January 8, 2026 Megan Kennedy at Marsoft gives some pointers on the current VLGC market: VLGC rates are still seeing gains as we enter the new year. Spot rates on both the US–Japan and Middle East–Japan routes are currently above $60,000 per day, more than $20,000 per day higher than this time a year ago. Rates for these routes averaged a similar amount in December, and yet China has not returned fully to importing LPG from the US as it did before tariffs and the trade war b

January 5, 2026 Recent U.S. intervention in Venezuela represents a major geopolitical development, but a relatively modest near-term event for global shipping markets. Venezuela’s current role in seaborne oil trade is limited, and despite the country’s large reserves, any meaningful recovery in crude production will require substantial time and investment. The more relevant shipping implications lie in trade flow reshuffling, sanctions enforcement and dark fleet adaptations,

In the Book of Genesis, Joseph interprets Pharaoh’s dreams as a warning of seven years of plenty followed by seven years of famine. His advice was not to deny the coming abundance, but to “look for a wise man,” someone who would manage the years of plenty, so that abundance itself did not become the cause of ruin when the cycle turned.   The shipping market has its own cycles, three major cycles of which are apparent in the data from 1985.  We are currently at or near peak re

December 15, 2025 Containership markets continued to capitalize on geopolitical turmoil in 2025. Despite the ongoing trade wars, containerized trade volumes gained significant ground. Charter rates and second-hand prices moved higher. Liner operators enjoyed another year of strong profits, although liner earnings were markedly lower than the year before. In November, leading carriers warned of likely losses in 25Q4 and in 26Q1. Will containership charter rates and vessel pric

Capes above $40,000/day — what’s behind the breakout? In the latest episode of The Marsoft Beat , Kevin Hazel  sits down with Ryan Uljua  to unpack the remarkable rally in the largest dry bulk segment. They cover:   ⚓ Brazilian long-haul iron ore strength 🌍 West Africa’s rising iron ore role...even before Simandou ramps up 🇨🇳 China’s “steel production down, iron ore imports up” paradox 📈 How 2025 has tracked along Marsoft’s early-year "High Case" scenario 🚢 Our latest re

December 5, 2025 By Megan Kennedy Spot rates for conventional VLGCs have started the last month of 2025 averaging more than 30% higher than rates in December of 2024. So far this month, VLGC rates have topped over $60,000 per day, and for Q4-to-date, conventional rates are averaging roughly $57,000 per day – some 40% higher than the same quarter last year.   The fourth quarter is typically a lower-demand period for VLGCs, whereby Asian demand falls back after its Q3 seasonal

VLCC spot rates have surged past $120,000/day, driven by OPEC supply, sanctions enforcement, and a sharp rise in oil on the water. In this episode of The Marsoft Beat, Ryan Uljua speaks with Marsoft Senior VP John Moulopoulos to break down what’s behind the spike and how long it’s likely to last. Drawing on Marsoft’s recent 25Q4 Tanker Market Report, they discuss the temporary drivers lifting earnings today, the impact of Red Sea normalization on tonne-mile demand, accelerati

Marsoft’s Dry Bulk market outlook for the remainder of the year is cautiously optimistic: improved grains trade prospects, steadier iron ore imports, and the recent seasonal rebound in Asian coal flows have prompted modest upward revisions to our base case relative to last August. Looking at 2026 however, China’s slowing import demand, firm fleet growth throughout the year and the expected Red Sea normalisation in 26H2 point to a gradually softening balance throughout 2026, w

Ryan Uljua talks with Hauke Kite-Powell about Marsoft’s latest LNG forecast—built for shipowners. They cover why spot rates are expected...