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.
US-assisted Hormuz transits drop to zero
US-assisted Hormuz transits drop to zero
New York, 22 July (Argus) — Vessel traffic through the strait of Hormuz on the US-assisted southern transit route stopped completely in the past day following increased Iranian attacks on vessels at the start of the week. Out of the 10 vessels that transited the strait of Hormuz on 21 July, eight vessels took the Iran-favored northern transit route, while two vessels transited through the center transit lane where most traffic passed before the war, data from vessel tracking service Windward shows. Vessel traffic through the center transit lane has been uncommon since the breakout of the war because of suspected Iranian-placed mines throughout the area. Commercial traffic through the strait of Hormuz since the outbreak of the war on 28 February has been bifurcated between the northern route, which runs along the Iranian coastline, and the southern route along the Omani coast. Transits through the US supported southern traffic lane has been steadily falling following the reprisal of attacks between the US and Iran and slowing traffic through the strait. On 20 July only two vessels out of 15 that transited the strait used the southern transit lanes, according to Tradewind data. This is down sharply from 24 June, the day when vessel transits through the strait of Hormuz reached their highest since the signing of the US-Iran memorandum of understanding that temporarily stopped the fighting, with 25 out of the 41 outbound vessels transiting the strait doing so on the southern lane. The UK Trade Maritime Organization (UKTMO) reported three attacks on tankers transiting through the strait of Hormuz between 20 and 21 July, all occurring in the southern transit lane. Centcom did not respond to a request for comment on whether the US was still offering assistance for commercial vessels looking to transit via the southern lane. Iran amps up Hormuz rhetoric, operations Iranian politicians on Wednesday reaffirmed their commitment to controlling the strait of Hormuz, likely in response to President Donald Trump's vow to bomb Iranian power plants and bridges every time Iran strikes commercial ships in Hormuz. The Iranian Revolutionary Guard Corps (IRGC-N) reiterated its position that it controls the strait of Hormuz via a social media post on X today. "The input and output of the strait of Hormuz are specified and under our definitive control," the IRGC-N said. "Alternative routes are unsafe and dangerous; we warn against their use, as it will have severe and irreparable consequences." "We have repeatedly said that the situation of the strait will not return to pre-war conditions," said Iranian parliamentary speaker Mohammad Bagher Ghalibaf, who headed previous negotiations with the US, in a 22 July post on X. Iranian actions to control traffic in the strait are also evolving. Satellite imagery shows the tanker Kavomaleas , part of Greek shipowner Dynacom's fleet, has been seized by Iran and brought to Iranian waters near Larak. The vessel was attacked by Iranian forces on 20 July , with the crew confirmed safe, according to UKTMO. This is the first reported instance of a vessel attacked by Iran in the strait of Hormuz getting escorted into Iranian waters. "A large IRGC fast in-shore attack craft presence plus one small craft positioned directly alongside the tanker is assessed consistent with an escorted move toward Iranian waters rather than an uncontrolled drift," Windward said. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iranian vessels violate blockade, transit Hormuz
Iranian vessels violate blockade, transit Hormuz
New York, 21 July (Argus) — Vessels are continuing to violate the US imposed blockade on Iranian ports while commercial traffic through the strait of Hormuz remains overwhelmingly controlled by Iran, despite US official's claims to the contrary. The US Central Command (Centcom) said it redirected seven commercial vessels and disabled one to prevent ships from leaving or entering Iranian ports as of 20 July. And today US president Donald Trump told reporters during a meeting with Lebanese president Joseph Aoun that the blockade was "... like a steel wall" and that no ships were getting through. But data from vessel tracking service Vortexa shows that nine vessels departing or heading to Iran ports have transited through the strait of Hormuz since the US blockade was reimposed on 14 July. Of those nine vessels, six were empty inbound tankers that hold a combined carrying capacity of around 2.35mn bl of crude and refined products. Commercial vessels transiting the strait of Hormuz have also overwhelmingly continued to use the Iranian-favored northern transit route, following an increase in attacks on vessels using the US-sanctioned southern traffic lane that runs along the coast of Oman. Out of 11 strait of Hormuz transits into the Mideast Gulf on 20 July, 10 were through the northern, Iranian-controlled route while only one transited the southern, US-supported corridor, according to data from vessel tracking firm Windward. Of the vessels exiting the Mideast Gulf, three utilized Iran's northern route on 20 July and one used the southern route. Iran-flagged vessels were also the most common vessels crossing the waterway on 20 July, accounting for six out of 15 total transits, per Windward data. Vessel traffic through the strait remains at around 11pc of prewar levels, according to Windward. "US-assisted commercial transits continued with fewer ships, reflecting heightened operator risk assessments under the elevated threat environment," the UK Trade Maritime Organization said in its 21 July advisory note. "Recent attacks on tankers in Omani waters further influenced operator behavior and contributed to significantly reduced traffic density." By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Houthi threat could support European MR rates
Houthi threat could support European MR rates
London, 21 July (Argus) — Rates for Medium Range (MR) clean product tankers could face competing drivers in the coming weeks, as possible disruption around the Bab el-Mandeb strait at the southern entrance to the Red Sea could force vessels onto longer routes, while tighter European gasoline balances reduce export volumes. Yemen's Iran-backed Houthi militant group has announced a ban on Saudi Arabian "maritime navigation", although the scope of the restrictions remains unclear. Saudi diesel exports from Red Sea ports have become an important source of supply for Europe since March. More than 2mn t/month has loaded from Saudi Red Sea terminals, with around one-third heading to Europe, according to Vortexa. Any disruption to traffic through the Bab el-Mandeb strait could increase the share of Saudi diesel exports heading to Europe, as cargoes destined for Asia may face longer and costlier routes. Cargoes moving west from Saudi Arabia's Red Sea coast can still reach Europe through the Suez Canal, while eastbound shipments would likely be diverted around the Cape of Good Hope. The longer voyages would increase demand for both MR and long range (LR) tankers, supporting freight rates. At least five tankers heading to or from Saudi Arabian Red Sea ports appeared to have turned around today, although an India-origin clean product tanker passed through unharmed. The Houthis have not carried out any strikes on shipping since announcing the ban, and the situation is still developing. If attacks start, shipowners sailing from Indian or other non-Saudi ports may become more reluctant to use the Bab el-Mandeb strait. The Houthis have previously widened their target list after initial attacks. A diversion around the Cape of Good Hope for a west coast India-Rotterdam voyage would add around 15 days. An LR2 tanker burns around 40t/d of bunker fuel and costs around $30,000/d to charter, implying additional costs of at least $800,000, or around $8.85/t. But it is unclear if the ban will target only Saudi-linked vessels or wider commercial traffic. Other vessels transiting the Bab el-Mandeb strait may not face Houthi attacks if they are not linked to Saudi Arabia, one additional war risk premium (AWRP) insurance broker told Argus today. The Houthis have said only Saudi maritime traffic is in their crosshairs, suggesting cargoes not originating in or heading to Saudi Arabia may avoid any aggression, the broker said. AWRPs are currently around 0.2pc for cargoes and 0.5pc for hulls operating between the Eritrean border and the Saudi port of Jizan, the broker said. AWRP cover does not apply to other Saudi ports north of Jizan, they added. Premiums are expected to rise, but remain well below those for transiting the strait of Hormuz because of the greater threat posed by Iranian strikes on vessels. "One's a kitten and one's a tiger," the broker said. The European MR market has been under pressure in recent weeks. Competition from Brazilian buyers for US Gulf cargoes, weak US Gulf-Europe transport economics and reduced diesel export availability have weighed on cargo volumes and pushed MRs towards shorter-haul trades. Tighter gasoline balances could also limit support for MR rates. Strong seasonal demand and falling inventories have tightened Europe's gasoline market. If refiners prioritise domestic supply over exports, freight demand could weaken and offset some of the support from longer Red Sea-Europe diesel flows. The UK Continent-US Atlantic coast MR rate fell to WS130 ($21.53/t) on 21 July, its lowest since 7 July, while the west Africa route dropped to WS180 ($34.60/t), also its lowest since 7 July. Both remain well below their peaks of WS317.5 ($52.58/t) and WS445 ($85.53/t) reached on 10 April, just over a month after the outbreak of the US-Iran war on 28 February. By Erika Tsirikou and George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Houthi navigation ban could disrupt Saudi steel imports
Houthi navigation ban could disrupt Saudi steel imports
London, 20 July (Argus) — Yemen's Houthi rebel group said on 20 July that it was imposing a ban on maritime navigation linked to Saudi Arabia, framing the move as a response to what it described as the kingdom's ongoing blockade of Yemen and military aggression against the country. The move could threaten not only crude exports from Saudi Arabia's Red Sea terminal of Yanbu, but also steel shipments into the kingdom. The immediate exposure appears higher for vessels sailing to Saudi Red Sea ports from Asia through the Bab el-Mandeb strait, while cargoes reaching ports such as Jeddah or King Abdullah Port from the Mediterranean via the Suez Canal would avoid the Bab el-Mandeb area and may face a lower operational risk, unless the Houthis seek to target Saudi port calls more broadly. "I guess the situation will get worse and will definitely affect shipping charges, because vessels would have to turn around the whole of Africa, especially given the impact on the strait of Hormuz," a trader said. "Let's see what happens in the next few days. Only the Europe gate will remain open." The Houthi group said in a statement that the measure would take effect immediately under a "siege for siege" formula. It also warned of further escalation should Saudi Arabia take additional military steps, while calling for continued mobilisation across Yemen. Saudi Arabia imported around 3.1mn t of steel products in the first quarter of 2026, down from 3.8mn t a year earlier, according to Global Trade Tracker (GTT). China was the largest supplier of steel products to Saudi Arabia in the first quarter, shipping around 1.2mn t, GTT data show. This included 667,000t of hot-rolled coil, 21,000t of cold-rolled coil, 140,000t of hot-dipped galvanised steel, 132,000t of semi-finished products including slabs and billets, as well as other steel products. Any disruption to Red Sea shipping could therefore complicate inbound flows of flat steel, semi-finished products and other steel cargoes. At least two steel cargoes from China are currently en route to Saudi Arabia's Red Sea coast and have not yet crossed Bab el-Mandeb. The 55,561dwt Better Victory is carrying steel from Tangshan to King Abdullah Port, while the 56,860dwt Dato Success is sailing from Caofeidian to the same port, according to analytics firm Kpler. Neither vessel has shown signs of turning around. Several tanker owners had already been preparing for a possible escalation, as the Houthis have used "siege for siege" rhetoric for some time. The very large crude carrier (VLCC) VL Pioneer made a U-turn in the Red Sea on 17 July and is now ballasting eastward instead of heading to Yanbu, according to Kpler data. The VLCC Farhah , which loaded at Yanbu on 10 July, made a U-turn at Bab el-Mandeb on 17 July and returned to the Saudi port, Kpler data show. But a number of vessels are still transiting the Red Sea. The Houthi move could also put upward pressure on additional war risk premiums for ships transiting Bab el-Mandeb. Premiums were still relatively low in mid-June, at around 0.20-0.30pc of hull and machinery value for a seven-day period, with a 50pc no-claim bonus, according to market participants. By Andrey Telegin 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.