Fuel and Freight Daily Update - 12/22/25

12/22/2025

All prices reflect end-of-day settlements from December 19th, 2025

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C01): -11.25

• Jet Fuel 54g (C01): -20.75

Clean Tankers: Clean-product tanker markets remain under pressure as year-end inactivity deepens. Tonnage lists in the U.S. Gulf and other export regions remain long, while spot cargo demand is sparse. With few fresh stems entering the market, owners continue to discount rates to keep vessels employed. Sentiment remains weak heading into the holiday period, and near-term recovery appears unlikely without a post-year-end pickup in exports.

Crude Tankers: Crude freight is steady with a supportive undertone. A meaningful portion of VLCC and Suezmax tonnage remains tied up on long-haul or extended voyages, limiting effective availability. While spot demand is quiet, these structural constraints continue to underpin rate floors across key long-haul routes. Activity is expected to remain rangebound through the holidays.

LNG Shipping: LNG freight remains firm. Winter demand continues to absorb available tonnage, particularly in the Atlantic Basin. Spot vessel availability is tight, and longer voyage durations are keeping ships committed. Charterers remain focused on securing forward cover, allowing owners to maintain pricing leverage despite broader seasonal slowdowns.

Dry Bulk & General Freight: Dry-bulk markets are mixed but generally stable in core commodity corridors. Container and general cargo segments remain under pressure from excess capacity and uneven global trade flows. Seasonal support is limited and largely route-specific, with little momentum expected before year-end.

Overall Outlook: Freight markets remain bifurcated. Crude and LNG segments continue to benefit from structural tightness and seasonal demand, while clean-product and container markets struggle under oversupply and subdued cargo activity. With holiday slowdowns firmly in place, meaningful shifts in market direction are likely deferred until post-holiday trading resumes.