Tanker Market’s Disruption More Stark Than Ever in Hellenic Shipping News 22/05/2026 T he tanker market is undergoing a “violent” shift of cargo flows in recent memory. In its latest weekly report, shipbroker Xclusiv said that “the crude tanker market in 2026 has undergone one of the most violent earnings transformations in recent memory, driven not by demand expansion but by the physical disruption of the world’s most critical oil chokepoint. The first four months of the year tell two sharply distinct stories: a pre-conflict period defined by firm demand and steadily escalating freight, and a conflict-period collapse in seaborne crude volumes that paradoxically drove tanker earnings to historically extreme levels, illustrating, with unusual clarity, the degree to which effective tonnage supply rather than cargo volumes governs short-term rate outcomes”. Source: Xclusiv According to Xclusiv, “through January and February, seaborne crude flows were on a constructive trajectory. January 2026 reached 1,389 million barrels, a 3.2% year-on-year increase versus January 2025’s 1,345 million barrels, while February advanced to 1,332 million barrels, a 6.0% gain over February 2025’s 1,256 million barrels. These were the strongest two-month comparable readings since 2023 and reflected genuine improvement in global crude trade dynamics. Baltic Exchange tanker TCEs had already begun to price in a tighter environment: VLCC rates averaged $78,512/day in January 2026, double the $38,136/day of January 2025, while Suezmax averaged $88,445/day versus $25,556/day, and Aframax $67,957/day against $25,612/day a year earlier. The escalation of US-Iran hostilities fundamentally altered the market from March onwards. Seaborne crude volumes contracted sharply: March 2026 came in at 1,253 million barrels, a 13.2% year-on-year decline versus March 2025’s 1,443 million barrels, while April fell further to 1,244 million barrels, an 8.9% contraction. The four-month crude total for 2026 stands a