For the first time since Russia’s invasion of Ukraine, the prospect of a peace deal is being seriously discussed. Any resolution would have an impact on energy markets, trade routes, and global supply chains.

Tanker market braced for Ukraine peace talks
The tanker market is performing well due to tight supply and persistent long-haul demand. Oil prices remain steady, as the market awaits new developments in the Ukraine war and as the US imposes additional 25% tariffs on Indian exports, the world’s third biggest crude consumer. The redirection of Russian crude and products has been one of the defining dynamics of the tanker market since 2022, as peace talks occur, a shift back toward pre-war patterns has the likelihood to effect tonnage demand, tonne-miles, and earnings across key routes.

US propane and arbitrage bolstering VLGC market
The VLGC market remains robust, driven by strong US propane output, inventory build-ups, and favorable arbitrage conditions for shipments to Asia. These dynamics have kept freight earnings elevated, with spot rates for modern eco-vessels breaking into 12-month highs.

PCTC market firm in face of new tonnage pressure
The car carrier sector remains firm despite a modest correction in charter rates as new tonnage enters the market. Demand for Asian exports continues to provide solid support, while major players are expanding theirfleets to serve Europe and the Americas.