Crude tanker markets continued to strengthen, with VLCC earnings rising 36% week-on-week to a two-year high of USD 82,200/day, driven by robust volumes and a tightening tonnage list. Suezmax and Aframax segments also showed resilience, supported by firmer sentiment in the Atlantic basin. Crude markets continue to underpin optimism as the industry enters the seasonally stronger fourth quarter.

LPG: Firmer sentiment, higher earnings
The VLGC market strengthened further last week, with activity concentrated in the West and sentiment constructive across both the Atlantic and Pacific basins. Market dynamics remain favourable as Q4 approaches, underpinned by steady demand and strong tonne-mile support. However, increased fleet growth expected in 2026 and 2027 may challenge the current strong earnings we see within the segment.

PCTC: Rates ease, demand still stable
Car carrier time-charter rates eased while demand fundamentals remain steady, with fleet employment high and longer-term prospects supported by resilient auto trade flows. Vehicle exports from China rose about 18% in H1 2025, with new energy vehicles making up roughly 41% of that growth, reinforcing export diversification and global auto shipping demand.

Geopolitics: OPEC+ output and oil flows
OPEC+ confirmed a further production increase for October, bringing total restored output since April to more than 2m bpd. Additional seaborne exports from the Middle East are expected as seasonal domestic oil demand declines, providing further support to tanker demand. At the same time, global inventories are projected to build through Q4, raising the prospect of floating storage as a short-term positive for earnings.