Tankers: Suezmax gains lead another strong week for tankers
Tanker earnings remain strong as limited fleet growth and longer trade routes sustain positive momentum across crude segments. Suezmax earnings rose 8% week-on-week to $87,300/day. The LR2 segment has strengthened, supported by sustained switching from clean to dirty trades in response to higher crude earnings. OPEC+ has once again agreed to increase oil output in December by 0.14m bpd in December. Although OPEC+ plans to pause output increases in early 2026, fundamentals remain supportive, with high utilization and resilient long-haul demand keeping sentiment firm into year-end.

LPG/VLGC: Strong week for the VLGC spot market
VLGC rates rose significantly last week, driven by strong fixing activity in the West, with strong rates for Houston-Chiba voyages, increasing 6% week-on-week to $61,750/day. Positive momentum supported sentiment across regions, though Eastern activity remained moderate, with Indian fixtures and some vessels weighing ballasts West amid limited MEG demand.

PCTC: Stable market with expanding production outlook
Car carrier rates have remained fairly stable over the past month. Recently, Toyota, Honda, and Suzuki have announced investments exceeding USD 11 billion to expand manufacturing and export capacity in India, reflecting Japan’s desire to reduce dependence on China. At the same time, China’s automotive manufacturing is expected to grow in the next 5 years. Volkswagen is deepening its footprint in China through the development of new AI chips to support future vehicle production.

Geopolitical: Disruption in crude supply grows
OPEC+ confirmed a further production increase of around 140,000 bpd in December, while planning to pause additional hikes in early 2026 amid seasonal demand patterns and fear of oversupply. Meanwhile, Russia’s Tuapse port suspended fuel exports after Ukrainian drone attacks, temporarily halting operations at its 240,000-bpd refinery.