Charter rates in all three segments remain far above 2025 levels, and the next US step on Iran sets the risk outlook.

Tankers: Suezmax and Aframax earnings remain exceptionally strong despite a softer week
Suezmax and Aframax spot earnings eased last week because Atlantic activity slowed, but Suezmax earnings still averaged above USD 560,000 per day. One-year timecharter rates were about USD 170,000 per day for Suezmax and above USD 100,000 for Aframax. Five-year-old Suezmax values were USD 145 million, compared with USD 80 million at the end of 2025. Since January, Venezuelan crude exports have moved from the grey fleet to mainstream Aframax and Suezmax tankers. The main supply factor to watch is 2027, when scheduled Suezmax deliveries equal about 7% of the fleet.

LPG/VLGC: Tight vessel supply lifts one-year VLGC rates above USD 100,000 per day
VLGC spot earnings on the US to Japan route averaged about USD 184,000 per day last week, more than double the start-2026 level. Few ships are available for prompt loading, and a wide price gap between US and Asian LPG supports US exports to Asia. The one-year timecharter rate for a modern VLGC rose to about USD 108,000 per day, 23% above the September average. Scheduled deliveries in 2027 equal about 11% of the VLGC fleet, which makes delivery timing the main factor to watch.

PCTC: Timecharter rates rise to USD 100,000 per day as owners order more ships
The 6 to 12-month timecharter rate for a 6,500 CEU car carrier rose to about USD 100,000 per day in October, from USD 80,000 per day in July. Strong earnings continue to attract new orders: owners have contracted 120 car carriers and ro-ro vessels so far in 2026, compared with 17 in all of 2025. The latest orders deliver in 2030. Watch whether vehicle export volumes grow fast enough to absorb an orderbook equal to 23% of the fleet.

Geopolitics: Gulf crude exports return to pre-war levels despite record attacks
Attacks on ships around the Strait of Hormuz reached a monthly record in October, although the pace slowed last week. Crude exports through Hormuz and the Red Sea, excluding Iran, have returned to pre-war levels, helped by higher Saudi loadings at Yanbu. Saudi, Pakistani and Turkish officials visited Tehran, but Iran showed no sign of easing its terms. The key event is whether the US resumes strikes on Iran after the 3 November midterm elections. Renewed strikes would likely worsen security in Hormuz; progress in talks would support stable Gulf exports.

Sources: BRS Shipbrokers, Clarksons Research & MB Shipbrokers