VLCC freight rates

Where the premium is already being paid

Redundancy premium

+4

Where the premium is already being paid

The cost of having too few alternatives is already showing up in three places: the price of moving energy, the terms under which it is sold and the margins earned by companies that can still turn crude into usable fuel.

Jul 30, 2026

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3 min read

Where the failed toll still hits

Hormuz toll economics

+4

Where the failed toll still hits

The 20% Hormuz fee lasted 24 hours. These four markets show why it could not survive – and why the governance dispute underneath it has not gone away: cargo economics, vessel behaviour, freight pricing and insurance cover.

Jul 16, 2026

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4 min read

Brent went quiet. Freight didn’t.

Brent crude

+4

Brent went quiet. Freight didn’t.

Brent crude vs Oman-China VLCC freight rate, indexed to 100 at MOU signing (June 17, 2026). The chart shows the grey zone in market form.

Jun 25, 2026

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1 min read

What the deal has – and hasn’t – moved

Brent crude

+4

What the deal has – and hasn’t – moved

The ceasefire has repriced crude, gas and shipping. Not equally, not cleanly and not in ways that all point toward a clean recovery.

Jun 18, 2026

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3 min read

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