ABGSC Shipping Daily 26 June

Research evidence excerpt

ABGSC Shipping Daily 26 June

Equity Research - 26 June 2026 08:20 CEST

Shipping & Transport

• Tanker and dry bulk markets mixed, LPG up

• Shipping peer group trades at P/NAV 1.04x

• Strait of Hormuz transits surge, container vessel hit by "unidentified object" yesterday

• Gulf of Aden arrivals down 44% from pre-closure, though containers still down 80%

• Panama Canal - Transits 7% above historical levels

Tanker and dry bulk markets mixed, LPG up

In the tanker market, VLCC (TD3C) spot rates were quoted at USD 308,038/day on Thursday, -106,927 lower than Wednesday.

Suezmax rates came in at USD 108,712/day, 1,524 up and in the product tanker market MR (Atlantic basket) spot rates came in

at USD 16,004/day, -317 lower.

In the dry bulk market, Capesize spot rates were quoted at USD 31,205/day on Thursday, -1,117 down from Wednesday.

Panamax came in at USD 18,865/day, 224 up and Supramax came in at USD 19,181/day, -185 down.

In the LPG market, VLGC (Middle East to Japan) spot rates were quoted at USD 196,574/day, 13,589 higher than Wednesday.

Shipping peer group trades at P/NAV 1.04x

We calculate an average P/NAV of 1.04x for our shipping coverage (including car shipping). Dry bulk is trading at 0.82x, tankers

at 1.07x, LNG at 1.42x and LPG at 1.20x.

Strait of Hormuz transits surge, container vessel hit by "unidentified object" yesterday

The Strait of Hormuz "reopened" last Friday, however transits are still 50% below pre-war levels. According to Clarksons data,

the number of Strait of Hormuz transits on Wednesday was 65 vessels, the highest number of transits since the start of the

war. For reference, pre-war levels (January-February 2026 average) was 125 vessels per day. Polymarket is currently pricing

a 54% likelihood of normalisation in SoH traffic by the end of July.