Prices remain steady as the main oil terminals in the Black Sea are about to reopen
The tanker market remains strong, bolstered by increases in the Suezmax and Aframax segments, as Russian courts have approved the full reopening of the main oil terminals in the Black Sea.
Following the previous closure of two loading points, the resumption of oil exports from Kazakhstan has helped restore maritime transport demand, boosting the earnings of tankers carrying crude to Europe and Asia.
Additionally, OPEC's announcement of an increase in production and a quicker-than-expected lifting of production cuts is expected to further support volumes. (For more information, see article 2).
The VLGC market remains strong despite the looming trade war between the United States and China.
The VLGC market also showed positive momentum this week, with spot rates on the Houston-Chiba route exceeding $42,000 per day, marking a 3% increase from the previous week. However, the LPG and car carrier markets are facing short-term uncertainty due to new U.S. tariffs and China's retaliatory measures. (For more information on the expected impact of tariffs on different maritime transport segments, see article 3).
Source: Clarksons