Neil Crosby hosts with Michael Ryan and June Goh. Growing Hormuz transits, a record 262 VLCC orders, Atlantic tonnage oversupply, softening Dubai premiums, and why Singapore VLSFO blend margins are building a bullish case into Q3.

Chapters: 

(00:48) Atlantic freight: the tonnage trap

Ships flooding the Atlantic from all segments as Persian Gulf flows shrink, driving wild rate swings.

(04:47) Iran, Hormuz and US strategy

US-Iran direct conflict resumes; Hormuz transits quietly growing as Iran's oil influence fades.

(07:26) Demand data and inventory watch

Indian and EU demand mixed; Cushing near its 20 million barrel floor; VLSFO stocks at zero in Fujairah.

(12:09) Record VLCC orders: a long-term warning

262 VLCCs on order, surpassing the 2008 peak. The bearish signal shipowners cannot ignore.

(19:19) PG crude: trickle turns to stream

ADNOC tenders 14 million barrels; Dubai premiums soften; China stays out of WAF and PG markets.

(26:59) Products quickfire: distillates, gasoline, fuel oil

Singapore regrade strengthens; VLSFO east-west collapses to $55/ton; Botany Bay gasoline arb reopens.