Freight
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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.
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US, Iran contest Hormuz status in talks
US, Iran contest Hormuz status in talks
Washington, 15 June (Argus) — The US and Iran have yet to reconcile differences over how to reopen the strait of Hormuz despite President Donald Trump's claim that the waterway would reopen quickly or even that it was open already. "The strait is already partially opened," Trump said on Monday, speaking alongside French president Emmanuel Macron, a day before the G7 leaders' summit in France. "Essentially, ships are starting to go out now," Trump said, adding that on 19 June — when the parties plan to sign the agreement — "it will be completely opened." But even if the deal with Iran is signed on 19 June, it appears it would only be the midpoint, not the culmination of the US-Iranian talks. Neither the US nor Iran has released the text of the agreement due to be signed on 19 June. But both sides selectively disclosed the elements of the deal that reflect their negotiating positions. Many details, including the status of Hormuz, have been left to be hashed out over the following 60 days. On the US side, key demands revolve around Tehran's nuclear program and reopening Hormuz to navigation on pre-war terms. Despite Trump's comments on Monday, vessel traffic through the strait of Hormuz has not changed since Sunday, based on AIS tracking data. This suggests shipowners are waiting for the planned signing on 19 June and further details before attempting transits. "Our expectation is that the strait is going to be opened in a toll-free way for the long term," US vice president JD Vance told CNBC on Monday, adding: "That's the sort of thing that we're going to figure out in these technical negotiations." Tehran, in turn, is eyeing a future role in controlling navigation through Hormuz, full sanctions relief and accessing a "reconstruction fund" of up to $300bn to repair damage caused by the US-Israeli strikes. According to Iran's semi-official Fars news agency, which is close to the Islamic Revolutionary Guard Corps (IRGC), under the agreement Iran would allow vessels to transit Hormuz without charge during a 60-day negotiation period,, which described the exemption as temporary. After that 60-day period fees linked to safety, navigation, environmental and insurance services could be introduced. Trump on Monday confirmed that Iran could count on relief on US sanctions, but added that "it's really a behavioral thing. If they do what they're supposed to do, that starts taking effect." Vance, in a televised interview with CBS on Monday, separately confirmed that Iran could eventually be able to access funds that he said would be ponied by its Mideast Gulf neighbors. The US would be "absolutely open to the Gulf countries investing in the reconstruction of Iran, but only if Iran ends their nuclear program," gives up its stockpile of enriched uranium and accepts an effective nuclear monitoring regime, he said. The Mideast Gulf Arab states have yet to comment on the prospect of having to pick up the tab for damages after the US-Israel war against Iran, during which their energy and civilian infrastructure took significant damage from Iranian missile and drone attacks. Trump is expected to meet with Mideast Gulf leaders on the sidelines of the G7 leaders' summit in France, which starts on Tuesday. The key outcome of three days of frantic negotiations between the US and Iran on 12-14 June is that their militaries stopped the hostilities underway since late May. In retrospect, the resumed warfare resulted from efforts by the US armed forces to enable ships to exit the Mideast Gulf through the part of Hormuz skirting the Omani coast, rather than taking the route prescribed by Tehran. The Trump administration has not disclosed whether the US military would continue efforts to wrest control of Hormuz. But the US will maintain its naval blockade of the Iranian trade until Hormuz is reopened, Trump has said. Vance on point Vance has again emerged as a key Trump administration spokesman arguing for the benefits of the undisclosed deal with Iran. Many Trump loyalists over the weekend began to express reservations about the putative deal but appeared to direct their criticism at Vance, rather than the US leader. "I am somewhat concerned that Iran's view of the agreement seems different than what the American negotiating team is claiming," senator Lindsey Graham (R-South Carolina) said on Sunday. Graham called on "the architect of the deal, vice president Vance and his negotiating partners" to present the agreement for review by the US Congress. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hormuz tanker traffic unchanged after US‑Iran deal
Hormuz tanker traffic unchanged after US‑Iran deal
London, 15 June (Argus) — Vessel traffic through the strait of Hormuz has not changed since Sunday's announcement of a US-Iran peace deal , based on AIS tracking data. This suggests shipowners are waiting for the planned signing on 19 June and further details before attempting transits. The Indian LNG tanker Disha passed through without incident near Iran's Larak island. But the transit was likely pre-arranged and not the result of the newly announced deal. Several smaller vessels also transited, in line with recent traffic levels. There were no significant movements of crude or product tankers overnight. US president Donald Trump said on 14 June that he has authorised the "toll-free" reopening of the strait. But Iranian officials have yet to confirm that vessels can transit without restrictions. Transits continue to use shipping lanes near Iran's Larak and Qeshm islands rather than the traditional central route, reflecting ongoing safety risks in the strait. "The threat of mines in the area remains a concern immediately as well as further down the line, and mine-free routes need to be established," said Jakob Larsen, chief safety and security officer at industry association Bimco. "We still consider it very risky to commence transits at this point," Larsen added. Floating mines pose a significant risk and are likely to result in restrictions from marine insurers on which routes are covered. UK prime minister Keir Starmer said the UK will continue to work with partners to support reopening of the strait, including through a defensive, independent multilateral mission led by the UK and France, particularly to support mine clearance operations. Uncertainty over access to the waterway remains. Trump has a history of overstating progress in reopening the strait of Hormuz, through which about a fifth of global oil flowed before the Iran war. He wrongly claimed in April the strait was "completely open", prompting a buildup of crude and product tankers before many were turned back. The deal is set to be signed on 19 June, which participants said could be a trigger for any broader rebound in vessel traffic. More than 500 ships remain in the Mideast Gulf, and Bimco estimates it could take several weeks for all to leave, particularly as most will need to use restricted routes until mine clearance operations are completed. By John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Shipowners remain cautious on US-Iran deal announcement
Shipowners remain cautious on US-Iran deal announcement
Singapore, 15 June (Argus) — Freight market participants are choosing to remain cautious about the announcement that a deal between the US and Iran to reopen the strait of Hormuz has been reached, preferring to seek clearer assurances on the safety of ships transiting through the strait first, they told Argus today. This comes after a series of false starts around similar developments in recent months. US president Donald Trump said on 14 June that an agreement with Iran was "now complete", as he ordered an end to the US naval blockade against Iran in conjunction with what he said would be the reopening of the strait of Hormuz. The critical waterway, where a quarter of the world's seaborne oil trade travelled through before the war, remained largely shut since the war started on 28 February, as Iran tightened control by restricting vessel movements and using access as leverage. Beyond the disruption to global trade flows, security risks also escalated as commercial shipping became increasingly targeted. There have been 57 recorded incidents affecting vessels operating in and around the Mideast Gulf, the strait of Hormuz and the Gulf of Oman since 28 February, according to the UK Maritime Trade Operations as of 11 June. Freight market participants so far remain doubtful that a sustained and meaningful return of ships through the strait will happen anytime soon, with most citing the fragility of earlier ceasefire announcements. The risk of repositioning a ship to the Mideast Gulf for potential cargoes still significantly outweighs any advantage from the move given that the situation can change quickly, a tanker shipowner said. Shipowners have adapted and found new trade routes in the absence of Mideast Gulf cargoes as a result of economies turning to more distant alternative oil supplies . Shipowners are also unlikely to benefit from any "first-mover advantage" by positioning their ships in the region ahead of any clear rebound in vessel demand, a freight analyst said. Shipowners can only weigh whether freight rates are sufficiently attractive to return to the Mideast Gulf if cargoes from the region appear again. Shipowners will simply remain in lower-risk regions out of the Mideast Gulf should freight rates remain unattractive, the analyst added. A sustained recovery in cargo volumes from the region could eventually raise freight rates over some time, and shipowners that have chosen to wait and observe how the market reacts may benefit from higher freight rates when they choose to re-enter the market later. The situation is likely to remain volatile given that a full and final agreement between the US and Iran has not yet been reached, a shipowner said. This is in addition to mines in the area which pose a threat to ships and will hinder vessel transits in or out of the strait, the shipowner added. A gradual return to the region is possible if security conditions stabilise and cargo flows resume, with any recovery expected to be measured instead of immediate, some market participants said. The Mideast Gulf remains the world's largest oil-producing region, and global demand will underpin the return of ships back to the region over time, a shipbroker said. Coordination between governments and maritime bodies will also be critical, another shipowner said, as the industry ultimately seeks clearer assurances on security conditions in the Mideast Gulf that would restore confidence and accelerate a broader return of vessels to the region. By Sean Lui and Jared Bateman Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump calls off attack on Iran: Update 2
Trump calls off attack on Iran: Update 2
Updates with Trump's latest remarks Washington, 11 June (Argus) — President Donald Trump on Thursday called off the threat of an attack on Iran he announced hours earlier, citing progress on a "great settlement" of the Iran war he said could be signed as early as this weekend. That deal could be signed in Europe "soon, maybe this weekend", Trump said, who added that it was his understanding that Iran's supreme leader Mojtaba Khamenei also approved of the deal. Iran has yet to confirm its support of the agreement, which Trump said was "subject to finalization of documents" over the next few days. "The strait will officially open as soon as we sign, which could be soon — very soon — maybe over the weekend, in Europe," Trump said. Trump has previously overstated progress in talks with Iran, incorrectly stating in April that Iran had agreed to "completely open" the strait of Hormuz during a ceasefire. This afternoon, Trump said the pending deal was a "very detailed memorandum of understanding" that is "a little conceptual" that has also been "agreed to by many other countries that have great influence over" Iran. "We hope it's going to go relatively quickly," Trump said of further talks with Iran once a deal is signed. "The straits are going to open immediately upon signing, maybe it will be Saturday or Monday." Earlier this afternoon, Trump said progress in negotiations led him to call off plans he announced this morning to launch a "VERY HARD" wave of strikes and bombing tonight against Tehran. Trump had threatened to take control of Iran's Kharg Island in the Mideast Gulf, along with other oil infrastructure. Trump's now-canceled threat of a major military attack followed two days of heavy clashes between the US and Iranian armed forces. The US has pounded Iran's defensive and — according to Tehran — civilian infrastructure near the strait of Hormuz and across Iran. Iran's military responded with attacks on US bases in Jordan, Kuwait and Bahrain. Both the US and Iranian navies have attacked commercial vessels in the Gulf of Oman and the strait of Hormuz, respectively. Control of navigation through the critical Mideast Gulf waterway appears to have been the cause of the latest flare up. Trump said on Wednesday that the US military was running a clandestine operation to unblock Hormuz and that over 100mn bl and hundreds of vessels traveled the strait under the US military umbrella. Iran, which also claimed to be directing limited traffic through the strait, said on Thursday that the strait of Hormuz was "closed" following overnight US strikes on Iran. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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