OPEC+ confirm further production boost in July

The past week brought limited changes across shipping markets. In the tanker segment, average crude earnings softened slightly to $34,208 per day, while product tankers remained more stable. OPEC+ confirmed that it will continue unwinding its voluntary production cuts, announcing a further increase of 411,000 barrels per day to return in July. This brings the total increase from April to July to 1.4 million barrels per day, which could support seaborne volumes later this summer. (Read more here)

LPG market reaches an impasse as tariff talks continue
In the LPG market, activity was muted, with VLGC spot earnings on the Ras Tanura–Chiba route down 5% week-over-week to $49,822/day – still at historically solid levels. Meanwhile, the PCTC market remains influenced by evolving US–EU trade dynamics. Tariff talks have been extended to July 9, providing a window for negotiation, while a U.S. federal appeals court has temporarily reinstated parts of the Trump-era tariffs. A final decision is anticipated by mid-June, keeping trade policy and vehicle flows under close watch.