Fuel and Freight Daily Update - 1/5/26

In partnership with

01/06/2026

All prices reflect end-of-day settlements from January 5th, 2026

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C03): -10.00

• Jet Fuel 54g (C04): -22.00

Freight markets are reopening after the holiday period, with early-January conditions showing a gradual return of activity but no sharp shifts in underlying fundamentals.

Clean Tankers:
Clean-product tanker markets remain under pressure at the start of the year. In the U.S. Gulf and other key export regions, prompt tonnage lists are still long following year-end inactivity. While inquiry is beginning to return, cargo flows have yet to materially absorb excess supply. Owners continue to compete on rates to secure early-January stems, and near-term sentiment remains cautious.

Crude Tankers:
Crude freight is reopening on a steadier footing. A portion of VLCC and Suezmax tonnage remains tied up on long-haul or extended voyages, keeping effective availability constrained. While fixture volumes are still light as the market restarts, these structural factors continue to support rate floors across major long-haul routes.

LNG Shipping:
LNG freight remains firm into early January. Winter demand continues to limit vessel availability, particularly in the Atlantic Basin, and voyage durations remain extended. Charterers are active securing near-term and forward coverage, allowing owners to maintain leverage despite thin post-holiday liquidity.

Dry Bulk & General Freight:
Dry-bulk and container markets are reopening quietly. Some bulk commodity flows are resuming, but excess capacity and uneven trade demand continue to cap rate momentum. Container and general cargo markets remain under pressure with little immediate catalyst for improvement.

Overall Outlook:
As markets reopen, the familiar divide remains in place. Crude and LNG freight continue to benefit from structural tightness and seasonal demand, while clean-product tankers and container freight face lingering oversupply. Any meaningful recovery in softer segments will likely depend on a sustained pickup in post-holiday export and industrial activity as January progresses.

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