Tanker: Exceptionally strong week following geopolitical speculation
Tanker markets strengthened sharply over the week, driven by a surge in crude tanker earnings and tightening tonnage availability across key loading regions. The ClarkSea Index rose 11% week-on-week to USD 31,606 per day, marking the largest weekly increase since early 2021. Fleet weighted tanker earnings climbed 40% week-on-week to approximately USD 59,000 per day, with VLCC and Suezmax earnings exceeding USD 100,000 per day. Strong Middle East Gulf fixing activity and heightened geopolitical uncertainty supported rates, while vessel availability tightened notably in the East as ships were fixed away.

LPG/VLAC: Stable earnings underpinned by structural demand
LPG carrier markets remained firm but relatively measured in terms of activity. VLGC spot earnings edged marginally higher to around USD 70,000 per day, supported by balanced forward tonnage lists and limited availability in selected positions. Atlantic Basin activity was constrained by long fixing windows and terminal delays, while in the East many market participants remained sidelined awaiting Saudi contract acceptances. Despite the slower pace of fixtures, sentiment remains constructive, underpinned by elevated canal costs, longer routing patterns, and disciplined fleet growth. VLAC markets continue to benefit from structurally expanding long haul LPG and ethane trade flow.

PCTC: Export growth underpins utilisation outlook
PCTC markets remain supported by continued strength in Chinese vehicle exports. China’s exports of cars and vans increased by more than 20% in 2025, states ABC news. This surge in exports was primarily driven by rising shipments of electric vehicles amid slowing domestic demand. According to industry data from the China Association of Automobile Manufacturers, exports of EVs and plug-in hybrids doubled year on year to 2.6 million units, while total vehicle exports surpassed 7 million units, up 21% from the previous year. This export momentum has underpinned utilisation across the global car carrier fleet. With Chinese car exports expected to continue growing, export-led demand remains a key structural support for PCTC utilisation despite the recent expansion of the global fleet.

Geopolitics: Venezuela developments, Russian sanctions & Indian refiners reshape trade flows
Geopolitical risk remained elevated, with developments in Venezuela continuing to influence tanker market sentiment. US enforcement actions and ongoing discussions around the remarketing of Venezuelan crude through compliant channels have increased uncertainty but have not yet materially altered physical oil flows. The primary impact has been increased volatility and a higher risk premium embedded in tanker freight rates rather than outright disruption.

Additionally, sanctions on Russia have led Indian refiners to replace Russian crude with longer-haul mainstream barrels, with the Americas’ role in Asian crude set to deepen in the coming year. Geopolitical uncertainty continues to support shipping markets through longer routing patterns and sustained tonne-mile demand, with tanker markets expected to be relatively resilient compared with other shipping segments.