Freight
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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.
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US forces board VLCC carrying Iranian oil
US forces board VLCC carrying Iranian oil
London, 23 April (Argus) — US forces have boarded a VLCC carrying Iranian oil in the Indian Ocean as part of Washington's ongoing blockade of ships entering or exiting Iranian ports. "Overnight, US forces carried out a maritime interdiction and right-of-visit boarding of the sanctioned stateless vessel M/T Majestic X transporting oil from Iran," the country's defence department said on Thursday in a post on social media platform X. "We will continue global maritime enforcement to disrupt illicit networks and interdict vessels providing material support to Iran, wherever they operate." Kpler tracking data show the Majestic X — which has IMO ship identification number 9198317 — loaded 1.88mn bl of Iranian crude from the Jask terminal and was en route to Zhoushan in China when US forces stopped it in the Indian Ocean. The tanker was operating under a false flag at the time of the interdiction, according to the IMO's database. Other crude tankers intercepted during the US blockade include the VLCCs Diona and Tifani . The US Navy also seized the Iranian-flagged container ship Touska on 19 April while it was en route to Bandar Abbas in Iran. Tehran had vowed to respond to any US hostile act against Iranian vessels. On 22 April, Iranian forces fired at two cargo ships in the strait of Hormuz , despite US president Donald Trump saying the previous day that the ceasefire with Iran would be extended. Trump claimed in a social media post today that the US has "total control" over the strait. "No ship can enter or leave without the approval of the United States Navy". He also said he has ordered the US Navy to "shoot and kill" any boats laying mines in the strait. In practice, the blockade is not being implemented close to Iranian ports or within the strait of Hormuz, but instead is being enforced around 300 miles west, between the Pakistani/Iranian border and Oman, according to vessel tracking firm Vortexa. By Erika Tsirikou Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran fires on container ships in Hormuz: Update
Iran fires on container ships in Hormuz: Update
adds IRGC statement on vessel seizures Singapore, 22 April (Argus) — Iranian forces fired on a container ship in the strait of Hormuz today, according to UK Maritime Trade Operations (UKMTO), hours after the US extended its ceasefire with Tehran. UKMTO, citing the container ship's master, said the vessel was approached 15 nautical miles, or 28km, northeast of Oman by an Islamic Revolutionary Guard Corps (IRGC) gunboat that opened fire with no warning. The attack "caused heavy damage to the bridge" but no injuries, UKMTO said. There were no fires or environmental damage following the attack. Separately, a cargo ship also reported being fired on as it headed out of the strait, about eight nautical miles, or 15km, off the coast of Iran, UKMTO said today. The crew are safe and there was no damage, it said. UKMTO did not name either of the vessels. But shortly afterwards Iran's Islamic Revolutionary Guard Corps (IRGC) issued a statement saying its naval forces had "seized" two vessels, which it said belonged to Israel. "The IRGC Navy this morning identified two violating ships named MSC Francesca and Epaminondas, which were attempting to secretly exit the strait of Hormuz without a licence, and by committing repeated violations," the IRGC said. It accused the vessels of "tampering with navigation aid systems and jeopardizing maritime security". The IRGC said the ships had been transferred to Iranian territorial waters for inspection of cargoes and documents. Vessel tracking data showed both vessels remaining in the vicinity of the strait. The incidents add to a list of attacks on commercial shipping in the Mideast Gulf since the outbreak of the US-Iran war on 28 February. The strait of Hormuz has been largely closed to navigation since early March. A brief opening last week was reversed at the weekend after Tehran reasserted control of the waterway. The US has simultaneously imposed a blockade on Iranian ports. The latest attacks come despite a ceasefire that US president Donald Trump said on 21 April would continue indefinitely to allow Iranian leaders time to craft a proposal to end the conflict. But the Trump administration has offered no immediate solution to address oil and gas production shut-ins across the Gulf linked to the strait's closure. Trading firm Vitol's chief executive, Russell Hardy, said this week that the war has led to around 12mn b/d of oil supply losses, and around 4mn b/d of demand reduction. If the disruption carries on, "the problem gets more difficult to manage, because so far we've borrowed supply from various alternatives", he said, referring to falling oil-on-water inventories and emergency stock releases co-ordinated by the IEA. In London today, the UK and French governments will convene military planners from more than 30 countries to discuss reopening the strait to commercial shipping "as soon as conditions permit". By Ben Winkley, Sureka Elangovan, Sean Lui and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Europe, Atlantic crude tanker rates at pre-war levels
Europe, Atlantic crude tanker rates at pre-war levels
London, 21 April (Argus) — Crude tanker rates in the Atlantic and European markets have fallen back towards pre-war levels, as tankers that would have returned to the Mideast Gulf instead populate more liquid markets. The Black Sea-Mediterranean Suezmax route reached WS475 ($57.19/t) in late March from WS200 ($24.08/t) the day before the war began. The route rate is now WS230 ($27.69/t) after dropping by almost 50pc in two days, with the swift fall driven primarily by supply of available tankers. More light sour CPC Blend and light sweet BTC Blend is heading to Asia-Pacific, pulled east by continuing strong regional demand for Atlantic basin crude. This would generally underpin rates, but more tankers are available for this route. Europe-bound Suezmax rates from the US Gulf coast and Guyana sank to their lowest since the start of the war in the Middle East as a result of tonnage shifting away from the Mideast Gulf. In the US, a charterer booked a very large crude carrier (VLCC) for loading from the US Gulf coast at the lowest rate since the start of the war, after an influx of available tonnage entered the region earlier in the month. European Aframax rates also plummeted. The Ceyhan-origin cross Mediterranean route ended the London day on Monday, 20 April, at WS270 having peaked at WS655 on 30 March. The slide was probably on the back of falling Suezmax time charter equivalent (TCE) rates, which led Aframax owners to drop their offers beneath Suezmax levels in order to remain competitive with the larger vessel class. Rates had previously surged as demand for demand for Libyan crude increased since the start of the war. Mediterranean refiners have turned to the north African country's Es Sider grade as a substitute for Iraqi Basrah Medium, exports of which been halted by the effective closure of the strait of Hormuz. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US seizes sanctioned VLCC in Indian Ocean
US seizes sanctioned VLCC in Indian Ocean
London, 21 April (Argus) — US forces have boarded and seized a laden very large crude carrier (VLCC) in the Indian Ocean that was carrying Iranian crude in defiance of US sanctions, marking the latest enforcement action against the dark fleet moving Iranian supply to Asia-Pacific. The 2mn bl capacity Tifani had loaded at Iran's Kharg Island terminal on 5 April and was intercepted south of the Bay of Bengal, probably on route to Malaysian waters where it had called previously. These are a regular staging area for ship-to-ship (STS) transfers of sanctioned crude. The tanker discharged at two Chinese ports last year. "Overnight, US forces conducted a right-of-visit, maritime interdiction and boarding of the stateless sanctioned M/T Tifani without incident in the INDOPACOM (Indo-Pacific Command) area of responsibility," US Central Command said. "International waters are not a refuge for sanctioned vessels," CENTCOM said, adding that the US Department of War "will continue to deny illicit actors and their vessels freedom of manoeuvre in the maritime domain." Tifani is registered to a business in Suriname and is part of the 'dark fleet' moving sanctioned crude from Iran, Russia and Venezuela to foreign markets. The tanker is using a false flag, according to the International Maritime Organization's database at the time of interdiction. Malaysian Exclusive Economic Zone (EEZ) waters off the east coast of Johor have emerged as a key hub for STS transfers of Iranian crude, with dark fleet tankers frequently used to obscure the origin of cargoes before onward delivery to Chinese independent refiners. By Harry Heath Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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