Freight
Overview
Oil, gas and dry cargoes are being shipped all over the world every day. With seaborne transportation comes exposure to shipping costs. Be it via direct cost or through the prices of feedstocks or finished products, a freight factor is always there. Highly sensitive to market shifts, geopolitics and regulations, freight is a complex and volatile part of every trade.
To manage this exposure, industry participants, from producers and traders to government agencies and financial institutions rely on our freight data for contracts, pricing formulas, analytics and arbitrage tracking.
Argus Freight consists of three dedicated services, covering trade flows for tankers, dry bulk and gas markets. Each service provides daily freight indexes, industry-specific news, market analysis and exclusive content. This enables you to connect the dots between commodity prices and shipping costs, giving you a complete view of the supply chain.
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Western Australia's LNG projects restart production
Western Australia's LNG projects restart production
Sydney, 31 March (Argus) — Western Australia's (WA) off line LNG projects are restarting some domestic gas production, while the Pilbara Ports Authority (PPA) is assessing damage from category 4 tropical cyclone Narelle, which passed through the region late last week. The ports of Dampier and Ashburton have been checked over, with structural damage to Dampier's general cargo import facilities, rendering the wharf inoperable, PPA said on 31 March. The bulk liquids terminal is operable, PPA said, meaning fuel imports for the region's major iron ore mines is unaffected. Ashburton port has also suffered damage to its general cargo wharf and this remains closed, with engineering teams looking over the facilities during the next few days. The port of Varanus Island — a central gathering and processing hub for oil, gas and condensate supplied by nearby fields, including those operated by Australian independent Santos — has reopened with no impacts to operations, PPA said. LNG projects recovering The region's affected LNG projects are slowly returning to production after Narelle took two major plants, the 14.3mn t/yr North West Shelf (NWS) and 8.9mn t/yr Wheatstone terminals, off line late last week . NWS' Karratha gas plant will be producing at 300 TJ/d and Wheatstone at 20 TJ/d on 1 April, indicating that some volumes are returning on line, according to the Australian Energy Market Operator's WA gas bulletin board, which measures domestic flows. Wheatstone may take weeks to return to full capacity, Chevron has said, while it returned one train at the 15.6mn t/yr Gorgon LNG terminal, which was taken off line during the cyclone to service on 29 March. The disruption to supply comes during an already tight supply balance in the Pacific basin, with Qatar's 64.2mn t/yr Ras Laffan terminal pausing production on 2 March due to the US-Iran war. Domestic gas flows fell from 1,202 TJ/d on 24 March to 558 TJ/d on 29 March due to Narelle's impacts, forcing alumina refineries run by US producer Alcoa to slash output temporarily . By Tom Major Argus LNG prices ($/mn Btu) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Red Sea AWRP up after Houthi attack on Israel
Red Sea AWRP up after Houthi attack on Israel
London, 30 March (Argus) — Additional war risk premium (AWRP) rates in the Red Sea have risen after the Yemen-based militant Houthis attacked Israel at the weekend, an insurance broker told Argus . The Red Sea AWRP inched up to 0.65-0.75pc of hull and machinery value, from around 0.6pc — although 25–50pc of this may be refunded as a no-claims bonus, the broker said. Some insurers may still offer around 0.6pc, according to brokers, but such offers are increasingly rare. Yemen's Iran-backed Houthi militants launched missiles at Israel on Saturday, 28 March, in their first attack since the war in the Mideast Gulf began. A source familiar with regional AWRPs told Argus today that the Houthis "have been fundamentally weakened," and "do not have the capability they had two years ago". "But the Houthis are resilient and will probably attempt to strike a vessel," the source said. "Their threat is capped, however, given the US has so much firepower in the region." The Houthis may attempt to charge vessel operators for safe transit, the source said, "having done this previously and in a similar way to Iran ". Red Sea rates remain below the Mideast Gulf level, where AWRP is around 1pc of hull and machinery value for a vessel stuck west of Hormuz, insurers told Argus . The rate to leave the Gulf is considerably higher. Hormuz passage becomes significantly more expensive For vessels passing the strait of Hormuz, AWRP is around 5.0–7.5pc of hull and machinery value and can reach as high as 10pc, according to brokers. In addition, and before obtaining AWRP coverage, shipowners must confirm to insurers they have no links to the US or Israel and must present approval granted by Iranian authorities. Cargo war risk premiums are also substantial, at around 10–20pc of a cargo's value, insurance brokers said. Based on these rates, the AWRP payment could amount to as much as $13.4mn for a five-year-old very large crude carrier (VLCC) valued at around $134mn, according to shipbroker Xclusiv. Any deal would also require cargo insurance, which for a full 300,000t cargo of Dubai crude would add $52mn, implying a combined war risk insurance bill of about $65mn — comparable to the price of a 10-year-old Aframax tanker, which is around $61.5mn, according to Xclusiv. By Andrey Telegin and George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hormuz traffic picks up as container ships cross strait
Hormuz traffic picks up as container ships cross strait
London, 30 March (Argus) — At least 20 vessels have crossed the strait of Hormuz since 28 March, ship tracking data show. The level remains a fraction of pre-war traffic but marks a clear rise compared with recent weeks, when tracking data showed only a small number of ships passing through each day. Around 15 of the tracked vessels were sailing eastbound out of the Mideast Gulf, according to MarineTraffic data. They include two ultra-large container carriers linked to China's Cosco — the CSCL Indian Ocean and CSCL Arctic Ocean — which abandoned attempts to transit on 27 March. Iran's Revolutionary Guard Corps (IRGC) said that day that its navy had turned back three container ships attempting to pass through the strait. The CSCL Indian Ocean and the CSCL Arctic Ocean were heading towards the channel between Qeshm and Larak islands earlier today. Their AIS signals dropped shortly afterwards and reappeared just east of the strait at around 08:30 GMT, indicating they had completed the crossing. Iranian foreign minister Abbas Araqchi said last week that the strait remains open except to Iran's "enemies", and that Tehran has allowed passage for vessels from "friendly countries, including China, Russia, India, Iraq and Pakistan". Pakistan's deputy prime minister and foreign minister Ishaq Dar said on 28 March that Iran has approved 20 Pakistani-flagged vessels to sail through Hormuz. At least two Pakistani vessels have passed through since the war began. The Lorax — also known as Karachi — left the UAE's Das Island on 28 February with about 500,000 bl of crude bound for Karachi, vessel tracking data show. The P Aliki passed Hormuz on 11 March carrying nearly 600,000 bl of crude from Ras Tanura to Karachi, according to Vortexa. By Rhys van Dinther Hormuz traffic* Vessel Type Destination Bahjat Supramax Asia-Pacific Geneve Panamax Outside Mideast Gulf Ocean Pretty Supramax Ballast P.Aliki Afrmax/LR2 Karachi Multan Supramax Karachi Power Handymax Asia-Pacific BW Tyr VLGC India BW Elm VLGC India Andia Panamax Asia-Pacific Bavand Supramax India Tawania Afrmax/LR2 na Saturn General Cargo Iran Jin Xiang Da Supramax UAE Mac Hope Supramax na CSCL indian Ocean ULCC na CSCL Arctic Ocean ULCC na Gas Fate Handymax India Ceci Kamsarmax Iran Mab 5 Crane Yemen LB Energy Panamax Iran Kpler, MarineTraffic data * since London market close on 27 March Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran clears 20 Pakistan-flagged vessels through Hormuz
Iran clears 20 Pakistan-flagged vessels through Hormuz
London, 28 March (Argus) — Iran has approved 20 Pakistani-flagged vessels to sail though the strait of Hormuz, Pakistani deputy prime minister and foreign minister Ishaq Dar said on social media Saturday. Under the agreement, two Pakistani ships per day will be allowed to sail through the strait, which has largely been closed to most vessel by the Iranian threat of attack since the war started. "This positive announcement marks a meaningful step toward peace and will strengthen our collective efforts in that direction", Dar said in his post on X. "Dialogue, diplomacy, and such confidence-building measures are the only way forward." At least two Pakistani vessels have passed through the strait of Hormuz since the war started. Lorax , also known as Karachi , left the UAE's Das Island on 28 February, vessel tracking data show, and is on route to Karachi, Pakistan, carrying around 500,000 bl of crude. P Aliki passed Hormuz on 11 March carrying nearly 600,000 bl of crude from Ras Tanura to Karachi, Vortexa data show. Iran's foreign minister Seyed Abbas Araghchi recently thanked Pakistan for "their full-throated expression of solidarity and support with the people and government of the Islamic Republic of Iran". By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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