Tankers: Underlying momentum robust despite quiet week
The crude tanker market continued to show healthy underlying momentum despite a softening in spot rates. Overall fleet utilization remains strong, supported by steady long-haul crude flows and firm OPEC production levels. Suezmax rates saw a mild adjustment, with the West Africa–UKC route, while Mediterranean and Black Sea activity remained broadly stable. Aframaxes were mixed, as gains in the North Sea and cross-Med trades offset softer US Gulf voyages, reflecting a market that remains well-balanced as autumn demand builds.

LPG: Quiet week can’t quell market confidence
The LPG market indicates signs of longer-term confidence despite near-term softness, with 12-month time-charter market remained stable around USD 46,000 per day. The VLGC market saw a slight decline, with earnings on the Ras Tanura-Chiba route down, pressured by lower Saudi October contract prices that narrowed the US-Asia arbitrage. Western fixtures were limited, while Eastern rates slipped into the high-USD 60s per ton, where a short-term floor may be forming.

PCTC: Shifting policies muddy market outlook
Global car carrier activity remained steady as evolving trade policies continued to reshape automotive supply chains. Despite new export restrictions in China and shifting tariff structures in the United States and Europe, vessel demand is supported by stable EV export volumes and the ongoing diversification of production hubs across Asia and Latin America. Imports to the US declined by 7 percent year-on-year in the first half of 2025, reflecting the direct effect of tariffs imposed under the Trump administration. EU-to-US shipments fell by 15 percent over the same period, while volumes from Japan rose by 4 percent, highlighting regional divergence in trade flows.

Geopolitics: Unites States and China in focus
Geopolitical developments centered on China and the US. Last week, the US government shutdown disrupted certain trade compliance and certification functions but left port and customs operations largely unaffected. In China, new maritime transport rules were introduced to enable potential retaliatory measures against foreign restrictions, though none have yet been applied.