Tanker shipping

Vegoil freight rates on key routes surged to record highs in April 2026, following supply disruptions caused by the US—Iran conflict. Although rates have retreated from their peak, mirroring the decline in product tanker earnings amid weaker demand, they remain above pre-conflict levels.

 

The ongoing lull in tonnage scrapping in the crude tanker market is signalling the calm before the storm, as we anticipate a massive surge in scrapping in the coming years.

 

After nearly 100 days of conflict, the US and Iran agreed on an interim deal. The framework includes removing the blockade of the Strait of Hormuz (by Iran and the US) within 30 days of agreement signing in Switzerland (19 June), and 60 days to pave the way for detailed negotiations toward the final peace agreement.

 

The increasing uncertainty in the tanker market is shifting ordering trends within the 80–120,000 dwt segment. Historically, shipowners transporting crude oil favoured Aframax tankers, while those dealing with refined products chose LR2s. Nonetheless, this clear distinction is fading, as owners are increasingly opting for LR2s rather than Aframaxes.

 

From product tankers to VLCCs we have the market covered

Our tanker shipping practice is highly respected in the industry and is regularly followed and referenced in both industry and mainstream media. The team is responsible for maintaining extensive information resources and conducting weekly, monthly and annual analysis on the sector and assessing the impact of macroeconomic as well as regulatory and environmental change on the sector.

In addition to detailed market analysis and rigorous forecasting, we offer market leading analysis of crude oil, products and chemical shipping markets, covering all the principle vessel categories, as well as appraisals of shipping finances, including pricing, operating costs, vessel values and investment returns. We challenge conventional wisdom through our deep understanding of the trade dynamics driving demand for different vessel types in all corners of the world.

Our consultants typically provide charterers in industrial and utility sectors with seafreight procurement advice, shipowners with market entry strategies and commercial and operational due diligence for investors and lenders. Meanwhile, our team of financial research specialists provides actionable insight on the leading tanker shipowners. 

An elite and diverse group of industry stakeholders from shipowners, to charterers, port authorities, investors and financial intermediaries rely on our range of weekly, monthly and annual market research, sector expertise and commercial experience to help inform decisions, reduce costs and drive performance improvement.