Spot rates ease from their recent peaks but stay elevated, supported by the longer routes created by the Hormuz disruption

Tankers: VLCC earnings hold near $100,000/day as the crude market cools from its peak but stays historically firm
The cross-sector ClarkSea Index slipped 3% to around $36,000/day, its lowest since late February but still well above its ten-year average. VLCC earnings held near $100,000/day and Aframax rose sharply on stronger Atlantic activity, while Suezmax declined in a quiet week shaped by the Posidonia conference. Earnings remain exceptional, but they are now driven mainly by longer voyages around Hormuz rather than new demand, so rates depend on those routings continuing.

LPG/VLGC: Earnings ease to roughly $153,000/day but stay more than double the start-year level
Average VLGC earnings eased about 6% to approximately $153,000/day, down from the May highs but still very strong. Western spot activity stayed thin as Indian vessels sailed empty across the Atlantic to load US cargoes, reflecting the sharp fall in Middle East Gulf exports. With Panama congestion and Cape rerouting extending voyages, available capacity remains tight; a reopening of Gulf exports or easing at Panama would bring rates down quickly.

PCTC: Car-carrier charter rates climb to $65,000/day on tight fleet availability and resilient vehicle exports
Six-month charter rates for a 6,500 ceu PCTC rose to around $65,000/day, up sharply from roughly $50,000/day in March. New ordering has risen strongly, but most deliveries fall in 2027 and later, so near-term supply relief is limited. The segment is largely shielded from Hormuz directly and gains indirectly as higher fuel costs and congestion lengthen voyages, leaving rates well supported.

Geopolitics: Hormuz stays closed as producers build pipeline capacity to route oil around it and the US revives tariffs
Hormuz transits remained more than 95% below pre-conflict levels, keeping the passage effectively closed and underpinning freight across all segments. Producers are building alternative routes quickly, with a new UAE products pipeline to Fujairah and higher Iraqi exports via Ceyhan potentially lifting bypass capacity from about 6.5 to nearly 10 million barrels per day over time. Separately, the US proposed 10–12.5% tariffs on 60 trade partners, with hearings set for 7 July; the near-term variable to watch remains any move to reopen Hormuz.