Tankers: Rates remain elevated
Suezmax rates have reached their highest levels in nearly two years, with several routes exceeding USD 90,000/day amid firm sentiment across key regions. Both VLCC and Aframax segments also remain firm, with overall average earnings holding at an impressive USD 72,000/day. 

Oil prices softened as the Israel-Hamas ceasefire reduced geopolitical risk and supply growth from OPEC+, Guyana, and Brazil weighed on the market, but were pushed up again after the recent announcement of increased US sanctions towards two major Russian oil producers.

LPG: A minor decline in spot earnings
It was a mixed week for the VLGC segment, with strong activity in the West offset by limited cargo availability in the East, resulting in an overall downward rate correction. Average spot earnings declined 2% week-on-week to USD 47,471/day, down from USD 48,562/day the previous week.

PCTC: US/China port fees are ramped up
Reciprocal port fees on vessels operating between China and the United States took effect on 14 October. China’s measures exempt Chinese-built ships and those arriving in ballast for repair, leaving only an estimated 2-3% of the global PCTC fleet affected. In response, the USTR increased port levies on foreign-built car carriers from USD 14 to USD 46 per net ton (capped at five calls per year) and tightened “furthest foreign port” regulations to prevent indirect routing via Canada or Mexico.

Geopolitical: Implementation of Net-Zero treaty postponed
The International Maritime Organization is postponing the implementation of its Net-Zero framework following strong opposition from Donald Trump, oil producing countries and Greece, the largest ship owning nation. Market volatility arose from rerouting and disruption linked to US port fees on Chinese related vessels and newly introduced Chinese counter measures. The Kirkuk-Ceyhan pipeline reopened, following a two-year closure, supporting demand for the Aframax and Suezmax markets in the Mediterranean.