Sanctions dynamics continue to reshape global crude trade flows Tanker: Crude segment continues to perform at elevated levelsCrude tanker markets held broadly steady at elevated levels this week, with weighted average earnings north of USD 100,000 per day. Aframax markets showed relative strength, particularly in the Mediterranean and US markets, while Suezmax performance remained steady week-on-week. In contrast, the product tanker segment corrected following last week’s gains, with clean MR earnings falling amid slowing cargo enquiry and a lengthening position

1 in 6 crude carriers hit by sanctions Sanctions Now Cover 16% of Total Tanker CapacityFresh measures announced Friday saw the US add 14 vessels linked to Iranian trade, while the EU prepares to list another 43 ships and restrict European maritime services for transporting Russian crude. In total, 935 oil tankers are now sanctioned, equivalent to roughly 112 million dwt or around 16% of global fleet capacity, highlighting the scale at which sanctions are reshaping tanker supply and oil

Strong China exports shift the PCTC supply outlook Chinese vehicle exports have consistently outperformed expectations in recent years, reaching roughly 8.3 million units in 2025, up more than 30% year-on-year, and electric vehicle exports rising close to 70% year-on-year, according to the China Passenger Car Association (CPCA) per Gasgoo. This surge has absorbed record levels of new PCTC newbuilding deliveries, effectively selling out the PCTC fleet claims chief executive of Wallenius Wilhelmsen, Lasse Kristoffersen. Strong Chinese demand is now increasingly

Positive sentiment across VLGC, Tanker & PCTC segments Tanker: Firm demand persists as geopolitical friction developsThe crude tanker market eased modestly week on week, with Aframax and suezmax rates correcting after a strong run, while VLCC activity remained firm on Middle East cargoes moving East. Despite the pullback, earnings across all three crude segments remain at historically healthy levels, and weather disruption in the Mediterranean and North Atlantic continues to delay voyages and tighten effective supply. The market is consolidating

Deal could impact global trade flows and tanker demand President Donald Trump and Indian prime minister Narendra Modi announced a new trade agreement that sharply reduces US tariffs on Indian goods to 18% from much higher levels, while scrapping extra duties linked to India’s previous purchases of Russian oil. In return, India is said to boost imports of US goods, including petroleum, aircraft, defence equipment, and pharmaceuticals, with a target of around $500 billion over several years. The pact comes

Singapore pilot proves ammonia bunkering viable, opening fuel transition path for VLGCs Singapore has completed a landmark ammonia bunkering pilot, becoming the first major port to confirm that ship-to-ship ammonia fuel transfers are technically and operationally feasible under real regulatory and traffic conditions. The Global Centre for Maritime Decarbonisation, a Singapore-based non-profit backed by government and industry, led the program, executing four transfers across four vessels within port waters and validating ammonia handling protocols comparable to LNG. Mitsui O.S.K. Lines

Crude earnings climb 16% week-on-week, reinforcing broad strength across tanker markets Tanker: Geopolitical risk and weather disruption drive strongest earnings in yearsThe tanker market strengthened sharply this week, led by VLCC and Aframax segments, as heightened geopolitical risk in the Middle East and persistent weather disruption tightened prompt tonnage availability. Charterer activity accelerated toward the end of the week, lifting VLCC spot earnings above USD 130,000 per day and pushing average tanker earnings to their highest level in nearly three

Exports picking up rapidly following US intervention Venezuelan crude is re-entering the mainstream oil market following a new US-brokered export framework that allows traders to market up to 50m barrels of crude. Trafigura and Vitol have secured the first licences and are actively moving barrels, including the first direct shipment from Venezuela to the US Gulf. One of EMF’s operating Suezmaxes, Lausanne Star, is currently doing one of these trades. US refiners Valero and Phillips 66 have emerged as the

Strong Aframax performance, PCTC remains firm, and geopolitics influence flows Tanker: Aframax segment experiences strongest week in yearsThe tanker market remained firm overall, led by an exceptional week for the Aframax segment, where earnings surged across key routes amid tight tonnage availability and weather-related disruption. North Sea, Mediterranean and US Gulf markets all saw strong fixing activity, pushing average Aframax earnings to levels not seen in years. While VLCC and Suezmax earnings eased from last week’s peaks, they remain elevated

Iran’s oil exports face both internal and external pressures Market focus around Iran has largely centred on military escalation and chokepoint risk in the Strait of Hormuz, but the more relevant supply risk is increasingly domestic. Iran is currently producing close to 5 million barrels per day of crude and other petroleum liquids, near multi-decade highs, yet this stability is fragile. While the US has recently deployed additional naval assets to the Middle East, signalling that military options remain on