Fuel and Freight Daily Update - 12/23/25

02/23/2026

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

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C01): -11.25

• Jet Fuel 54g (C02): -20.05

Clean Tankers:
Clean-product tanker markets remain soft as holiday-driven inactivity continues to weigh on demand. Tonnage lists in the U.S. Gulf remain long, with limited spot stems emerging. Owners are still conceding on rates to keep vessels moving, and near-term sentiment remains weak heading into the final days of the year.

Crude Tankers:
Crude freight is stable with a supportive undertone. A meaningful share of VLCC and Suezmax tonnage remains tied up on long-haul or extended voyages, which continues to constrain effective supply. While spot activity is light, these structural factors are helping maintain rate floors across major routes.

LNG Shipping:
LNG freight remains firm. Winter demand continues to absorb vessel availability, particularly in the Atlantic Basin. Forward chartering activity and longer voyage durations are keeping ships committed, allowing owners to retain pricing leverage despite thinner holiday trading.

Dry Bulk & General Freight:
Dry-bulk markets are mixed but largely stable in core commodity corridors. Container and general cargo segments remain under pressure from excess capacity and uneven global trade flows. Seasonal slowdowns are limiting any near-term rate upside.

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 face ongoing headwinds from oversupply and holiday-related demand weakness. Any meaningful recovery in softer segments is likely deferred until post-holiday activity resumes.