Hormuz risk, Panama Canal delays and strong Chinese car exports keep long-term charter rates high.

Tankers: Gulf shuttling keeps Suezmax and Aframax timecharter rates strong
One-year timecharter rates were USD 170,000 per day for Suezmax, more than four times the 2025 average, and USD 100,000 per day for Aframax, about three times the 2025 average, according to Clarksons. Spot earnings softened from recent highs last week as fewer new cargoes came to the market, but average Suezmax spot earnings were still about USD 355,000 per day. Because most private shipowners still avoid the Strait of Hormuz, Gulf national oil companies have bought or chartered their own tankers to shuttle crude out of the Gulf, and BRS expects this to continue over the medium term.

LPG/VLGC: Spot earnings rise as Panama Canal delays tighten vessel supply
VLGC spot earnings on the US Gulf to Japan route rose 6% to about USD 194,000 per day last week, according to Clarksons. Panama Canal delays hold ships for longer on each voyage, and few vessels are available to load in the US Gulf in early December. One-year timecharter rates eased to just under USD 100,000 per day, still more than double the 2025 average. Watch the price gap between US and Asian LPG, because a smaller gap makes fewer cargoes profitable to ship.

PCTC: Timecharter rates hold at USD 100,000 per day on strong Chinese exports
The 6-to-12-month timecharter rate for a 6,500 ceu car carrier was USD 100,000 per day last week, according to Clarksons. Chinese vehicle exports continue to grow, and BYD more than doubled its exports in October compared with a year earlier. The US has extended its pause on port fees for foreign-built car carriers until 9 January 2027, which removes a near-term cost risk on US trades.

Geopolitics: Oil prices fall on hopes of an end to the Iran war
Brent crude fell to about USD 98 per barrel last week from USD 113 at the end of October, as the US midterm results raised expectations of an end to the war. Qatar continues to mediate and President Trump has said new strikes are unlikely. However, Iran denies that any talks are under way, the US naval blockade of Iranian ports continues and attacks on vessels have not stopped. A deal that makes Hormuz safe for all shipping would gradually ease tanker rates, while continued conflict would keep the risk premium in freight.

Sources: BRS Shipbrokers, Clarksons Research, Euronews, Shipping Telegraph, The National