Shipping Daily-05/20/2026

Research evidence excerpt

Shipping Daily-05/20/2026

pd in 2022 – 24 China LPG imports " 1.6 2.6 -39.6% 3.2 -50.7%

• In a smaller – but still interesting – event, the UK Government now announced LNG: 6 Lastdays Yesterday change1-day % Week ago change1-week% change1-month%

that it will ‘loosen strict sanctions on Russian oil refined into diesel and jet fuel LNGHenryCarrierHub spotspotnaturalrate (TFDE)gas USD/mmbtuUSD/day $98$3.11500 -0.2%0.0% $98$2.86500 0.0%8.6% 15.6%9.1%

in third countries’. Last year, they banned the imports of products refined from Japan spot LNG " $19.6 3.5% $17.0 15.2% 28.7%

Russian oil (e.g. Indian refineries buying Russian crude oil), in order to put CommodityTTF (EU nat gas)trade (monthly) Last 6 months " Last$17.8data Month1.5%ago 1-month$16.1 ch. Year10.7%ago 1-yr29.2%ch.

further economic pressure on Putin. While not extremely important, this does Japan LNG imports mtons/month 6.2 6.5 -4.5% 6.6 -6.0%

send an interesting signal on European countries’ approach to sanctions ChinaKorea LNGLNG importsimports "" 3.53.8 3.94.5 -10.4%-14.8% 4.64.3 -23.8%-9.8%

when the going gets a bit tougher India LNG imports " 1.5 2.0 -28.0% 2.3 -36.1%

• For the tanker market the impact could in theory be positive though – if more Share prices 6 Lastdays Last price Price-1 daychg -1 weekTOTAL RETURNYTD ParetoP/NAV P/EConsenus1Y FWD

Russian oil is allowed to flow to Asian refineries and then sent as refined BrutonArdmoreLtd.Shipping kr$18.860.2 -2.2%0.7% 01 %% 7940 %% 0.89x- 16.8x23.3x

products back to Europe. If it is merely a first step towards full normalization Capital Tankers kr 123.7 1.8% 0 % na 0.74x 12.3x

of Russian CPP cargoes (i.e. Russian diesel back to Europe), it would be more d'AmicoDHT HoldingsInternational $17.6€ 8.5 -1.7%0.7% -12 %% 4875 %% 0.91x1.12x 14.0x9.3x