VLGC earnings spike to all-time highs as Hormuz closure rewires global LPG trade
Record US exports, Panama Canal congestion and vanishing Middle East flows combine to create the tightest VLGC market on record From firm footing to record territoryThe VLGC market entered 2026 on solid ground, with spot earnings averaging USD 73,600 per day in January and February, approximately 50% above the 2025 average. The onset of the […]
High & Heavy emerges as PCTC market’s second growth engine as capacity tightness deepens
Broadening cargo base and decelerating fleet supply supports outlook for car carriers High & Heavy adds depth to demand pictureThe PCTC market’s demand base is broadening beyond passenger vehicles. Deep-sea shipments of construction equipment from Asia grew 31% year-on-year in Q1 2026, driven by China at 39%, as infrastructure investment across emerging markets continues to […]
Freight markets navigate ceasefire volatility as Hormuz disruption shows no sign of resolution
VLGC earnings hit all-time highs, tanker rates ease on peace hopes and PCTC demand broadens beyond passenger vehicles Tankers: Rates ease as ceasefire hopes briefly emerge but disruption remainsThe crude tanker market experienced a volatile week as US-Iran ceasefire talks briefly resumed before collapsing, prompting ships to move toward Dubai and away from Hormuz. Brent […]
The Strait of Hormuz energy, its impact on European economies & global shipping markets
European inflation climbs as energy shock reshapes shipping dynamics Euro area annual inflation rose to 3.0% in April 2026, up from 2.6% in March, driven primarily by elevated energy prices stemming from the ongoing Hormuz closure. Consumer confidence fell to its lowest level since December 2022, while GDP growth slowed to 0.8% year-on-year in Q1 […]
IMO climate negotiations remain deadlocked as regional emissions controls advance
Global shipping decarbonisation remains politically divided, but regional emissions regulation continues to move forward IMO climate framework remains politically dividedDiscussions on the IMO’s Net Zero Framework continued this week, but major divisions remain over how global shipping should decarbonise. While negotiations are progressing, disagreements over the structure and implementation of emissions measures continue to delay […]
Freight markets hold firm as Hormuz blockade enters its third month
Record VLGC rates, resilient tanker earnings and a 10% surge in PCTC charter rates signal continued strength across segments Tankers: Mixed moves across size classes as Hormuz closure keeps structural floor intactThe crude tanker market softened slightly week-on-week as limited visible cargo activity applied modest downward pressure throughout the segment, though the move reflects a […]
Hormuz closure deepens as supply loss reaches one billion barrels
Structural market dislocation intensifies into week eight, with no clear path to normalisation Earnings hold firm as the strait remains effectively closedCrude tanker markets softened modestly week-on-week but remain at historically elevated levels across all segments, with 2026 year-to-date averages running at multiples of 2025 levels. The Strait of Hormuz is now in its eighth […]
UAE exits OPEC and EU tightens the screws on Russia
Two developments this week impacting future energy trade UAE to Exit OPEC – Positive for Tanker DemandThe UAE will exit OPEC/OPEC+ on 1 May, citing national interest and a commitment to meeting market demand. The move follows growing tensions, as the UAE has invested heavily to expand production capacity to 5.0 million bpd by 2027, […]
Hormuz stays closed as market digests week eight of disruption
Tanker earnings ease but remain structurally elevated Tankers: Earnings soften from peak but hold well above 2025 averagesThe crude tanker market softened week-on-week as limited visible cargo activity applied downward pressure across all size classes, though the correction reflects a normalisation from extraordinary levels rather than a structural retreat. Suezmax and Aframax declined to approximately […]
The Strait of Hormuz remains blocked as the US extends ceasefire with Iran ‘indefinitely’
Both sides block the waterway to gain leverage during an extended ceasefire As the two-week ceasefire deadline between the US and Iran expired earlier this week, President Donald Trump said the truce agreed to on April 7 would stay in place indefinitely whilst Washington waited for Iran to submit a new peace proposal. Tehran states […]
