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Latest Market News

US steps up pressure on Houthis

  • Spanish Market: Freight
  • 16/01/26

The US today announced new sanctions against the Yemen-based Houthis, targeting the rebel group's illicit oil sales and arms procurement, amid increased US pressure against Iran, which funds the group, and Washington's desire to restore commercial traffic through the Suez Canal.

"The Houthis threaten the US by committing acts of terror and attacking commercial vessels transiting the Red Sea," US treasury secretary Scott Bessent said on Friday. "Treasury will use all tools at its disposal to expose the networks and individuals enabling Houthi terrorism."

Vessels have been avoiding the Red Sea and passage through the Suez Canal plummeted following the start of Israel's war in Gaza in 2023. Additional war risk premiums for the region have lowered in recent months but traffic still remains below pre-war levels as shipowners continue to remain reluctant to transit the area. Some market participants are looking to return to the area, such as Danish shipping firm Maersk, which announced in January it would switch one of its routes back to the Suez Canal full time.

The US Treasury's actions target financial conduits between the Iranian government and the Houthis, building on previous Treasury actions to constrict the Iranian regime's use of its oil wealth to fund regional terrorist proxies at the expense of the Iranian population's welfare, according to Friday's statement.

The US Treasury's Office of Foreign Assets Control (OFAC) sanctioned 21 individuals and entities, including one vessel, the 2003-built Panamax Albarraq Z, and four individuals who have served as captains of previously designated vessels that delivered oil to Houthi-controlled ports.

The Houthis' illicit oil sales, thought to generate $2bn annually, are supported by the Iranian government, which sells and provides a free monthly shipment of oil to the Houthis through Iranian-owned or affiliated companies in Dubai. "Houthi leaders charge ordinary Yemenis exorbitant prices for oil and oil derivatives, pocketing the proceeds of these sales for personal gain and to fund the group's military operations," Friday's Treasury statement reads.

By Charlotte Bawol

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15/01/26

Two VLCCs with Venezuela oil head to Bahamas

Two VLCCs with Venezuela oil head to Bahamas

New York, 15 January (Argus) — Two aging, very large crude carriers (VLCCs) operated by a sanctioned Greek shipowner have departed Venezuela laden with oil, expected to reach a storage facility in the Bahamas as early as next week, according to several shipping sources. The Marbella , laden with 1.75mn bl of Merey, departed from Venezuela on 11 January and is set to arrive on 19 January at the Liwathan B.O.S. crude terminal, about 28 miles east of Freeport, Bahamas, according to vessel tracking service Vortexa. The Rene, laden with 1.31mn bl of Merey, is reported to have departed Venezuela on 1 January and will arrive at the terminal on 24 January. Both vessels are more than 20 years old and appear to have been part of the "dark fleet" of vessels that have carried sanctioned crude from Iran and Venezuela. They are both effectively controlled by Altomare SA, according to Kpler, a Greece-based shipowner sanctioned by the US' Treasury's Office of Foreign Assets Control (OFAC) for its involvement in transporting Iranian crude on behalf of Sepehr Energy Jahan. Neither of the vessels appear on the US' OFAC sanctions list, however. It is not clear if either ship is part US-approved operations underway by trading firms Trafigura and Vitol to sell 30mn-50mn bls of Venezuelan crude, with priority given to US buyers. Trafigura loaded a cargo of Venezuelan crude this week, a shipbroker told Argus, as expected following comments from the company's chief executive at the White House last week . Neither firm responded to Argus questions before publication. The US appears to have chosen to issue private waivers as opposed to issuing a "general license" to allow state-owned PdV to sell crude cargoes to any market participant. The Liwathan terminal is VLCC-capable, meaning shippers offloading crude stored there would have the option to ship directly to Asia via VLCC. Tanker rates on the rise The potential for more Venezuelan crude to go on compliant ships instead of dark fleet tankers following the US' capture of Venezuelan president Nicolas Maduro earlier this month was a key factor in the runup for tanker rates in the first half of this week, both for VLCCs and for short-haul Aframax rates. The bellweather US Gulf coast (USGC)-China VLCC rate hit a more than three-year high of $14.5mn on Wednesday, equivalent to $6.96/bl, up by 64pc since 6 January. The Caribbean-USGC Aframax rate rose by 29pc since 7 January to $3.78/bl, nearly matching a multi-year high. A rush of Asia-bound cargo demand following a lull in chartering activity over the holidays has also contributed to the rate gains. By Charlotte Bawol, David Haydon and Nicholas Watt Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Maersk returns to the Suez Canal

15/01/26
15/01/26

Maersk returns to the Suez Canal

London, 15 January (Argus) — Danish shipping firm Maersk will switch one of its routes back to using the Suez Canal full-time, after successful transits of two ships from its fleet at the end of 2025. The company will move its MECL route, which runs between the Middle East/India and the US Atlantic coast, back to using Suez rather than around the Cape of Good Hope, bringing it back to its route prior to Yemen-based Houthi militants beginning a campaign of attacks against shipping in late 2023. In November, the Houthis signalled a pause to their attacks following the ceasefire agreement between Israel and the Palestinian militant group Hamas a month earlier. The first Maersk vessel to journey through the canal will depart an origin east of Suez on 15 January, and another will leave the US on 10 January. Maersk said it is monitoring the situation in the Bab el-Mandeb strait at the mouth of the Red Sea, where Houthi attacks have been concentrated, and said it will switch back to using the Cape of Good Hope route if it feels there is a risk to its vessels. Shipowners' re-routing around the Cape boosted bunker fuel spot demand in southern Africa, at ports such as Cape Town and Durban in South Africa, and Port Louis in Mauritius. Maersk's return to the Red Sea could incentivise smaller shipping companies, which would take bunkering demand back to Egypt's ports at Suez and Port Said. The route through Suez is the most efficient for transport between Asia-Pacific and Europe. The combination of a possible widespread return to shipping traffic moving through the Suez Canal and an increasingly tight EU and US sanctions regime against Russia has generated significant uncertainty for the Long Range (LR) tanker market in 2026. A move back to the Suez Canal could create a lower ceiling for rates and reduce shipowners' profits in 2026, as it would shorten the average journey for an LR. The Mideast Gulf to the UK Continent LR rates averaged $49.91/t and $46.91/t across the Long Range 1 (LR1) and Long Range 2 (LR2) segments respectively so far in January, up from $43.53/t and $42.51/t a year ago. But sanctions on Russia's energy sector is turning European participants' focus toward the Mideast Gulf for diesel supply, which could provide upward support to the rates. Clean product tanker transits through the Suez Canal totalled 51 in December and 78 in November 2025 according to Vortexa, around one-fifth of the total before the Houthi attacks started. Three clean tankers have transited the Canal in January to date. Charterers will struggle to mandate a vessel to transit the Bab el-Mandeb strait because the area is still rated at risk of 'Hull War, Piracy, Terrorism and Related Perils' by the Joint War Committee. In such a case, the charterer may have to cover the AWRP payments, subjective to the Charter Party, which would be significant. By Natália Coelho and Erika Tsirikou Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US Gulf VLCC rates rally on demand spike

13/01/26
13/01/26

US Gulf VLCC rates rally on demand spike

Houston, 13 January (Argus) — Rates for 2mn bl very large crude carriers (VLCCs) loading out of the US Gulf coast (USGC) began pushing higher on Tuesday after a sharp spike at the start of the week, boosted by increasing demand for crude cargoes bound for Asia-Pacific, among other destinations. The rate to ship 270,000t of crude from the USGC to China rose by $1.9mn on Monday to $12.25mn lumpsum, including $250,000 Corpus Christi load-port fees. That rate, equivalent to $5.88/bl for crude benchmark WTI, was the highest level since 22 December, and only 97¢/bl below the more than three-year high reached in October 2025, according to Argus data. That level repeated on Tuesday after SK Energy put the Almi Hercules on subjects for a USGC-South Korea voyage at $12mn, excluding load-port fees. Transatlantic levels also pushed higher after an uptick in chartering activity. Equinor on Tuesday put the Amphritrite on subjects for a USGC-UKC voyage at $6mn excluding load-port fees. The deal included an option to discharge in China though one market participant noted the latter option was likely at a "throwaway" rate. The USGC-Rotterdam VLCC rate began this week at $5.25mn lumpsum including load-port fees, an increase of $250,000 from the end of last week. VLCC demand accelerated over the past week as market participants fully emerged from end-of-year holiday activity, sapping available tonnage in a similar vein to activity out of the Brazil, Mideast Gulf and west Africa segments. The rally in the VLCC market already began rippling to the midsize segments, a factor which should continue through this week at least. The increases come with mounting pressure, as little more than a month remains before the arrival of the lunar new year. That will eventually prompt more shipowners and charterers to cover positions before the holiday, which will run from 15-23 February in China. Venezuela outlook adds to sentiment The recent developments around Venezuela following the US capture of the country's president Nicolas Maduro are likely to support dirty tanker rates as well, according to several market participants. Executives from Trafigura and Vitol said on 9 January they were ready to start selling Venezuelan crude, with Trafigura saying it was loading a cargo this week. Another market participant said they expected Trafigura or Vitol to deliver a 1mn bl cargo of Venezuelan crude to India by March. "Many [are] quite confident still that most Venezuelan [crude] will continue to move on VLCCs, unsanctioned now," a separate market participant told Argus . VLCC shipowners have thus far held back given the ongoing situation, and early on several oil and gas companies signaled hesitation to return to Venezuela given the possibility of future losses. By David Haydon Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trafi to offer Venezuela crude as flows shift: Update

09/01/26
09/01/26

Trafi to offer Venezuela crude as flows shift: Update

Recasts lead with focus on Trafigura plans to sell its first cargo of Venezuelan oil. New York, 9 January (Argus) — Changing US restrictions on Venezuela's crude sales are set to lift US imports, with trading firm Trafigura slated to sell its first cargo of Venezuelan crude since the US arrested president Nicolas Maduro last week. Executives from Trafigura and fellow-trader Vitol said Friday they were ready to start selling Venezuelan crude, following a meeting with other oil executives at the White House about US plans to direct up to 50mn bls of the country's crude to US buyers. Their statements during a televised meeting with President Donald Trump and others effectively confirms both companies received licenses from US sanctions enforcers allowing them to sell Venezuelan crude. "The first vessel should load in the next week," Trafigura chief executive Richard Holtum said, but the destination of the cargoes was not made clear. Since the US' capture of Maduro, it does not appear any shadow fleet tankers have loaded in Venezuela, according to ship research firm TankerTrackers.com. This indicates that the US action against such vessels — including the seizure of a 5th tanker in the Caribbean earlier today — is discouraging illicit activity out of Venezuela. Prior to the US blockade China had been importing about 430,000 b/d of Venezuelan crude, Argus surveys indicate, most of it on "dark fleet" tankers that are subject to sanctions. Trump's statement that up to 50mn bl of Venezuelan crude will be delivered directly into the US Gulf formalizes a rapid redirection of flows away from the dark fleet ships previously bound for China, according to tanker shipbroker Odin. The move will likely heighten Chinese demand for Iranian and Russian grades of crude where supply remains ample and pricing competitive, Odin said. The US seized two tankers on 7 January: the Russian-flagged Marinera , which previously went by other names, was seized off of the coast of Ireland; and the M Sophia , which was part of the flotilla of 16 tankers that defied the US blockade previously . The US seized the VLCC Skipper in early December , and another tanker , Centuries , lat er i n the month. Chevron continues to load crude Two Chevron-operated tankers carrying Venezuelan crude are set to arrive in Texas mid-January after loading in Jose Terminal and departing the country on 7 January, vessel tracking data shows. The Mediterranean Voyager , laden with an estimated 443,000 bl of Hamaca, and the LR2 Nave Photo, laden with an estimated 158,800 bl of Merey crude, both loaded in Jose Terminal on 5 January, departed from Venezuela on 7 January and are set to arrive in Freeport, Texas, on 15 January, according to Vortexa. The Mediterranean Voyager has a documented history of engaging in Chevron-linked Venezuelan crude transport to US Gulf refineries built to process heavy grades . Chevron lost its license to import Venezuelan crude in May 2025, but it was reinstated in August , at which point the company slowly resumed its imports. Chevron is currently the only US producer operating a joint venture with Venezuela's state owned PdV. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US seizes fifth Venezuela-linked tanker: Update

09/01/26
09/01/26

US seizes fifth Venezuela-linked tanker: Update

Updates to include destination of seized tanker. London, 9 January (Argus) — The US seized the sanctioned Aframax tanker Olina while it was sailing in the Caribbean carrying Venezuelan crude earlier on Friday, marking the fifth confirmed seizure in recent months. The 113,782 dwt Olina , flagged to Timor Leste according to the IMO database, was apprehended in the Caribbean Sea on 9 January, the US Southern Command said. "In a pre-dawn action, Marines and Sailors from Joint Task Force Southern Spear, in coordination with the Department of Homeland Security, launched from the USS Gerald R. Ford and apprehended the tanker Olina in the Caribbean Sea without incident," the command said. The Olina was sanctioned by the US under the name Minerva M in October 2025, by the EU in May 2025 and by the UK in December 2024 for carrying Russian oil. The vessel's registered owner is Tantye Peur, Hong Kong, according to the IMO database. The tanker last called at Russia in September 2024, when it loaded dirty products from Taman, Kpler data show. In 2025, the vessel was mostly involved in Venezuelan voyages, according to Kpler. This is the fifth confirmed tanker seizure by the US in recent months. The US Coast Guard seized two vessels in December after President Donald Trump declared a partial oil blockade of Venezuela targeting tankers under US sanctions. It later seized the Marinera and M Sophia on 7 January. Heading back to Venezuela The Olina is being sent back to Venezuela,US president Donald Trump said in a social media post Friday. The oil on the ship will eventually be sold as part of an agreement Trump said the US reached with Venezuela to sell up to 50mn bls of crude to US buyers. The Olina' s return to Venezuela marks a departure from the administration's prior practices, which had been to bring seized vessels back to US ports. The first two vessels seized by US forces, the Centuries and Skipper very large crude carriers, have been posted off the coast of Houston, Texas, since they arrived back in the US, according to vessel tracking data from Kpler. The cargo onboard those vessels may be difficult to unload due to the commercial implications of engaging in trade with ship still under US sanctions, according to a shipbroker. By Andrey Telegin and Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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