Further, US sanctions on Iran boosting large crude tankers

Last week was relatively quiet for the tanker market, partly due to the Easter holidays and the four-day break. Despite the lull, the crude segment remains strong. Modern, scrubber-fitted Suezmax rates averaged around $65,000 per day, the highest level so far in 2025. Aframax rates followed suit, with averages in the low $50,000 per day.

Part of this strength, especially throughout the larger crude segment is caused by renewed US sanctions, which are tightening available tonnage. As noted by Greek consultancy Novisea: “This tightening in the freight market was driven by a combination of pre-holiday cargo demand and speculative activity linked to renewed US sanctions on Iranian crude exports.”

LPG market bounces back after recent drop
In the LPG market, VLGC rates have bounced back as expected. After a sharp drop in the previous weeks, driven by US/China trade tensions, the benchmark Houston–Chiba route is now back to nearly $40,000 per day. That said, uncertainty remains. The current tariff pause is only temporary, with measures set to resume in July unless something changes.