The EU’s 21st sanctions package keeps tankers at the centre of the Russian oil regulatory environment, with vessel level restrictions expanding further and compliance risk moving across vessels, cargoes and counterparties. Sanctioned vessels now represent around one fifth of global crude tanker capacity, with crude Aframaxes the most exposed segment at roughly one third of fleet capacity.
The package adds further vessel designations, fixes the Russian crude oil price cap at $44.10 per barrel for the next year and keeps the permitted level well below current market prices. It also allows EU member states to seize and sell cargoes carried by sanctioned shadow fleet vessels during lawful enforcement operations, adding direct commodity risk to the existing vessel and service restrictions. Due diligence now extends beyond the individual vessel to ownership structures, cargoes, counterparties and the full commercial chain behind each voyage.
Capesize average earnings were $38,900/day, with the BCI at 4,285 up 5% w o w. Panamax average earnings were $18,200/day, with the BPI at 2,024 down 10% w o w. Supramax average earnings were $21,400/day, with the BSI at 1,694 down 2% w o w. Handysize average earnings were $16,300/day, with the BHSI at 905 up 0.2% w o w.
Capesize improved on South Brazil and West Africa to China, with C3 assessed at $34.68/ton and a 180,090 dwt fixed Tubarao to Qingdao at $34.85/ton.
Panamax transatlantic demand held steadier than fronthaul, but limited cargo volume and a growing ballaster list kept pressure on forward positions, with an 82,000 dwt fixed from Singapore for an ECSA to Far East trip at $17,500/day.
Supramax North American routes came under pressure from longer tonnage lists, while the East Mediterranean was firmer on fresh grain demand, with a 58,000 dwt fixed US Gulf to Spain with grains at $23,000/day.
Handysize stayed under pressure in the US Gulf and South Atlantic as excess tonnage and insufficient fresh demand weighed on sentiment, with a 37,000 dwt fixed East Coast Central America for an inter Caribbean trip at $18,500/day.
Capesize activity increased toward the close as renewed miner participation and stronger operator activity lifted C5 to $12.855/ton, with a 180,000 dwt fixed Dampier to Qingdao at $12.45/ton.
Panamax weakened as lower enquiry from NoPac, East Australia and Indonesia allowed prompt tonnage to build, with a 76,000 dwt fixed for a Pacific round voyage at $15,000/day.
Supramax rates stayed under pressure from increased tonnage availability, although Southeast Asia and the Indian Ocean provided support, with a 63,000 dwt fixed Weihai for a NoPac round voyage with grains at $18,000/day.
Handysize improved as stronger cargo enquiry, clearing tonnage in Southeast Asia and NoPac, and higher charterer bids supported rates, with a 37,000 dwt fixed Singapore for an Australian round trip at $18,000/day.
VLCC earnings eased, with TD15 West Africa to China at $91,300/day and TD22 US Gulf to China at $97,100/day as Atlantic VLCC routes corrected.
Suezmax Atlantic routes softened, with TD20 West Africa to UK Continent at $110,500/day and TD27 Guyana to UK Continent at $106,700/day.
Aframax rates surged in the US Gulf, with TD25 US Gulf to Continent at $132,800/day and TD26 East Coast Mexico to US Gulf at $147,100/day, while TD19 cross Med rose to $156,700/day.
LR firmed, with TC20 ME Gulf to UK Continent at $121,000/day.
MR was mixed, with TC21 US Gulf to Caribs at $30,600/day while TC2 Continent to US Atlantic Coast fell to $2,600/day.
VLCC remained stronger in the ME Gulf, with TD3C ME Gulf to China at $401,300/day and TD34 Gulf of Oman to China assessed at WS 152.6, equivalent to $28.49/ton.
Suezmax East of Suez sentiment stayed headline driven, with security concerns continuing to influence positioning and trading decisions.
LR strengthened, with TC1 ME Gulf to Japan at $140,300/day and TC5 ME Gulf to Japan at $105,300/day.
MR softened in the Far East, with TC7 Singapore to East Coast Australia at $27,300/day.
Over the past twelve months, Greece led secondhand selling with 319 vessels across sectors, versus 160 sales by Chinese sellers. Greek sales were led by 166 dry bulk and 117 tankers, plus 22 containers and 9 gas carriers, while Chinese sales comprised 108 dry bulk, 31 tankers, 11 containers and 5 gas carriers. On the buying side, Greece recorded 231 purchases and China followed with 210, with Greek buying led by 122 dry bulk and 86 tankers, while Chinese buying was led by 161 dry bulk and 35 tankers.
This post provides a high-level view of the EU’s latest Russia oil sanctions, the expanding tanker regulatory environment, and current freight market performance.
The full Allied QuantumSea Weekly Market Report – Week 30 includes:
· In-depth analysis of the EU’s 21st sanctions package and its impact on tanker markets
· Vessel-level sanctions, shadow fleet exposure and crude tanker capacity under restriction
· Oil price cap developments and implications for Russian crude trade
· Compliance risks across vessels, cargoes, ownership structures and counterparties
· Detailed dry bulk and tanker earnings tables across all vessel classes
· Atlantic & Pacific route-level freight analysis with fixture benchmarks
· Baltic indices, TCE calculations & historical trend comparisons
· Secondhand S&P transactions, buyer–seller positioning & asset value trends
· Recycling activity and scrap pricing indicators
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