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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Rare ARA-east gasoline booking hints at growing demand
Rare ARA-east gasoline booking hints at growing demand
London, 5 March (Argus) — A rare high-volume gasoline cargo booking from Amsterdam-Antwerp-Rotterdam (ARA) to Singapore, even though it failed today, signals growing demand east of Suez for European oil products as the Iran war disrupts Asia-Pacific gasoline balances. Trading firm Gunvor's chartering arm Clearlake booked a Long Range 2 (LR2) vessel on 4 March to load gasoline at ARA for Singapore delivery, but it was cancelled today, according to sources. The Sti Connaught had been put on subjects — provisionally booked — to load 90,000t of gasoline from the UK Continent or ARA on 9 March for Singapore delivery, according to a fixture seen by Argus . The reason for the failure was not immediately known. But the rare booking could suggest interest east of Suez for European gasoline is increasing as buyers look beyond the Mideast Gulf to secure supply, according to market participants. Europe to Singapore product flows are uncommon, one Singapore-based analyst said. European gasoline deliveries to Singapore stood at just 114,000t between 2022-2025, according to Kpler. In comparison, Mideast Gulf deliveries to Singapore were at 619,000t in the same period, according to Kpler. Prompt Asian gasoline prices surged further during regional trading hours today as concerns mounted over Chinese export availability, tightening supply in an already short market, while additional reports of cargo cancellations from Japan or India also supported values. Traders in Asia-Pacific are starting to look far afield to source product for the region. Highlighting the severity of the supply tightness in Asia-Pacific, ExxonMobil, in an extremely rare move, booked two Medium Range (MR) tankers provisionally from the US Gulf to Australia on 4 March, likely carrying 92 RON spec unleaded gasoline, at $6mn lumpsum each, or $157.89/t. A gasoline cargo of an undisclosed size was also booked for Australia loading in Barcelona, an analyst told Argus today, although it could not be confirmed. Higher freight rates for oil products tankers since the Iran war broke out on 28 March were holding traders back from booking European gasoline or naphtha cargoes for destinations east of Suez at the start of the week . The Japan-bound LR2 rate from the Mideast Gulf surged to the five-year high of WS435 ($98.53/t) on 4 March, a 117.5pc leap from WS200 ($45.30/t) on 27 February. The LR1 rate on the route climbed to WS440 ($99.66/t), a 100pc jump from WS220 ($49.83/t) over the same period. Similarly, the Mideast Gulf to the UK Continent LR2 rate reached a five-year high of lump sum $8.7mn — with the previous high at $8.8mn on 27 April 2020 — and the LR1 rate reached a two-year high of lump sum $6.5mn — with the previous high at $7.4mn on 31 January 2024. But a widening spread between Singapore 92 Ron front-month swaps and physical non-oxy gasoline barges in Europe could make the trade economics more favourable, even though increased oil products movements on that route may lift freight rates further. Singapore 92 Ron front-month swaps were at a $7.52/bl premium to European non-oxy gasoline barges yesterday, a three-year high, according to Argus calculations. By George Maher-Bonnett and Erika Tsirikou Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran war could flip oil market into deficit: IEA
Iran war could flip oil market into deficit: IEA
London, 5 March (Argus) — Prolonged supply disruptions triggered by the US–Iran war could flip the global oil market into a deficit, the IEA said on 5 March. The Paris-based energy watchdog said it is monitoring the situation in the Middle East following the outbreak of war on 28 February, including the implications of any sustained disruption to energy flows through the strategic strait of Hormuz. It said the global oil market has been in a significant surplus since the start of 2025 and that it expected global supply to "far exceed demand in 2026". But it warned that a prolonged disruption to supply in the Mideast Gulf "could flip the market into a deficit". Traffic through the strait of Hormuz remains all but paralysed after Iran told vessels at the start of the week that they were not permitted to transit. At least eight commercial ships have since been attacked in waters around the strait. For context, the IEA said an average of 20mn b/d of crude and oil products transited the strait of Hormuz in 2025 — around 25pc of the world's seaborne oil trade. It noted that its member countries hold more than 1.2bn bl of public emergency oil stocks, with a further 600mn bl of industry stocks held under government obligation, which can be released to the market if needed. But the agency warned that any extended loss of output from Qatar's Ras Laffan facility could significantly exacerbate tightness in the global LNG market. Production was shut down there following an attack on 2 March . Ras Laffan produced 112bn m³ of LNG in 2025, along with 300,000 b/d of LPG and 180,000 b/d of condensate. By Gavin Attridge Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Ship targeted off Kuwait as vessel attacks widen
Ship targeted off Kuwait as vessel attacks widen
Singapore, 5 March (Argus) — A vessel appears to have come under attack off Kuwait, leaving oil leaking from its cargo tank, the UK Maritime Trade Operations (UKMTO) said today. The UKMTO said it had received a report of an incident 30 miles (48km) southeast of Mubarak Al-Kabeer, Kuwait at 22:40 GMT. The tanker was at anchor and its vessel master reported seeing a large explosion on the port side of the ship, then witnessed a small craft leaving the vicinity. Oil from a cargo tank is leaking into the water and this may have some environmental impact, the UKMTO said. The vessel has taken on water but there have been no fires and the crew are safe. The identity of the vessel is unclear. This is the latest in a spate of attacks on vessels in the Mideast Gulf since since US and Israeli forces struck Iran on 28 February. But the attack near Kuwait is much further north than previous incidents, which have been concentrated around the strait of Hormuz. Iran has threatened to burn any ship that tries to pass through the strait. It has a drone carrier ship stationed near the strait that it could use to attack transiting vessels, according to shipbroker BRS. Iran also has short-, medium- and long-range missiles to disrupt shipping in the strait. Movement through the strait of Hormuz has ground to a halt , with traffic dropping to only a single cargo ship on 3 March from 98 cargo ships on 28 February, 18 on 1 March and seven on 2 March, according to global maritime security partnership Joint Maritime Information Center (JMIC). No tankers transited the strait on 3 March. The historical daily average for all vessels through the strait is about 138 ships, JMIC said. Crude futures have continued to rise today. The Ice front-month May Brent contract was at $83.42/bl at 10am Singapore time (02:00 GMT), higher by $2.02/bl from its settlement on 4 March when it ended unchanged from the previous session. The Nymex front-month April crude contract was at $76.94/bl, higher by $2.28/bl from its settlement on 4 March, when it ended 10¢/bl higher. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US ship insurance not enough for Hormuz: Sources
US ship insurance not enough for Hormuz: Sources
New York, 4 March (Argus) — A US proposal to offer political-risk insurance is unlikely to meaningfully increase traffic through the strait of Hormuz in the near term because Iranian threats to the strait remain, market participants told Argus . The US' ability to provide naval escorts in the short term is also unlikely as its navy will lack escort capacity until at least the initial stage of the military operation is over. "It should be noted that simple physical security may not be enough to induce a return of commercial traffic," said Center for Naval Analyses naval analyst Joshua Tallis. Tallis pointed to the asymmetric nature of Iranian military capability, including sea and airborne drones and naval mines, that would pose a threat to shipping even if conventional Iranian naval forces are out the of the picture. "Insurance doesn't make the hull impervious to rockets," shipbroker Odin head petroleum and tanker analyst Alpman Ilker told Argus . "Insurance may incentivize a few to start transiting but the Iranians will likely attack and then traffic will again cease transit." US president Donald Trump ordered the US' Development Finance corporation to offer political risk insurance to ships transporting energy and other commodities through the Mideast Gulf on 3 March, although it wasn't immediately clear how the agency will implement this order . The move came after major re-insurers announced the cancellation of war-risk coverage throughout the Middle East to go into effect from 5 March. Naval escorts would help reduce the threat of attacks, but providing protection for all tankers operating in areas currently threatened by Iran is unrealistic as this would require a very high number of warships and other military assets, according to shipping association BIMCO. "Transiting this region is ultimately a decision for the ship operator because even with naval escorts, there is still significant risk involved," Sean Kline, president of the Chamber of Shipping of America told Argus . "Given the nature of the war, risks remain high in the strait as long as Iran keeps threatening ships," Noam Raydan, senior fellow at the Washington Institute told Argus . 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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