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.
Latest freight news
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Tanker and cargo vessel collide in North Sea: Update
Tanker and cargo vessel collide in North Sea: Update
Adds details from tanker management London, 10 March (Argus) — An oil tanker and a container vessel are on fire in the UK North Sea after colliding earlier today, the UK coastguard said. Shiptracking data appear to show the US-flagged Medium Range (MR) tanker Stena Immaculate was at anchor when it was hit by Portuguese-flagged container vessel Solong. The Stena Immaculate's manager, US-based logistics company Crowley, said the incident resulted in a ruptured cargo tank containing jet fuel. It said all its employees on board are safe and accounted for. Market sources told Argus that the tanker was likely carrying jet fuel and diesel. Vortexa data show the tanker was on route to the UK's port of Immingham on the east coast of England, from the Greek port of Agioi Theodoroi. The Solong was plying a route from the east coast of Scotland to Rotterdam, according to vessel tracking data. "The incident remains ongoing and an assessment of the likely counter pollution response required is being enacted," the coastguard said. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Oil tanker and cargo vessel collide in the UK North Sea
Oil tanker and cargo vessel collide in the UK North Sea
London, 10 March (Argus) — An oil tanker and container vessel have collided in the UK North Sea. The alarm was raised at 09.48 GMT on Monday, the UK's coastguard said. Shiptracking data appear to show that the US-flagged Medium Range (MR) tanker Stena Immaculate was hit by Portuguese-flagged container vessel Solong while at anchor off the coast of east Yorkshire. Video footage shows both vessels on fire. The Stena Immaculate was on route to the UK's port of Immingham on the east coast of England with an 18,000t cargo of diesel after departing from the Greek port of Agioi Theodoroi, according to Vortexa data. Market sources told Argus that the tanker was carrying jet fuel and diesel, although this has not been confirmed. "The incident remains ongoing and an assessment of the likely counter pollution response required is being enacted," the coastguard said. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Houthis threaten to resume Red Sea attacks
Houthis threaten to resume Red Sea attacks
London, 10 March (Argus) — Yemen's Houthi group has threatened to resume attacks on commercial shipping in the Red Sea if humanitarian aid is not allowed into Gaza. "We are announcing a four-day notice," the group said in a video statement on 7 March. "This is to allow mediators to do what they do. If the enemy continues, after four days, to stop humanitarian aid from entering the Gaza Strip, including food, medicine, then we will return to continuing our sea operations against the enemy." The four-day deadline expires in the evening of 11 March local time. Israeli energy and infrastructure minister Eli Cohen signed an order on 9 March to cut electricity supply to Gaza in an effort to pressure Palestinian group Hamas to release the remaining Israeli hostages being held in the territory. The Houthis began their attacks in the Red Sea in November 2023 in what they said was a campaign of solidarity with Palestinians in Israel's war against Hamas in Gaza. The group announced a cessation of hostilities against ships in the Red Sea in January this year, with the exception of Israeli-owned and Israeli-flagged vessels. The Houthi campaign has weighed heavily on trade flows between Europe and Asia through the Suez Canal, forcing many shipowners to take the longer and more expensive route around southern Africa's Cape of Good Hope. By Andrey Telegin and Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
New US export capacity to dampen pressure on VLGC rates
New US export capacity to dampen pressure on VLGC rates
A slew of LPG capacity expansion projects could lift the number of VLGCs loading on the Gulf coast, writes Yohanna Pinheiro London, 4 March (Argus) — Planned LPG export capacity expansions on the US Gulf coast over the next three years could taper some previously forecast downward pressure on VLGC freight rates, in turn caused by a weighty influx of newbuilds scheduled for 2027 delivery. US midstream operator Targa Resources announced plans late last month to expand its 450,000 b/d (14mn t/yr) Galena Park LPG terminal in Houston to 625,000 b/d by the third quarter of 2027. This came after peers MPLX and Oneok unveiled their project to develop a new 400,000 b/d LPG export facility in Texas City. These projects join rival firms Energy Transfer's and Enterprise Products' plans to expand their 480,000 b/d Nederland and 763,000 b/d Baytown terminals by 250,000 b/d and 300,000 b/d, respectively, by 2026 — although these will also incorporate ethane. These projects could in theory add about 65 VLGCs/month loading on the Gulf coast once completed, although the ethane and liftings by midsize gas carriers will mean it is likely to be lower. VLGCs employed on a Gulf coast to east Asia voyage, which takes 28-45 days, stood at around 139/month last year compared with 119/month in 2023, Kpler data show, after Panama Canal transits improved and 40 newbuild VLGCs were delivered. About 100 more new vessels will have hit the water by late 2028, most due for delivery in 2027, threatening to oversupply the market. Scrapping is unlikely to balance it, despite more than 15pc of the fleet being 25 years old or more, because they will find employment in less conventional markets such as Iran. The strong VLGC orderbook was fuelled by a rush to embrace a nascent ammonia fuel market. But the adoption of ammonia has been slow and market participants do not expect enough demand to absorb the added VLGC availability before 2030. Several of the very large ammonia carriers have not been contracted by projects still under development, meaning they are likely to ship LPG until the demand from ammonia emerges. Increased capacity on the US Gulf coast could help offset this vessel supply pressure, but whether the LPG import demand in longer-haul markets matches this is uncertain. Fee-for-all The world's largest VLGC owner, BW LPG, along with a range of freight market participants have highlighted a more immediate concern from the US government's recently announced proposal to impose fees on Chinese-built vessels and shipowners with newbuild orders at Chinese yards calling at US ports. "[The measure] would have very disruptive implications on the whole shipping market… trading houses, shipping companies, oil and energy majors all have Chinese-built vessels in their fleet," chief executive Kristian Sorensen says. About 15pc of the global VLGC fleet of around 400 vessels were built in China, most of them having been built in South Korea and Japan. And 24 of the 107 VLGCs on order are at Chinese yards, he says. BW LPG's VLGC fleet of 54 includes 11 Chinese-built ships. The company remains optimistic on the outlook for the rest of 2025, despite the political and legislative uncertainty, as warmer weather in the northern hemisphere widens the US-Asia LPG arbitrage and additional export capacity on the Gulf coast opens later in the year. Further cargoes will also emerge from Qatar's North Field expansion , increasing vessel demand, BW LPG says. The potential for delays to re-emerge at the Panama Canal and an intense drydocking schedule for 80 vessels could also support rates, it says. This outlook is shared by New York-listed rival Dorian LPG, which does not expect US-China tensions to disrupt the LPG trade because of China's dependency on US exports. Norwegian owner Avance Gas meanwhile suggests more aggressive US sanctions on Iran could push demand from the shadow fleet to the conventional market, supporting VLGC rates. VLGC owners' results 4Q24 ±% 4Q23 2024 ±% 2023 BW LPG Profit $mn 39.7 -75.5 394.9 -19.9 TCE $/d 37,890 -50.2 48,300 -23.4 Dorian LPG Profit $mn 21.3 -78.7 161.2 -47.0 TCE $/d 36,071 -49.9 46,710 -25.3 Avance Gas Profit $mn 210.1 242.2 443.0 171.0 TCE $/d 28,200 -63.0 46,200 -22.5 US LPG sea export capacity exports VLGC rates VLGC newbuild orderbook Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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