Record drawdowns across crude and products set the scale of the restocking task ahead

Unprecedented inventory depletion caused by US-Iran conflict Two months into the near closure of the Strait of Hormuz, global oil inventories have been drawn down at a pace without historical precedent, with Morgan Stanley estimating a decline of approximately 4.8 million barrels per day between early March and late April, surpassing any previous peak quarterly […]

Trump-Xi summit advances Hormuz diplomacy, but freight relief remains limited

Washington and Beijing endorse Hormuz access, but no reopening mechanism has emerged President Trump’s state visit to Beijing on 15 May produced the clearest signal yet that both Washington and Beijing want the Strait of Hormuz reopened. The White House confirmed that Trump and Xi agreed the strait “must remain open to support the free […]

VLGCs take the lead in an elevated freight market

LPG earnings ‘set new record highs’ states Clarksons, while tanker rates ease from recent peaks but remain historically strong Tankers: Rates normalise from exceptional highs but remain strongThe recent moderation should be viewed less as market weakness and more as a gradual normalisation after an extended period of conflict-driven volatility and extreme earnings. VLCC rates […]

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 […]