Tankers

The midsize tanker market saw renewed support this week, with continued steady earnings while VLCC earnings eased after last week’s surge. In the South Atlantic, seasonal restrictions – preventing VLCCs from loading Guyanese crude until January – are shifting volumes onto Suezmaxes. Analysts noted that last year this effectively doubled tonne-mile demand in the trade, and the impact could be greater now with higher export volumes. At the same time, firm Atlantic Basin flows, strong US exports and additional supply from Brazil, Guyana, Argentina and Canada continue to support both Suezmaxes and Aframaxes.

LPG

The LPG market softened further, with healthy activity in the East and western activity remaining subdued. Average spot earnings moved lower week-on-week, while one-year charter rates for 84,000 cbm vessels held steady. Market sentiment remains cautious amid ongoing US–Turkey–Russia discussions.

PCTC

The car carrier segment saw renewed support this week as global automotive and EV dynamics gained momentum. Mexico announced it will raise tariffs on Chinese and Asian autos to 50 percent from next year. At the same time, Mexico’s EV sector is expanding rapidly, with growing production and exports creating new long-haul trade flows to Europe and Asia. These developments add further support to PCTC demand, particularly for regional and intercontinental trades.

Geopolitics

The Houthis escalated tensions in the Red Sea this week, claiming a strike on a vessel and blacklisting ExxonMobil, Chevron and other US oil majors. The move was described as retaliation for US sanctions, with warnings that linked ships could be targeted across the Red Sea, Bab al-Mandab and Gulf of Aden. Many owners are expected to reroute via the Cape of Good Hope despite higher costs, keeping risk elevated and sentiment firm in the midsize tanker segments.