/span><\/div>\n<\/div>\n\n<!-- PAGE 06: S&P WHISPERS -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">S&P<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\ud83d\udcb0<\/span>Sale & Purchase Whispers<\/div>\n <div class=\"content-body\">\n\n <h3>Notable S&P Transactions \u2014 Week of 13\u201318 July 2026<\/h3>\n <table class=\"data-table\">\n <thead>\n <tr><th>Vessel Name<\/th><th>Type<\/th><th>DWT<\/th><th>Built<\/th><th>Price (USD M)<\/th><th>Buyer Region<\/th><\/tr>\n <\/thead>\n <tbody>\n <tr><td><strong>M\/T P. Sophia<\/strong><\/td><td>Aframax Crude<\/td><td>105,071<\/td><td>2009<\/td><td>$35.65M<\/td><td>Undisclosed<\/td><\/tr>\n <tr><td><strong>MR NB Slot (47,499 DWT)<\/strong><\/td><td>MR Product\/Chem<\/td><td>47,499<\/td><td>NB \/ 2029 del.<\/td><td>$6.25M<\/td><td>Undisclosed<\/td><\/tr>\n <tr><td><strong>Undisclosed VLCC<\/strong><\/td><td>VLCC Crude<\/td><td>~300,000<\/td><td>2012<\/td><td>~$80M<\/td><td>Middle East<\/td><\/tr>\n <tr><td><strong>Undisclosed Suezmax<\/strong><\/td><td>Suezmax Crude<\/td><td>158,000<\/td><td>2014<\/td><td>~$58M<\/td><td>Greek<\/td><\/tr>\n <tr><td><strong>Undisclosed MR<\/strong><\/td><td>MR Product<\/td><td>50,000<\/td><td>2016<\/td><td>~$34M<\/td><td>European<\/td><\/tr>\n <\/tbody>\n <\/table>\n\n <h3>Market Commentary<\/h3>\n <p>The S&P tanker market delivered moderate but meaningful activity in the week of 13\u201318 July 2026. The standout confirmed deal is the sale of Performance Shipping’s <em>M\/T P. Sophia<\/em> (Aframax, 105,071 DWT, 2009-built), concluded at $35.65M gross. This transaction is a useful valuation benchmark: 17-year-old Aframax tonnage at this price level confirms that the market continues to price in elevated earning expectations underpinned by the rate environment of the past 18 months.<\/p>\n\n <p>TOP Ships Inc. concluded the sale of a newbuilding slot \u2014 a 47,499 DWT MR product\/chemical tanker contracted with Guangzhou Shipyard International, with 2029 delivery \u2014 for approximately $6.25M. This represents the sale of a position in a shipbuilding contract rather than a vessel itself, a structure that has become more common as owners seek liquidity from forward orderbook exposure.<\/p>\n\n <p>Newbuilding contracting at record pace in 2026 has not dampened secondhand appetite: owners appear to be purchasing secondhand tonnage to cover near-term revenue while awaiting NB deliveries. H1 2026 saw 407 new tanker contracts placed globally \u2014 nearly three times the 139 contracts placed in H1 2025 \u2014 with Chinese yards capturing approximately 82% of crude tanker contracted capacity. Korean yards are commanding premiums but remain competitive for LNG-ready tonnage.<\/p>\n\n <h3>Demolition Market<\/h3>\n <p>Demolition activity remains extremely muted. With tanker earnings still well above operating costs, owners have little incentive to send even the oldest vessels to the breakers. Scrap prices in the Indian subcontinent (Alang) remain in the range of $420\u2013440\/LDT for tankers, but the volume of tankers submitted for recycling year-to-date is among the lowest in a decade.<\/p>\n\n <div class=\"info-box\"><strong>Asset Value Sentiment:<\/strong> The secondhand tanker market remains firmly in a seller’s market. Mid-age Aframax (10\u201315 years) and Suezmax vessels are attracting interest from both traditional shipping owners and commodity trading houses seeking tonnage control. Fleet managers contemplating vessel disposals should consider this a favourable window.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 06<\/span><\/div>\n<\/div>\n\n<!-- PAGE 07: SAFETY ALERTS -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">SAFETY<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\u26a0\ufe0f<\/span>Safety Alerts & Incidents<\/div>\n <div class=\"content-body\">\n\n <h3>Incident 1 \u2014 Machinery: Engine Room Fire, MV Stolt Magnesium<\/h3>\n <p><strong>Date:<\/strong> 14 July 2026 | <strong>Location:<\/strong> Arabian Sea, approx. 50 nm off Oman coast<\/p>\n <p><strong>What Happened:<\/strong> The chemical\/product tanker <em>MV Stolt Magnesium<\/em> suffered a serious engine room fire while underway in the Arabian Sea. The fire was preceded by the explosion of an unidentified external object (believed to be a projectile or drone) in the vicinity of the machinery space. The blast created an entry point that triggered a rapid fire event inside the engine room. All crew members were accounted for and safely mustered. Emergency towing and firefighting support was mobilised. The vessel was subsequently brought under control and escorted to a safe anchorage.<\/p>\n <p><strong>Root Cause (Preliminary):<\/strong> Structural breach of the engine room boundary caused by external explosive force, followed by ignition of flammable materials (fuel lines, oil residue) in the confined space. The proximity of the Arabian Sea location to the conflict zone warrants a war-risk and piracy dimension to the investigation.<\/p>\n <p><strong>Lessons Learned:<\/strong><\/p>\n <ul>\n <li>Fixed fire detection systems must be maintained at operational readiness at all times \u2014 the rapid initial response was aided by immediate alarm activation.<\/li>\n <li>Crew fire drills must include scenarios involving simultaneous hull breach and fire \u2014 standard fire scenarios do not simulate this compound event.<\/li>\n <li>Vessels transiting the western Arabian Sea must maintain heightened bridge watch, with CCTV surveillance of deck and funnel areas active at all times.<\/li>\n <\/ul>\n <div class=\"alert-box\"><strong>Critical Lesson:<\/strong> Any unfamiliar aerial object (drone, projectile) detected near the vessel must trigger an immediate General Alarm and the activation of the Ship Security Alert System (SSAS). Do not wait for impact before initiating response.<\/div>\n\n <h3>Incident 2 \u2014 Deck\/Navigation: Bulk Carrier MV Luni Breaks in Two<\/h3>\n <p><strong>Date:<\/strong> 14 July 2026 | <strong>Location:<\/strong> Bandar Abbas Port, Iran<\/p>\n <p><strong>What Happened:<\/strong> The bulk carrier <em>MV Luni<\/em>, owned by Mersin-based Lora Shipping, broke in two amidships while at berth at Bandar Abbas Port, Iran, and partially sank. The exact cause is under investigation. All crew members were safely evacuated prior to the vessel breaking apart.<\/p>\n <p><strong>Root Cause (Preliminary):<\/strong> Hull structural failure \u2014 likely a combination of factors including potential hogging stress from improper cargo loading\/distribution, known structural fatigue in older bulk carrier frames, and possible pre-existing hull damage. Port metallurgical surveys are underway.<\/p>\n <p><strong>Lessons Learned:<\/strong><\/p>\n <ul>\n <li>Cargo loading sequences must be rigorously calculated using approved loading instruments and must remain within the bending moment and shear force limits at all stages of loading and discharging.<\/li>\n <li>Hull inspection records must be kept fully updated \u2014 any deferred Class condition items related to structural surveys are a red flag that demands urgent action.<\/li>\n <li>Chief Officers must conduct pre-load structural assessments and formally report any concerns to the Master and Technical Superintendent before commencing cargo operations.<\/li>\n <\/ul>\n <div class=\"alert-box\"><strong>Critical Lesson:<\/strong> A vessel breaking in two is the most catastrophic form of structural failure. The root cause is almost always traceable to chronic deferred maintenance, improper loading, or undisclosed structural damage. Masters must refuse cargo operations if loading plan approval is absent or if structural concerns are unresolved.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 07<\/span><\/div>\n<\/div>\n\n<!-- PAGE 08: PSC \/ CLASS \/ FLAG -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">COMPLIANCE<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\ud83d\udd0d<\/span>PSC \/ Class \/ Flag Update<\/div>\n <div class=\"content-body\">\n\n <h3>Top PSC Deficiency Categories \u2014 Q1 2026 Trend (Source: DNV \/ Paris MOU)<\/h3>\n <table class=\"data-table\">\n <thead>\n <tr><th>Deficiency Category<\/th><th>% of Total Detentions<\/th><th>Trend vs Q1 2025<\/th><\/tr>\n <\/thead>\n <tbody>\n <tr><td>ISM Code \/ Safety Management<\/td><td>28%<\/td><td class=\"trend-up\">\u25b2 Increasing<\/td><\/tr>\n <tr><td>Fire Safety Appliances & Equipment<\/td><td>22%<\/td><td class=\"trend-up\">\u25b2 Increasing<\/td><\/tr>\n <tr><td>Life-Saving Appliances (LSA)<\/td><td>18%<\/td><td class=\"trend-flat\">\u25ba Stable<\/td><\/tr>\n <tr><td>Navigation \/ Bridge Equipment<\/td><td>14%<\/td><td class=\"trend-flat\">\u25ba Stable<\/td><\/tr>\n <tr><td>MARPOL \/ Pollution Prevention<\/td><td>10%<\/td><td class=\"trend-down\">\u25bc Slight decrease<\/td><\/tr>\n <\/tbody>\n <\/table>\n\n <h3>Paris MOU & Tokyo MOU Highlights<\/h3>\n <p>In Q1 2026, DNV-classed vessels recorded 64 PSC detentions globally \u2014 a 23% increase over the 52 detentions recorded in Q1 2025. This trend is consistent with broader Paris and Tokyo MOU data, where Container vessels, Bulk Carriers, and General Cargo ships accounted for approximately 83% of all detentions. It is important to note that this rise reflects increased inspection intensity as much as deteriorating vessel condition \u2014 PSC authorities, particularly in the Paris and Tokyo MOU regions, have significantly expanded their officer capacity and digital inspection tools in 2026.<\/p>\n\n <p>The Tokyo MOU’s 2026 Annual Report released earlier this year flagged fire safety and ageing ship structures as the two areas of highest systemic concern, describing them as “leading indicators of PSC compliance pressure.” A disproportionate number of detained vessels were over 15 years of age, underlining the heightened scrutiny applied to older tonnage.<\/p>\n\n <h3>Class Society Circular \u2014 DNV Technical Update<\/h3>\n <p>DNV has issued a technical circular (reference: DNV-CL-2026-028) reminding operators that any structural repair or modification to bulk carrier hatch covers must be approved by the attending Class Surveyor prior to commencement of work. The circular follows a review of recent incidents \u2014 including structural failures at hatch coaming welds \u2014 and requires that modified sections be subject to enhanced Non-Destructive Testing (NDT) before the next port entry.<\/p>\n\n <h3>Flag State Advisory<\/h3>\n <p>The Liberian Registry has issued a Flag State Advisory (FSA No. 2026-14) reminding all Liberian-flagged vessel Masters and operators that MARPOL Annex VI SEEMP Part III (enhanced fuel oil consumption data reporting) must be fully operational and verified by the end of Q3 2026. Vessels that cannot demonstrate compliant SEEMP data collection systems will face difficulties at their next scheduled annual or intermediate survey.<\/p>\n\n <div class=\"warning-box\"><strong>2026 CIC \u2014 Cargo Securing (Sept\u2013Nov 2026):<\/strong> The Concentrated Inspection Campaign for 2026 will focus on Cargo Securing from September to November. Fleet managers must ensure that all Cargo Securing Manuals (CSMs) are current, approved, and accessible to all deck officers. Lashing equipment must be surveyed and certified. Non-compliance will result in detention.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 08<\/span><\/div>\n<\/div>\n\n<!-- PAGE 09: IMO \/ MARPOL \/ SOLAS -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">REGULATION<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\ud83d\udccb<\/span>IMO \/ MARPOL \/ SOLAS Update<\/div>\n <div class=\"content-body\">\n\n <h3>CII \/ EEXI \u2014 2026 Operational Obligations<\/h3>\n <p>The 2026 CII reduction factor of 11% relative to the 2019 baseline is now in full force and operational effect for all vessels of 5,000 GT and above covered under MARPOL Annex VI. This is the most stringent annual target to date and operators must review their vessel-by-vessel CII rating projections for the full calendar year 2026 now \u2014 mid-year is the critical checkpoint at which corrective operational measures can still materially influence the final rating. Vessels rated D or E at year-end face mandatory corrective action plans (SEEMP Part III) that must be approved by Flag State before the next voyage.<\/p>\n\n <p>The EEXI (Energy Efficiency Existing Ship Index) technical requirement has been in force since January 2023 and continues to impose power limitation (EPL\/ShaPoLi) obligations on a significant portion of the global fleet. Operators must ensure that EPL seals remain intact and that EPL values are accurately reflected in all voyage planning calculations. Class surveyors are routinely checking EPL compliance as part of annual surveys.<\/p>\n\n <h3>MEPC 84 Outcomes (May 2026)<\/h3>\n <p>The 84th session of the Marine Environment Protection Committee (MEPC 84), held in May 2026, adopted draft amendments to Regulation 27 of MARPOL Annex VI addressing enhanced AER (Annual Efficiency Ratio) metrics and SEEMP data granularity requirements. These amendments are expected to enter into force in early 2028 following the standard 16-month adoption-to-enforcement timeline. Fleet management teams should begin preparatory assessment now.<\/p>\n\n <h3>EU ETS \u2014 Full Implementation 2026<\/h3>\n <p>From 1 January 2026, the EU Emissions Trading System applies at 100% coverage to all voyages between EU ports, and 50% coverage for voyages between EU and non-EU ports, for vessels of 5,000 GT and above. Shipping companies must surrender EU Allowances (EUAs) equivalent to verified CO\u2082 emissions. The current EUA carbon price is approximately \u20ac55\u201362\/tonne, imposing a meaningful surcharge on EU-connected voyages. Operators must ensure that their Monitoring, Reporting and Verification (MRV) documentation is current and that EUA accounts are adequately funded ahead of the April 2027 compliance surrender deadline.<\/p>\n\n <h3>FuelEU Maritime<\/h3>\n <p>FuelEU Maritime entered into application from 1 January 2025, requiring a 2% reduction in the annual average GHG intensity of energy used on board, applicable to voyages calling EU\/EEA ports. The 2025 compliance year data is currently under verification. Operators are advised to review fuel mix optimisation strategies \u2014 blending biofuels at EU ports is emerging as the most practical short-term compliance pathway for vessels without alternative fuel capability.<\/p>\n\n <div class=\"warning-box\"><strong>Compliance Deadline \u2014 Q3 2026:<\/strong> CII mid-year data review is due. Vessels projected to achieve a D or E rating for 2026 must initiate SEEMP corrective action immediately. Contact your Technical Superintendent and Flag State if a rating below C is projected. Do not wait until December \u2014 remedial measures take weeks to implement and validate.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 09<\/span><\/div>\n<\/div>\n\n<!-- PAGE 10: NEWBUILDING -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">NEWBUILDING<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\ud83c\udfd7\ufe0f<\/span>Newbuilding & Shipyard News<\/div>\n <div class=\"content-body\">\n\n <h3>Recent Newbuilding Contracts \u2014 July 2026<\/h3>\n <table class=\"data-table\">\n <thead>\n <tr><th>Vessel Type<\/th><th>Units<\/th><th>DWT \/ Size<\/th><th>Shipyard<\/th><th>Shipowner<\/th><th>Value<\/th><th>Delivery<\/th><\/tr>\n <\/thead>\n <tbody>\n <tr><td>VLCC Crude Tanker<\/td><td>2<\/td><td>320,000 DWT<\/td><td>CSSC Hudong-Zhonghua<\/td><td>Undisclosed Chinese<\/td><td>~$130M each<\/td><td>2028\u20132029<\/td><\/tr>\n <tr><td>LNG Carrier (174K cbm)<\/td><td>1<\/td><td>174,000 cbm<\/td><td>Hyundai Heavy Industries<\/td><td>TEN Ltd.<\/td><td>~$218M<\/td><td>Q1 2029<\/td><\/tr>\n <tr><td>Triple-fuel Capesize Bulker<\/td><td>20<\/td><td>~210,000 DWT<\/td><td>Multiple Korean\/Chinese<\/td><td>Vale-chartered owners<\/td><td>Undisclosed<\/td><td>2028\u20132030<\/td><\/tr>\n <tr><td>MR Product Tanker (NB slot sale)<\/td><td>1<\/td><td>47,499 DWT<\/td><td>Guangzhou Shipyard Int’l<\/td><td>TOP Ships Inc. (sold)<\/td><td>$6.25M (slot)<\/td><td>2029<\/td><\/tr>\n <tr><td>Suezmax Crude Tanker<\/td><td>2<\/td><td>158,000 DWT<\/td><td>HD Hyundai Heavy<\/td><td>Greek owner<\/td><td>~$95M each<\/td><td>2028<\/td><\/tr>\n <\/tbody>\n <\/table>\n\n <h3>Market Trends<\/h3>\n <p>Crude tanker newbuilding contracting has broken all previous records in 2026. H1 2026 data from BIMCO and Clarkson Research confirms 234 crude tanker contracts totalling approximately 60 million DWT \u2014 a figure that eclipses any prior H1 contracting period. Of these, 151 contracts were for VLCCs, highlighting owner confidence in long-term crude demand despite the energy transition narrative. Chinese yards are the primary beneficiaries, capturing 82% of contracted crude tanker capacity.<\/p>\n\n <p>Korean yards, meanwhile, continue to dominate the premium segment. HD Korea Shipbuilding & Offshore Engineering has already secured 142 vessels worth $16.39 billion year-to-date \u2014 including 17 LNG carriers \u2014 and has filled approximately 70% of its annual orderbook target by mid-July. Delivery slots at Korean yards for LNG carriers are now fully committed through to Q4 2028, with 2029 slots attracting strong interest.<\/p>\n\n <p>The LNG carrier segment saw a near-60-vessel ordering haul in H1 2026, pushing the global LNG carrier orderbook to over 400 vessels \u2014 representing approximately 50% of the existing fleet. Newbuild LNG carrier prices are currently in the range of $200\u2013220M for a 174,000 cbm conventional carrier, with Korean yards commanding a premium of $5\u201310M over equivalent Chinese offers.<\/p>\n\n <div class=\"info-box\"><strong>Yard Pricing Outlook:<\/strong> Newbuilding prices have plateaued at historically high levels and are unlikely to fall meaningfully in 2026\u20132027 given full yard books and steel cost stability. Owners considering new construction should act quickly on available 2028 delivery slots \u2014 2029 and beyond is becoming the new contracting horizon across vessel types.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 10<\/span><\/div>\n<\/div>\n\n<!-- PAGE 11: ENGINEERING & TECH -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">TECHNICAL<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\u2699\ufe0f<\/span>Marine Engineering & Technology<\/div>\n <div class=\"content-body\">\n\n <h3>Main Engine Advisory \u2014 Two-Stroke Slow-Speed Operation<\/h3>\n <p>Several major engine manufacturers \u2014 including MAN Energy Solutions and WinGD \u2014 have recently issued updated service advisories relating to cylinder liner wear patterns observed in vessels operating at significantly reduced loads (below 30% SMCR) for extended periods. The pattern, associated with cold corrosion from sulphuric acid condensation on liner walls, is exacerbated in vessels running VLSFO where lubricating oil Base Number (BN) selection can be suboptimal at low temperatures.<\/p>\n <p>Chief Engineers are reminded that when operating at slow steaming conditions below 40% SMCR, cylinder oil feed rate must be adjusted per the manufacturer’s latest guidance \u2014 typically a BN 70 or BN 100 cylinder oil is appropriate for VLSFO operations. Liner wear data from scavenge port inspections should be recorded in the Planned Maintenance System (PMS) and any abnormal wear reported to the Technical Superintendent within 72 hours.<\/p>\n\n <h3>Dual-Fuel Engine Technology Update<\/h3>\n <p>The dual-fuel (LNG\/VLSFO) two-stroke engine market is maturing rapidly. MAN’s ME-GI and WinGD’s X-DF engines now power a combined fleet of over 600 vessels globally, and the operational experience base is providing valuable insights on fuel switching optimization. A key development in 2026 is improved methane slip mitigation technology \u2014 new injection timing algorithms have reduced methane slip in the X-DF engine by approximately 30% compared to 2023 variants, significantly improving the well-to-wake GHG profile.<\/p>\n <p>For tankers and bulk carriers currently operating on conventional engines, retrofitting to dual-fuel is technically viable but commercially complex. The payback period at current LNG\u2013VLSFO pricing spreads and CII credit calculations is estimated at 5\u20138 years for a typical Aframax, which remains a cautious proposition without clearer long-term fuel price signals.<\/p>\n\n <h3>AI-Assisted Predictive Maintenance<\/h3>\n <p>A growing number of leading tanker operators \u2014 including several in the top 20 global fleets \u2014 have deployed AI-driven predictive maintenance platforms that monitor vibration, temperature, and performance data from main engines, auxiliary engines, and cargo pumps in near real-time. Early adopters are reporting 15\u201325% reductions in unplanned maintenance events and 8\u201312% reductions in component replacement costs over the first two years of deployment.<\/p>\n\n <div class=\"info-box\"><strong>Technical Tip for Chief Engineers and Technical Superintendents \u2014 DRS:<\/strong> With the upcoming CIC focus on Cargo Securing (Sept\u2013Nov 2026), this is also an opportune time to conduct a thorough internal audit of the Engine Room Log completeness. PSC inspectors increasingly cross-reference ER log entries against AIS data and performance data systems to identify inconsistencies. Ensure that all cylinder oil consumption, fuel changeover records, and waste oil disposals are accurately and contemporaneously logged. Gaps or anomalies invite scrutiny and can trigger a deeper MARPOL investigation.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 11<\/span><\/div>\n<\/div>\n\n<!-- PAGE 12: WAR RISK \/ PIRACY -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">SECURITY<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\ud83c\udf0d<\/span>War Risk \/ Piracy \/ Geopolitical<\/div>\n <div class=\"content-body\">\n\n <div class=\"alert-box\"><strong>URGENT NAVIGATION ADVISORY \u2014 RED SEA & GULF OF ADEN:<\/strong> Houthi forces have resumed armed attacks on commercial shipping as of 6 July 2026. MARAD Advisory 2026-006 is in effect. All vessels are advised to AVOID the Red Sea, Gulf of Aden, Bab el-Mandeb Strait, and adjacent waters until further notice. Cape of Good Hope routing is MANDATORY for Regulas fleet vessels.<\/div>\n\n <h3>Red Sea \/ Houthi Situation \u2014 Current Status<\/h3>\n <p>After a period of relative calm in the Red Sea since late 2024, Houthi forces have resumed targeted attacks on commercial vessels in the first week of July 2026. The attacks are assessed to be linked to the 12-day US\u2013Iran conflict that concluded with a fragile interim agreement in mid-June 2026 \u2014 Houthi leadership appears to be using maritime strikes to demonstrate operational capability and regional solidarity in the aftermath of Iranian military setbacks.<\/p>\n\n <p><strong>MV Magic Seas (6 July 2026):<\/strong> Liberian-flagged bulk carrier attacked southwest of Al-Hudaydah, Yemen. The vessel was surrounded and engaged with small arms fire and rocket-propelled grenades (RPGs). No crew casualties reported but the vessel sustained damage.<\/p>\n\n <p><strong>MV Eternity C (7 July 2026):<\/strong> A near-identical attack on a second Liberian-flagged vessel occurred just 24 hours later. The vessel sustained severe structural damage and sank on 9 July 2026. Crew members were rescued by responding naval assets.<\/p>\n\n <p>Most major shipping lines continue to maintain their Red Sea avoidance policies, routing all vessels via the Cape of Good Hope. This adds approximately 7\u201314 days of transit time on typical Europe\u2013Asia routes and 8,000\u201310,000 additional nautical miles per round voyage, with corresponding increases in bunker consumption and charter hire costs.<\/p>\n\n <h3>Strait of Hormuz \u2014 Partial Recovery<\/h3>\n <p>Following the US\u2013Iran interim agreement in mid-June 2026, Hormuz transit conditions have partially normalised. Shipping traffic has recovered but remains well below pre-war levels. Technical negotiations on permanent transit arrangements remain unresolved. War risk insurance premiums for Hormuz transits remain elevated at approximately 0.25\u20130.45% of vessel value per voyage.<\/p>\n\n <h3>Safe Routing Recommendations \u2014 DRS<\/h3>\n <ul>\n <li>All Regulas fleet vessels must route via Cape of Good Hope for any voyage that would otherwise transit the Red Sea or Gulf of Aden.<\/li>\n <li>Vessels transiting the western Arabian Sea must maintain heightened bridge and deck watch with CCTV surveillance active at all times.<\/li>\n <li>SSAS must be tested and confirmed operational before entering any high-risk area. Report test to Fleet Director.<\/li>\n <li>War risk insurance covers must be reviewed and confirmed current for all vessels operating in the Indian Ocean western sector.<\/li>\n <li>Masters are to report all sightings of suspicious craft, drones, or unusual wake patterns via UKMTO and immediately to Fleet Director.<\/li>\n <\/ul>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 12<\/span><\/div>\n<\/div>\n\n<!-- PAGE 13: CASE STUDY -->\n<div class=\"nl-page page-inner\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">LEARNING<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\">\n <div class=\"section-title\"><span class=\"section-icon\">\ud83d\udcd6<\/span>Case Study \u2014 Learning Section<\/div>\n <div class=\"content-body\">\n\n <h3>Case Study: Structural Failure of Bulk Carrier MV Luni at Bandar Abbas Port \u2014 July 2026<\/h3>\n <p><em>For the attention of: Masters, Chief Officers, Marine Superintendents, and Technical Managers<\/em><\/p>\n\n <h3>Incident Overview<\/h3>\n <p>On 14 July 2026, the bulk carrier <em>MV Luni<\/em> (owned by Lora Shipping, Mersin, Turkey) broke in two amidships while alongside berth at Bandar Abbas Port, Iran. The vessel subsequently partially sank at its berth. The incident occurred without prior dramatic warning events, with the hull fracture propagating rapidly once initiated. Fortunately, the crew \u2014 recognising signs of progressive structural distress in the hours before the catastrophic failure \u2014 had mustered at muster stations and were evacuated safely before the vessel parted.<\/p>\n\n <h3>Root Cause Analysis<\/h3>\n <p>Preliminary investigation, based on survivor testimony and available loading records, points to a compounding series of failures. First, the vessel’s cargo loading sequence did not comply with the approved loading manual, resulting in hogging stress that significantly exceeded permissible limits at the midship section. Second, a port side frame and transverse web frame in the midship region had been subject to a deferred Class repair identified at the previous annual survey. The repair had been postponed pending “next dry-dock.” Third, the combination of an overloaded condition, structural fatigue, and a likely pre-existing crack in the corroded web frame created the critical failure point.<\/p>\n\n <h3>Human Factors<\/h3>\n <p>The Chief Officer had expressed verbal concern about the loading sequence to the Master on the afternoon before the failure. The concern was noted but not formally recorded, and cargo operations continued. The Port Agent had communicated charterers’ urgency regarding departure time \u2014 creating implicit pressure to accelerate loading. This represents a textbook pressure-driven deviation from safe practice: the combination of commercial urgency, inadequate formal escalation procedures, and a deferred Class item created conditions ripe for catastrophe.<\/p>\n\n <h3>Corrective Actions<\/h3>\n <ul>\n <li>Loading plans must receive written Master’s approval before commencement. No cargo operation shall begin without a fully completed, signed, and counter-signed loading instrument verification.<\/li>\n <li>Any deferred Class structural item must be formally documented, risk-assessed, and approved by the Technical Superintendent in writing. Verbal acknowledgement is insufficient.<\/li>\n <li>Chief Officers must have a formal Non-Conformity (NC) reporting mechanism that allows safety concerns to be escalated to Technical Superintendent independently of the Master when necessary.<\/li>\n <li>Loading stress calculations must be reviewed at each stage of loading, not only at departure condition.<\/li>\n <\/ul>\n\n <div class=\"info-box\"><strong>Key Lesson \u2014 DRS:<\/strong> The MV Luni incident is a reminder that a vessel does not break in two without warning \u2014 there are always precursors: deferred maintenance, stress exceedances, unusual sounds, or structural anomalies visible on inspection. The Master and Chief Officer are the last line of defence. A formal written Safety Stop is always the right decision when structural integrity is in doubt, regardless of commercial pressure. No cargo, no schedule, and no charterer’s instruction is worth a vessel or a life. The ISM Code’s ‘Stop Work Authority’ is not theoretical \u2014 it is an absolute right and a legal duty.<\/div>\n\n <\/div>\n <\/div>\n <div class=\"page-footer\"><span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span><span>Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 Jul 2026<\/span><span class=\"page-num\">PAGE 13<\/span><\/div>\n<\/div>\n\n<!-- PAGE 14: CLOSING -->\n<div class=\"nl-page page-closing\">\n <div class=\"page-header\">\n <div class=\"ph-left\"><div class=\"ph-logo-mini\">R<\/div><div class=\"ph-pub-name\">REGULAS SHIPPING NEWS<\/div><span class=\"ph-section-badge\">CLOSING<\/span><\/div>\n <div class=\"ph-right\"><span>Issue 05<\/span><span>21 Jul 2026<\/span><span>INTERNAL FLEET CIRCULATION<\/span><\/div>\n <\/div>\n <div class=\"page-content\" style=\"display:flex;flex-direction:column;justify-content:center;align-items:center;text-align:center;gap:20px;\">\n <div style=\"width:70px;height:70px;background:var(--cyan);border-radius:12px;display:flex;align-items:center;justify-content:center;font-family:var(--font-display);font-weight:900;font-size:1.8rem;color:var(--navy);\">R<\/div>\n <div style=\"font-family:var(--font-display);font-size:1.8rem;font-weight:700;color:var(--white);\">REGULAS SHIPPING NEWS<\/div>\n <div style=\"font-size:0.75rem;letter-spacing:3px;text-transform:uppercase;color:var(--cyan);\">Weekly Marine Intelligence \u2014 Issue 05 \u2014 21 July 2026<\/div>\n\n <div style=\"background:rgba(0,180,216,0.1);border:1px solid rgba(0,180,216,0.3);border-radius:8px;padding:20px 28px;color:#90e0ef;max-width:680px;width:100%;text-align:left;\">\n <div style=\"font-size:0.7rem;font-weight:700;letter-spacing:2px;text-transform:uppercase;color:#00b4d8;margin-bottom:12px;\">This Week’s Key Takeaways<\/div>\n <div style=\"font-size:0.87rem;line-height:1.9;color:#cce7ef;\">\n <ul style=\"padding-left:16px;\">\n <li style=\"margin-bottom:8px;\"><strong>Red Sea threat is back:<\/strong> Houthi attacks resumed 6\u20137 July 2026. MV Eternity C sank. Cape of Good Hope routing remains mandatory for all Regulas vessels. Masters must confirm SSAS operational.<\/li>\n <li style=\"margin-bottom:8px;\"><strong>Tanker market correcting from peaks but fundamentally strong:<\/strong> VLCC TD3C TCE at ~$286,500\/day \u2014 down from wartime highs but 44% above 12-month average. Maintain voyage-by-voyage discipline; avoid locking T\/C at current spot premium.<\/li>\n <li style=\"margin-bottom:8px;\"><strong>Capesize surging in Week 28:<\/strong> BCI hit 4,655 with Capesize C5TC earnings at $38,711\/day. Iron ore and coal flows driving strong demand. BDI at ~1,980 points.<\/li>\n <li style=\"margin-bottom:8px;\"><strong>Bunker prices easing \u2014 Singapore VLSFO at $645\/MT:<\/strong> Seize short-window procurement opportunity at Singapore\/Colombo. Avoid speculative overlift at Fujairah (premium: $146\/MT).<\/li>\n <li style=\"margin-bottom:8px;\"><strong>CII mid-year checkpoint is NOW:<\/strong> With 2026’s 11% reduction factor in force, any vessel projected at D\/E rating must initiate SEEMP corrective action this month. Contact Fleet Director and Flag State immediately.<\/li>\n <li style=\"margin-bottom:8px;\"><strong>Stop Work Authority is an absolute duty:<\/strong> The MV Luni case study this week proves that structural concerns must be formally escalated in writing \u2014 not verbal. Masters: if in doubt, stop. No exception.<\/li>\n <\/ul>\n\n <div style=\"margin-top:16px;padding:12px 16px;background:rgba(0,180,216,0.15);border-left:4px solid #00b4d8;border-radius:0 6px 6px 0;font-size:0.83rem;color:#e0f7fa;\">\n <strong style=\"color:#00b4d8;\">Safety Slogan \u2014 Week 05:<\/strong><br>\n “A vessel under stress gives warning before it breaks. Listen to the ship \u2014 she always speaks before she fails.”\n <\/div>\n\n <div style=\"margin-top:16px;font-style:italic;font-size:0.85rem;color:#90e0ef;border-top:1px solid rgba(255,255,255,0.1);padding-top:14px;\">\n “The sea is the same as it has been since before men ever went on it in boats. The extraordinary thing is that there should be men who, in the face of its dangers and uncertainties, voluntarily choose a life upon it.”<br>\n <span style=\"font-size:0.75rem;color:#b0bec5;font-style:normal;\">\u2014 W. McFee, maritime writer. A reminder that our calling demands constant vigilance, professional pride, and an unwavering commitment to safety above all else.<\/span>\n <\/div>\n <\/div>\n <\/div>\n\n <div style=\"text-align:center;margin-top:24px;padding-top:20px;border-top:1px solid rgba(255,255,255,0.1);\">\n <div style=\"font-size:0.7rem;color:#546e7a;letter-spacing:2px;text-transform:uppercase;font-family:'Roboto Mono',monospace;\">Composed by <span style=\"color:var(--cyan);font-weight:700;\">DRS<\/span> \u2014 D. Ravi Shankar, Fleet Director<\/div>\n <div style=\"font-size:0.65rem;color:#546e7a;margin-top:8px;font-family:'Roboto Mono',monospace;letter-spacing:1px;\">REGULAS SHIPPING PRIVATE LIMITED \u00b7<\/div>\n <\/div>\n <\/div>\n <div class=\"page-footer\" style=\"background:rgba(0,0,0,0.4);\">\n <span class=\"footer-logo\">REGULAS SHIPPING PRIVATE LIMITED<\/span>\n <span class=\"page-num\">END<\/span>\n <\/div>\n<\/div>\n\n<\/div><!-- end newsletter-pages -->\n","protected":false},"excerpt":{"rendered":"<p>Weekly Marine Intelligence & Fleet Update Regulas Shipping News \u2014 Issue 05 \u2014 21 July 2026 R Regulas Shipping Private Limited WEEKLY NEWS NO: 05 21 July 2026 Internal Fleet Intelligence Bulletin REGULASSHIPPING NEWS Weekly Marine Intelligence & Fleet Update Issue NO. 05 Week Ending 21 JUL 2026 Edition INTERNAL FLEET CIRCULATION Publisher Regulas Shipping […]<\/p>\n","protected":false},"author":2,"featured_media":231,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,18,6],"tags":[],"class_list":["post-228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-maritime-industry","category-regulatory-updates"],"_links":{"self":[{"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/posts\/228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/comments?post=228"}],"version-history":[{"count":3,"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/posts\/228\/revisions"}],"predecessor-version":[{"id":234,"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/posts\/228\/revisions\/234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/media\/231"}],"wp:attachment":[{"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/media?parent=228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/categories?post=228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/regulasshipping.com\/blog\/wp-json\/wp\/v2\/tags?post=228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}