Diplomatic fractures and a hardening blockade keep tanker market risk elevated Talks advance but the strait remains closedThe US and Iran are moving closer to extending a ceasefire and restarting negotiations toward a longer-term peace deal, even as the standoff over the Strait of Hormuz intensifies. The two sides have reached an in-principle agreement to pursue further diplomacy following an inconclusive initial round of talks in Pakistan, with mediators pushing for a compromise on outstanding issues including Hormuz and Iran’s

Fuel price shock accelerates EV demand while Middle East closures have limited impact on the segment Higher fuel prices drive EV demand, boosting PCTC cargo outlookRising fuel prices linked to the Iran conflict are accelerating consumer interest in electric vehicles, with a direct and measurable impact on PCTC cargo flows. China’s EV and hybrid exports surged 140% year-on-year to a record 349,000 units in March, driven by strengthening overseas demand as higher petrol prices shift purchasing decisions globally. BYD accounted

LPG leads gains as disrupted flows and longer voyages tighten vessel supply Tankers: VLCC earnings rise to $225,000/day as Hormuz blockade keeps East-West rates sharply splitVLCC earnings rose 12% this week to around $225,000/day, but the number tells only part of the story. Ships loading in the Atlantic are earning closer to $130,000/day, while vessels trading through the Red Sea and Oman are earning far more, because the Persian Gulf has essentially stopped functioning as an oil export region. The

Across engines, vessels, and bunkering infrastructure, ammonia is moving from concept to execution A fuel transition gaining real commercial tractionThe ammonia-as-marine-fuel story has shifted meaningfully in recent months, with several developments confirming that the technology is crossing from pilot stage into early commercial reality. First ammonia dual-fuel engine deliveries are now underway, with established shipowners and engine makers including Wärtsilä, Höegh Autoliners and Exmar all committing to ammonia-capable vessels and propulsion systems across 2026 and 2027. Bunkering infrastructure is progressing

Iran agrees to pause its blockade of oil and gas supplies through the Strait of Hormuz A last-minute deal stabilizes the immediate outlook, but the Strait reopens into a highly imbalanced marketFollowing the ceasefire announcement, oil prices reacted sharply, plummeting albeit remaining higher than pre-war levels. According to ship tracker Kpler, there were 187 laden tankers carrying 172 million barrels of crude oil and refined products stranded inside the Strait prior to the announcement on 7 April. Approximately 90 VLCCs,

Reopening signals easing dislocation, but vessel positioning and risk appetite will shape the pace of normalization Tanker: Earnings remain elevated, but VLCC rates experience near-term correction on Hormuz reopeningCrude tanker earnings have spiked to dislocation-driven highs following the closure of the Strait of Hormuz, with limited Middle East Gulf liftings concentrating available tonnage in a reduced number of active loading zones. As of 10 April, avg Suezmax USD 158,000 per day, and Aframax USD 211,000 per day. The 7 April

Tehran’s carve-out for “enemy-linked” vessels leaves the strait’s status deeply ambiguous for tanker operators Iran frames partial passage as diplomacy, but the conditions remain uncertain for most tradersIran’s representative to the IMO has stated that the Strait of Hormuz remains open to vessels not linked to “Iran’s enemies,” offering a narrow diplomatic signal while stopping well short of a full reopening. The comments, published via Xinhua ahead of President Trump’s 48-hour ultimatum to fully open the strait or face strikes

Strait closure removes a fifth of global oil flows A crisis without modern precedent forces an emergency policy responseMore than three weeks of conflict in the Middle East have produced what the IEA’s executive director Fatih Birol describes as a disruption on par with the combined impact of the 1970s oil shocks and the 2022 European gas crisis. The Strait of Hormuz has effectively closed, severing the principal seaborne artery for Gulf crude. In response, the IEA is in active

Global shipping markets restructure as Strait of Hormuz remains effectively closed Tankers: Earnings at highest levels since 2022 as Gulf flows reroute through alternative corridorsAverage VLCC earnings stood at approximately USD 227,000 per day as of March 20, reflecting a fundamental restructuring of crude trade flows, with most cargoes now loading from Yanbu, Fujairah, and Mina al Fahal as the interior of the Arabian Gulf remains effectively closed to mainstream owners. The Aframax market was the standout performer, with earnings

Fuel progress accelerates amid policy uncertainty Momentum around ammonia as a marine fuel continues to build, with several developments this week underscoring a shift from pilot-stage testing to early commercialisation. A consortium including CF Industries, Trafigura and TFG Marine has signed an agreement to develop a global low-carbon ammonia supply chain, spanning production, logistics and bunkering infrastructure. At the same time, new bunkering hubs are progressing, with successful ammonia transfer trials completed in Australia and further operations scheduled this year.