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Tankers and Gas Annual Outlook Red Sea Risk

Crude and product tankers: Can strength carry through into 2026?

  • Red Sea reopening and Ukraine-Russia peace agreement could alter the tonne-mile equation but outcomes remain highly uncertain
  • Crude tanker demand will hinge on the extent oil supply exceeds demand next year, and how Opec producers react to pricing pressure
  • Tanker newbuilding deliveries will accelerate in 2026 — a headwind for spot rates if transport demand doesn’t keep pace

  • Analysis

Tanker rates rose over the course of 2025, in both the crude and products segments. The start of 2026 should be strong, given positive momentum, but geopolitical variables make it hard — if not impossible — to predict rates for the rest of the year

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    This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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