US-Iran tensions develop and tanker market implications

Hormuz headline risk persists, supporting elevated crude freight while near-term volatility remains high Crude tanker markets strengthened further during this past week, led by a sharp rally in VLCC earnings. Middle East to China spot rates climbed to their highest levels since 2020 and nearly three times higher than at the start of the year, […]

Crude Strength Anchors Market Tone

Trade policy remains in focus as geopolitical risks build Tanker: Exceptional VLCC week supports firm segment toneCrude 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 […]

Ammonia-capable newbuildings and strong demand support market outlook

VLGC fundamentals remain firm on strong export and demand momentum Following International Energy Week in London, both vessel owners and brokers point to continued strength in the VLGC market, underpinned by robust LPG export growth and firm import demand. BW LPG chief executive Kristian Sørensen highlighted rising US and Middle East volumes alongside strong buying […]

US-Iran tensions and Hormuz risks in focus for tankers

Sanctions pressure and Strait of Hormuz risks sustain the geopolitical risk premium in tanker markets Oil prices softened ahead of a second round of US-Iran nuclear talks in Geneva that could reshape the geopolitical risk premium built into crude. Brent eased toward USD 68 per barrel as markets weighed the prospect of future sanctions relief […]

Crude strength persists and PCTC demand holds firm

Sanctions dynamics continue to reshape global crude trade flows Tanker: Crude segment continues to perform at elevated levelsCrude tanker markets held broadly steady at elevated levels this week, with weighted average earnings north of USD 100,000 per day. Aframax markets showed relative strength, particularly in the Mediterranean and US markets, while Suezmax performance remained steady […]

Sanctions on Russia & Iran expect to further boost segment

1 in 6 crude carriers hit by sanctions Sanctions Now Cover 16% of Total Tanker CapacityFresh measures announced Friday saw the US add 14 vessels linked to Iranian trade, while the EU prepares to list another 43 ships and restrict European maritime services for transporting Russian crude. In total, 935 oil tankers are now sanctioned, […]

Export momentum from China challenges car carrier availability

Strong China exports shift the PCTC supply outlook Chinese vehicle exports have consistently outperformed expectations in recent years, reaching roughly 8.3 million units in 2025, up more than 30% year-on-year, and electric vehicle exports rising close to 70% year-on-year, according to the China Passenger Car Association (CPCA) per Gasgoo. This surge has absorbed record levels […]

VLGC momentum continues this week

Positive sentiment across VLGC, Tanker & PCTC segments Tanker: Firm demand persists as geopolitical friction developsThe crude tanker market eased modestly week on week, with Aframax and suezmax rates correcting after a strong run, while VLCC activity remained firm on Middle East cargoes moving East. Despite the pullback, earnings across all three crude segments remain […]

Trump cuts India tariffs to further halt Russian oil

Deal could impact global trade flows and tanker demand President Donald Trump and Indian prime minister Narendra Modi announced a new trade agreement that sharply reduces US tariffs on Indian goods to 18% from much higher levels, while scrapping extra duties linked to India’s previous purchases of Russian oil. In return, India is said to […]

Singapore clears key milestone for ammonia bunkering

Singapore pilot proves ammonia bunkering viable, opening fuel transition path for VLGCs Singapore has completed a landmark ammonia bunkering pilot, becoming the first major port to confirm that ship-to-ship ammonia fuel transfers are technically and operationally feasible under real regulatory and traffic conditions. The Global Centre for Maritime Decarbonisation, a Singapore-based non-profit backed by government […]