Outlook for Q2 remains positive The crude tanker market continued to strengthen throughout March, underpinned by a tightening pool of compliant vessels, shifting trade flows, and solid underlying demand. Spot earnings climbed steadily across key segments, with Suezmax and Aframax tankers leading the way. Kazakh crude expansions boost Suezmax segment …Mid-sized crude tankers have seen the most notable gains this month. Suezmax rates surged, hitting a 12-month high as crude exports from Kazakhstan jumped sharply. More oil is now being

US oil tariffs driving trade toward longer routes Aframax earnings continue to climb – this time driven by a sharp shift in Canadian crude exports. Recent US tariffs on Canadian oil have redirected barrels away from the US Gulf and toward Europe, with buyers in the UK and Netherlands stepping in to secure alternative supply. This rerouting has been a clear win for Aframax owners. More than 75% of these transatlantic and intra-European shipments are being handled by Aframax tonnage,

Market strengthens as sanctions take effect We’re now seeing the positive effects of a market dynamic we’ve been observing for some time: the shrinking pool of compliant tankers. As sanctions continue to divide the global fleet into two categories – compliant and non-compliant (which includes both shadow and sanctioned vessels) – the number of ships available for unrestricted trade is becoming more limited. And this is starting to show up in earnings. Earnings boosts rising sharply, defying soft spring demand

Demand for Canadian crude oil driving transatlantic trade The tanker market remains strong this week, with rates ticking higher – driven primarily by gains in the Aframax segment. This strength is linked to increased demand for Canadian crude heading east to Europe, as Aframaxes take on a growing share of these transatlantic and regional trades (Read more). Quiet week for LPG, PCTC segments – charter levels remain highThe LPG market has been relatively quiet, with no major developments. Spot activity has

Short supply keeps pushing rates skywards Suezmax tankers are seeing strong earnings again, with rates in the Mediterranean reaching $63,000 per day – the highest in over 12 months. The key driver? A sharp increase in crude oil shipments from Kazakhstan via the Black Sea. Major Tengiz expansion boosts tanker demand.Recent expansions at the Tengiz oilfield have led to more cargo moving through the CPC terminal in Novorossiysk. April will see nearly 40 Suezmax liftings, well above last year’s monthly

Tomorrow’s fuel – today’s investment object Ammonia continues to gain ground as a preferred zero-carbon fuel, with two major developments this week highlighting growing confidence in the segment. Firstly, six major Japanese companies – including shipping heavyweight MOL – have signed an agreement with India’s ACME Group to explore investment in a large-scale green ammonia plant in India. If finalized, the facility could annually produce 400,000 tonnes of renewable ammonia by 2030. The product is expected to serve power generation,

Kazakh exports boost current rates surge The crude tanker market is holding firm, with average weighted earnings now at $35,000 per day – a 14% increase week-on-week and the highest level since June 2024. The upswing is supported by a strong VLCC sentiment, a surge in Kazakh crude exports via the Black Sea benefiting the Suezmax segment, and continued firmness in the Clean Petroleum Products market in the East. VLGC sector continue an upward trendThe VLGC segment has also seen notable

Major delays following US strikes in Yemen Shipping through the Red Sea and Suez Canal faces further delays after US airstrikes on Houthi targets in Yemen and Israel’s renewed conflict in Gaza. Analysts now expect it to take at least six more months before major container lines resume normal operations. Most carriers continue rerouting around Africa, as the risk of Houthi missile attacks remains too high. Some smaller Asian carriers, mainly Chinese, still operate in the region, but overall traffic

G7 cracking down on shadow tankers The G7 is stepping up efforts to crack down on the shadow fleet, which now accounts for more than 20% of the global tanker fleet. Foreign ministers have called for expanded satellite-based vessel tracking to monitor illicit ship-to-ship oil transfers and unregistered tankers – many of which are moving Russian oil under sanctions. What is the shadow fleet? The term shadow fleet refers to a group of older vessels, often poorly maintained, underinsured, and

Spot rates surge after a soft start to 2025 After a weaker-than-expected start to the year, the Very Large Gas Carrier (VLGC) market has shown a sharp turnaround in March. Spot rates, which had fallen below $30,000 per day earlier in the year, have now climbed to approximately $40,000 per day.  US export infrastructure set for significant expansion.According to BW LPG CEO Kristian Sørensen, the rate surge is driven by seasonal shifts in US exports and a planned expansion of