VLGC earnings hit all-time highs, tanker rates ease on peace hopes and PCTC demand broadens beyond passenger vehicles Tankers: Rates ease as ceasefire hopes briefly emerge but disruption remainsThe crude tanker market experienced a volatile week as US-Iran ceasefire talks briefly resumed before collapsing, prompting ships to move toward Dubai and away from Hormuz. Brent fell 9% week-on-week to USD 100.3 per barrel on ceasefire optimism, applying downward pressure on freight sentiment. Spot rates reflected the uncertainty, with Suezmax spot

European inflation climbs as energy shock reshapes shipping dynamics Euro area annual inflation rose to 3.0% in April 2026, up from 2.6% in March, driven primarily by elevated energy prices stemming from the ongoing Hormuz closure. Consumer confidence fell to its lowest level since December 2022, while GDP growth slowed to 0.8% year-on-year in Q1 2026, prompting analysts to warn of mounting stagflationary pressure. The ECB acknowledged the conflict as a key inflationary driver while signalling it remains well positioned

Global shipping decarbonisation remains politically divided, but regional emissions regulation continues to move forward IMO climate framework remains politically dividedDiscussions on the IMO’s Net Zero Framework continued this week, but major divisions remain over how global shipping should decarbonise. While negotiations are progressing, disagreements over the structure and implementation of emissions measures continue to delay broader consensus. This ongoing uncertainty highlights the challenge of aligning global climate ambitions with competing economic and political priorities. Regional sustainability measures gain momentumDespite slower

Record VLGC rates, resilient tanker earnings and a 10% surge in PCTC charter rates signal continued strength across segments Tankers: Mixed moves across size classes as Hormuz closure keeps structural floor intactThe crude tanker market softened slightly week-on-week as limited visible cargo activity applied modest downward pressure throughout the segment, though the move reflects a normalisation from exceptional levels rather than any structural deterioration. Suezmax rates eased to approximately USD 124,000 per day while Aframax rates firmed to around USD

Structural market dislocation intensifies into week eight, with no clear path to normalisation Earnings hold firm as the strait remains effectively closedCrude tanker markets softened modestly week-on-week but remain at historically elevated levels across all segments, with 2026 year-to-date averages running at multiples of 2025 levels. The Strait of Hormuz is now in its eighth week of effective closure, with transits averaging around 10 per day versus roughly 125 pre-conflict and down 93% in tonnage terms. Brent has responded, trading

Two developments this week impacting future energy trade UAE to Exit OPEC – Positive for Tanker DemandThe UAE will exit OPEC/OPEC+ on 1 May, citing national interest and a commitment to meeting market demand. The move follows growing tensions, as the UAE has invested heavily to expand production capacity to 5.0 million bpd by 2027, well above its current quota of 3.447 million bpd. The decision is expected to support higher oil production and export volumes over time. It may

Tanker earnings ease but remain structurally elevated Tankers: Earnings soften from peak but hold well above 2025 averagesThe crude tanker market softened week-on-week as limited visible cargo activity applied downward pressure across all size classes, though the correction reflects a normalisation from extraordinary levels rather than a structural retreat. Suezmax and Aframax declined to approximately USD 127,000 per day and USD 107,000 per day respectively, still representing solid levels. Hormuz transits averaged approximately 10 vessels per day following Iran’s re-declaration

Both sides block the waterway to gain leverage during an extended ceasefire As the two-week ceasefire deadline between the US and Iran expired earlier this week, President Donald Trump said the truce agreed to on April 7 would stay in place indefinitely whilst Washington waited for Iran to submit a new peace proposal. Tehran states it has no plans to take part in negotiations in the near future. Despite the prolonged ceasefire, the US continues to maintain its naval blockade

LPG rate surge driven by Panama Canal-congestion, while tanker demand supported by strong US exports Tanker: Crude tanker markets begin to normalize as Hormuz ceasefire opens path to resumption of Gulf flowsCrude spot rates held broadly stable week-on-week, sustained by continued strong demand for vessels moving crude oil on longer Atlantic routes. Rates for both Suezmax and Aframax tankers fell slightly across Atlantic routes, signalling a healthy normalization after weeks of conflict-driven extremes, as more vessels returned from completed voyages

Panama Canal congestion and longer Cape routings constrain vessel availability, supporting elevated freight markets VLGC freight rates have climbed to their highest levels in roughly 2.5 years, driven by a sharp tightening in available vessel supply. Ongoing congestion at the Panama Canal and elevated transit fees are pushing more ships onto the longer Cape of Good Hope route, materially extending voyage times and absorbing capacity. Anfil Gas sates 25% of VLGCs ballasting from the Far East to the US Gulf