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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Non-sanctioned tankers moving more Venezuela crude
Non-sanctioned tankers moving more Venezuela crude
New York, 22 January (Argus) — Traders are booking tankers that are not under sanctions to move crude out of Venezuela, according to market information, as the trade shifts away from the "dark fleet" that dominated such flows in recent years. Trafigura fixed the Suezmaxes Folegandros and Poliegos to load 130,000 tons of crude each out of Venezuela, or a bit under 1mn barrels in early February, with the option to discharge anywhere, according to brokers. Although there was no destination attached to the fixture, the size of the vessel may indicate that it is heading to Europe, as Venezuelan crude headed to the US Gulf coast is usually transported on smaller Aframaxes, while crude heading to China is typically transported on very large crude carriers. There was no rate attached to the fixture, although the current Argus -assessed rate for a 145,000t Suezmax heading from Venezuela's neighbor Guyana into Europe was at WS125.5, or around $2.89/bl for Paraya Gold , as of 21 January. The rate for that route was heard as high as WS135 at midday Thursday. Chartering activity rose on the day, mostly for US Gulf coast-loading cargoes, the inverse to a drop-off in deals on Wednesday. The vessels are part of the mainstream tanker fleet, meaning they are not under sanctions by Western governments. Vessel tracking data confirms that the Folegandros and Poliegos are currently sailing in ballast on their way to San Jose, Venezuela, and set to arrive at the end of January. Tanker loadings in San Jose are set to pick up in the next week, with Kpler data showing six vessels loading in Venezuela in the week starting 26 January. By Charlotte Bawol and David Haydon Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump threatens 10pc tariff against UK, EU members
Trump threatens 10pc tariff against UK, EU members
Houston, 17 January (Argus) — President Donald Trump on Saturday threatened to impose a 10pc tariff on US imports from the UK and seven key members of the EU, citing their participation in a military mission in Denmark's Greenland territory, which he is threatening to annex. US imports from the UK, Denmark, Finland, France, Germany, The Netherlands, Norway and Sweden would be subject to a 10pc tariff from 1 February, rising to a 25pc tariff from 1 June, Trump announced via his social media platform. The tariff would remain in place until "such time as a Deal is reached for the Complete and Total purchase of Greenland", Trump said. Trump has stepped up discussion of taking over Greenland — a self-governing island under Denmark's control — following a US special forces raid that captured Venezuelan president Nicolas Maduro on 3 January. Denmark and Greenland have rejected US overtures to buy the island, as well as Trump's threat to take over the island by force. Trump is citing Greenland's alleged lack of military protection as the latest justification for his threats. He has denigrated Denmark's commitment to the island's defense against alleged threats from Russia and China. "They currently have two dogsleds as protection, one added recently," Trump said on Saturday. Denmark's foreign minister Lars Lokke Rasmussen, who traveled to Washington on 14 January to meet Trump administration officials, pushed back against that accusation. "Denmark has already stepped up our own contribution by committing additional funds for military capabilities — not [dogsleds], but ships, drones, fighter jets," Rasmussen said. The countries threatened with new tariffs by Trump joined Denmark to dispatch troops and military experts to Greenland on a mission to assess the island's security needs. Trump on Saturday said that the reconnaissance mission "journeyed to Greenland, for purposes unknown." EU leaders expressed solidarity with Denmark and called for dialogue, but they omitted mention of possible retaliation if Trump makes good on his threat to impose new tariffs. "Tariffs would undermine transatlantic relations and risk a dangerous downward spiral," European Council president Antonio Costa and European Commission president Ursula von der Leyen said in response to Trump's post. "Europe will remain united, coordinated, and committed to upholding its sovereignty." "Applying tariffs on allies for pursuing the collective security of Nato allies is completely wrong," UK prime minister Keir Starmer said on Saturday. "We will of course be pursuing this directly with the US administration." US imports from the UK already are subject to a 10pc import tariff, and imports from the EU face a 15pc tariff. While Trump is threatening tariffs against seven out of 27 EU members, the bloc collectively negotiates trade matters and sets tariffs. Trump is scheduled to attend the Davos Economic Forum in Switzerland on 21-22 January. A bipartisan delegation of 11 US senators and members of the House of Representatives traveled to Copenhagen on 16 January to express support for Denmark's government and push back against Trump's designs on Greenland. "There is no need, or desire, for a costly acquisition or hostile military takeover of Greenland when our Danish and Greenlandic allies are eager to work with us on Arctic security, critical minerals and other priorities under the framework of long-standing treaties," said US senators Jeanne Shaheen (D-New Hampshire) and Thom Tills (R-North Carolina), who were part of the congressional delegation. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US steps up pressure on Houthis
US steps up pressure on Houthis
New York, 16 January (Argus) — The US today announced new sanctions against the Yemen-based Houthis, targeting the rebel group's illicit oil sales and arms procurement, amid increased US pressure against Iran, which funds the group, and Washington's desire to restore commercial traffic through the Suez Canal. "The Houthis threaten the US by committing acts of terror and attacking commercial vessels transiting the Red Sea," US treasury secretary Scott Bessent said on Friday. "Treasury will use all tools at its disposal to expose the networks and individuals enabling Houthi terrorism." Vessels have been avoiding the Red Sea and passage through the Suez Canal plummeted following the start of Israel's war in Gaza in 2023. Additional war risk premiums for the region have lowered in recent months but traffic still remains below pre-war levels as shipowners continue to remain reluctant to transit the area. Some market participants are looking to return to the area, such as Danish shipping firm Maersk, which announced in January it would switch one of its routes back to the Suez Canal full time. The US Treasury's actions target financial conduits between the Iranian government and the Houthis, building on previous Treasury actions to constrict the Iranian regime's use of its oil wealth to fund regional terrorist proxies at the expense of the Iranian population's welfare, according to Friday's statement. The US Treasury's Office of Foreign Assets Control (OFAC) sanctioned 21 individuals and entities, including one vessel, the 2003-built Panamax Albarraq Z , and four individuals who have served as captains of previously designated vessels that delivered oil to Houthi-controlled ports. The Houthis' illicit oil sales, thought to generate $2bn annually, are supported by the Iranian government, which sells and provides a free monthly shipment of oil to the Houthis through Iranian-owned or affiliated companies in Dubai. "Houthi leaders charge ordinary Yemenis exorbitant prices for oil and oil derivatives, pocketing the proceeds of these sales for personal gain and to fund the group's military operations," Friday's Treasury statement reads. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Two VLCCs with Venezuela oil head to Bahamas
Two VLCCs with Venezuela oil head to Bahamas
New York, 15 January (Argus) — Two aging, very large crude carriers (VLCCs) operated by a sanctioned Greek shipowner have departed Venezuela laden with oil, expected to reach a storage facility in the Bahamas as early as next week, according to several shipping sources. The Marbella , laden with 1.75mn bl of Merey, departed from Venezuela on 11 January and is set to arrive on 19 January at the Liwathan B.O.S. crude terminal, about 28 miles east of Freeport, Bahamas, according to vessel tracking service Vortexa. The Rene, laden with 1.31mn bl of Merey, is reported to have departed Venezuela on 1 January and will arrive at the terminal on 24 January. Both vessels are more than 20 years old and appear to have been part of the "dark fleet" of vessels that have carried sanctioned crude from Iran and Venezuela. They are both effectively controlled by Altomare SA, according to Kpler, a Greece-based shipowner sanctioned by the US' Treasury's Office of Foreign Assets Control (OFAC) for its involvement in transporting Iranian crude on behalf of Sepehr Energy Jahan. Neither of the vessels appear on the US' OFAC sanctions list, however. It is not clear if either ship is part US-approved operations underway by trading firms Trafigura and Vitol to sell 30mn-50mn bls of Venezuelan crude, with priority given to US buyers. Trafigura loaded a cargo of Venezuelan crude this week, a shipbroker told Argus, as expected following comments from the company's chief executive at the White House last week . Neither firm responded to Argus questions before publication. The US appears to have chosen to issue private waivers as opposed to issuing a "general license" to allow state-owned PdV to sell crude cargoes to any market participant. The Liwathan terminal is VLCC-capable, meaning shippers offloading crude stored there would have the option to ship directly to Asia via VLCC. Tanker rates on the rise The potential for more Venezuelan crude to go on compliant ships instead of dark fleet tankers following the US' capture of Venezuelan president Nicolas Maduro earlier this month was a key factor in the runup for tanker rates in the first half of this week, both for VLCCs and for short-haul Aframax rates. The bellweather US Gulf coast (USGC)-China VLCC rate hit a more than three-year high of $14.5mn on Wednesday, equivalent to $6.96/bl, up by 64pc since 6 January. The Caribbean-USGC Aframax rate rose by 29pc since 7 January to $3.78/bl, nearly matching a multi-year high. A rush of Asia-bound cargo demand following a lull in chartering activity over the holidays has also contributed to the rate gains. By Charlotte Bawol, David Haydon and Nicholas Watt Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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