A tie-up between energy major Shell and Saudi giant Bahri Oil is likely a first step in a rapidly changing VLCC market, tanker market players warned this week.

Several cautioned that the agreement, which will see Shell gain control of Bahri VLCC cargoes moving from the Middle East Gulf-west and the Saudi outfit commercially managing Shell’s large tankers lifting shipments out of the US, is set to put the squeeze on independent shipowners.