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.
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US, Iran exchange strikes again
US, Iran exchange strikes again
Washington, 30 August (Argus) — The US attacked Iranian military facilities on the island of Larak in the strait of Hormuz Sunday, while Tehran retaliated by launching missiles at US bases in Jordan, according to Iran's Islamic Revolutionary Guard Corps. The Pentagon did not immediately confirm an attack on Iranian bases. If confirmed, this would mark the first exchange of strikes in more than a month. The US and Iran exchanged strikes daily from 11-23 July but fighting took a pause as the US administration declared its intention to switch to non-military forms of pressure against Iran. It is not clear what prompted yet another change in the US tactics. The US administration last week launched "Operation Economic Outcast" aiming to cut off Iran's business links to companies abroad. The White House last week declared the strait of Hormuz free of sea mines and doubled down on claims that as much as 10mn b/d of oil is exported from the Mideast Gulf under the US military umbrella. Most market participants and satellite tracking data do not corroborate the US claim of a spike in oil exports from the Mideast Gulf. A tanker transiting the strait of Hormuz near the coast of Oman was "struck by an unknown projectile" on Saturday night, according to the UK Maritime Trade Operations organization. A total of 12 vessels transited the strait of Hormuz on 27 August, the same number as a day before, according to data from maritime security firm Windward. This puts commercial vessel traffic through the waterway just under 10pc of the normal traffic levels prior to the 28 February US-Israel attack on Iran that prompted Iran to declare the strait closed. The Pentagon on Sunday angrily pushed back against a Washington Post report that cited confidential government documents showing senior US military commanders across the world had urged the White House to scale down military operations in the Middle East. "Publishing highly classified assessments from the (defense) secretary's orders book is a crime," the Pentagon said, while adding that "much of what they're publishing is inaccurate." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hormuz traffic Thursday flat from day earlier
Hormuz traffic Thursday flat from day earlier
New York, 28 August (Argus) — Commercial vessel traffic through the strait of Hormuz on Thursday remained constrained despite assertions by US officials that the waterway was open to commercial traffic and free of mines. A total of 12 vessels transited the strait of Hormuz on 27 August, the same number as a day before , according to data from maritime security firm Windward. The traffic was equally split between inbound and outbound movements, including four tankers inbound on the northern Iranian lane, three outbound tankers on the southern lane and one outbound on the northern lane. This puts commercial vessel traffic through the waterway just under 10pc of the normal traffic levels prior to the 28 February US-Israel attack on Iran that prompted Iran to declare the strait closed. Admiral Brad Cooper, commander of the US Central Command (Centcom), which oversees US forces in the Mideast, said in a video post late on 27 August that internationally recognized transit lanes in the center of the strait are free of Iranian mines and that "today, international shipping lanes are open and momentum is building". No vessels were detected by Windward as transiting via the center lane on that day. Traffic since the start of the US-Iran war has been largely bifurcated between the northern and southern lanes. Prior to the war, ships transited the strait through the centermost lane via an established Transit Separation Scheme (TSS) route. The TSS was proposed by Oman and Iran and adopted by the IMO in 1968, designating shipping lanes for maritime traffic to reduce collisions and improve safety. Following the outbreak of the US-Iran war, the middle TSS lanes were reportedly mined by Iranian forces, rendering traffic through them highly dangerous. A combination of factors are likely to make vessels easier to target if they are transiting in the center of the strait compared with transits closer to the coastline, said Joshua Tallis, research program director at the Center for Naval Analyses (CNA). This includes a more complicated sensor environment closer to the coast and proximity to missile defense systems. US officials continue to double down on claims that the US had been supporting significant flows of oil through the waterway. Centcom's Cooper said US forces have assisted nearly 1,500 commercial vessels through the strait by providing coordinated protection, with a total of 750mn bl of crude oil destined for global markets "over the past several months". In the three months before the war started crude flows averaged 700mn bl a month, Vortexa data show. In a late Thursday social media post US Treasury secretary Scott Bessent echoed claims by other US officials that in the last 14 days the US has guided 130mn bl out of the strait of Hormuz. That figure, which approximates to 9.3mn b/d, is in line with the 9mn-10mn b/d claimed by other US officials including US president Donald Trump, but far below the 3.5mn-3.7mn b/d average that can be corroborated by available satellite imagery and vessel tracking information. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan moves to revive domestic LNG shipbuilding
Japan moves to revive domestic LNG shipbuilding
Osaka, 28 August (Argus) — Japan has begun a full-fledged effort to revive domestic LNG shipbuilding to bolster its economic and energy security, on expectations that demand for the fuel will remain firm through the transition to net-zero by 2050. Japan has not built an LNG carrier domestically since 2019, because intensifying competition such as from South Korea and China eroded the industry's competitiveness. But maintaining the capability to build such vessels is increasingly seen as strategically important, given concerns that resource-poor Japan could struggle to secure shipping capacity to transport fuels in the event of a crisis. The ministry of land, infrastructure, transport and tourism (Mlit) on 21 August convened shipbuilders, shipping companies, other government agencies and the country's largest LNG importer Jera for talks on reviving domestic LNG carrier construction. Participants agreed to work together toward that goal, with the shipbuilding industry expressing its commitment to establishing self-sustaining construction capability. The talks came after the government incorporated domestic LNG carrier construction into its growth strategy for 17 strategic sectors, which was approved by the Cabinet on 21 July. The plan calls for Japan to build three to five LNG vessels a year from 2035 onward, while strategically leveraging shipbuilding know-how and capabilities held by like-minded countries, such as South Korea, which has extensive experience in building membrane-type LNG carriers, the dominant vessel type in the global market. To advance the initiative, Mlit confirmed that it will work with industry stakeholders to clarify the number of vessels to be ordered, construction schedules, required capital investments and costs, while fleshing out support measures and institutional frameworks, including financial assistance. It remains unclear how much budgetary support the government will provide, with industry participants calling for the project to be treated as a national initiative and for measures to address the substantial cost gap with rival shipbuilding nations. Balancing role Japan is stepping up efforts to strengthen LNG security across its supply chain, given the country's gas demand almost entirely depends on imports. LNG is expected to continue playing a vital role in maintaining a stable power supply while the share of weather-dependent renewable energy rises and the role of nuclear power remains uncertain due to safety concerns. Electricity demand is also projected to increase, driven by the growing use of artificial intelligence. That said, LNG is expected to increasingly serve as a balancing power source, making it unclear whether Japan's domestic LNG demand will continue to grow. The outlook will largely depend on progress in restarting existing nuclear reactors, developing next-generation reactors and expanding renewable power capacity. This underscores the need for greater flexibility in LNG procurement, including access to an adequate fleet of LNG carriers, because importers may need to divert or sell excess cargoes overseas in response to shifts in domestic demand. Japanese firms currently handle 100mn t/yr of LNG, well above domestic demand of 65mn t/yr. Some of this is used to generate profits through LNG trading abroad, but these volumes could be redirected to the domestic market if needed, providing a form of supply security distinct from strategic stockpiling, an official at the trade and industry ministry Meti said previously. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hormuz traffic constrained despite Oman-Iran talks
Hormuz traffic constrained despite Oman-Iran talks
New York, 27 August (Argus) — Commercial vessel traffic through the strait of Hormuz remained severely constrained on 26 August with Iran continuing to attack vessels in the waterway while joint Iranian-Omani talks on managing ship traffic continue. A total of 12 vessels transited through the strait of Hormuz on 26 August, split between seven outbound transits — including five tankers — and five inbound transits, including two tankers, according to data from maritime security firm Windward. The transits occurred mostly on the northern Iranian-preferred lane. This puts vessel traffic through the strait just under 10pc of the normal traffic levels prior to the 28 February US-Israel attack on Iran that prompted Iran to declare the waterway closed. Iran attacked Kuwait's state-owned oil products tanker the Al Salam II on 26 August while it was attempting to exit the strait of Hormuz, data from the UK Maritime Trade Organization (UKMTO) shows, likely through the US-assisted southern traffic lane. Two Indian-flagged cargo vessels exited the strait on the southern lane, and the tanker Sela exited through an unconfirmed lane, with all remaining transits taking place on the northern lane. Windward tracked a US Treasury-sanctioned medium range product tanker crossing the strait of Hormuz outbound, loaded with an estimated 185,000 bl of Iranian fuel oil, Kpler data shows, with the vessel signaling Oman as its next destination. The tanker is flying a false Nicaraguan flag, data from the International Maritime Organization shows, which is illegal under international law. Data from vessel information firm TankerTrackers.com shows that around 3.7mn b/d have been getting through the strait of Hormuz on average over the last seven days, while data from vessel tracking firm Vortexa places the monthly average for August for the strait around 3.5mn b/d — both significantly lower than the 10mn b/d claimed by US officials . Prior to the joint US-Israeli attacks on Iran which prompted Iran to declare the strait of Hormuz closed, around 23mn b/d of crude, refined products and natural gas flowed through the narrow waterway on average, data from Vortexa show. The US Central Command, which oversees US forces in the Middle East, claimed in a UKMTO notice that the US facilitated 37 vessel transits through the strait of Hormuz on 25-26 August, a figure which was much lower than publicly available information shows and that could not be corroborated independently. Centcom did not respond to request for comment from Argus to provide additional details on the transits. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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