Shipping Market Outlook: Q4 2026
The Q4 2026 outlook reports that Houthi attacks in the Red Sea are blocking Saudi oil exports through the Bab el-Mandeb Strait, and that full restoration of Middle East oil flows is unlikely before at least mid-2027. Tanker markets reached record highs despite the loss of Middle East barrels, with Q3 spot earnings for VLCCs above 200,000 USD/day, while the LPG market remains severely disrupted and Saudi Aramco has notified customers it will suspend propane exports in H1 2027.
Why it matters: The outlook bears directly on energy security, because the loss of Middle East barrels and the suspension of Saudi propane exports change seaborne flows and chokepoint risk into 2027.