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Summary of the ocean freight market update in October
US–China Trade Truce: President Trump and Chinese Premier Xi Jinping met in South Korea - their first face-to-face meeting in six years - agreeing to suspend reciprocal port charges and ease trade tensions. The US will pause Section 301 measures on China’s maritime and shipbuilding sectors for one year, while China will suspend its Special Port Service Fee on US vessels. Additional deals include Chinese purchases of US soybeans, tariff reductions, cooperation on rare earths, and a pledge by China to curb fentanyl-related exports. – Seatrade Maritime, WSJ
Record US LNG Exports: The US became the first nation to export over 10 million metric tonnes of LNG in a single month, reaching 10.1 mmt in October 2025. The increase was driven by new capacity from Venture Global's Plaquemines Plant and Cheniere’s Corpus Christi Stage 3 Project. – Reuters
Surge in LNG-Fueled Ship Orders: October saw 30 new alternative-fueled vessel orders, signaling recovery after a weak Q3. LNG-fueled container ships led with 26 orders, while four methanol-fueled tankers were also commissioned. – gCaptain
Energy Price - October 2025
20 September 2025 = USD66.68
20 October 2025 = USD61.01
• OPEC+ Output Plans: OPEC+ will raise oil production by 137,000 barrels per day in December, matching previous months’ increases, but plans to pause further hikes in early 2026 due to seasonal factors. – WSJ
• Marine Fuel Trends: Since IMO 2020’s sulfur limits took effect, shippers initially switched to low-sulfur fuel oil (LSFO). However, high-sulfur fuel oil is regaining share as more vessels install scrubbers that allow its continued use. – USEIA
• Global LNG Expansion: The IEA projects record LNG capacity growth by 2030, reshaping global gas markets and influencing energy security and affordability. – IEA (....)