Revised port fee proposal has limited impact on most segments Last week, the United States Trade Representative released a revised US port fee proposal targeting Chinese-built and operated vessels. This updated version takes a more moderate approach and should have a limited impact on Chinese-built or-owned tankers, bulkers, and LPG carriers. Key exemptions like ships arriving empty, short voyages under 2,000 nautical miles, and smaller vessels  mean that most US crude, dry bulk, and LPG exports won’t be affected. The

Further, US sanctions on Iran boosting large crude tankers Last week was relatively quiet for the tanker market, partly due to the Easter holidays and the four-day break. Despite the lull, the crude segment remains strong. Modern, scrubber-fitted Suezmax rates averaged around $65,000 per day, the highest level so far in 2025. Aframax rates followed suit, with averages in the low $50,000 per day. Part of this strength, especially throughout the larger crude segment is caused by renewed US sanctions,

Caution still remains, however, as tariffs loom large Global car sales rose 8% year-on-year in March, with substantial contributions from the UK, Japan, and the US. The rebound follows several weak months and reflects the typical seasonal boost in March. While the return to growth is encouraging, whether this signals a lasting trend remains to be seen. March is usually a strong sales month, so continued improvement in the coming months will be key. US short-term solutions remain a possibilityMeanwhile,

IMO signs crucial 2050 net-zero agreement Last week, the International Maritime Association (IMO) reached a major milestone: a global industry is legally required to cut its greenhouse gas emissions for the first time. The new climate agreement, signed by most IMO member states, sets a binding course for the shipping sector to become net zero by 2050. Key points of the agreement: Carbon pricing from 2028: Ships that don’t reduce emissions by at least 4% will be taxed $380 per

Tariffs create uncertainty – tanker market remains strong Tanker market conditions remain healthy, with average crude tanker earnings rising above $53,000 per day for the first time in 11 months. The gain was driven by further strength in Suezmax and Aframax rates. Meanwhile, product tanker earnings eased by 8% week-on-week to $22,007 per day, as volatility in financial markets weighed on sentiment in the MR segment. US/China friction causes VLGC disruptionIn the VLGC market, rates saw a steep correction amid

How will the US tariff spree affect the shipping market? The US has unveiled a new wave of tariffs aimed at reshaping global trade flows. A standard 10% duty will apply to all imports, with steeper rates targeting countries with the most significant trade imbalances – including China at 34%, the EU at 20%, and Japan at 24%. While the initial reaction points to pressure on container shipping and car carriers, the broader shipping market remains relatively sheltered for now.

Production cuts rolled back, boosting the tanker market OPEC+ caught the market by surprise this week, announcing a production increase of 411,000 barrels per day for May – much higher than the expected 135,000 bpd. The group is accelerating its plan to unwind earlier production cuts, responding to stronger demand and potential supply risks from countries under sanctions. Busy and lucrative times ahead This is a clear positive for the tanker market. Higher production means more oil moving across global

Rates remain solid as key Black Sea oil terminals are set to reopen The tanker market remains firm, supported by gains in the Suezmax and Aframax segments, as Russian courts cleared the full reopening of key Black Sea oil terminals. Following the earlier shutdown of two loading points, the resumption of oil exports from Kazakhstan has helped restore shipping demand, lifting earnings for tankers transporting crude to Europe and Asia. Meanwhile, OPEC’s announcement of higher output and a faster-than-expected unwinding

Chinese car sales booming as US tariffs loom  Unlike the more dynamic movements seen in the tanker and LPG markets, the PCTC segment remained relatively quiet throughout March — something that’s not unusual for this sector, which tends to be more stable by nature. 2025 off to quiet but healthy startWhile time charter rates have eased from the record highs of 2023 and 2024, they continue to trade at strong levels well above breakeven, offering healthy returns and supporting the

Bright future beckons for ammonia as shipping fuel March brought steady progress across the LPG and ammonia segments, with clear signals that longer-term fundamentals – particularly for ammonia – continue to strengthen. LPG: Recovery underwayThe VLGC market recovered this month, with spot rates climbing back to around $40,000 per day -up from softer levels earlier in the year. Seasonal US export flows and plans to expand export capacity by 25% over the next two years support this sentiment. Ammonia: Long-term momentum