Seaborne trade and energy assets crucial to hostilities Maritime risk in the Black Sea escalated sharply over the weekend after Russia launched one of its largest attacks on Ukrainian port infrastructure, damaging commercial vessels and disrupting operations around Odesa and Chornomorsk. Two Turkish-controlled ships were struck in separate incidents, including a ferry alongside port infrastructure and a product tanker transiting Ukrainian waters, underscoring the growing exposure of civilian shipping to direct conflict spillover. The strikes were widely viewed as retaliation

Heightened sanctions enforcement disrupts Venezuelan exports as mainstream tanker demand edges higher Venezuelan crude exports have fallen sharply following the recent US seizure of a sanctioned VLCC, with tanker movements in and out of the country now reportedly close to a standstill as owners reassess enforcement risk. Shipping data indicates that around 11 million barrels of crude and fuel are currently stranded in Venezuelan waters, while Chevron remains the only operator lifting material volumes under its US licence, largely using

Balanced supply dynamics support freight markets across segments Tanker: Continued strength in firm crude marketsIn the Suezmax segment, off-market fixing allowed charterers to cover prompt requirements with only limited rate upside, though tightening tonnage is beginning to support a more constructive near-term outlook. Aframax markets showed mixed regional dynamics, with softer conditions in the North Sea offset by improving activity in the Mediterranean as position lists tightened. Overall, the tanker market closed the week balanced but resilient, with fundamentals continuing

Increases in maritime war-risk insurance and intensified naval attacks deepen the conflict’s global economic and security fallout Recent strikes by Black Sea maritime forces have triggered a dramatic spike in war-risk premiums for ships and tankers operating in the region. Within the past month, insurance costs for vessels calling at Black Sea ports have nearly tripled, rising from roughly 0.25-0.3 % to 0.6-0.75 % of hull value, reflecting mounting danger for shipping companies. The surge follows drone attacks on sanctioned

Record crossover activity and longer haul trade patterns reinforce a constructive crude tanker outlook The crude tanker market has built sustained strength in recent weeks, supported by one of the most significant clean-to-dirty shifts seen in recent years. In November alone, thirty-three product tankers moved into crude trades as spot earnings for crude tonnage surged more than fourfold. This crossover has meaningfully tightened effective supply, removing capacity from the clean segment while adding pressure within crude, where VLCC, Suezmax, and

Elevated risk premiums on Russian trades, steady PCTC rates, and improving VLGC sentiment Tanker: Aframax strength uplifts tanker segmentIt was another strong week for tankers, even though the overall average eased slightly due to setbacks in the VL and Suezmax markets. VLCC rates declined as delays in China slowed vessel resupply, creating port congestion. Suezmax rates saw slight softening across key routes, contributing to the dip in the weekly average. Despite this, fundamentals remain strong as scheduling changes and downsized

Stable quotas meet emerging disruptions, helping steady the market after weak month OPEC+ has confirmed that production targets will remain unchanged through the first quarter of 2026, maintaining just over 3 million barrels per day of cuts. The group cited a stable economic backdrop and generally supportive fundamentals, with inventories still at low levels. A planned capacity review next year may reshape production baselines from 2027, but for now the policy stance signals continuity. Tanker demand remains resilient as trade

Strikes on energy infrastructure and uncertainty in key trade lanes keep global shipping risk elevated Security pressures have intensified across major corridors. In the Black Sea, recent drone strikes on tankers and the CPC export system have reduced loading capacity and introduced fresh uncertainty around regional oil flows. With CPC representing a significant share of Kazakhstan’s exports and a key light crude source for Europe, the disruption is likely to heighten risk premiums and prompt refiners to consider alternative supply

Market strength builds across multiple segments as global trade patterns and corporate strategies continue to evolve Tanker: Market remains elevatedThe tanker market remains strong, despite average crude tanker earnings slightly decreasing by 2% week-on-week. VLCC rates remain elevated despite a minor softening. The Aframax segment saw strong performance. Looking ahead, both the Suexmax and Aframax segments are expected to remain strong in the near future due to tight tonnage lists. LPG/VLGC: Firmer sentiment as vessels reposition pre-thanksgivingThe VLGC market experienced

Oil prices are steady as investors weigh hopes for Ukraine peace talks and a US Fed rate cut Oil prices steadied on Monday after a three percent drop last week as markets assessed two major variables that could reshape supply expectations. Investors continue to watch the prospect of a US rate cut, while also following the renewed push for a Ukraine peace framework. Washington and Kyiv are working on a revised proposal ahead of a Thursday deadline set by President