Iran-US conflict at the crossroads of global trade

Conflict in the Gulf threatens one of the world’s most critical energy chokepoints, increasing volatility across oil and shipping markets Hormuz disruption raises shipping riskConflict escalated in the Middle East in late February following coordinated strikes by the United States and Israel on Iranian targets, triggering retaliatory attacks on commercial vessels and maritime infrastructure in […]

Major developments around US tariff policy

Policy reset drives near-term cargo surge, but uncertainty persists The U.S. Supreme Court’s decision to strike down the Trump administration’s IEEPA tariffs has injected fresh volatility into global trade flows, with mixed implications across shipping markets. In the near term, the ruling may prompt a front-loaded surge in US-bound imports as cargo owners move ahead […]

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 […]