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.
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.
Four countries have Hormuz exemptions: Iran lawmaker
Four countries have Hormuz exemptions: Iran lawmaker
Dubai, 6 November (Argus) — Tehran has exempted four countries from restrictions it placed on shipping through the strait of Hormuz, a senior Iranian lawmaker said this week, but the evidence does not appear to support this. Amir Hayat-Moqaddam, deputy chairman of the Iranian parliament's national security and foreign policy committee, said India, China, Iraq and Qatar are "free [to pass]. And the US also does not impede them… [they can] go and come as they wish". His comments come as Iran continues to target commercial shipping in and around the strait of Hormuz, with at least one sailor killed in November. Hayat-Moqaddam gave no indication of how long the exemption arrangement has been in place, but tied each to a particular Iranian interest. "We have done this for the Indians so that we can bring in medications," he said. "We are doing this for the Chinese to secure their political support." He did elaborate on the reasons for exemptions offered to Iraq and Qatar. Iran has for months insisted that vessels only pass the strait using a northern corridor over which it claims control. Some vessels crossing with Iranian co-ordination are paying Tehran a fee, in the hope of securing safe passage, a shipbroker said. Hayat-Moqaddam says the fee arrangement applies also to those countries with exemptions. "We do still get paid," he said. "They pay us the toll, or fee, to cross, but also for oil we send." But he acknowledged that each of the four "has its own special circumstances." Several countries have said they secured exemptions from Iran since the war began , including Iraq. Yet Iraqi-linked vessels were targeted after that, and were included on Persian Gulf Strait Authority (PGSA) lists of vessels it said breached transit rules. Hayat-Moqaddam's claims have not been formally communicated or confirmed by either the Iranian government or the Islamic Revolutionary Guard Corps (IRGC), which has tightened its grip on decision-making in the country since the outbreak of the war. A number of vessels linked to these four countries have been, and continue to be, targeted by Iran. An Indian national was killed in an attack on the Al Jusufi small cargo ship off the coast of Oman on 2 November, according to India's Ministry of External Affairs. Qatar Gas Transport Company (Nakilat) said on 1 November that its LNG carrier Al Mayeda was hit by unidentified objects while transiting the Mideast Gulf on the evening of 30 October. Details of regional very large crude carrier (VLCC) fixtures in particular are scarce, with many deals being done privately between charterer and owner. By Nader Itayim and Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trading firm BGN in talks for second LNG carrier
Trading firm BGN in talks for second LNG carrier
Dubai, 6 November (Argus) — Trading firm BGN is in talks to add a second LNG carrier to its fleet, its shipping director Ozan Turgut told Argus . BGN is "very much in close discussions" about the vessel, Turgut said on the sidelines of the Adipec conference in Abu Dhabi this week. The company has yet to decide whether to add the ship through a joint venture or another arrangement, BGN said. BGN aims to have two LNG carriers by 2027. Its trading arm is due to take the first, the 174,000m³ Amore Mio I , on a 10-year time charter in early 2027 through a joint venture with Greece's Capital Clean Energy Carriers. "We are taking baby steps at the moment, but our goal is to expand like we did on LPG," Turgut said. The LNG push is part of a wider expansion that will take BGN's fleet to 30 vessels by 2030, the company said. That will include 22 very large gas carriers (VLGCs), two handysize LPG carriers, one LNG carrier, three Suezmax crude tankers and two MR product tankers. Turgut said owning ships gives BGN control over its freight costs. "LPG is one of our core businesses, so we cannot rely on the market dynamics," he said. "We invested in these vessels to fix our costs and to have ships available at the right time." BGN loads a large share of its LPG on the US Gulf coast, with much of it moving to Asia-Pacific through the Panama Canal. Turgut said canal transit slots have become easier to secure after being "quite expensive" and "really hard to get" a year ago. Prepared for downturn VLGC rates have risen since September as higher Mideast Gulf exports led to more ship-to-ship transfers, lengthening turnaround times and leaving fewer vessels available for new bookings. The Houston-Chiba rate ended October at $315/t, near record highs . But Turgut said a potential decline would be "super normal" and that BGN was fully prepared for one. "For us, it is an expected scenario that the shipping market can go down," he said. BGN's charter book gives it room to adjust. The company has more than 40 vessels on time charters of three to 10 years and regularly fixes on the spot market, giving it a "balanced portfolio", Turgut said. A reopening of the strait of Hormuz would not immediately affect BGN's investment plans, Turgut said. "We have long-term strategies," he said. "But of course, we are going to be cautious." By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Intl Seaways expects post-war tanker demand surge
Intl Seaways expects post-war tanker demand surge
Houston, 5 November (Argus) — Multi-decade lows in global global stocks of crude and refined oil products will cause tanker demand to surge after the reopening of the strait of Hormuz to all commercial traffic, according to tanker owner International Seaways. OECD crude inventories have declined by about 250mn bl since the start of the US-Iran war, falling to the lowest in 20 years, International Seaways chief executive Lois Zabrocky said Thursday on the company's third-quarter earnings call. "Rebuilding those inventories will require significant volumes of oil to move around the world, providing an additional source of tanker demand even as geopolitical disruptions ease," Zabrocky said. Even after a peaceful resolution to the US-Iran war that reopens the strait of Hormuz, buyers of Russian oil products would still need to source supplies from elsewhere, pushing replacement supplies onto medium range (MR) tankers from the US Gulf coast, she said. "We're seeing something like half of the refineries in Russia are still offline," Zabrocky said. "So I think the US remains a really key supplier of barrels and that's pretty MR [tanker] preferred." Crude oil production growth is also centered on the Americas, while consumption growth is driven "largely by the east", which will continue to support very large crude carrier (VLCC) rates on routes that have already rocketed to all-time highs in late 2026, Zabrocky said. "We've had to change the scale of this chart to accommodate current VLCC rates, which have reached nearly four times the previous peak levels that we've seen over the past 35 years," she said during a presentation. International Seaways' fleet generated record revenues of $443mn in the third quarter, up from $192mn in the same period of 2025. Its 10 VLCCs averaged a time charter equivalent (TCE) rate of $154,600/d in that period, up from $34,800/d a year earlier, while its 12 Suezmax tankers averaged a TCE rate of $102,500/d, up from $33,300/d. Its four Aframax tankers averaged a TCE rate of $57,800/d, its 10 long range 1 tankers averaged $51,100/d, and its 28 MR tankers averaged $35,400/d, all higher than year-earlier rates. International Seaways profit in the quarter rose to $344.2mn from $70.5mn a year earlier. The company credited strong market fundamentals on rerouted vessel traffic, reflected in higher TCE returns, alongside a return of $74mn on the sale of a 2012-built Suezmax. The company remains interested in selling additional older vessels while secondhand values remained elevated, chief commercial officer Derek Solon said. By Anjali Shenoy Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Ample heavy crude weighs on Canadian prices in US
Ample heavy crude weighs on Canadian prices in US
Houston, 4 November (Argus) — December Canadian crude prices in the US are averaging below the multi-year lows reached for the prior trade month as they continue to be pressured by ample heavy crude supply. Canadian crude values have been pressured by rising volumes of Venezuelan crude, which has increased competition among heavy sour crude sellers at the US Gulf coast as more refiners look to the Latin American crude. US independent refiner Valero ran record-high volumes of Venezuelan crude at its refineries in the third quarter, the company said on 22 October. Roughly 29.30mn bl, or over 480,310 b/d, of Venezuelan crude was delivered to the US Gulf coast in from September to October, compared to roughly 128,200 b/d for the same months in 2025, according to Vortexa data. The rise in Venezuelan crude imports is weighing on Canadian crude differentials at a time when Canadian crude production is rising with limited outlets. Argus Consulting forecasts Canadian crude and condensate production will average a record 5.15mn b/d in the fourth quarter this year as multiple oil sands growth projects are coming online or ramping up. Argus' price reporting teams operate independently of Argus Consulting. Argus' Western Canadian Select (WCS) Houston assessment is averaging a roughly $22.80/bl discount to CMA Nymex WTI for December trade so far, which puts it on track toward its widest trade month discount on record. The November Argus trade month average for lower-TAN heavy crude in Houston already averaged its deepest discount since December 2022. The month-to-date average for heavy Canadian crude at the Texas Gulf coast includes a $23.50/bl volume-weighted discount to CMA Nymex on Tuesday, roughly $20/bl weaker than the same day a year prior. Deeper discounts have prompted US independent refiner Marathon Petroleum to expect to use record-high volumes of Canadian heavy sour crude in the fourth quarter, the company said on 3 November. Additionally, Canadian crude discounts to the CMA Nymex WTI could be wider to somewhat offset the high outright prompt values and market backwardation, with light supplies tight at the Cushing, Oklahoma, storage hub. During the November delivery month, the calendar month average of prompt Nymex futures settlements will be roughly two-thirds December and one-third January in the calendar month average. By Mykah Briscoe Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Explore our freight products
The Argus advantage
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.
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.
Heritage
For over 50 years, clients have benefited from the precise market intelligence delivered by Argus experts working collaboratively across the global commodity markets.