Shipping Spot Rates Decline, Cameroon Cracks Down on 'Dark Fleet'

## Shipping Spot Rates Decline Across Major Trade Lanes According to the latest data from Xeneta, average spot rates are down this week across all major container shipping trade lanes out of the Far East. Xeneta Chief Analyst Peter Sand noted that 'average spot rates are down this week across all main fronthaul trades out of the Far East.' The decline in spot rates comes as shipping demand softens amid economic headwinds. However, industry analysts caution that contract rates remain elevated, providing a buffer for carriers against the drop in spot market pricing. ## Cameroon Pledges Crackdown on 'Dark Fleet' Tankers The government of Cameroon has pledged to deregister all 'shadow fleet' tankers following representations from the European Union. Cameroon's ship registry has seen a surge in registrations from sanctioned, stateless tonnage in recent months, with over 20 vessels reflagging to Cameroon in the past 30 days and 43 in the past 60 days. 'The Maritime Executive' reports that this influx of sanctioned vessels has prompted Cameroon to take action, as it seeks to avoid being blacklisted for enabling the evasion of sanctions. Cameroon's move is part of a broader crackdown on the 'dark fleet' of tankers engaged in illicit trade. ## Venezuelan Crude Exports Rebound Amid Sanctions Venezuelan crude exports are expected to return to a typical run rate of 800,000 barrels per day, as the country shifts away from 'dark fleet' tankers following a US naval blockade. According to executives at Teekay Tankers, this has boosted demand for compliant vessels in the region and supported spot tanker rates. The rebound in Venezuelan exports comes as the country adapts to sanctions, moving its trade to a more 'compliant' fleet of tankers. This shift has provided a lift to the spot tanker market, which has struggled with overcapacity and weak demand in recent years.