Senior Credit Risk Analyst

Oil tanker freight rates reach $40 per barrel. Shipping oil from the Gulf of Mexico to China has cost approximately $40 per barrel this compares to $8.60 before the conflict between the United States and Israel against Iran, which began in February, the difference reflects the pressure facing the oil market and represents a considerable increase in the costs associated with supplying US crude to Asia. According to market data cited by shipping operators, freight costs currently amount to almost half the price of West Texas Intermediate (WTI) futures. For refineries, this situation presents a commercial challenge, as the cost of oil depends not only on its purchase price but also on the transportation required to deliver it to the processing facilities. When maritime tariffs rise so sharply, the economic advantages of acquiring oil in distant markets can disappear. This scenario has led to the closure of the so-called oil arbitrage window, a commercial mechanism that allows you to buy crude oil in one region and sell it in another when the difference between prices covers transportation costs and leaves a profit margin. With current freight rates, many US oil shipping operations to Asia have lost economic appeal, which is changing the purchasing decisions of operators. Asian refineries seek alternatives to US crude. Faced with rising import costs from the United States, Asian refineries are considering other types of oil that may offer more favorable commercial conditions, among the alternatives, the following stands out Murban crude oil from the United Arab Emirates whose market premium exceeded $11 per barrel compared to the Dubai benchmark. According to an oil analyst from a trading company, Murban was approximately $2 per barrel cheaper than US WTI when comparing both products once delivered in Asia. This difference is relevant for buyers, since the final price of crude includes both the value of the raw material and the expenses necessary to transport it to its destination. Another option being considered by operators is Medanito crude from Argentina, its inclusion would allow for expanded supply sources and reduce dependence on a maritime route that currently presents high costs. However, price is not the only factor determining business decisions. Some refineries may continue to purchase US oil, even with higher transportation rates, to maintain continuity of supply. In a market affected by logistical disruptions and changes in shipping routes, having suppliers capable of guaranteeing deliveries remains an important aspect for refining companies. The uptake of VLCCs reflects the pressure on rates. The increase in maritime costs is also reflected in recent negotiations to hire tankers for transporting US crude, the Japanese refiner Cosmo Oil has provisionally agreed to hire a VLCC vessel for $81 million with a loading window expected between November 19 and 21, according to trade and maritime industry sources. The value of this transaction reflects the high rates reached on a route that requires vessels capable of transporting large volumes of oil. SK Energy and Trafigura, for their part, attempted to contract tankers with similar characteristics, submitting bids between $76 and $77 million. However, these negotiations did not come to fruition. Difficulties in securing vessel availability have led some operators to consider smaller vessels, such as Aframax tankers. Trafigura contracted the Torm Hilde the vessel, with an approximate capacity of 600,000 barrels, for $24 million, is scheduled to load US oil bound for Japan on November 1. In another negotiation, Vitol sought to charter the Aframax Riverside for $27 million to transport crude oil to South Korea in early November, however, this deal also fell through. Although Aframax vessels carry less oil than VLCCs, they can be an alternative when securing larger vessels is difficult or when market conditions favor smaller shipments. These operations reflect how companies are adjusting their transportation strategies in response to rising freight rates and limited tanker availability on certain routes. The closure of the Strait of Hormuz exacerbates the shortage of ships. Disruptions to major oil shipping routes are also contributing to higher international freight rates. June Goh, senior analyst at Sparta Commodities, noted that VLCC tanker rates between the Gulf of Mexico and Asia, as well as on routes from Fujairah to eastern markets, have increased by more than 300 % since mid-August. According to the specialist, one of the factors explaining this situation is the reorganization of maritime operations following the closure of the Strait of Hormuz, a route commonly used for international shipping hydrocarbons companies have resorted to ship-to-ship (STS) oil transfer operations to adapt their activities to existing restrictions. However, these transfers can require additional maneuvers and prolong the time vessels are occupied, consequently reducing the availability of ships to handle new transport requests, this situation is compounded by the increase in oil shipments from the Atlantic basin to the Far East, which is driving up the demand for tankers to cover long-distance voyages. The combination of both factors puts pressure on the available fleet and contributes to raising contract prices, in addition, expectations of new oil releases from the United States' strategic reserves could sustain demand for maritime transport, depending on the volumes and destinations of the shipments. Refining margins will determine future purchases. Rising transportation costs are forcing Asian refineries to carefully review their oil acquisition costs and the revenue they can expect from selling their refined products. June Goh warned that refining margins will need to remain high so that companies can absorb the increased logistics expenses without compromising the profitability of their operations. This relationship between the cost of delivered crude oil and the value of produced fuels will be one of the factors that will determine upcoming business decisions, if freight rates remain high, US exporters may need to adjust their bids to remain competitive against producers in other regions. At the same time, refineries will need to compare supply conditions from different markets, considering not only the price of oil, but also the availability of vessels and the risks associated with each route. For now, the scenario favors greater diversification of suppliers and keeps attention on trade movements between the Atlantic and Asia. Although rising freight rates limit arbitrage opportunities for US crude, potential supply disruptions in Middle East they could maintain demand for shipments from other regions, the evolution of maritime rates, refining margins, and oil availability will determine the extent to which Asian refineries will continue to buy US crude or give more participation to alternative suppliers. Verified Author Moises Carrasquero is a mechanical engineer and writer specializing in technology, engineering, and industrial development, with a focus on the advancements that are transforming these sectors. My goal is to turn complex technical information into clear, accurate, and relevant journalistic content.

Osisko Gold closes previously announced US$30 million strategic Equity Investment by Trafigura. TORONTO, Oct. 09, 2026 (GLOBE NEWSWIRE) - Osisko Gold Group Inc. (NYSE: OGG, TSXV: OGG) ("Osisko Gold" or the "Company") is pleased to announce the closing of its previously announced equity investment by Urion Investments Holdings Limited ("Urion"), an affiliate of Trafigura Canada Limited, as disclosed in the news release of the Company dated September 14, 2026 entitled "Osisko Gold Announces Formal Construction Decision and Development Update for the Cariboo Gold Project" (the "Equity Investment"). Pursuant to the Equity Investment, the Company issued an aggregate of 9,554,141 common shares of the Company (each, a "Common Share") to Urion at a price of US$3.14 per Common Share, representing a 10% premium to the five-day volume weighted average price of the Common Shares on the TSX Venture Exchange prior to signing, for gross proceeds of approximately US$30 million. Negotiations toward a definitive agreement for a potential prepayment facility of up to US$120 million remain ongoing. As part of the Equity Investment, Urion has entered into a voting support agreement with the Company (the "Voting Support Agreement"), pursuant to which Urion has agreed to vote its Common Shares in accordance with the recommendations of the board of directors or management of the Company, subject to certain exceptions. The Voting Support Agreement also contains customary standstill and lock-up provisions restricting Urion's ability to acquire additional Common Shares or dispose of its Common Shares for specified periods. The Company intends to use the net proceeds of the Equity Investment towards the development of the Cariboo Gold Project. The Common Shares issued under the Equity Investment will be subject to a hold period expiring four months and one day from the date of issue pursuant to applicable Canadian securities laws. The Equity Investment remains subject to final acceptance by the TSX Venture Exchange. No finder's fees or commissions were payable in connection with the Equity Investment. After completion of the Equity Investment, the Company is expected to have 315,809,214 Common Shares issued and outstanding, of which Urion will hold approximately 3.0% on a non-diluted basis. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom. | / | ABOUT OSISKO GOLD GROUP INC. | / | | / | Osisko Gold Group Inc. is a North American gold development company focused on past-producing mining camps with district-scale potential. The Company's objective is to become an intermediate gold producer through the development of its flagship, fully permitted, 100%-owned Cariboo Gold Project, currently under construction in central British Columbia, Canada. The Project is situated within the Company's broader Cariboo regional land package, which hosts numerous prospective exploration targets and provides opportunities for future discoveries. Its Cariboo project pipeline is complemented by the Tintic Project, located in the historic East Tintic mining district in Utah, U.S.A., a brownfield property with significant exploration potential, extensive historical mining data, and access to established infrastructure. Osisko Gold is focused on developing long-life mining assets in mining-friendly jurisdictions while maintaining a disciplined approach to capital allocation, development risk management, and mineral inventory growth. | / | | / | For further information, visit our website at www.osiskogold.ca or contact: | / | | / | Sean Roosen Chairman and CEO Email: [email protected] Tel: +1 (514) 940-0685 | Philip Rabenok Vice President, Investor Relations Email: [email protected] Tel: +1 (437) 423-3644 | / | | / | / | / | / | CAUTION REGARDING FORWARD-LOOKING STATEMENTS This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended) (collectively, "forward-looking statements"). Such forward-looking statements, by their nature, require Osisko Gold to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Such forward-looking statements are not guarantees of performance and are identified with words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "potential", "propose", "project", "outlook", "foresee", "continue", "objective", "strategy", variants of these words or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection. Forward-looking statements in this news release include, but are not limited to, statements pertaining to the Company's anticipated use of proceeds from the Equity Investment; final acceptance of the Equity Investment by the TSX Venture Exchange; the terms and effect of the Voting Support Agreement; the Company's ability to successfully negotiate and execute on a prepayment facility on commercially acceptable terms; the ability to advance the Cariboo Gold Project through construction on the anticipated timeline and within the estimated budget and its status as being fully permitted; the Company's objective of becoming an intermediate gold producer; and the exploration potential and potential for future discoveries (if any) of its properties. Osisko Gold considers its assumptions to be reasonable based on information currently available but cautions the reader that its assumptions regarding future events, many of which are beyond the control of Osisko Gold, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko Gold and its business. Such risks and uncertainties include, but are not limited to: the absence of further work stoppages or suspensions at the Cariboo Gold Project; risks associated with the development and construction of the Cariboo Gold Project; risks relating to third-party approvals, including the issuance of permits by governments, favourable regulatory conditions and approvals, capital market conditions and the Company's ability to access capital on terms acceptable to the Company for the contemplated exploration and development at the Company's properties; the absence of unforeseen ground conditions or other geological challenges; the ability to continue current operations and exploration; regulatory framework and presence of laws and regulations that may impose restrictions on mining; errors in management's geological modelling; the timing and ability of the Company to obtain and maintain required approvals and permits; the results of exploration activities; the availability of necessary equipment, supplies and infrastructure; risks relating to exploration, development and mining activities; the global economic climate; fluctuations in metal and commodity prices; fluctuations in the currency markets; dilution; environmental risks; and community, non-governmental and governmental actions and the impact of stakeholder actions. Readers are urged to consult the disclosure provided under the heading "Risk Factors" in the Company's annual information form for the year ended December 31, 2025 as well as those risks and factors disclosed in the Company's most recent financial statements and management's discussion and analysis and other public filings filed under Osisko Gold's issuer profile on SEDAR+ (www.sedarplus.ca) and on the SEC's EDGAR website (www.sec.gov), for further information regarding the risks and other factors facing the Company, its business and operations. Although the Company believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. Forward-looking statements are not guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Readers are cautioned that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements contained herein are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Trafigura buys seven oil tankers from SFL as shipping costs rise. Total Views: 0 October 7, 2026 (Bloomberg) - Trafigura Group bought seven oil tankers from New York-listed SFL Corp., in the latest example of how trading houses and state energy companies are acquiring vessels to ship crude and products. Disruptions to shipping through the Strait of Hormuz have drawn in scores of tankers to shuttle key oil flows out to the global market, while growing risks in the Red Sea are leading to longer voyage routes and times. That's prompted a rush to snap up tankers as rates to charter vessels soar. Ad ends in 12 Trafigura bought four oil product tankers known as LR2s - built in 2014 and 2015 - and three suezmax tankers built in 2019, SFL said in a statement on Wednesday. The vessels will be delivered over the course of the next six months. A spokesperson for Trafigura declined to comment. SFL said it had made an "aggregate book gain" of $175 million from the deal, without disclosing the sale price of the vessels. Strong demand for prompt availability of oil carriers have pushed the resale values of tankers higher. A 10-year-old Aframax, which is the same size as an LR2 tanker, was assessed to be worth $72.5 million last week, while a Suezmax of the same age could sell for $110 million, Clarkson data show. Trafigura recently made its first foray into launching a public company, listing a supertanker vehicle Volare Shipping Ltd. on the Oslo Stock Exchange. (C) 2026 Bloomberg L.P. Subscribe for daily maritime insights. Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox - trusted by our 107,080 members. Have a news tip? Let us know. Stay ahead with our weekly 'Dispatch' email. Dive into a sea of curated content with our weekly 'Dispatch' email. Your personal maritime briefing awaits!