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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India set for first Iranian crude cargo since 2019
India set for first Iranian crude cargo since 2019
Dubai, 2 April (Argus) — An Iranian crude cargo is heading to India in what could be the country's first such delivery since 2019, according to ship-tracking data and shipbrokers. The Aframax Ping Shun is scheduled to arrive at India's Vadinar port on 4 April carrying about 600,000 bl of Iranian crude, data from Kpler and Vortexa show. Formerly known as Urgane I , the vessel was sanctioned by the US Treasury's Office of Foreign Assets Control (OFAC) in 2025, according to Treasury records. Shipbrokers said it is on time charter to Iran's state-owned oil firm NIOC, and Vortexa data indicate it loaded at Kharg Island in early March. Kharg typically handles more than 90pc of Iranian crude exports. The cargo appears to be moving under a temporary US waiver covering Iranian crude loaded on or before 20 March and discharged by 19 April. The waiver has opened a narrow window for cargoes already on the water, but does not amount to a broader easing of US sanctions on Iranian crude. Market participants said trades involving sanctioned vessels still face heavy compliance scrutiny. If delivered, it would be the first known Iranian crude shipment to India since May 2019, when refiners halted imports after Washington withdrew sanctions waivers that had allowed limited purchases. India had previously supported the trade through alternative payment and marine insurance arrangements. The apparent return of Iranian supply to India is not limited to crude. At least two Iranian LPG cargoes also appear to be heading towards Indian ports in recent weeks. A third vessel, the Luma , has arrived at India's Jaigarh port carrying about 10,800t of LPG, according to market sources and tracking data. Sources told Argus the cargo was booked by a private buyer at the April contract price plus a premium of more than $100/t, although this could not be independently confirmed. Another Iranian VLGC , the Sea Bird, carrying around 44,300t of LPG, has faced delays in discharging at Mangalore port. The delay may relate to a bill-of-lading issue that complicated payment, according to market participants. Even with the temporary waiver in place, some banks remain wary of handling transactions involving sanctioned vessels carrying Iranian fuel, traders said. The Sea Bird passed through the strait of Hormuz around 18 March, initially appeared bound for China, and later diverted towards India. Vortexa satellite imagery showed the vessel moving towards Mumbai. The unusual trade flows come as the US-Israel war with Iran enters its second month with no clear resolution in sight, raising concerns over prolonged supply disruption. Threats to strike Kharg Island — the hub for most of Iran's crude exports — have sharpened risks to global supply. Trump said on 1 April that US forces would continue hitting Iran "very hard" for another 2-3 weeks. Any resumption of Iranian energy imports would be significant for India, which remains heavily dependent on imported crude and LPG even though its supply mix has shifted sharply since 2019. India continues to source large volumes from Iraq, Saudi Arabia and Russia, but the closure of the strait of Hormuz and attacks on energy infrastructure across the Mideast Gulf have disrupted those flows. By Rithika Krishna and Rituparna Ghosh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
At least seven ships transit Hormuz: Correction
At least seven ships transit Hormuz: Correction
corrects direction of transit in first 2 paragraphs London, 31 March (Argus) — At least seven vessels have crossed the strait of Hormuz in the past 24 hours — three of them leaving the Mideast Gulf and four entering — according to MarineTraffic ship-tracking data. Another two ships approaching the Gulf turned around before entering the strait. The VLCC Desh Vibhor , the Panamax Andermatt and the general cargo vessel Benn all transited the strait out of the Gulf. The Handysize Vina , chemical tanker Dalia and MR tankers Ratta and Louiza sailed in. Two short-sea tankers, Sun Rise 1 and Marivex , were heading towards the Gulf but turned away before reaching Hormuz at around 01:00 GMT on Tuesday. Shortly afterwards, Marivex reversed course again and headed towards Iran's Bandar Abbas region. Vessel traffic through Hormuz had picked up over the weekend , but today's data show tanker movements remain extremely limited. The risks of operating in the region were underscored overnight when an Iranian drone hit a Kuwaiti VLCC anchored off Dubai. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Western Australia's LNG projects restart production
Western Australia's LNG projects restart production
Sydney, 31 March (Argus) — Western Australia's (WA) off line LNG projects are restarting some domestic gas production, while the Pilbara Ports Authority (PPA) is assessing damage from category 4 tropical cyclone Narelle, which passed through the region late last week. The ports of Dampier and Ashburton have been checked over, with structural damage to Dampier's general cargo import facilities, rendering the wharf inoperable, PPA said on 31 March. The bulk liquids terminal is operable, PPA said, meaning fuel imports for the region's major iron ore mines is unaffected. Ashburton port has also suffered damage to its general cargo wharf and this remains closed, with engineering teams looking over the facilities during the next few days. The port of Varanus Island — a central gathering and processing hub for oil, gas and condensate supplied by nearby fields, including those operated by Australian independent Santos — has reopened with no impacts to operations, PPA said. LNG projects recovering The region's affected LNG projects are slowly returning to production after Narelle took two major plants, the 14.3mn t/yr North West Shelf (NWS) and 8.9mn t/yr Wheatstone terminals, off line late last week . NWS' Karratha gas plant will be producing at 300 TJ/d and Wheatstone at 20 TJ/d on 1 April, indicating that some volumes are returning on line, according to the Australian Energy Market Operator's WA gas bulletin board, which measures domestic flows. Wheatstone may take weeks to return to full capacity, Chevron has said, while it returned one train at the 15.6mn t/yr Gorgon LNG terminal, which was taken off line during the cyclone to service on 29 March. The disruption to supply comes during an already tight supply balance in the Pacific basin, with Qatar's 64.2mn t/yr Ras Laffan terminal pausing production on 2 March due to the US-Iran war. Domestic gas flows fell from 1,202 TJ/d on 24 March to 558 TJ/d on 29 March due to Narelle's impacts, forcing alumina refineries run by US producer Alcoa to slash output temporarily . By Tom Major Argus LNG prices ($/mn Btu) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Red Sea AWRP up after Houthi attack on Israel
Red Sea AWRP up after Houthi attack on Israel
London, 30 March (Argus) — Additional war risk premium (AWRP) rates in the Red Sea have risen after the Yemen-based militant Houthis attacked Israel at the weekend, an insurance broker told Argus . The Red Sea AWRP inched up to 0.65-0.75pc of hull and machinery value, from around 0.6pc — although 25–50pc of this may be refunded as a no-claims bonus, the broker said. Some insurers may still offer around 0.6pc, according to brokers, but such offers are increasingly rare. Yemen's Iran-backed Houthi militants launched missiles at Israel on Saturday, 28 March, in their first attack since the war in the Mideast Gulf began. A source familiar with regional AWRPs told Argus today that the Houthis "have been fundamentally weakened," and "do not have the capability they had two years ago". "But the Houthis are resilient and will probably attempt to strike a vessel," the source said. "Their threat is capped, however, given the US has so much firepower in the region." The Houthis may attempt to charge vessel operators for safe transit, the source said, "having done this previously and in a similar way to Iran ". Red Sea rates remain below the Mideast Gulf level, where AWRP is around 1pc of hull and machinery value for a vessel stuck west of Hormuz, insurers told Argus . The rate to leave the Gulf is considerably higher. Hormuz passage becomes significantly more expensive For vessels passing the strait of Hormuz, AWRP is around 5.0–7.5pc of hull and machinery value and can reach as high as 10pc, according to brokers. In addition, and before obtaining AWRP coverage, shipowners must confirm to insurers they have no links to the US or Israel and must present approval granted by Iranian authorities. Cargo war risk premiums are also substantial, at around 10–20pc of a cargo's value, insurance brokers said. Based on these rates, the AWRP payment could amount to as much as $13.4mn for a five-year-old very large crude carrier (VLCC) valued at around $134mn, according to shipbroker Xclusiv. Any deal would also require cargo insurance, which for a full 300,000t cargo of Dubai crude would add $52mn, implying a combined war risk insurance bill of about $65mn — comparable to the price of a 10-year-old Aframax tanker, which is around $61.5mn, according to Xclusiv. By Andrey Telegin and George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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