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.
Latest freight news
To unearth the true insights needed to make confident decisions, you need access to data, price assessments and analytical tools to manage freight risks.
Pacific Basin, Towngas agree green methanol deal
Pacific Basin, Towngas agree green methanol deal
Singapore, 26 June (Argus) — Hong Kong-based dry shipping firm Pacific Basin Shipping signed an initial agreement with local utility Towngas on 25 June to enhance its access to green methanol marine fuel supplies. Pacific Basin Shipping foresees green methanol playing a growing role in its fuel strategy as the company expands its fleet of low-emission, dual-fuel vessels and works to decarbonise its operations. This is in line with tightening maritime regulations aimed at gradually lowering the greenhouse gas intensity of marine fuels. The agreement outlines a framework for Towngas to supply Pacific Basin Shipping with green methanol certified under ISCC EU, ISCC PLUS or other international standards, supporting compliance with maritime decarbonisation rules. The partnership with Towngas is a key step towards securing access to green fuels needed to meet upcoming FuelEU Maritime and the International Maritime Organization's Fuel Standard, said Pacific Basin chief executive Martin Fruergaard. He highlighted green methanol's role in powering the company's low-emission, dual-fuel vessels, which could switch between fuel types based on cost and regulation. The deal also supports its goal of having green fuels make up 5pc of its fuel mix by 2030 and reaching net zero emissions by 2050. The agreement with Pacific Basin marks a significant milestone in Towngas' decarbonisation efforts and support for cleaner shipping fuels for the global shipping industry, said the utility's managing director Peter Wong. Pacific Basin Shipping operates and owns modern Handysize, Supramax and Ultramax dry bulk vessels. The company manages a fleet of more than 260 dry bulk vessels, including 108 owned vessels and the rest on charter. Its fleet expansion plans include four low-emission, dual-fuel Ultramax ships currently under construction in Japan, with delivery set for 2028 and 2029. By Lisa Cheng Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mideast Gulf VLCC rates drop 20pc as ceasefire holds
Mideast Gulf VLCC rates drop 20pc as ceasefire holds
London, 25 June (Argus) — VLCC freight rates from the Mideast Gulf to China fell by 20pc on 24 June as a ceasefire between Israel and Iran appeared to hold, easing geopolitical tensions and raising the prospect of further declines. Market participants said rates could fall quickly in the coming days if the ceasefire continues, and suggested that shipowners are likely to rush back to secure cargoes before rates drop further. The bellwether Mideast Gulf–China VLCC rate dropped to WS87.5 ($20.44/t) on Tuesday, down from a 2.5-year high of WS110 ($25/t) the previous day. Fixtures agreed at the peak of the market failed to hold. Kuwait's state-owned KPC had two bookings — one at WS110 and another at WS120 — fall through on Tuesday. Monday's rate surge prompted some shipowners to hold back from fixing in hopes of even higher returns. Those owners may now return to the market to secure cargoes before rates fall further, adding to the downward pressure, market participants said. Rates could return to pre-conflict levels if the ceasefire holds. Before tensions escalated on 13 June, the Mideast Gulf–China route had fallen to near year-to-date lows as Chinese crude demand weakened during refinery maintenance season. Higher official formula prices for Saudi crude exports also curbed demand from Chinese buyers, who turned to alternative suppliers in Latin America. In a similar pattern in October last year, when Iran launched more than 200 missiles at Israel, the Mideast Gulf–China rate rose by over 13pc to $14.10/t in three days, according to Argus assessments. Rates eased back to just above pre-conflict levels after that round of hostilities de-escalated. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Gas carriers pool on both sides of Hormuz
Gas carriers pool on both sides of Hormuz
London, 20 June (Argus) — The number of gas carriers idling on both sides of the strait of Hormuz has grown in recent days as operational risks mount with continued geopolitical tensions in the Mideast Gulf. Kpler shipping data show that seven gas carriers halted today, joining a pool of 23 vessels now idling near UAE and Oman, south of the strait. Of the total, 13 began idling on or after 13 June, when the first reported strikes on Iran occurred. The pool includes nine very large gas carriers (VLGCs), six medium gas carriers (MGCs) and eight smaller vessels. At least 11 of the 23 gas carriers have been previously linked to Iranian trade, Kpler data show. Some of the vessels have probably halted as a result of the increased operational risks in the Mideast Gulf, although several were idle before the start of the conflict and may be so for other operational reasons. A second pool of halted vessels has formed inside the Mideast Gulf, where six VLGCs, all with history of assumed Iran trade, have stopped since the airstrikes began. At least two vessels — Pyra and Gas Endurance — stopped after making U-turns shortly after the conflict escalated, Kpler ship tracking data show. Assumed Iranian LPG shipments consisted of 47 vessels in the first quarter of 2025, according to Kpler. Current disruptions could significantly impact this flow, especially to China as it has increased its reliance on Mideast Gulf cargoes following trade tensions with the US. Shipments via the strait of Hormuz — Iranian and from other Mideast Gulf producers — corresponded to 60pc of China's LPG imports so far in the second quarter, Kpler data show, up from 40pc in the previous quarter, as Chinese buyers sought to replace US product. Despite the vessel buildup, gas carriers continue to transit the strait. Chartering activity in the Mideast Gulf rebounded on 19 June following the release of Saudi Aramco's July loading acceptances. An Indian charterer moved quickly and secured vessels at rates nearing $90/t on a Ras Tanura to Chiba basis, a sharp rise from the $76/t on 13 June before the start of the current conflict. Volatility is likely to persist as some vessels remain unwilling to operate in the area, which could further support freight rates on limited competition. But this could be offset if high time charter equivalent (TCE) revenues — now significantly elevated due to the risk premium — lure more shipowners back into the region. By Yohanna Pinheiro Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Freights rise on war risk, pressure coke fob
Freights rise on war risk, pressure coke fob
Washington, 18 June (Argus) — Rising dry bulk freight rates driven by concerns around Israel's attacks on Iran are weighing on fob US Gulf prices for petroleum coke and boosting cfr prices, despite overall weak demand. "Freight [rates] are extremely strong, and this is putting heavy pressure on the fob prices," one trader said. "Freights for the next weeks are crazy." "You have almost a 10pc jump up in freights in the last three trading days," another trader said, as the freight market reacted to Israeli strikes against Iran that began on 13 June, sparking concerns over Middle East oil supply and the possibility of an additional war risk premium on marine insurance. Bunker prices in Fujairah, UAE, the world's third-largest marine fuels hub, have surged . Supramax freight rates from the US Gulf to India, one of the most common routes for petroleum coke, increased by $4-$5/t since last Thursday, while other shorter key routes, like the US Gulf to Turkey, have risen by $2-$3/t, according to multiple coke market participants. The Argus Supramax freight rate from the US Gulf to west coast India rose to $41.45/t on 16 June, up from $38.10/t on 12 June, while the US Gulf to Turkey rate jumped to $27/t from $24.05/t. Freight rates were already rising prior to the start of the conflict. "A month ago, there were a ton of ships in the Gulf, but a lot of those ships have been repositioned," a third trader said. "Vessel supply is not as healthy as it was a month or two ago." The additional concerns around marine insurance and higher bunkers are contributing to a "sugar high" among vessel owners, pushing them to raise offer levels as they feel confident in their positions for the time being, the third trader said. The increase has resulted in a jump in offer prices for US Gulf coke in India, and some deals have been heard done at significantly higher levels than in the latter half of last week. US Gulf coke sales were heard in the $106-$107/t range on a cfr west coast India basis in recent days, up from deals in the $100-$103/t range prior to 13 June. But many traders said these higher levels are not necessarily repeatable, as most large Indian buyers have not raised bids from the low-$100s/t. It is unlikely that Indian buyers will absorb the full increase in freight rates, since many are already adequately covered with fuel inventory, and coal prices are increasingly competitive. This means that sellers will need to lower expectations on an fob US Gulf basis to keep trade flowing. Traders will likely absorb much of the fob price impact, as they are holding most prompt cargoes at the moment. US Gulf high-sulphur supply is fairly tight , which is providing support to fob levels. "The thing is, if you call the refiners and ask for something, either they're not going to have it or it'll be higher" than Argus' last assessment on 11 June of $68/t for US 6.5pc sulphur fob US Gulf coke, the third trader said. "But nothing is netting back to $68 in any market right now when you take the freights into account." High-sulphur supply from Saudi Arabia was also already tight, and the tensions in the region could further disrupt shipments, especially from the Saudi Aramco-TotalEnergies Satorp joint venture 460,000 b/d Jubail refinery, located across from Iran on the country's eastern coast. Shipments from this refinery must move through the strait of Hormuz, a narrow waterway between Iran and the UAE, which some worry Iran could potentially block. Vessel owners are already looking to avoid traveling to this region . By Lauren Masterson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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