Growth expected soon as OPEC+ restores production

The tanker market has seen limited movement in earnings this week, with average crude tanker rates stabilizing around USD 43,000/day following a decline in rates last week. However, with the recently announced unwinding of OPEC+ production cuts set to add approximately 400,000 bpd in May and June, we anticipate a notable market strengthening in the short term.

Solid boost for LPG segment
The LPG market continues to gain momentum. Intense activity in both basins has driven strengthening in both East and West, with MEG–Asia earnings rising 24% week-on-week to USD 41,386/day, the highest level since China introduced elevated tariffs in early April. As for the PCTC market, there have been no significant developments over the past week.