Market update on Oil & Gas transport vessels: Segmented divergence
• We expect a slight improvement in the crude oil tanker market, driven by sanctions and production growth from OPEC+. However, if the situation between Russia and Ukraine stabilizes, this improvement may gradually diminish. The product oil transport segment is expected to see a significant increase in vessel supply this year, putting pressure on freight rates in the medium term.• The chemical transport market is seen as positive in the near future. Restrictions from the trend of "swing tonnage" will help to reduce competitive pressure and maintain freight rates at favorable levels.
• For the LPG transport market, we expect that the increased LPG export activities in the US and the rise in oil production by OPEC+ will serve as positive supporting factors in the 2H2025, helping to sustain freight rates at long-term average levels.
• The outlook for the drybulk carrier market in 2025 predicts stagnation, as vessel demand growth is affected by China's bulk imports failing to achieve the robust growth as seen in 2023-2024. The possibility of a ceasefire agreement between Israel and Hamas is also a noteworthy factor.
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