Rates remain solid as key Black Sea oil terminals are set to reopen

The tanker market remains firm, supported by gains in the Suezmax and Aframax segments, as Russian courts cleared the full reopening of key Black Sea oil terminals. Following the earlier shutdown of two loading points, the resumption of oil exports from Kazakhstan has helped restore shipping demand, lifting earnings for tankers transporting crude to Europe and Asia.

Meanwhile, OPEC’s announcement of higher output and a faster-than-expected unwinding of production cuts is expected to support volumes further. (Read more here).

VLGC market still healthy as US/China trade war looms

The VLGC market also showed healthy momentum this week, with spot rates on the Houston-Chiba route climbing to over $42,000 per day, up 3% from the previous week. However, the LPG and car carrier markets face short-term uncertainty following the newly announced US tariffs and China’s retaliatory measures. (Read more about how the tariffs are expected to impact different shipping segments here).