Longer voyage distances and limited vessel availability continue to support earnings across crude, gas and vehicle carriers, despite weaker underlying trade volumes.

Tankers: Suezmax earnings rise 4% to $177,000/day as longer Atlantic voyages support demand

Suezmax earnings rose 4% last week to approximately $177,000/day, while Aframax earnings eased 9% to approximately $83,000/day as tonnage availability increased in the Mediterranean. Middle East loadings remain constrained at around 10 million barrels per day, encouraging Indian and Chinese refiners to source replacement cargoes from the Atlantic. The resulting longer voyages are supporting crude tanker earnings despite lower overall oil shipment volumes. One-year Suezmax charters are now being fixed at approximately $92,000/day, reflecting continued confidence in the market.

LPG/VLGC: Gas carrier earnings rise 5% to $162,000/day as US Gulf tonnage remains tight

Earnings on the main US Gulf to Japan route rose 5% last week to approximately $162,000/day, among the highest levels on record. Limited vessel availability in the US Gulf is encouraging charterers to secure cargoes further ahead, while Asian buyers continue to pay a premium for prompt shipments. With new vessels equivalent to approximately 38% of the existing fleet on order, but few deliveries expected before 2027, the market is likely to remain well supported in the near term.

PCTC: rates hold at $85,000/day as Chinese vehicle exports continue to grow

Charter rates for a 6,500-vehicle car carrier held at approximately $85,000/day in early September, unchanged from August and well above the 2025 average of approximately $49,000/day. Chinese vehicle exports remain a key driver, with 6.14 million vehicles shipped in the first seven months of 2026, up 67% year-on-year. Strong export growth and longer voyages from Asia continue to absorb fleet capacity, while limited newbuilding deliveries before 2028 provide further support. Trade policy remains the main risk to the outlook.

Geopolitics: Hormuz disruption continues to support longer tanker voyages

The United States resumed air strikes on Iran last week, targeting systems used to threaten shipping in the Strait of Hormuz, while Iran retaliated against US bases in the region. Oil flows through the Middle East remain disrupted, with Red Sea shipments down 4.5 million barrels per day over the month and Iranian exports constrained by the US naval blockade. The disruption is supporting longer voyage distances and keeping oil prices near $95 per barrel. A recovery in Middle East exports would reduce the Atlantic tonne-mile advantage and put pressure on freight rates, while continued disruption would provide further support.

Sources: Clarksons Research, MarkLines, MB Shipbrokers & Reuters