Strong Chinese exports keep car carrier capacity tight

Vehicle exports are growing faster than the fleet, while limited return cargoes are adding to the capacity squeeze. Export growth continues to support earnings China exported 6.14 million vehicles in the first seven months of 2026, up 67% year-on-year, with monthly volumes above one million units in June and July. Charter rates have responded, with […]

Eight tankers destroyed as the Hormuz war escalates

Tanker attacks are intensifying as traffic through the Strait of Hormuz remains severely disrupted, with longer voyages and a shrinking dark fleet adding to pressure on tanker supply. Tanker attacks intensify as Hormuz traffic remains disrupted US forces have destroyed at least eight Iranian oil tankers since 5 September, including five overnight into 9 September. […]

Freight earnings remain elevated as longer voyages absorb fleet capacity

Longer voyage distances and limited vessel availability continue to support earnings across crude, gas and vehicle carriers, despite weaker underlying trade volumes. Tankers: Suezmax earnings rise 4% to $177,000/day as longer Atlantic voyages support demand Suezmax earnings rose 4% last week to approximately $177,000/day, while Aframax earnings eased 9% to approximately $83,000/day as tonnage availability […]

El Niño: What is it & how does it affect the VLGC market?

A warming Pacific has cut Panama Canal capacity, and canal access now sets the cost of moving LPG from the US Gulf to Asia. El Niño tightens an already constrained canal El Niño is a natural climate cycle that typically occurs every two to seven years. Warmer Pacific waters shift rainfall patterns, leaving Central America […]

Six Months of the Iran Conflict and What Has Changed for Shipping

Rates, ship values and trade routes have all reset since 28 February, with the change in routing looking more lasting than the risk premium. Rates and ship values have moved to a new level US and Israeli strikes on Iran on 28 February 2026 led Iran to close the Strait of Hormuz, which previously carried […]

Panama Becomes the Second Chokepoint as Crude Rates Correct

Crude earnings ease in the Atlantic while Panama Canal restrictions push gas transit costs to a record. Tankers: Crude rates remain high as the Atlantic cools VLCC earnings held near $230,000 per day in the week to 28 August, while Suezmax and Aframax earnings settled at approximately $179,000 and $100,000 per day. Atlantic rates eased […]

Limited vessel availability lifts earnings across crude, gas and vehicle segments

Fewer crude liftings and reduced Panama Canal transits are limiting vessel availability, while Chinese vehicle exports are increasing demand for car carriers. Tankers: Suezmax earnings rise to $238,000 per day, matching VLCCs Suezmax spot earnings rose 15% last week to approximately $238,000 per day, matching VLCC earnings. Fewer Middle East liftings are shifting more crude […]

Iran sanctions intensify as Gulf shipping risks rise

Iranian exports remain reduced, with significant risk attached to transiting the Strait of Hormuz. Sanctions replace military pressure as the main instrument US Treasury Secretary Scott Bessent is expected to announce new economic measures against Iran on Monday, shifting the focus from further military action towards sanctions. The measures could target Iran’s largest trading partners, […]

Suezmax Earnings Outperform VLCCs as Atlantic Crude Flows Grow

Suezmax earnings have averaged above VLCC levels in 2026 as growing Atlantic crude exports favour smaller cargo parcels and vessel availability remains tight. Suezmax earnings have outperformed VLCCs throughout 2026 Suezmax earnings rose 15% week over week to approximately $238,000 per day, matching VLCC earnings despite carrying roughly half the cargo. The strength extends beyond […]

Secondhand vessel values rise above newbuilding prices

Limited availability of prompt tonnage is pushing buyers to pay a premium for ships that can trade today, while newbuildings ordered now will not deliver until 2029. Delivery timing is driving a widening premium for modern tonnageSecondhand crude tanker values have risen above newbuilding prices, reflecting the scarcity of vessels available to trade immediately. A […]