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 boards VLCC in Indian Ocean with Venezuelan oil
US boards VLCC in Indian Ocean with Venezuelan oil
New York, 24 February (Argus) — US forces have boarded and seized a laden very large crude carrier (VLCC) in the Indian Ocean that defied the US-imposed blockade on Venezuelan oil exports at the start of January. The 2mn bl VLCC Bertha was the last laden tanker of the 16 vessels that defied the US imposed naval blockade on Venezuela following its capture of former president Nicolas Maduro, according to ship research firm TankerTrackers.com. "Overnight, US forces conducted a right-of-visit, maritime interdiction and boarding of the Bertha without incident in the INDOPACOM (Indo-Pacific Command)," according to a statement on X by the US Department of Defense. This marks the tenth vessel boarded by US forces since they seized the Skipper on 10 December . It is the third tanker seized in the Indian Ocean following the seizure of the Aquilla II and Veronica III on 9 and 15 February respectively . The Bertha was falsely flying the flag of Curacao at the time of its interdiction, according to the International Maritime Organization's database, after it was deflagged from the Cook Islands in November 2024. The vessel is under sanctions by the US Treasury's Office of Foreign Asset Control. Former president Joe Biden's administration sanctioned the vessel for its involvement in the transportation of Iranian petroleum to foreign markets as part of the shadow fleet. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Sinokor becomes largest VLCC owner
Sinokor becomes largest VLCC owner
New York, 19 February (Argus) — South Korean shipping major Sinokor is now the largest single commercial operator in the very large crude carrier (VLCC) fleet and is expected to keep growing, according to shipping market participant estimates. Sinokor controls around 17pc of mainstream VLCCs, or 13pc of the global VLCC fleet including shadow tankers, according to estimates by market participants surveyed by Argus . Sinokor is estimated to own around 78 VLCCs, with that figure expected to rise to at least 88 vessels within the current quarter, according to shipping software firm Signal Ocean. Athens-based shipbroker Lion reported that Sinokor operates a fleet nearing 100 VLCC units. The total share of VLCCs acquired and controlled by Sinokor is projected to grow throughout 2026, with estimates from market participants ranging between 120 and 130 vessels. The fleet of VLCCs on the water is estimated by Argus to stand around 880 vessels, although not all the vessels are able to serve in the mainstream fleet, either due to age restrictions from large international charters, involvement in shadow fleet activity or use as floating storage. There are 230 VLCCs serving in the shadow fleet, according to ship research firm TankerTrackers.com. Sinokor is projected to independently control at least 24pc of the global compliant VLCC spot fleet in 2026, according to Signal Ocean. Sinokor did not immediately respond to requests for comment. Rising VLCC freight rates Sinokor accelerated its buying activity of VLCCs starting in mid-December, following expectations that VLCC demand could stay strong through at least the first half of 2026, driven by supportive geopolitical and regulatory developments. Out of the 45 sales and purchase deals for VLCCs in 2026 so far, 35 vessels were acquired by Sinokor, according to maritime software company Veson Nautical. Crude tanker owner DHT announced on 18 February that it had entered into a one-year time charter agreement for a VLCC at $90,000/d. Another VLCC was reported by a market participant to have been put on a one-year time charter agreement at around $100,000/d. The Argus -assessed time charter equivalent rates for VLCCs from the Mideast Gulf to China averaged between $22,000/d and $38,000/d for 2024 and in the first half of 2025. The average rate on the route jumped in the second half of 2025 to around $70,750/d, and so far in 2026 stands around $95,922/d, showing the strength of the tanker market. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US boards second oil tanker in Indian Ocean
US boards second oil tanker in Indian Ocean
Singapore, 16 February (Argus) — US military forces have boarded the Veronica III , a 2006-built very-large crude carrier (VLCC) in the Indian Ocean after tracking it from the Caribbean Sea, the US Department of Defense said on 15 February. The Veronica III departed Venezuela on 3 January 2026 laden with around 1.9mn bl of crude oil and fuel oil, according to ship-tracking service TankerTrackers, and was previously involved in shipments of Russian, Iranian and Venezuelan oil. The US Office of Foreign Assets Control (OFAC) sanctioned the Veronica III in December 2024, according to TankerTrackers. The Veronica III was also reportedly flying a false flag. The Panama Maritime Authority confirmed on 15 February that the vessel is no longer listed under the Panamanian flag, noting its removal from the national ship registry as of 11 December 2024. "The vessel tried to defy President Trump's quarantine — hoping to slip away," the US Department of Defense said. "We tracked it from the Caribbean to the Indian Ocean, closed the distance, and shut it down." The move by US forces on the Veronica III marks the second such interception of an oil tanker in the Indian Ocean in a week, after the Aquila II , a Suezmax tanker, was seized in a similar fashion on 9 February. By Sean Lui and Sureka Elangovan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Venezuela crude cargo booked for India
Venezuela crude cargo booked for India
Houston, 12 February (Argus) — Indian refinery Reliance has provisionally chartered a non-sanctioned tanker to carry 1mn bl of Venezuelan crude to India's west coast, less than two weeks after US regulations shifted flows for the previously sanctioned exports. Reliance this week put the Suezmax Ottoman Sincerity on subjects for a Venezuela-loading cargo destined for west coast India loading from 23-24 February at $7.2mn lumpsum. The 2017-built Ottoman Sincerity has operated in the Atlantic basin crude trade in the last year, calling at ports in west Africa, the US and Europe, suggesting it is firmly considered a mainstream vessel and not part of the shadow fleet. The chartering rate was only $75,000 below yesterday's market level for Suezmaxes on the longer US Gulf coast-Singapore route, per Argus data, suggesting shipowners are no longer charging premiums for Venezuela loadings. In January, shortly after Venezuelan president Maduro's ouster, Aframax operators were charging premiums equivalent to up to 40¢/bl for Venezuela loadings. India shifted further away from Russian crude after the US lifted sanctions on Venezuela crude exports at the end of January. Buyers elsewhere also began securing Venezuelan crude cargoes, sapping utilization away from shadow fleet vessels towards mainstream ones. Indian refiners have yet to receive specific instructions from their government, but have already scaled back Russian crude buying and taken on Venezuelan cargoes, as well as from other parts of the Americas, the Mideast Gulf and west Africa. Ecopetrol last week put a very large crude carrier (VLCC) on subjects for a Colombia-loading voyage with options to discharge on either the east or west coast of India. Petrobras thus far in February has put at least two VLCCs on subjects for Brazil-India voyages. By David Haydon Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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