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US Gulf-China VLCC rate hits record high
US Gulf-China VLCC rate hits record high
New York, 4 September (Argus) — The rate for a bellwether very large crude carrier (VLCC) shipment from the US Gulf coast to China hit its highest level on record today of over $14/bl on strong Asia-Pacific demand, driven by the escalation of hostilities between the US and Iran at the start of Hormuz. Commodity trader ST Shipping put the VLCC Helios on subjects for a US Gulf coast to Asia-Pacific voyage loading from 13-16 October at $29.75mn lumpsum, including $250,000 load-port fees, equivalent to $14.29/bl, boosting the rate for a US Gulf coast-China voyage by $1.15mn day-over-day to that level. This represents the highest level since Argus began its US Gulf coast-China assessment in November 2017. That deal came after Japanese commodity trader Idemitsu put the Maran Apollo on subjects for a US Gulf coast-Japan voyage at $29.25mn, including load-port fees. Norway state-owned refiner Equinor and US independent producer Occidental both put VLCCs on subjects for elsewhere in Asia-Pacific at $27.65mn each, including load-port fees. Charterers have put at least 10 VLCCs on subjects for US Gulf coast to Asia-Pacific voyages since 31 August, including the four from today. Asia-Pacific demand was also high this week for Brazilian crude, with at least eight VLCCs provisionally hired by charterers in that spot market. This was largely driven by strong Chinese restocking demand to keep up with high refined product demand from elsewhere in Asia-Pacific, as Chinese refiners burned through crude stocks, with no end in sight to largely cut-off Mideast Gulf crude flows. The higher competition for Brazilian shipments from these buyers since mid-August likely contributed to the increase in US-loading VLCC demand from Asia-Pacific buyers outside of China like Japan and Taiwan. Midsize rates climb on VLCC spillover The surge in freight rates for the largest crude carrier segment has helped to boost rates for Suezmax and Aframax tankers, with the former in particular benefiting from split cargoes from VLCCs in some instances. The rate for a Brazil-Europe Suezmax voyage jumped by 16.5pc day-over-day to Worldscale (WS) 245 today, while US Gulf coast-loading Suezmax shipments into Europe rose by 11pc to WS202.5 from Thursday. Rising freight rates for VLCCs in the west Africa spot market, which shares a tonnage pool with the Brazilian market, encouraged charterers to explore splitting these 2mn bl cargoes onto two 1mn bl Suezmax tankers on 2 September, according to a shipbroker. Meanwhile, Aframax shipments of WTI crude from the US Gulf coast into Europe have been trading at, and even below, parity with VLCC-sized shipments of WTI on the same route on a $/bl basis. Aframax tankers typically trade at a premium to VLCCs in this context given the greater number of ports the smaller tanker can access and its ease in loading and unloading compared to VLCCs. The last time Aframax-sized shipments of WTI into Europe were cheaper than VLCCs on the same route was in February 2021. The surge in VLCC demand from Asia-Pacific will likely encourage US Gulf coast buyers globally to increasingly consider the midsize segment in the near term, maintaining the upward pressure on rates for Aframaxes and Suezmaxes even after the long holiday weekend for US traders. By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hormuz traffic down to 3 vessels: Windward
Hormuz traffic down to 3 vessels: Windward
New York, 4 September (Argus) — Vessel traffic through the strait of Hormuz fell to its lowest level in months on Thursday following an uptick in military exchanges between the US and Iran in the first half of the week. Only three vessels crossed the strait on Thursday, with two inbound transits on the Iranian-controlled northern lane and one outbound transit on US-assisted southern lane, according to maritime security firm Windward. That is one-third of the prior day levels and about 2pc of its pre-war baseline of 135 vessels daily. US vice president JD Vance's assertion that 15mn bl of crude made it through the strait of Hormuz on Thursday thanks to US support are not corroborated by vessel traffic data reviewed by Argus . The southern US-assisted transit lane along the coast of Oman remains the highest risk corridor accounting for 21 out of 24 projectile strike incidents reported since 6 July, according to the UK Maritime Trade Organisation's Operation Centre. The US has started to target Iranian government-owned tankers as direct retaliation for Iranian attacks on the tankers Senegal Prosperity and Sidr , according to Windward, confirming that the US struck two empty Iranian tankers as part of their 1 September strikes. By Charlotte Bawol and Delfina Marchese Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US ethane exports hit new peak in Aug: Kpler
US ethane exports hit new peak in Aug: Kpler
Houston, 4 September (Argus) — US ethane exports reached a new record high of 814,000 b/d in August, data from vessel-tracking service Kpler show. The gains, which follow earlier expansions at Enterprise's and Energy Transfer's export terminals, are up from 620,000 b/d in July. The bulk of exports, or 618,000 b/d, shipped to China, as increases in ethane-derived ethylene capacity and higher naphtha prices in the region bolstered demand. Shipments to India, meanwhile fell versus July to 53,000 b/d, but were steady year-on-year. Ethane loadings bound for Europe fell from 82,000 b/d to 77,000 b/d between July and August, the lowest shipments to that region since December 2022, owing to lower ethylene prices there. Ethane shipments from Enterprise's Morgan's Point terminal near La Porte, Texas, hit a record 332,000 b/d, well over the nameplate capacity at the facility. Ethane loadings out of Enterprise's Neches River terminal rose to 188,000 b/d in August. Energy Transfer's Nederland, Texas, terminal, shipped 217,000 b/d. Energy Transfer's Marcus Hook, Pennsylvania, terminal shipped 77,000 b/d of ethane in August. Ethane prices at Mont Belvieu, Texas, in dollar-per-tonne terms, averaged a $190.71/t discount to propane in August, the narrowest spread since February. By Joseph Barbour Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico cracks down on illicit fuel trade: President
Mexico cracks down on illicit fuel trade: President
Mexico City, 4 September (Argus) — Mexico seized 37.1mn liters (233,350 bl) of illicit fuel and identified nearly 2,000 illegal pipeline taps for the 10 months through June this year, President Claudia Sheinbaum's administration said in its second annual report to the nation. The crackdown included more than 8,000 inspections, 159 blocked irregular import operations and 118 criminal cases, combining fuel traceability, tax enforcement, security operations and technological monitoring, from 1 September 2025 through 30 June this year. Authorities also prevented 1,419 attempted hydrocarbon thefts and seized 1,938 illegal pipeline taps, 96 tank trucks, 91 railcars, 505 light vehicles and one vessel. Authorities made 76 arrests linked to illicit fuel activities over the period. The current strategy builds on an anti-fuel theft campaign launched by former president Andres Manuel Lopez Obrador in December 2018. His government deployed the armed forces to state-owned Pemex facilities and closed vulnerable pipelines in an effort largely focused on physical fuel theft. Sheinbaum's administration has broadened the response to include customs fraud, tax evasion, fuel traceability and financial networks. Fuel theft and smuggling have become a source of revenue for Mexican drug cartels, extending Mexico's long-running fight against organized crime into the energy sector. The US Treasury said in June that the Jalisco and Sinaloa cartel networks use shell companies, falsified customs documents and false invoices to avoid Mexican fuel-import taxes. The proceeds help finance drug trafficking and corruption. Authorities monitored 47,401 gasoline and diesel transport units and 33,512 LPG units using QR codes, according to the second report. They also detected 3,109 cases of incorrect tariff classification involving oil products. This form of fiscal fuel smuggling involves importing gasoline or diesel under categories such as lubricants or additives, allowing importers to evade the fuel excise tax and fuel-specific import requirements. The government said correcting the classifications helped strengthen tax collection. The annual report also covers the government's security strategy, anti-corruption efforts, social programs, infrastructure, energy and environmental policy Tax authority SAT said on 2 September that it has revoked the ability of 2,205 fuel-trading companies to issue invoices from October 2024 to August 2026 because they were selling fuel illegally. SAT said the measure is part of efforts to combat tax evasion and smuggling. The government plans to further strengthen fiscal controls through the 2027 economic package. Sheinbaum said on Thursday that the package will propose tracking IEPS payments on fuel from import through distribution and final sale, helping authorities identify tax evasion linked to fiscal fuel theft. The proposal would not change the tax rate, and SAT is developing the mechanism. State-owned Pemex and the finance ministry's financial intelligence unit UIF signed an information-sharing agreement on 27 August aimed at detecting money laundering, corruption, fraud and hydrocarbon theft. The agreement allows Pemex to request financial intelligence when screening prospective contractors or clients. The UIF will also have access to Pemex information to identify potential financial and corporate risks. The agreement adds financial intelligence and contractor screening to a strategy that increasingly combines physical enforcement with customs controls, fuel traceability and monitoring across Mexico's fuel supply chain. By Adriana Alarcón Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Advancing HVO markets in 2026
Advancing HVO markets in 2026
US Flat-Rolled Contracts Under Negotiation
US Flat-Rolled Contracts Under Negotiation
