PCTC rates firm as Chinese EV exports surge

Tankers: Owners gain the upper hand as sentiment firms across the board
VLCC owners closed the week with real optimism, as a thinning Atlantic position list gave them more control over rates. Rates on key Middle East to Asia routes firmed further, a sign that owners are holding their ground even as talk of a resolution to the Hormuz situation circulates. Suezmax saw a genuinely busy week of enquiry out of West Africa, and owners look well-positioned to keep pushing rates higher as more cargoes come to the market. Aframax was the one soft spot this week, and the segment will need fresh demand from Europe to turn that around.

LPG/VLGC: Western rates ease as the arbitrage narrows; Eastern demand holds up
VLGC rates softened slightly in the West, down to around $149k/day, as the trading margin between regions narrowed and made forward positioning less attractive for now. The East stayed busier, with steady demand for Middle East cargoes keeping rates firmer there, and that regional split looks likely to persist into next week. The bigger swing factor remains Hormuz: any move toward a resolution would tighten the arbitrage further and could pull rates in both regions toward a new equilibrium.

PCTC: Chinese vehicle exports keep driving rates higher
PCTC rates rose to around $65k/day, continuing a multi-month climb driven by surging Chinese vehicle exports, especially electric vehicles. With exports nearly doubling year-over-year and EV adoption accelerating across Europe, the underlying demand picture should continue to support rates in the coming weeks. The main risk to watch is trade policy: rising tariff tensions between China and Europe could slow these flows if they escalate further.

Geopolitics: US-Iran talks raise hopes for a resolution as Hormuz disruption reshapes oil flows
The US and Iran signed a nuclear deal this week, with oil prices easing below $90 per barrel for the first time since early March. The Hormuz disruption remains the dominant force behind the sharp drop in Chinese crude imports, which fell to their lowest level in eight years in May as Middle East barrels became harder to secure. The coming weeks should clarify whether this momentum toward a deal holds: a genuine resolution would unlock Middle East supply and ease rates across the tanker complex, while a breakdown would keep the market on edge and support prices for longer.