The demand for Canadian crude oil boosts transatlantic trade
The tanker market is strong this week, with rising rates – mainly due to gains in the Aframax segment. This strength is connected to increased demand for Canadian crude oil heading to Europe, with Aframax vessels playing a growing role in these transatlantic and regional trades (learn more).
Quiet week for the LPG and PCTC segments – rental rates remain high
The LPG market has been relatively quiet, with no significant developments. Spot activity has been mixed. On the Ras Tanura–Chiba route, spot earnings for VLGCs decreased by 3% week-on-week, reaching $41,486 per day.
The PCTC market is experiencing high rates, although they have decreased from the record highs of 2023–2024. One-year time charter rates are currently around $55,000 per day, remaining well above the break-even point. The upcoming 25% U.S. import tariff on foreign-built vehicles, set to take effect by May 3, could impact demand patterns and trade flows.
Source: Clarksons