Arctic: Shipping Daily - Tankers, TRMD, LNG

Research evidence excerpt

Arctic: Shipping Daily - Tankers, TRMD, LNG

Shipping Daily

23 June 2026 | 08:13

Tankers, TRMD, LNG

● Tankers: Rates jump as market prepares for Hormuz rush

● ... getting pricier, but some stocks are lagging

● TRMD: Oaktree selling more shares

● LNG: Explostion at Ras Laffan not expected to impact exports

Tankers: Rates jump as market prepares for Hormuz rush

News of US-Iran diplomatic progress, combined with reports of more vessels moving through

Hormuz, provided additional momentum for a market already starting to gear up for what could

become the biggest cargo rush on record. VLs are in the driver's seat. Rates on the benchmark

MEG-China route were marked up +4%, and while this trade is still notional due to the lack of

cargoes, the sky-high levels involved, more than USD 500k/d, is having a spillover effect on

other routes. The USG-China route also added some 5%, taking the TCE level to USD 155k/d.

Suezmaxes are also moving higher on the back of the strength in VLs, and are approaching the

triple digit TCE level again. While statements of “major progress” having been made on the first day

of US-Iran talks in Switzerland, accompanied by more reports of vessels moving through Hormuz,

served to boost sentiment, there are also reasons for caution. According to the FT, the US and

Iran are giving shipowners conflicting orders, with Iran claiming that owners will still have to seek

permission from Iran’s newly established Persian Gulf Shipping Authority (PGSA) in order to pass.

Meanwhile, on the fundamental front, the underlying mix of lower crude prices, flattening forward

curves and still robust refinery margins provided a powerful cocktail of positive trading dynamics. A

different situation on the clean side where Atlantic MRs continue to lose momentum with the daily