07 May 2026 POTEN & PARTNERS, a division of BGC Group Since the end of March, the focus of the oil and tanker markets has been on the Middle East in general and Iran and the Strait of Hormuz in particular. There is no doubt that the developments in this region will have profound and long-term implications for the markets. However, in this Tanker Opinion, we want to go back to an event that predates the crisis in the Middle East: The ouster of Nicolás Maduro, the president of

07 May 2026 Lloyd's List Intelligence The very large crude carrier market has always been about tonne-miles, but never have the two variables in this equation swung so violently at the same time. The “tonnes” carried aboard VLCCs are down sharply since the effective closure of the Strait of Hormuz. But the “miles” are higher, as more Atlantic basin crude is loading for delivery to Asia. Shifting flows on VLCCs Global seaborne crude and condensate exports averaged 36.3m barre

07 May 2026 E.A. Gibson Shipbrokers Earlier this week, the United Arab Emirates (UAE) confirmed its exit from OPEC. Whilst an exit had been mooted before, the timing of the announcement surprised many given the ongoing Middle East war. With Hormuz effectively closed, and oil production shut in across the region, Abu Dhabi’s announcement will not impact oil markets today. However, in the long term, oil prices, production and tanker demand could all feel the impact. In isolati

23 April 2026 POTEN & PARTNERS, a division of BGC Group The crisis in the Middle East and in particular the effective closure of the Strait of Hormuz has upended global oil markets. Both crude oil and refined products are now in short supply. Refiners around the world are desperate to get their hands on alternative sources of crude oil, almost at any price. However, the options are limited and dwindling. The volume of Russian and Iranian oil in floating storage is shrinking

23 April 2026 Windward A Quarter Defined by Geopolitical Shock On February 28, the Iran war effectively closed the Strait of Hormuz. Within days, daily traffic through the world’s most critical oil chokepoint collapsed from roughly 120 vessels to a trickle — a 97% drop that left more than 800 ships stranded west of the strait, thousands of seafarers in limbo, and Asian refiners scrambling for crude that could no longer reach them. It was not the only shock. The quarter opened

23 April 2026 Vortexa Since 13 April, the challenge for vessels to enter or leave the Middle East Gulf has been complicated significantly. While in the first 1.5 months of the conflict the full focus was on the Strait of Hormuz, the targeted US blockade on Iranian or Iran-related vessels is geographically much less specific. Accordingly, we have to differentiate two distinct and operationally independent blockades: Iranian de facto closure of the Strait of Hormuz enforced by

09 April 2026 VIZION Q1 2026 opened with a striking surge of pre-tariff front-loading, then softened sharply as shippers absorbed elevated import levels and uncertainty clouded the outlook. This report breaks down weekly booking trends, port performance, commodity flows, and carrier share shifts — giving you the data to make faster, smarter decisions. Source: Vizion Weekly booking trends: the front-load surge and the pullback The story of Q1 2026 is two acts. Weeks 1–4 saw

09 April 2026 Windward Inbound traffic on April 7 comprised four sanctioned, Iranian-trading tankers only, reflecting uncertainty entering the Gulf amid U.S. threats to escalate attacks on Iran ahead of the eventual ceasefire announcement. Four of the outbound vessels were bulk carriers, a regular feature of limited transits with all previously calling at Iran. All vessels used the Northern Corridor, in place since mid-March that redirects traffic through Iranian waters and

09 April 2026 AXSMarine & Signal Оn 28 February 2026, the Persian Gulf was running a normal book of business. Panamaxes were completing grain discharges at Bandar Imam Khomeini. Supramaxes were working fertilizer parcels. Handysizers were loading industrial minerals for Southeast Asian ports. Then the United States and Israel launched coordinated strikes on Iran — including the killing of Supreme Leader Ali Khamenei — and within seventy-two hours, the Islamic Revolutionar

26 March 2026 AXSMarine “Diary of a Madman” is one of Ozzy Osbourne’s most iconic albums. The question in today’s market is whether what we are seeing is disorder, or something more calculated. Looking at recent flow patterns across Iran, Venezuela, and the broader Atlantic Basin, the evidence points less to chaos and more to preparation and re-routing. Iranian Crude Flows: Disruption Without Collapse AXSMarine data shows that Iranian crude exports have not collapsed despit

26 March 2026 Lloyd's List The limited flow of traffic moving through the Strait of Hormuz is now sailing exclusively through an Islamic Revolutionary Guard Corps-controlled corridor requiring specific clearance codes and an Iranian escort service. Since March 13, a total of 26 vessel transits through the strait have followed a route pre-approved under an IRGC “toll booth” system that requires the ship operators to submit to a vetting scheme. There have been no transits tra

26 March 2026 Vortexa At first glance, the U.S. Office of Foreign Assets Control (OFAC)’s 30-day waiver allowing imports of Iranian oil already on water appears to be a headline solution to the crude market’s supply panic. Combined with Russian barrels, the “additional” volumes potentially made accessible to mainstream buyers partially offset the losses seen in the first three weeks of the conflict. But how practical is it in reality? To answer that, it’s essential to under

12 March 2026 POTEN & PARTNERS The U.S. and Israel launched airstrikes on Iran in what the U.S. military dubbed “Operation Epic Fury”. Iran responded with massive missile and drone barrages targeting U.S. interests and allies in the region. The outbreak of hostilities had an immediate impact on oil prices and tanker freight rates. The Strait of Hormuz has become key focus of the world, since 20-21 million barrels of crude oil, condensate and petroleum products pass through th

12 March 2026 Vortexa Qatar Energy’s force majeure declaration on LNG exports has put Asian buyers into a predicament of having to replace about a fifth of their contracted LNG supply (or a quarter when including spot imports).As the Iran-US war rages on with no imminent end in sight to the effective closure of the Strait of Hormuz, news headlines have focused on the LNG volumes Qatar exports to Asia. However, the true extent of the supply disruption is assessed by the shar

12 March 2026 Lloyd's List SHADOW fleet* vessels are dominating tanker and gas carrier transits through the Strait of Hormuz as compliant tonnage — aside from several Dynacom tankers and less than a handful others — largely avoids the besieged waterway. About half of all tanker and gas carrier over 10,000 dwt that have transited the Strait of Hormuz between March 1-8 were part of so-called shadow fleet, according to Lloyd’s List analysis, which included suspected dark tra

26 February 2026 Signal Global VLCC fleet capacity is projected to expand more aggressively through 2028. Taken together, scheduled deliveries from all major shipbuilding countries imply an average annual VLCC fleet growth rate of approximately 6% by 2028 , assuming the current orderbook is delivered as planned. TSOP Orderbook Insights Within this evolving environment, Sinokor Merchant Marine (Sinokor) has expanded its VLCC commercial footprint, positioning itself as the

26 February 2026 Vortexa In the wake of October 2025 Lukoil and Rosneft sanctions, Russia’s oil supply chain has come under increasing strains . December 2025 – January 2026 seaborne crude oil exports out of Russia (ex. CPC, KEBCO) averaged nearly 500kbd above the call for arrivals, following a robust export program amid growing compliance risk. On a seasonal basis, the difference in Russia’s seaborne crude exports between December 2025 (dataset seasonal maximum) and Dec

26 February 2026 E.A. Gibson Shipbrokers Ltd It is likely that many people in the shipping industry were hoping we had seen the last of additional port tariffs in October, after the US Trade Representative’s (USTR) Section 301 tariffs targeting Chinese owned, operated or built ships were put on hold for a year, with China also lifting its own retaliatory measures. However, after causing havoc in 2025, the port fee saga has its latest instalment. On Friday the 13th of Februa

12 February 2026 Windward A Structural Shift in Russia’s Shadow Fleet At least 120 falsely flagged, sanctioned tankers are likely to reflag to Russia’s registry in the coming months , as Western interdictions of stateless shadow fleet vessels accelerates a structural shift in Russia’s oil export logistics. All ships fit the profile and trading pattern of tankers that have already switched to Russia’s flag following a governance crackdown and nine interdictions of sanct

12 February 2026 ImportGenius On January 13, United States President Donald Trump announced a 25% tariff on Iran’s trading partners, an effort to further isolate that country amid widespread street protests. If that tariff is stacked atop existing ones for Iran’s largest trading partners, China and India, it would bring their respective tariff rates to 55% and 75%, respectively. Five days later the President announced an additional 10% tariff on eight European countries as