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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Rhine hits record lows, halts shipping south of Mainz
Rhine hits record lows, halts shipping south of Mainz
Hamburg, 13 August (Argus) — Rhine River water levels have again dropped to record lows, and barge operators said most traffic is now halted south of Mainz. Navigation is also increasingly restricted further north, as water levels continue to fall. Freight rates from the Amsterdam-Rotterdam-Antwerp (ARA) hub to Rhine destinations have hit record highs. The water gauge at Kaub, the Rhine's key bottleneck, was at 11cm on 13 August. The Federal Waterways and Shipping Administration forecasts a drop to 6cm by the weekend, another all-time low. At this level, river transport from ARA to the Upper Rhine and Main River is near-impossible. Only a few specialised barges can pass through Kaub under extremely challenging conditions, shipowners said. Storage sites along the Main, including Frankfurt, Hanau and Aschaffenburg, and depots on the Upper Rhine in Karlsruhe, Mannheim, Kehl and Basel, Switzerland, are effectively cut off from ARA. Shipping south of Kaub, to Basel, is barely feasible because of shallow water at the Maxau gauge south of Karlsruhe. Shipowners said quoted spot freight rates for ARA-Karlsruhe cargoes are largely theoretical, as volumes are too low to ascertain a reliable market price. The Argus rate for ARA-Karlsruhe route is a record €215/t, but urgent cargoes that still move to the Upper Rhine on specialised vessels are commanding even higher lump-sum rates. Most transport is confined to the Lower Rhine. Duisburg, Dortmund and Neuss remain accessible from ARA, shipowners said. Of the Cologne terminals — Köln-Molenkopf, Köln-Niehl, Godorf and Wesseling — only the former can still theoretically be served by conventional barges. The others are already too shallow for regular operations. Water levels are also dropping on the Lower Rhine. On 13 August, the Duisburg gauge was 136cm, another historic low. Barges can reach Duisburg from ARA at only about 15pc of capacity, according to shipowners. If Duisburg falls below 130cm, inland shipping could be halted on parts of the Lower Rhine. Forecasts show little short-term relief. While local thunderstorms are expected, dry soils mean these may not raise river levels significantly. A sustained recovery would need widespread, prolonged rainfall across the basin. By Johannes Guhlke and Marc Hauschild Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US domestic shippers urge thorough Jones Act review
US domestic shippers urge thorough Jones Act review
New York, 12 August (Argus) — The US domestic shipping community is calling for thorough reviews of Jones Act waiver requests due to concerns that the newest waiver extension gives the Department of Defense (DoD) final say on approvals, which shippers say could undermine the domestic maritime industry. Jones Act-compliant shippers expressed disappointment that the waiver was extended on 10 August and voiced concerns over the potential pitfalls of the new requirement that the Maritime Administration (MARAD), which supports the US merchant marine and the industry as a Department of Transportation agency, consult with DoD on vessel availability prior to issuing a Jones Act waiver. This would require shippers utilizing foreign tankers for shipments from one US port to another to demonstrate that no Jones Act-compliant ships were available for the shipment. The US administration initially issued the Jones Act waiver — which allows foreign flagged and owned vessels to carry US-to-US shipments in place of just US-flagged, US-owned and US-crewed vessels as stipulated by the Jones Act — on 17 March on national security grounds under section 501a and later extended it by 90 days. But some of the voyages conducted under the waiver have been criticized by the domestic maritime industry as not serving any national security purpose. The waiver was issued to ensure US airfields and military installations are properly supplied with fuel during the period of the US conflict with Iran. But the waiver has also been highly popular with US refiners as it cuts their costs for moving crude and products from one US port to another. Jennifer Carpenter, president of the American Maritime Partnership (AMP), a coalition of domestic maritime interests, urged President Donald Trump's administration to "conduct a rigorous review of the national defense justification for each and every waiver request and to carefully assess the availability of US vessels before allowing a foreign vessel to move cargo between US ports". Most of the national defense justifications already provided by shippers under the ostensibly broader, existing Jones Act waiver have been generic statements copied across different shipments . Many simply allude to DoD as having issued the waiver, while 25 of the 217 shipments recorded so far by MARAD appear to have left a placeholder "[cargo]" in their national defense justification when describing the shipment itself. "Any future waivers during this 90-day period must be strictly justified on a national security basis to safeguard this historic progress," Matthew Paxton, president of the Shipbuilders Council of America, told Argus. "We've seen how exceptions to the Jones Act can be manipulated, and we've seen companies define their needs in ways that make available and capable US vessels appear unsuitable. A market-availability test is only meaningful if the government independently verifies the claims being made," Aaron Smith, president and chief executive of the Offshore Marine Service Association (OMSA), told Argus . "Without a rigorous and independent review, I believe this approach will function as a full waiver in all but name and further undermine the American maritime industry." Doubts over MARAD consultations The White House confirmed to Argus that the DoD will retain final authority in granting Jones Act waivers for individual trips, after consultation with MARAD on the availability of Jones Act vessels. However, market participants are also concerned with MARAD's ability to conduct market availability tests. MARAD was still working to establish its vessel-operator contacts to assess available US-flagged capacity on 9 August, when it asked an industry group to help update its contact list and vessel information ahead of the administration's announcement, according to a person familiar with the matter. The DoD will issue a waiver if it wants to, regardless of vessel availability, another person familiar with the matter told Argus . The American Petroleum Institute, which represents natural gas and oil interests in the US, commended the Trump administration move to extend the Jones Act waivers. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hormuz traffic still low, Iran seeks concessions
Hormuz traffic still low, Iran seeks concessions
New York, 11 August (Argus) — Vessel traffic through the strait of Hormuz remained low on Monday while Iran demanded additional concessions from the US for the reopening of the narrow waterway, the date of which remains elusive. Vessel traffic through the strait of Hormuz totaled 10 vessels on 10 August,split between seven inbound transits and three outbound transits, maritime security firm Windward said on Tuesday. These took place through the northern corridor with the exception of two vessels, one in either direction, that utilized the US-supported southern traffic lane. Total traffic through the strait on 10 August was at around 7pc of pre-war levels. Vessel traffic through the strait of Hormuz edged up from a two-week low of seven crossings recorded on 9 August, according to Windward data. "The strait of Hormuz will not reopen until the US ends the war and blockade, releases Iran's frozen assets, and agrees to a region-wide ceasefire, including in Lebanon and Gaza," secretary of Iran's Supreme National Security Council Mohsen Rezaei said in remarks carried by IRGC-affiliated Tasnim. "Until all conditions are met, the strait will remain closed." Pakistan's interior minister Mohsin Naqvi was in Tehran and met with Iranian Foreign Minister Abbas Araghchi in Tehran, but no announcement was made regarding progress on reopening the strait of Hormuz. The US Central Command (Centcom), which oversees US forces in the Middle East, said in an 11 August notice by the UK Maritime Trade Organization (UKMTO) that 42 vessels transited the strait of Hormuz between 9-10 August. That figure was not corroborated by vessel tracking and satellite information and could not be independently verified. "Maritime traffic through the strait of Hormuz is expected to remain at reduced levels across both the northern Iranian-controlled route and the southern Omani corridor," UKMTO said in its notice, describing vessel transits as being in the "single digits". Blockade enforcement continues The US continued to enforce its retaliatory blockade against Iranian ports, while Iran maintained the removal of the blockade as one of the necessary preconditions for the reopening of the strait. Centcom confirmed on 11 August that it disabled a cargo vessel, Vela Nova, attempting to violate the blockade imposed by the US on Iran, which was likely the "military forces" incident that the UKMTO announced earlier in the trading day . "A U.S. Navy MH-60 helicopter fired two hellfire missiles into the Vela Nova 's engine room after the ship's civilian crew ignored repeated warnings from American forces," Centcom posted on X on 11 August. Centcom has redirected 55 commercial vessels and disabled three others, including the Vela Nova . It also boarded two vessels to ensure compliance with the blockade. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US extends but narrows Jones Act waiver
US extends but narrows Jones Act waiver
New York, 10 August (Argus) — President Donald Trump's administration said it will continue to waive domestic shipping requirements under the Jones Act for another 90 days, albeit with stronger oversight than the previous waiver. The waiver, first enacted 17 March, will now require the Department of Defense to consult with the US Maritime Administration (MARAD) on the availability of Jones Act vessels prior to an individual shipping voyage before determining whether the waiver can be applied, a White House official told Argus . This marks a shift from the waiver's current iteration, valid through 16 August, that relies on the vessel operator or charterer documenting their reasoning. As of 7 August, MARAD data show that around half of the reasons given for the 212 documented Jones Act waiver voyages simply cite the shipment's coverage under the waiver, while only 19 entries mention Jones Act vessels not being available. The new waiver still covers most products that were covered previously, such as diesel, gasoline, crude, soybean oil and fertilizers, but coal and coal-derived products are no longer allowed, according to the official. US-based shipping groups expressed strong opposition to a waiver extension, particularly under the existing blanket waiver authority used since March. "The government can respond to a genuine emergency without turning an exceptional waiver into a standing invitation for foreign operators to enter routine domestic commerce," former US federal maritime commissioner William Doyle said in an op-ed in the Washington Examiner on 10 August. The Trump administration issued the waiver of the Jones Act — which allowed foreign flagged and owned vessels to carry US-to-US shipments in place of US-flagged, US-owned and US-crewed vessels — on 17 March on national security grounds under section 501a and later extended it by 90 days. But some of the voyages conducted under the waiver have been criticized by the domestic maritime industry as not serving any national security purpose . The waiver was issued to ensure US airfields and military installations are properly supplied with fuel, but has otherwise been highly popular with US refiners. Republican lawmakers urged Trump in July to restore the Jones Act, calling the waiver "a loophole exploited by adversarial countries to erode America's maritime dominance". By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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