Dirty & Clean Routes: This Week’s Congestion Moves in International Shipping News 14/02/2026 Recent freight market behavior suggests a pause in the rally rather than a structural reversal. Freight levels remain supported by constrained tonnage supply, particularly in core export regions, though near-term direction will depend on fresh cargo flow and overall market activity. Arabian Gulf and West African dirty freight markets are currently characterized more by holding firmness than a new surge. Market activity appears measured, with participants monitoring cargo flow developments before establishing stronger directional conviction. Trade Flow & Policy Developments The freight market’s direction is increasingly shaped by evolving crude trade patterns and emerging policy shifts. A potential trade agreement between the United States and India, expected by mid-March, is drawing market attention. While the direct impact on freight remains uncertain, any adjustments to tariff frameworks or sourcing incentives could affect crude procurement strategies and, in turn, tonne-mile demand. A gradual reconfiguration of global trade flows is already taking shape. Indian refiners have shown renewed openness toward Venezuelan crude following the resumption of exports. State-owned Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) have jointly secured 2 million barrels, marking the second Venezuelan cargo deal since export channels reopened. If sustained, this shift could modestly extend average voyage distances, particularly if Atlantic Basin crude gains an incremental share in Asian refining systems. However, structural realignment remains conditional. Commercial viability, refinery configuration constraints, and regulatory clarity continue to limit rapid substitution between crude grades. Not all barrels are interchangeable. Sanctions frameworks and compliance requirements remain operational variables, particularly for vessel services, insurance, and financing channels. For now, freight performance appears more directly driven by regional vessel availability and cargo timing rather than immediate geopolitical catalysts. Freight Market Overview – Dirty Baltic Dirty Tanker Index is trending exceptionally higher (+90% YoY), surpassing the monthly levels of the previous years since 2023. BDTI – Baltic Dirty Tanker Index Market Prices → BDTI Dirty TCE$/DAY VLCC | Suezmax | Aframax ↓ TD3C Middle East Gulf to China | TD6 Black Sea to Mediterranean | TD7 North Sea to Continent Dirty Spot Price Summary Open in Platform → Dirty Spot Price Summary The freight market pulse has eased further since the start of the first week of February. Yet strong performances are still recorded in the VLCC Middle East Gulf-to-China TCE and the Suezmax Black Sea-to-Mediterranean, with TCE in excess of $110k/d, while the Aframax North Sea-to-Continent dropped below $95k/d. VLCC: The TCE rates for the MEG-to-China route, while dropping by about $5,000/day to $117,000/day, remained strong. This $117k/d figure represents a substantial increase of roughly $83,000/day compared to a year ago. Suezmax: Rates for the Black Sea to Mediterranean route experienced a minor downward adjustment this week, remaining near $117k/day — an increase of approximately $79k/day YoY. Aframax: North Sea-to-Continent rates currently stand at $93k/d, dropping by around $3k/day from the previous week, and still significantly weaker than the extraordinary spike to approximately $140k/