Shipping & Freight

The Baltic Dry Index fell 1.5% to 1,895 points, its lowest since late January, driven by a 2.9% drop in the capesize index to 2,833 amid softer demand for large vessels carrying iron ore and coal. Panamax rates eased 0.2% while supramax rose 0.9%. This signals softening dry-bulk freight amid lower commodity shipping volumes. Read →

VLCC spot rates hit fresh records with one 22-year-old vessel fixed at $1.9 million per day for a Hormuz loading voyage. Baltic Exchange Gulf of Oman-China assessments reached $823,213/day. Executives at TEN and analysts at DNB Carnegie view the surge, fueled by Strait of Hormuz constraints and route diversions, as structurally elevated for years rather than a short spike. Read →

Drewry's World Container Index showed Shanghai-Genoa rates at $4,368/FEU, down 10% week-on-week, and Shanghai-Rotterdam at $4,092/FEU, down 5%, as carriers resume Suez transits. Asian port congestion hit 4.3 million TEU, exceeding pandemic peaks, prompting Maersk, MSC and Hapag-Lloyd to shift services back through Suez and add capacity. Read →

The Baltic Exchange dry bulk index fell 65 points or 2.05% to 3,113 on Wednesday, its lowest since August 27, pulled down by a 175-point, 3.43% drop in the Capesize index to 4,928. Capesize daily earnings fell $1,584 to $41,191 while Panamax shed six points to 2,384. Supramax held steady at 1,797, its highest since August 2022; iron ore futures edged higher on Chinese stimulus and factory data. Read →

Iran’s IRGC fired on three containerships transiting the Strait of Hormuz on Wednesday and seized two: the Panama-flagged MSC Francesca (11,312 TEU) and Liberia-flagged Epaminondas (6,673 TEU). The vessels were accused of operating without permits and tampering with navigation systems; Epaminondas sustained bridge damage. The incidents mark renewed direct action on commercial shipping amid ongoing Hormuz restrictions. Read →

Spot VLCC rates from the Middle East to China exceeded $424,000 per day on Monday, shattering prior records as the Iranian closure of the Strait of Hormuz slashed transits and forced longer shuttle and STS operations. Earnings have more than doubled from pre-crisis levels, with tonne-mile demand rising sharply; analysts expect sustained high rates into 2027 amid limited vessel availability. Read →

Iranian Foreign Minister Abbas Araqchi received US feedback via Qatari mediators in Doha on a seven-day trust-building plan to reopen the Strait of Hormuz. Sequencing of steps remains the main sticking point rather than the components themselves. The development marks the latest diplomatic effort to ease disruptions at the key chokepoint affecting tanker and LNG flows. Read →

The Baltic Dry Index snapped a three-day losing streak, climbing about 2.8% to 2,066 points. The capesize index rebounded 7.8% to 2,835 points while panamax and supramax indices declined. The move reflects mixed conditions in dry-bulk markets tracking iron ore, coal and grain cargoes. Read →

Vessel delays from typhoons in Asia now tie up 3 million TEU of containership capacity, up 75% since mid-August and equating to 8.5% of the global fleet. Schedule reliability fell to 49.9% with average delays reaching 6.8 days. Sea-Intelligence estimates recovery could take seven to 10 months, pressuring container freight rates. Read →

The Hormuz shuttle trade and Gulf of Oman ship-to-ship transfers have sustained VLCC and Suezmax spot rates near all-time highs while Aframax indexes hit records on Monday. Product tanker rates also surged, with the Singapore-Australia MR index at its highest since September 2022. The inefficiency of moving crude out of the Gulf via multiple vessels tightens availability across crude and product tanker segments. Read →

The Baltic Exchange dry bulk index fell 158 points or 4.61% to 3,268 on Monday, its lowest since September 1. Capesize rates dropped 433 points or 7.49% to 5,351, cutting daily earnings by $3,930 to $45,024, while Panamax eased modestly and Supramax edged higher. Lower Dalian iron ore futures and ample supply weighed on larger-vessel demand for iron ore and coal cargoes. Read →

Clarksons assessed average spot rates for 174,000-cbm LNG carriers down 24% week-on-week to $32,500 per day and 160,000-cbm tonnage off 19% to $25,500 per day. Atlantic weakness drove the decline while East Asian markets held steadier. Braemar bid-ask indications showed East basin rates at $30,000, $40,000 per day for larger two-stroke vessels versus $18,000, $30,000 in the West. Read →

The Baltic Exchange’s dry bulk index fell about 1.3% to 3,426 points Friday, pressured by a 2.6% drop in the capesize segment to 5,784 points. VLCC rates on the TD3C Middle East Gulf-China route eased to WS1,157.5 from WS1,165 the prior week, still delivering round-trip TCE earnings above $1.2 million per day. Suezmax and Aframax markets showed mixed moves with some Atlantic routes firming on tonnage tightness. Read →

VLCC rates on key Baltic routes including TD3C MEG-China held at WS126.5 with daily TCE near $112,000 despite a 4-point weekly decline. Suezmax TD20 UK Continent route fell 21 points to WS149.72 while remaining firm overall. The report notes continued strength in the VLCC sector amid ongoing market conditions. Read →

Capesize earnings edged higher for the week to a $52,457 timecharter average despite Friday pullback, supported by Atlantic trans-Atlantic and fronthaul strength on tighter North Atlantic tonnage. Panamax and supramax segments posted gains on improving cargo enquiry. The weekly summary highlights resilient dry bulk conditions heading into October. Read →

The Baltic Exchange’s dry bulk freight index rose 43 points or 1.2% to 3,399 points on Thursday, its highest level in nearly two weeks. Capesize rates increased 1.3% to 5,939 points with average daily earnings up $709 to $50,361; Panamax advanced 2.1% to 2,382 points. The gains reflect firmer demand for iron ore, coal and grain transport amid ongoing global trade flows. Read →

The Shanghai Containerised Freight Index fell 1.21 points to 3,686.62, ending an eight-week winning streak with a 0.03% weekly decline. US West Coast rates dropped 1.28% to $7,463 per FEU and East Coast 0.78% to $10,497 per FEU, yet remain historically high due to pre-Golden Week rush shipping, Shanghai/Ningbo congestion and lingering Red Sea rerouting effects. Southeast Asia rates rose 5.61%, highlighting persistent capacity tightness on key lanes. Read →

VLCC rates on Arabian Gulf to China routes rose to $238.05/mt (+$2.08) and to Far East $247.21/mt (+$2.16) as of 24 September. Suezmax and Aframax assessments held mostly steady across East of Suez lanes while select Mediterranean and Atlantic routes showed minor gains. Elevated levels persist amid Middle East supply disruptions and longer effective voyage distances. Read →

A Goldman Sachs gauge of Asia shipping stocks climbed about 17% this quarter as geopolitical tensions tighten vessel supply and lift container liner earnings outlooks, outpacing semiconductor stocks that fell 18%. Middle East war disruptions and pre-tariff cargo rushes support the rally, with analysts expecting further gains. Shanghai Containerized Freight Index hit its highest since July 2024 after eight straight weekly rises. Read →

The Baltic Dry Index edged down 0.1% to 3,430 points Wednesday, remaining near its highest since September 14. Capesize fell 0.5% to 5,861 points while Panamax rose 1.5% to 2,333 points and Supramax gained 0.1% to 1,778 points. The index had risen to a one-week high of 3,432 the prior session on firmer cargo activity. Read →

Commodity vessel transits through the Strait of Hormuz fell to two on Monday from 10 the prior day, per Kpler data. A crude tanker and LPG carrier were attacked in separate incidents while crossing, with minor crew injuries reported. Traffic remains far below the pre-war average of 125 large vessels daily, tightening effective tanker supply. Read →

Middle East Gulf VLCC freight hit record levels last week near $1.2 million per day or $32/bbl equivalent. Rates appear to have peaked as Asian refining margins ease, but Hormuz congestion, STS bottlenecks in the Gulf of Oman, and pipeline disruptions will keep them elevated. The shift from Red Sea routes to East Coast Saudi loadings adds logistical inefficiency that supports the floor. Read →

Shortage of VLCCs has more than doubled Middle East-China rates since late August amid Iran war disruptions. Shuttle operations and longer Cape voyages tie up vessels, pushing spot earnings to historic highs. The squeeze raises delivered crude costs for Asian refiners and sustains pressure across tanker segments. Read →

BRS Shipbrokers reported VLCC spot earnings reaching scarcely believable levels of $1.25 million per day on Middle East Gulf routes amid the Hormuz blockade and shuttle operations. The surge exceeds prior 2008 supercycle peaks and stems from sharply reduced transits, with only 17 commodity vessels visible over the weekend versus a pre-war average of 125 per day. This directly elevates costs for crude oil and product movements out of the Gulf. Read →

UKMTO reported an inbound tanker struck by an unknown projectile on Sep 21, injuring two crew, followed hours later by an outbound LPG tanker hit by debris; both vessels continued under their own power with no spills. These incidents bring tanker-related attacks or incidents in the strait to at least five since Sep 16, keeping the threat level severe and driving traffic to single-digit daily visible transits. The attacks sustain the supply squeeze that underpins record tanker earnings. Read →

The ClarkSea Index reached a second consecutive record high driven by a historic crude tanker rally. VLCC rates out of the Gulf exceeded $1 million per day equivalent on key routes amid Hormuz transit restrictions and shuttle operations, with broader dirty tanker segments also surging. Clarksons noted exceptional earnings across VLCC, Suezmax and Aframax as geopolitical disruptions tighten supply. Read →

Maersk and Hapag-Lloyd will route AE5, AE11, AE12 and ME2 Gemini services through the Suez Canal instead of the Cape of Good Hope. The moves bring six Gemini services onto the shorter route, with first westbound sailings starting September 19. Carriers cite efficiency gains but will monitor Red Sea security. Read →

Baltic Exchange Oman-China VLCC index reached $870,947 per day with a fixture on subjects at $912,864. TD3C MEG-China hit $1.2 million per day. Escalating Hormuz risks and shuttle tanker delays are driving the surge across VLCC lanes. Read →

Baltic Exchange data shows the cost to charter a VLCC for 2 million barrels from the US Gulf Coast to China reached a record $44.8 million on Tuesday, up from $39 million the prior day. The surge stems from Middle East supply disruptions and tanker scarcity as buyers secure alternative barrels; Kpler data indicates six VLCCs are slated for October USGC-Asia loadings. Pre-war levels stood near $17.8 million. Read →

Preliminary Kpler ship-tracking data recorded just four commodity vessel transits through the Strait of Hormuz on Tuesday, down from seven and well below the 10-day average of 18. No VLCCs or LNG carriers transited; movements included one VLGC with LPG and one Panamax tanker with naphtha, both exiting via dark routes. Attacks in the region continue to suppress traffic while Bab el-Mandeb saw 22 transits. Read →

Major carriers including Maersk and Cosco are restoring Red Sea/Suez services this month despite Houthi territorial gains near Bab el-Mandeb. The shift cuts reliance on the longer Cape route. It signals carriers accepting elevated security risks to shorten voyages and ease capacity pressure. Read →

Saudi Yanbu loadings stopped after September 11 amid pipeline and Hormuz issues. VLCC TCEs climbed further Tuesday: MEG-China to $1.1M/day, Oman-China $791k, West Africa-China $486k. The export pause tightens prompt tonnage and sustains the rate rally. Read →

West Africa-China and US Gulf-China VLCC indexes hit all-time highs of $441,081 and $289,894 per day on Monday, with the MEG-China index topping $1m per day. Suezmax spot rates roughly doubled over the past week across routes like Black Sea-Med to $375,991 per day, while Aframax rates more than doubled on segments such as US Gulf-North Europe to $142,103 per day. The surge extends beyond VLCCs due to the ongoing Hormuz crisis and East-West pipeline attack, creating a broad 'complete take-off' in crude tanker earnings. Read →

The Baltic Dry Index fell 1.8% to 3,445 on Monday, extending losses for a third session to its lowest level since September 2. The Capesize index declined 2.8% to 5,912 and the Panamax index fell 0.6% to 2,393, while the Supramax index edged up 0.4% to 1,725. Commodity ship transits through the Strait of Hormuz dropped below 10 per day over the weekend, under the 10-day average of 14. Read →

Iran's IRGC stated that the supertanker El Gaia exploded and caught fire after striking naval mines while attempting a restricted southern route through the Strait of Hormuz. The incident underscores heightened risks and Iran's control claims over the waterway amid ongoing US-Iran tensions. CENTCOM disputed details, but the event further constrains tanker traffic and supports elevated freight rates. Read →

Baltic Exchange MEG-China VLCC index reached $982,072 per day on Friday, doubling in a month, with Clarksons assessing over $1 million per day; Oman-China hit $571,387 per day up 113% week-on-week. The surge stems from fleet inefficiencies in Hormuz workarounds like GOO STS transfers and Yanbu-Sidi Kerir detours, exacerbated by recent Iranian attacks reducing transits to a trickle and a Saudi East-West pipeline shutdown after drone strikes. Atlantic routes also spiked, with US Gulf-China at $269,680 per day and lump sums near $34 million, as Chinese importers rebuild stocks and longer voyages tighten tonnage supply. Read →

Commodity vessel transits through the Strait of Hormuz fell to single digits per day over the weekend, below the 10-day average of 14, with four exits and ten entries including a Suezmax crude carrier and various bulkers. Pre-war daily averages reached about 125 large commercial vessels; the drop follows escalated attacks and a US blockade of Iranian shipping. Bab el-Mandeb traffic held near average at 24-27 vessels, but overall chokepoint risks persist with Houthis advancing near the strait. Read →

Brent crude rose above $107 per barrel as Houthis advance on Bab el-Mandeb, warning of strikes on Saudi vessels, while tanker rates hit records last week amid bunker shortages and a Saudi East-West pipeline outage carrying 4-5 million bpd hit by Iraqi drone attacks. The meeting to discuss a safe Hormuz channel was postponed, forcing longer reroutes via Suez or around Africa that add 22 days and sharply higher fuel and hire costs. Roughly 80% of global trade moves by sea, amplifying the impact on energy and commodity flows. Read →

Houthi forces captured Yemen's Mocha port near Bab el-Mandeb, tightening control over a strait handling 10% of global oil supplies. Brent rose 4.12% to $105.40 per barrel. The move compounds Hormuz disruptions, heightening supply risks for Saudi exports to Asia. Read →

Bab el-Mandeb crossings fell to six vessels on Thursday from 30 the prior day after Houthis seized Mocha. Hormuz transits dropped to nine commodity vessels on Wednesday, with many sailing dark. Kpler data shows sharp reductions in oil and dry-bulk movements through both chokepoints. Read →

Global VLCC earnings on the Middle East-to-China route reached a record near $800,000 per day. US Gulf-to-Asia VLCC lump-sum charters hit a record $29.5 million. The surge reflects ongoing Persian Gulf conflict forcing complex workarounds and tighter tanker supply for oil trades. Read →

Suezmax time-charter rates climbed into six figures, lifted by the buoyant VLCC spot market. Polemis secured strong period business amid spillover demand from larger crude carriers. The move signals sustained strength across crude tanker segments tied to Hormuz-related dislocation. Read →

VLCC earnings on key Gulf routes approached $800,000 per day amid tanker strikes and persistent Hormuz uncertainty. Mercuria fixed a record-tying $29.5 million lump-sum US Gulf-to-China voyage. Tight tonnage lists and ongoing disruptions continue to support extreme rate levels. Read →

The Baltic Exchange’s dry bulk freight index rose 0.3% to 3,584 points Tuesday after a 1.4% drop Monday. Capesize index rebounded 0.4% to 6,313 points and Supramax gained 0.7% to 1,693, while Panamax fell 0.7% to 2,414 points. The move reflects firmer iron ore and coal demand in key segments. Read →

The Consultative Shipping Group of 18 nations including UK, Germany, South Korea, Canada and Singapore issued a joint statement citing armed conflicts, trade wars and extreme weather as drivers of a structural shift. Shipping routes are increasingly leverage and risk instruments. The warning highlights persistent disruptions to maritime supply chains. Read →

QatarEnergy-controlled LNG carrier Al Marrouna sailed openly through the Strait of Hormuz with AIS on, bound for Pakistan's Port Qasim. This marks the first visible Qatari LNG exit since a late-July tanker attack halted shipments. The move tests potential Iran-Oman safe-passage arrangements as gas prices in Europe and Asia hit three-year highs from the prolonged disruption. Read →

The Baltic Dry Index fell 1.4% to 3,575 points on Monday, ending a three-day rally but staying near October 2021 highs. Capesize rates dropped 2.2% to 6,286 points while panamax eased 0.7%; supramax rose 0.4%. The pullback follows strong commodity demand for iron ore and coal against tight vessel supply. Read →

The Baltic Dry Index fell 4 points to 2,871 on Wednesday, ending a six-day advance. Capesize rates dropped 0.8% to 4,480 points after prior gains, while Panamax rose 0.7% to 2,245 and Supramax gained 0.6% to 1,686. The move reflects cooling demand in larger dry-bulk segments hauling iron ore and coal. Read →

TD3C VLCC Middle East Gulf to China rates rose to WS677.22 from WS631.67 a week earlier, lifting TCE to nearly $704,000/day. TD15 West Africa-China strengthened to WS236.88 with TCE near $210,600/day. Suezmax and Aframax showed mixed moves, while container FBX rates declined across major lanes amid Shanghai typhoon-driven congestion. Read →

Container rates from Asia to the US rose amid intensifying port congestion in the region. Tanker rates ex-US Gulf softened as Asian congestion weighed on clean and dirty segments. The developments highlight ongoing supply-chain strain from weather and capacity tightness. Read →