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.

Latest freight news


To unearth the true insights needed to make confident decisions, you need access to data, price assessments and analytical tools to manage freight risks.

09/04/26

Shipowners shun Mideast Gulf despite peace efforts

Shipowners shun Mideast Gulf despite peace efforts

Singapore, 9 April (Argus) — The ceasefire in the US-Iran war has sparked cautious optimism among shipping market participants that more vessels could soon be able to exit the strait of Hormuz. But Mideast Gulf loadings are unlikely to return to pre-war levels anytime soon, given high costs, the difficulty of securing insurance and the risk of continued attacks. The two-week US-Iran ceasefire announced on 7 April may offer some hope for vessels currently stranded in the Mideast Gulf, a freight analyst observed. "Yet the reality has not changed — the risks remain substantial and real for shipowners". Attacks on commercial shipping have brought transits through the strait of Hormuz to a near standstill since the war broke out on 28 February, severely curtailing exports of crude, oil products, LNG, fertilizers and other commodities. The Asia-Pacific region is the most heavily exposed to the supply disruptions. Governments in the region, including the Philippines , Malaysia and Thailand have held talks with Iran to guarantee the safe passage of some vessels through the strait. But these agreements appear to facilitate only ship exits, with shipowners and traders unconvinced the government-to-government deals — or the ceasefire — provide sufficient assurance for them to resume new loadings from the Mideast Gulf, shipbrokers noted. No-one is currently willing to be the first to exit the strait, an official at a South Korean refiner said. Iran is charging shipowners a fee of $1/bl for their vessels to pass through the strait, Hamid Hosseini, spokesman for Iran's oil, gas and petrochemical products exporters' union, told Argus today. Tehran is proposing a regional solution to the crisis , under which the proceeds of the vessel fees would be shared with other countries as war reparations, according to a bill being discussed in the country's parliament. But it is unclear if this will help smooth transits through the strait. The failure of an Indian charterer to secure a vessel for an Iraqi cargo this week encapsulates the continuing uncertainty. Indian state-controlled refiner Bharat Petroleum (BPCL) sought a Suezmax vessel on 7 April to load from Basrah to west coast India from 13 April. "Fixing with an India-based charterer should have provided [shipowners] sufficient confidence", one shipbroker said — especially given the Indian government held talks with Iran over two weeks ago, while Tehran on 4 April exempted Iraq from any restrictions imposed in the strait of Hormuz. But BPCL received no offers, even from Indian shipowners, and subsequently withdrew the cargo on 8 April. "This cargo had all the hallmarks of a relatively ‘easy fixture' but the risks [for shipowners] clearly overshadowed any interest toward it", an India-based shipbroker said. At least two other Mideast Gulf cargoes had to be withdrawn last week because the charterers were unable to secure offers from shipowners, Argus shipping data show. Risks remain More cargoes have emerged from the Mideast Gulf since the ceasefire. But a number of barriers are continuing to deter most shipowners from considering future loadings from the Mideast Gulf. "Yes, shipowners are likely to get good freight for Mideast Gulf shipments, but whether they actually get paid at the end remains a question", said another shipbroker, who reported incurring "significant demurrage" on one of its ships trapped in the Mideast Gulf. The freight clause in the charter-party did not clearly specify payment responsibilities in the event of war, leaving the shipowner "frustrated and locked in a dispute with the charterer", the shipbroker said. Securing insurance cover for the vessel and its cargo is also problematic. War risk insurance remains highly restrictive , with cover available only on a selective basis and largely limited to a small number of insurers, including some state-backed schemes. Any cover offered typically requires strong guarantees, sources said. Additional war risk premiums (AWRP) for the Mideast Gulf are at around 0.85pc of a vessel's hull and machinery value, with some cases at 0.55–0.75pc with a 50pc no claim bonus (NCB). AWRP rates are unlikely to ease immediately despite the ceasefire announcement, which will add further costs for shippers above significantly elevated freight rates, market participants said. Such difficulties mean there is little incentive for shipowners to seriously consider Mideast Gulf loadings, especially when they have other options available. "Freight rates in other regions have surged because of the Middle East conflict", a freight analyst said, "and that has offered opportunities outside the region for shipowners to secure attractive freight rates without risks". The Argus Crude Tanker Index, a composite measure of global very large crude carrier (VLCC), Suezmax and Aframax freight rates, has risen by 54.6pc since the war started — from $7.17/bl on 27 February to $11.09/bl on 8 April, which is just 2¢/bl short of its all-time-high on 26 March. "Overall, the risk-to-reward ratio for Mideast Gulf loadings still seems highly unfavorable, even with a ceasefire in place. I could lose my ship and my crew to a stray missile" a shipowner said. "Why would I want to put myself in that situation, when so many other options are available to me?" By Sean Lui Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Find out more

Iran eyes regional solution for Hormuz crisis


09/04/26
09/04/26

Iran eyes regional solution for Hormuz crisis

Dubai, 9 April (Argus) — Iran is proposing a regional solution to the strait of Hormuz crisis that would involve at least some of the countries bordering the Mideast Gulf, according to a bill currently under discussion in parliament. Part of that would involve charging a fee for vessels passing through the key waterway, with revenues from this available to all participating countries as 'war reparations'. " Dubbed the 'law of strategic action for peace and development of the Persian Gulf,' the Iranian bill would govern Tehran's oversight and management of traffic through Hormuz, which has been severely disrupted since the start of the US-Israeli war against Iran on 28 February. Tehran's subsequent threats to any and all vessels it deemed to be 'unfriendly' led to traffic through the strait dropping to around seven a day in March, compared with typical daily movement of more than 100 before the war according to Kpler data. Diplomatic engagement with several of what Tehran dubs 'friendly' countries has seen a slight pick-up in traffic through the strait, with more than 11 vessels crossing on average in the first eight days of April. Malaysia, Thailand, the Philippines and Iraq have all secured deals for passage with Tehran, and Islamabad last week said it had secured the safe passage of 20 Pakistani-flagged ships. This pick-up came as Iran began introducing something of a toll system, whereby vessels would pay Tehran a fee to transit the waterway safely — a process first revealed by Iranian parliament member Alaeddin Boroujerdi in mid-March . Speaking to Argus , Hamid Hosseini, spokesman for Iran's oil, gas and petrochemical products exporters' union, confirmed the toll mechanism remains in place. "Every very large crude carrier (VLCC) transiting the strait has been paying $2mn, in line with what has been under discussion in parliament," Hosseini said. The fee being charged is directly linked to the volume of oil on board, Hosseini said. "Ship owners are being asked to pay $1 per barrel, and that can be done in the local currency, rials, or cryptocurrency, but only after the vessel has received a permit from the IRGC," he said. Tidings for all This mechanism appears to form the basis of how Iran sees the future of the strait of Hormuz, and its role as the guardian and guarantor of the key waterway. "The Iranian government, in co-operation with the Iranian armed forces, is obliged to provide services, like navigation guidance and vessel inspection, as well as compliance and financial assessments," the bill says, specifying that vessels related to "warring countries" will, for the most part, be barred. "The armed forces will determine which vessels are considered belligerent, and which are not," the bill says, stating that final say will come from the Supreme National Security Council (SNSC), one of Iran's most powerful decision-making bodies. Chaired by the president, the SNSC is responsible for national security, defense and major foreign policy strategy, and has been deeply involved in formulating Iran's war effort. The bill reiterates vessels will need to pay a fee to transit Hormuz, either in rials or cryptocurrency, it says proceeds will not go to Iranian state coffers, but to what it calls a 'Persian Gulf Reconstruction and Development Fund' that regional countries can apply to join. "The resources in this fund will be considered war reparations for Iran and other member countries, and be used for the reconstruction and development needs of the member countries," the bill says. Gulf countries are yet to show appetite for this plan. Oman's transport, communications and information technology minister Said Al-Maawali on 8 April said the country is party to all international maritime conventions, which do not allow for the imposition of charges on passage. The Iranian bill has secured approval from parliament's national security council, but has not yet been brought to the parliament floor for a vote, Hosseini said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Shipowners await clarity on Hormuz after ceasefire


08/04/26
08/04/26

Shipowners await clarity on Hormuz after ceasefire

London, 8 April (Argus) — Vessel traffic through the strait of Hormuz has yet to rise since the US and Iran announced a two-week ceasefire , as shipowners wait for clarity on security arrangements and insurance cover for transits. US president Donald Trump said the ceasefire depends on free transit through Hormuz, a chokepoint for global oil flows. But AIS data do not yet show a surge in transits. Trump agreed to the two-week ceasefire with Iran on 7 April, subject to what he described as the "complete, immediate and safe opening" of the strait of Hormuz. Iran's supreme national security council confirmed the ceasefire but said the proposal under discussion would enshrine "continued Iranian control over the strait", according to Iran's Tasnim news agency, which is linked to the Islamic Revolutionary Guard Corps (IRGC). A small number of vessel movements via the strait have emerged since the announcement, including the Greek-owned bulk carrier NJ Earth and the Liberia-flagged Daytona Beach , according to vessel tracking firm MarineTraffic. But overall traffic has remained limited. The ceasefire could allow commercial shipping flows to recover after weeks of minimal traffic caused by security risks and insurance restrictions during fighting between the US, Israel and Iran. The fact that transits have not accelerated yet reflects uncertainty over technical, security and insurance details. "The shipping industry is currently awaiting technical details from the US and from Iran on how to transit the strait of Hormuz safely," said Jakob Larsen, chief safety and security officer at shipping association Bimco. He noted that Iran continues to seek control over the waterway. The International Maritime Organisation (IMO) welcomes the ceasefire and is "working with the relevant parties to implement an appropriate mechanism to ensure the safe transit of ships through the strait of Hormuz", secretary-general Arsenio Dominguez said. Maritime security firm Ambrey said Iran has maintained control over the strait, despite US demands for unrestricted passage. It expects the risk to shipping in the Mideast Gulf to ease while the ceasefire is in place, but warned there remains "a realistic possibility of continued risk to unauthorised strait of Hormuz transits, as well as to Israel- and US-affiliated shipping attempting to transit". Market participants said crude cargo numbers in the Mideast Gulf appear to be rising, but added that activity remains tentative until insurers spell out cover terms and protocols. By Leonard Fisher-Matthews Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Singapore rules out talks with Iran for Hormuz passage


08/04/26
08/04/26

Singapore rules out talks with Iran for Hormuz passage

Singapore, 8 April (Argus) — Singapore will not pursue negotiations for safe passage of vessels through the strait of Hormuz, as such talks would compromise key principles of international law, minister for foreign affairs Vivian Balakrishnan said. "The position is quite clear — there is a right of transit passage," Balakrishnan said at a parliamentary sitting on 7 April. "It is not a privilege granted by the bordering state, it is not a license to be supplicated for, it is not a toll to be paid." "This right is enshrined in the United Nations Convention on the Law of the Sea," he said. "I cannot engage in negotiations for safe passage of ships or negotiate on toll rates because to do so would be implicitly eroding this legal principle." "There is no exception for security, no exception for the environment, and there is no exception for war," he added. Shortly after the parliamentary session, the US and Iran agreed to a two-week ceasefire to allow negotiations toward a broader de-escalation framework. But the terms governing vessel transit — including any inspection regime or conditions imposed by Iran — remain unclear. Singapore's stance on the matter marks a deviation from other southeast Asian nations that have actively sought to form agreements with Iran for the safe passage of their vessels through the strait of Hormuz. Thailand secured a deal earlier last week that will permit more Thai oil tankers to pass through the strait, Thai prime minister Anutin Charnvirakul said. Malaysia reached a similar agreement with the Iranian president on 26 March , with Malaysia's prime minister Anwar Ibrahim announcing arrangements to ensure the safe passage of Malaysian vessels. Balakrishnan also highlighted that while the narrowest point in the strait of Hormuz is 21 nautical miles (39km), the narrowest point of the strait of Malacca is less than two nautical miles (3.7km). Providing an update on Singapore's efforts on the matter, Balakrishnan said authorities were closely tracking developments and maintaining regular contact with the shipowners and operators. "We have been closely monitoring the situation in the strait of Hormuz," he said, adding that the Maritime and Port Authority of Singapore remains in close contact with shipowners and operators of Singapore-flagged or Singapore-registered ships in the Persian Gulf. "At both the international and regional levels, our agencies are engaging with stakeholders to explore potential opportunities to facilitate safe transit of the ships." By Sean Lui and Sureka Elangovan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Al Taweelah smelter repair to take up to a year: EGA


03/04/26
03/04/26

Al Taweelah smelter repair to take up to a year: EGA

London, 3 April (Argus) — Emirates Global Aluminium (EGA) said repairs at its Al Taweelah smelter may take up to a year after the facility sustained significant damage during an Iranian missile and drone attack on the Khalifa Economic Zone Abu Dhabi on 28 March. "To resume operations at the smelter, EGA must repair infrastructure damage and progressively restore each of the reduction cells," the company said in an update published on 3 April. "Early indications are that a complete restoration of primary aluminium production could take up to 12 months." Iran hit the facility on 28 March , injuring several employees. Iranian steelmakers Khouzestan Steel (KhSC) and Mobarakeh Steel were struck by air raids attributed to the US and Israel on 27 March , damaging storage facilities and power infrastructure, officials said. Iran was preparing retaliatory strikes on Gulf steel producers, according to the Tasnim news agency, which is linked to the Islamic Revolutionary Guard Corps. Al Taweelah produced 1.6mn t of cast metal in 2025, according to EGA. EGA is a major bauxite importer, bringing in 11.15mn t in 2025 and 10.65mn t in 2024, according to Kpler data, and is a significant Capesize charterer. Some vessels destined for Al Taweelah are currently delayed because of the de facto closure of the strait of Hormuz. The Amarantos , which loaded in Takoradi, Ghana, on 20 February, has been idling between Mozambique and Madagascar for several days and has since been redirected to Kandla, India, Kpler data show. The Clivia Oldendorff , carrying Ghanaian bauxite, remains idling between Mozambique and Madagascar, according to Kpler. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Explore our freight products

The Argus advantage

icon

Our people

Our dedicated team of industry professionals are close to local markets, so you benefit not only from precise pricing data, but the breadth of market intelligence at their fingertips. Data alone - no matter how accurate - is not sufficient.

icon

Methodologies

The unique market insights that our clients benefit from are founded upon proven methods. Our methodologies for price discovery are transparent and firmly based on rigorous market-appropriate processes.

icon

Heritage

For over 50 years, clients have benefited from the precise market intelligence delivered by Argus experts working collaboratively across the global commodity markets.