The tanker market experienced mixed developments over the past week. In the crude segment, limited activity led to a slight easing in rates, with average earnings now around USD 38,000/day. However, with OPEC+ set to increase output in the near term, we expect this additional crude supply to boost earnings in the coming months.

Product tanker rates up by 16%
In contrast, the product tanker market saw a notable upswing. Tight position lists in key regions helped push average earnings up 16% week-over-week to USD 25,438/day – the highest level in two months.

LPG market holding steady after tariff detente
The LPG market continues to show resilience, supported by the recent tariff pause announcement. VLGC earnings on the benchmark Ras Tanura–Chiba route remain strong at USD 52,609/day, 25% above the full-year 2024 average. As noted in last week’s update, we expect the VLGC market to stay firm, with new US export capacity coming online and freight volumes likely to rise into Q3, supporting earnings through and beyond the summer.

PCTC segment gaining momentum
In the PCTC segment, momentum is getting more positive. In April, China’s seaborne vehicle exports rose over 14% year-over-year to approximately 566,000 units – a new record. Exports to Europe were up nearly 9% year-over-year, driven by strong demand for hybrid vehicles. Growth was recorded across all major regions, except for Russia, where export volumes fell around 36% year-over-year.