Demand for Canadian crude oil driving transatlantic trade

The tanker market remains strong this week, with rates ticking higher – driven primarily by gains in the Aframax segment. This strength is linked to increased demand for Canadian crude heading east to Europe, as Aframaxes take on a growing share of these transatlantic and regional trades (Read more).

Quiet week for LPG, PCTC segments – charter levels remain high
The LPG market has been relatively quiet, with no major developments. Spot activity has been mixed – some cargoes have been quoted with later laycans than expected. On the Ras Tanura–Chiba route, VLGC spot earnings slipped 3% week-on-week to $41,486/day.

In the PCTC market, rates remain elevated, although reduced from the record highs seen in 2023–2024. One-year time charter levels are currently around $55,000/day, still well above breakeven. Looking ahead, the upcoming 25% US import tariff on foreign-built vehicles, set to take effect by May 3, could influence demand patterns and trade flows.