Weight of Freight: VLGC troubles to persist through the rainy season at Panama Canal
Weight of Freight: VLGC troubles to persist through the rainy season at Panama Canal
As draught restrictions ease with the start of a much-awaited rainy season in the Panama Canal, difficulties are likely to persist for very large gas carriers (VLGCs) as other shipping markets move back to the route and escalate competition for transit slots.
Listen to Andres Pacheco, Analyst at the LPG Trading desk for Spain’s Repsol, and Yohanna Pinheiro, LPG Freight Market Reporter, discuss how increased competition to transit the Panama Canal and other market drivers will shape the costs of shipping LPG.
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Key topics covered
- Competitive advantages of the Panama Canal route in US-Asia routes for VLGCs
- Details of the Panama Canal booking system and slot auction price trends
- Effects of eased restrictions at the canal in heightening competition for slots among other markets
- Weather outlook and possible La Nina effects in the markets
- Long term projects to alleviate transits at Panama Canal
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Traffic through Hormuz remains minimal
Traffic through Hormuz remains minimal
London, 11 March (Argus) — Traffic through the strait of Hormuz remains minimal, with just two crude and product tankers sailing through today and only one making the transit the day before, compared with a historical average of 138 ships per day. Daily transits through the strait of Hormuz, in either direction, have not exceeded five ships since the start of the US-Iran war, according to JMIC in a notice shared by UK Maritime Trade Operations (UKMTO). The transits include Iranian tankers, with one VLCC that probably recently sailed through . Most of these tankers have been tracking using their Automatic Identification System (AIS) system, although it was disabled for part of the transit. Several more tankers have probably made the transit with their AIS totally dark, but overall journeys through the region remain minimal. The lack of transits through Hormuz has led at least one charterer, Admic, to charter ships for a floating storage contract , and others may follow as portside storage fills up. Seven dry bulk carriers sailed through on 10 March — the highest since the war began — with no other day this month exceeding four. More dry bulk carriers than crude or product tankers have transited the strait. Traffic may be further hampered by the possibility of Iran attempting to mine the strait . This would have a significant impact on shipowners' willingness to attempt the journey. Three vessels were attacked in the region today as Iranian activity appeared to mount. UKMTO said it has received 17 incident reports involving vessels in the Mideast Gulf, the strait of Hormuz and the Gulf of Oman since the conflict started. These included 13 attack reports and four reports of suspicious activity. By John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Freight issues disrupt Indonesian coal market
Freight issues disrupt Indonesian coal market
Singapore, 11 March (Argus) — Coal traders in the Indonesian thermal coal market have been facing issues fixing vessels this week due to a surge in bunker prices on the back of the US-Iran war, according to market sources. Some vessel operators defaulted on charter parties and claimed that ships could not bunker in time or proceed to scheduled loading ports, said a Singapore-based trader. A Chinese trading firm had difficulty getting any vessel fixtures this week and said that one vessel operator declined to quote because of a surge in bunker prices. Several shipowners have stopped offering vessels in the market, other market participants also said. A few shipping firms that are offering vessels in the spot market are asking for premiums which forced buyers to hold back, said an Indonesian coal producer. Some of the producer's customers have also requested delaying loading dates by a few days. "There is a complete risk-off behaviour happening now. Bunker is too volatile," said a market source at a major dry bulk shipping firm. The market needs to stabilise before people are willing to commit, he added. Vessel fixing has been quieter, and there has been a downtrend in available Panamax vessels on ballast to Indonesia to load coal, he said. Rising freight rates have largely deterred coal market participants from trading activity this week. Argus assessed Panamax freight rates to transport coal from Indonesia to south China reached $11.90/t on 10 March, up from $8.65/t on 27 February before the onset of the US-Iran war. By Nadhir Mokhtar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Two vessels attacked in proximity of strait of Hormuz
Two vessels attacked in proximity of strait of Hormuz
Dubai, 11 March (Argus) — Two vessels appear to have come under attack in the vicinity of the strait of Hormuz, the UK Maritime Trade Operations (UKMTO) said today. The UKMTO received a report of an incident 25 miles northwest of Ras al-Khaimah, the northernmost of the UAE's seven emirates at 05:58 local time (01:58 GMT). A container vessel "sustained damage from a suspected but unknown projectile," according to its master. The extent of the damage is currently under investigation by members of the crew, who are all safe. A separate alert by the UKMTO flagged a second incident 11 miles north of Oman in the strait of Hormuz at 08:35 local time (04:35 GMT). A cargo vessel was reported to have been "hit by an unknown projectile in the strait of Hormuz, which has resulted in a fire onboard." The crew members were being evacuated from the vessel, the UKMTO said. The identity of the vessels are still unclear. These are just the latest in a spate of attacks on vessels in the Mideast Gulf since the US and Israel carried out strikes on Iran on 28 February. Iran has responded by launching missile and drone attacks against a range of targets in neighboring Arab Gulf countries, including logistical and energy-related facilities. The retaliatory strikes against its neighbours have also effectively halted shipping through the Mideast Gulf and the strait of Hormuz ꟷ the waterway through which 14mn bl of crude and 6mn bl of refined products transited daily before the war began. US energy secretary Chris Wright said on 8 March that ship traffic through the waterway should begin moving again soon. "We're not too long away, I think, before you'll see more regular resumption of ship traffic through the strait of Hormuz," Wright told CNN. While it may take some time for normal traffic to resume "worst case, that's a few weeks, not months." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hormuz traffic restart 'not too long away': Wright
Hormuz traffic restart 'not too long away': Wright
London, 8 March (Argus) — Ship traffic through the vital strait of Hormuz should begin moving again soon, US energy secretary Chris Wright said on Sunday, providing relief to surging crude prices. "We're not too long away, I think, before you'll see more regular resumption of ship traffic through the strait of Hormuz," Wright said in a broadcast interview with CNN. While it will take some time for normal traffic to resume "... worst case that's a few weeks, that's not months". Wright said that "one large tanker" had recently passed through the strait without issue, but did not name the vessel. The Torm Hermia , a 114,951 dwt LR2 owned by Torm, safely transited eastbound in ballast on 7 March, according to ship tracking data. The ship, which most recently carried low-sulfur condensate, on 26 February was reported to be under contract to travel to the UK via the Cape of Good Hope. After passing through the strait the ship travelled eastward across the Arabian Sea, signalling it was open for orders, according to Vortexa. The US has promised to alleviate the shipping bottleneck that developed since the war with Iran started 28 February, sending crude benchmarks above $90/bl last week and early trading already above $107/bl. This includes promises of military escort and US-backed vessel insurance . But so far there is little sign of immediate improvements. Kuwait's state-owned oil firm KPC said over the weekend it has started to reduce crude output and refinery runs because of the lack of movement. Two bulk carriers managed to pass through the strait in recent days by signalling they were Chinese-owned to reduce the risk of attack. Torm Hermia is not using that type of signal according to Vortexa and Kpler. Before the war about 138 vessels would pass through the strait of Hormuz daily, according to global maritime security partnership Joint Maritime Information Center (JMIC). About 50 tankers made the run on 28 February, the first day of fighting, and since then traffic has been sporadic to non-existent. According to the JMIC no tankers passed on 7 March. Also on Sunday French president Emmanuel Macron said that in a call with Iranian president Masoud Pezeshkian he demanded Iran end the de facto closure of the strait and to stop launching attacks on neighboring countries. In a social media posting Macron said he "reiterated our grave concern regarding the development of Iran's nuclear and ballistic programs and the entirety of its destabilizing activities in the region, which lie at the root of the current crisis." "A diplomatic solution is more necessary than ever to address these crucial challenges, put an end to the escalation, and preserve peace," Macron said. Despite Israeli strikes on fuel depots in Tehran over the weekend, Wright told CNN that the US had no plans to target Iran's oil industry. "The US is targeting zero energy infrastructure," he said. By Andrey Telegin and Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
