News

The closure of the Strait of Hormuz in February once again demonstrated how volatile global trade flows are—and not just for oil. The strait, which narrows to just 21 miles wide as it passes between Iran and Oman, normally carries a quarter of the world’s seaborne oil trade, making it one of the most critical …

A significant trend is underway in the tanker market, with a switch from clean to dirty tankers underway. In its latest weekly report, shipbroker Gibson said that “clean to dirty switching first gathered pace in the fourth quarter of 2025 with recent geopolitical developments further accelerating dirty ups in recent months. With the outbreak of …

As the Strait of Hormuz enters its eleventh week of effective closure with hundreds of vessels at anchor and roughly one-fifth of the world’s seaborne oil trade at a standstill, a recurring question asked by industry leaders globally is: does this trigger force majeure? The answer depends on the precise wording of the force majeure …

Capesize The market strengthened convincingly over the course of the week, with momentum building steadily from an already active start in the Pacific following the UK bank holiday. Early support came primarily from robust Pacific activity, where the consistent presence of all three major miners on C5, coupled with a healthy flow of East Australian …

Seaborne coal cargoes from Australia are finding new destinations, as China’s share during the first quarter of 2026 has shrunk. In its latest weekly report, shipbroker Banchero Costa said that “in Jan-Mar 2026, global seaborne coal loadings declined by -1.7% y-o-y to 303.9 mln t (excluding cabotage), based on vessel tracking data from AXS Marine. …

Bank ship finance for Greek shipping recorded a very impressive leap upwards from 5% in 2024 to 11.5%, bringing the overall Greek loans (both drawn and committed but undrawn) booked both in Greece and worldwide to a total of $59,687.69m as of end 2025. This was the second consecutive year of growth, from $53,510.88m in …

FREIGHT MARKET OVERVIEW The Baltic Dry Index is approaching the 3,000-point threshold, supported by sustained gains across all major vessel segments, with the Capesize market continuing to lead the rally at +149% year-on-year. Current index levels represent the strongest performance recorded since 2023, reflecting a marked improvement in freight market sentiment, particularly in the Capesize …

Activity remained strong in the newbuilding and S&P markets over the past few days. In its latest weekly report, shipbroker Banchero Costa said that in the newbuilding segment “in the container sector, China Merchants H.I. secured an order for 4 x 1,800 teu dual-fuel methanolready containerships from China Merchants Energy Shipping. The combined eight-vessel program …

Our Tanker Market Monitor this week reviews developments at the end of April, focusing on the ongoing disruption in the Strait as the war-driven deadlock continues unresolved for over 60 days. We shift our attention to the Atlantic market, where the US Gulf (USG) basin is sending strong signals of increased oil exports to the …

“In April 2026, coal shipments to Japan, South Korea and the EU jumped 27% y/y as these countries seek alternative energy supplies to gas to meet their electricity demand. The closure of the Strait of Hormuz has disrupted LNG shipments out of the Persian Gulf and has contributed to an 8% y/y drop in global …