Fuel and Freight Daily Update - 12/12/25

12/20/2025

All prices reflect end-of-day settlements from December 11th, 2025

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C71): -15.20

• Jet Fuel 54g (C72): -26.12

Clean Tankers:
The clean tanker market remains under pressure, particularly in the U.S. Gulf. Tonnage availability continues to outpace cargo demand, forcing owners to compete on rates. End-of-year sluggishness is setting in, and with limited fresh stems, market sentiment remains soft.

Crude Tankers:
Crude freight is holding steady. VLCCs remain structurally supported by ongoing long-haul voyages and tight availability. While spot demand has not surged, the constrained supply picture continues to maintain a supportive floor across major routes.

LNG Shipping:
LNG freight remains strong as cold weather drives consistent demand. Spot availability is tight, and charterers are still locking in forward tonnage. Longer voyages and firm seasonal fundamentals continue to give owners strong pricing power.

Dry Bulk & Containers:
Dry bulk remains stable in key grain and ore corridors, but container markets are still soft. Oversupply and muted global trade continue to suppress rates, though select seasonal lanes are seeing mild support. Overall tone remains cautious heading into the final stretch of the year.

Outlook:
With limited weeks left in Q4, the divide between segments remains. LNG and crude freight stay resilient, while clean product and container markets continue to struggle with oversupply and weak cargo flows. Barring a late-month demand pickup, rate softness may persist into early January.