Arctic: Shipping Daily - Tankers, BWLPG

Research evidence excerpt

Arctic: Shipping Daily - Tankers, BWLPG

Shipping Daily

02 June 2026 | 08:25

Tankers, BWLPG

● Tankers: Rates steady. Sanctioned oil at verge of further drop

● Tankers: Procopiou adds 12x VLCCs to the orderbook

● BWLPG Q1/26: Distribution beat; Q2 bookings imply positive estimate revisions

Tankers: Rates steady. Sanctioned oil at verge of further drop

Week started on quiet note with many players away at not-so-quiet Posidonia. On the fundamental

side, another trade flow shift in favor of the compliant market appears to be underway. Tanker

trackers report that Iran exports have slowed to a trickle, down some 90% to a mere 0.3 mbd.

In addition, Ukraine's persistent attacks on Russian oil infrastructure has caused refinery runs to

drop nearly 1 mbd and authorities are reportedly considering a ban on diesel exports (around 1

mbd) as a result. Both developments will shift more trade demand into the compliant market. In

terms of US and Iran development, chaos remains the name of the game, a week after President

Trump claimed that a deal with Iran was "virtually done". What ever diplomatic progress having

taken place this past weekend was put on hold yesterday with the Iranian news story claiming that

the country had halted the exchange of MOU texts with the US, in response to Israel's escalation

in Lebanon. A halt to the war "on all fronts" is one of Iran's key requirements to agree to the MOU

framework. With questions raised on whether Trump and Netanyahu are still seeing eye-to-eye

may complicate the MOU process further and thus delay the much-needed Hormuz reopening.

Meanwhile, supply losses continue to accumulate on a double-digit mbd basis as the days go by.

Tankers: Procopiou adds 12x VLCCs to the orderbook