Tanker owners with modern, efficient tonnage will reap the rewards of increased energy demand from the boom in AI data centres, eventually compounded by the disappearance of the shadow fleet, according to Evangelos Marinakis, Founder and Chairman at Capital Maritime Trading Corp.
Marinakis said the supply demand balance was supported by a limited orderbook through 2028 for VLCCs and Suezmaxes, and a significant delay in scrapping the older fleet and sanctioned fleet.
“I think that it is a matter of time until this fleet needs to be scrapped. Of course, if this happens, we will see that there will be a shortage of tonnage, because demand is increasing and energy is needed all around the world. Now that we have all the AI centres, information centres that are built, they need significant energy,” said Marinakis.
“In my opinion, when all these ghost vessels, shadow vessels disappear, there will be a shortage of tonnage. And I think that the owners and the people that have invested in building the new ships, they will realise a huge benefit,” he added.
Beyond the demand benefits of AI, Marinakis said the technology holds great potential to improve operational efficiency. “[For] all these years, we have gathered information in shipping that hasn’t been really used. Now with AI, there is plenty of data that can be provided, that can show us fantastic results in efficiency, in [fuel] consumptions in the ship’s operation.”
Marinakis was speaking at the Saudi Maritime & Logistics Congress in Dammam, Saudi Arabia, alongside Bahri Oil President Hisham Alnughaimish, who agreed on the potential of AI and stressed the ongoing role of the human in shipping.
“Automation is a supplement, not a replacement for expertise. In our shipping sectors, you have to have human intelligence. This is for sure… automation will make things fast, make more accurate forecasts and help as a supplement. It is important to have both in parallel, together,” said Alnughaimish.
Bahri and Capital Maritime are no strangers to each other, the Saudi owner splashed $1 billion on nine VLCCs from the Marinakis led-company last year.
In a time of geopolitical tension, increasing tariffs and conflict in Ukraine and in Palestine, Marinakis said efficiency is key to riding out volatile markets. “What is very important nowadays, with all that is going on and with the uncertainty, is for shipping to be efficient. And efficiency for us in shipping is a new very strong currency. We need to have efficient fleets to serve our country’s needs and be there, have the flexibility and be able to repeat business with our clients.”
Marinakis proposed that the saying “oil never lets you down” be amended to “oil and gas never lets you down,” as the world needs both together, and investment levels are strong in both.
Capital Maritime has invested heavily in dual-fuel LNG vessels across shipping sectors, as well as LNG carriers, and Marinakis expects the strategy to pay off over the coming decade. “I think that for the next 10 years, LNG will play a significant role. Also, when this dispute [the war in Ukraine] will be over and we have clarity of what is going on, I think that LNG prices will go down. They will be competitive, and there will be a significant saving from the bunker itself.”
Asked about environmental regulation at the International Maritime Organization (IMO), Alnughaimish said regulators need to be conscious of the market when imposing new restrictions. Owners are ready to apply viable solutions and want to reach net zero emissions, but it will take strategy, solutions, and time. “Oil has to move, commodities have to move, but people cannot move ships when they are losing money,” said Alnughaimish.
