Tanker: Exceptional VLCC week supports firm segment tone
Crude tanker markets strengthened last week, led by a sharp rebound in VLCC earnings, which rose 24% week on week to about $146k/day, the highest level since April 2020, supported by tighter tonnage availability and rising US-Iran tensions.  Suezmax earnings also improved on active Atlantic fixing to around $102k/day, while Aframax performance was broadly stable, with North Sea activity edging higher toward the end of the week.  Overall, Baltic data continues to point to an elevated earnings environment across the crude segments despite normal week to week volatility.

LPG/VLGC: Market strengthened as improved fixture activity lifted earnings, supporting owner sentiment
The VLGC market firmed modestly over the week following a quiet start, with benchmark route Ras Tanura to Chiba earnings rising about 3% week on week to roughly $81k/day as a late pickup in fixtures tightened availability on both sides of Suez. Clarksons data shows average modern 84k cbm VLGC spot charter earnings increasing to about $81k/day, up 18% month on month, while voyage rates climbed to $96/mt (metric tonne), indicating continued healthy LPG trade flows. One-year time charter rates edged up to around $48k/day, suggesting owners remain confident in the near-term outlook.

PCTC: Policy and competitive shifts continue to shape the auto trade outlook
Policy and competitive shifts continue to shape the automotive landscape, with potential indirect implications for PCTC demand. The EU is considering a ~70 percent local content rule for EV subsidies, while Poland has tightened restrictions on China-made vehicles. In the U.S., automakers remain alert to possible Chinese OEM manufacturing entry, though tariffs still limit direct imports. Meanwhile, Volkswagen targets a 20 percent cost reduction by 2028, and Tesla has cut vehicle prices to support demand. Overall, evolving trade policy and competitive pressure are likely to influence medium-term vehicle trade flows.

Geopolitics: Heightened Middle East tensions pushed crude to a six-month high
As geopolitical tensions in the Middle East intensified, Brent crude climbed to a six-month high – near USD 72/bbl. President Trump signalled Iran has only 10 to 15 days to reach a nuclear agreement while the US builds a larger regional military presence, lifting concerns about potential supply disruption and supporting the current risk premium in oil prices. Separately, India is set to import its highest volume of Saudi crude in more than six years, reflecting ongoing US pressure to curb Russian purchases. The shift is expected to narrow Russia’s share in the Indian market while strengthening Saudi Arabia’s position in one of the world’s fastest growing oil demand countries.