Middle East builds pipeline capacity to route oil around Hormuz

Producers are investing in alternative export routes, a measured response pointing to gradual normalisation rather than permanent disruption Investment in bypass infrastructure acceleratesMiddle East producers are moving quickly to build export capacity that avoids the Strait of Hormuz, closed in practice since late February. The UAE announced its first refined-products pipeline to Fujairah, while Iraq […]

Earnings stay strong as longer voyages keep rates well above average

Spot rates ease from their recent peaks but stay elevated, supported by the longer routes created by the Hormuz disruption Tankers: VLCC earnings hold near $100,000/day as the crude market cools from its peak but stays historically firmThe cross-sector ClarkSea Index slipped 3% to around $36,000/day, its lowest since late February but still well above […]

VLGC earnings hit record highs as trade routes are redrawn

The Hormuz closure has fundamentally shifted LPG flows, driving freight earnings to all-time highs A closed Gulf has pushed Asian buyers toward US supplyWith Middle East Gulf volumes largely cut off since late February, Asian LPG buyers have turned to the US Gulf Coast to cover the shortfall. A growing share of those cargoes are […]

The path to a Hormuz deal is becoming more complex

Ceasefire extension agreed in principle, but Strait of Hormuz remains shut pending formal approval Washington and Tel Aviv want different things from this warThe central challenge for a Hormuz deal is no longer limited to US-Iran talks alone. Israel’s continued escalation in Lebanon is creating recurring friction in the wider negotiation framework, giving Iran grounds […]

PCTC earnings increased by almost 20% due to favorable trade volumes

As ceasefire extension momentum builds, freight rates ease from recent highs Tanker: Earnings soften across all classes as ceasefire optimism weighs on sentimentThe crude tanker market eased across all three classes in the week ending 29 May, with VLCC earnings falling below USD 100,000 per day for the first time in 19 weeks as activity […]

Rising Chinese vehicle exports reinforce PCTC demand outlook

Growing EV penetration and automakers’ expanding use of China as an export base are lengthening trade routes and tightening vessel availability Record export volumes and broader trade lanes support structural demand growthChina’s passenger vehicle exports rose 61% year-on-year in the first four months of 2026 to 3.1 million units, driven by both domestic EV manufacturers […]

IEA flags summer supply tightness as Middle East constraints persist

Declining inventories and limited export growth leave oil market balances exposed heading into peak demand season Supply risks build into the summer windowThe IEA has warned that global oil markets could enter a “red zone” in July and August, as peak summer fuel demand coincides with limited growth in Middle East export volumes and declining […]

Tanker earnings drift lower as Hormuz-conflict enters new phase

Record VLGC rates and Panama Canal congestion add new pressure points alongside a still-disrupted Strait Tankers: VLCC earnings slip below USD 100,000/day for the first time in four monthsThe crude tanker market continued to normalize this week, with VLCC spot earnings briefly falling below USD 100,000 per day for the first time since January and […]

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 […]