Tanker: Crude tanker markets begin to normalize as Hormuz ceasefire opens path to resumption of Gulf flows
Crude spot rates held broadly stable week-on-week, sustained by continued strong demand for vessels moving crude oil on longer Atlantic routes. Rates for both Suezmax and Aframax tankers fell slightly across Atlantic routes, signalling a healthy normalization after weeks of conflict-driven extremes, as more vessels returned from completed voyages than there was new cargo available to absorb them. Demand was further moderated by expectations that 18-20 million barrels of Nigerian crude will flow directly to the Dangote refinery in May rather than into the broader export market. On Friday 17 April, Iran announced the Strait of Hormuz is open to commercial shipping while the ceasefire holds, with early reports of fresh Middle East cargo bookings at elevated rates already emerging, the first concrete sign that Gulf cargo flow may be returning.

LPG/VLGC: Earnings surge 25% week-on-week as Panama Canal delays extend voyage times
The market for large gas carriers remained extremely tight this week, with average earnings on the key US-to-Japan route increasing 25% week-on-week and the highest level since early 2024, according to Clarksons. With LPG exports out of the Persian Gulf effectively halted since the conflict began, Asian buyers have sourced everything from the United States instead, and vessels now waiting nearly 50 hours before they can enter the Panama Canal are spending significantly more time at sea per voyage. With the forward booking window now focused on end-May and early June, shipowners are unwilling to accept rates below approximately $140,000/day, but the Hormuz reopening introduces meaningful upside optionality: if Gulf LPG exports resume, the availability of a second major supply source alongside the US could support sustained demand for gas carrier capacity.

PCTC: Rates hold at + $50,000/day as firm vehicle demand and elevated fuel costs sustain the segment
The six-to-twelve-month charter rate for car carriers held steady at + $50,000/day in April, continuing the recovery from the softer levels seen in late 2025, reflecting resilient global new vehicle sales and the secondary effect of elevated fuel costs accelerating EV adoption in key importing regions. The segment remains broadly insulated from the Hormuz disruption, as finished vehicle trade flows run primarily on Atlantic and Pacific routes rather than through the Middle East. Notable newbuilding activity this week included two large LNG-capable car carriers ordered for delivery in early 2029, with the global orderbook standing at 134 vessels or approximately 18% of the active fleet.

Geopolitics: Both Iran & the US block the Strait of Hormuz after failing to meet for a new round of peace talks
Iran announced on Friday 17 April that the Strait of Hormuz is fully open to commercial shipping while the current ceasefire holds, prompting oil futures to fall more than 10% to below $90 per barrel, the lowest level in over a month, though still well above pre-conflict levels. This announcement did not hold as Iran fired on commercial vessels sitting in the Strait, following a week in which the US had imposed a formal maritime blockade on Iranian ports. The situation on the water remains cautious: Iran has stated vessels must use an Iran-prescribed route, the US blockade formally remains in place, and Clarksons estimates that oil and gas volumes equivalent to 13% and 5% of global supply respectively are still offline.