The Maritime

Biggest movescoal−38.8%monthDirty Tanker Index−21.9%weeksteel+20.0%monthJet-kerosene (US Gulf Coast)+12.5%monthDiesel/heating oil (NY Harbor No.2)+12.4%monthNatural gas (Europe)+12.1%monthas of 06 Nov

Four decades of freight, one line.

The composite dry index, month by month since the late eighties: every boom, every bust, and where this month sits against all of them.

Walk the history →

535

this month · Sept 2026

100

the low · Jun 1988

5.3×

against Jun 1988

460

monthly prints

Seaborne trade momentum

volume and value indexed, monthly, through Sept 2026

Volume
Value

Value, with its band.

Comparable sales and a learned estimate, each with the range it is confident in, tested against the record of real deals.

Value a vessel →

76%

of bulker sales land inside the band

3,030

sales in the backtest

$15.0M

21 SUNNY · 38,109 dwt · built 2012 · 58 comparable sales · confidence high

$13.2M$13.8Mwhere the two bands agree$19.5M$22.4M

Fugabuilt 2012 · $19.0M

LOCOMOTIONbuilt 2013 · $19.8M

PACIFIC HARMONYbuilt 2013 · $18.0M

The latest sales

17,965 transactions on file

Tariel Bulker

76,623 dwt · built 2001

$8.0M06 Nov 2026

Henning Maersk Tanker

38,001 dwt · built 2010

$30.0M06 Nov 2026

Helene Maersk Tanker

38,016 dwt · built 2010

$30.0M06 Nov 2026

Fuga Bulker

38,036 dwt · built 2012

$19.0M06 Nov 2026

SW Mistral I Bulker

58,110 dwt · built 2011

$20.0M06 Nov 2026

HAIMA Tanker

104,991 dwt · built 2009

$65.0M03 Nov 2026

All sales →

The going rate, per tonne

median dollars a deadweight tonne across the sales on file

Bulkers

$251

per dwt

1,543 sales · average $20.6M

Tankers

$386

per dwt

889 sales · average $43.3M

Gas Carriers

$1,016

per dwt

22 sales · average $30.7M

Asset timing →

What is being built, and what is being broken.

The order book by segment, the deliveries scheduled by year, and the price a tonne of steel fetches at the breakers.

Open the newbuilding desk →

On order, by segment

hulls in the live book

Deliveries scheduled, by year

hulls due each year, by segment

Bulkers
Tankers
Container ships
Gas carriers
Other

The scrap price

median dollars a light displacement tonne, by quarter

$514

per ldt · 2026 Q4 · 34 sales

The demolition market →

The fleet, by segment

hulls, average age, the book against the fleet, and the year's net growth

Bulkers

12,217hulls

15.5years

4.3%on order

+1.2%a year

Tankers

2,765hulls

22.8years

32.7%on order

+11.7%a year

Container ships

2,974hulls

19.1years

0.7%on order

−2.0%a year

Gas carriers

290hulls

22.4years

13.4%on order

−4.0%a year

Net fleet growth →

Where the lanes converge, and where the queues form.

The hubs ranked by the cargo they handle, the anchorages counted every day, and the busiest water between them.

Open the port board →

300

ports on the board

85

with a live queue read

15

queues lengthening

12

queues easing

The hubs, by cargo handled

tonnes through the port, with its calls and median wait

Vessels waiting, day by day

the anchorages with the longest queues now

26

27

28

29

30

31

1

2

3

4

5

6

7

8

Tanjong Pagar

21

20

15

10

13

4

14

21

16

17

25

21

17

17 waiting

Gegua Oil Terminal

12

14

16

14

12

11

12

14

11

10

15

11

11 waiting

Port of Tanjung Perak

7

6

5

8

6

5

7

6

7

6

9

9 waiting

Burrard Inlet

9

10

8

5

4

6

5

4

7

8

8 waiting

Kawasaki

1

3

6

3

1

2

7

8

8 waiting

Port of Algeciras

3

1

0

1

0

1

7

5

6

4

3

4

8

7

7 waiting

Onne

3

4

5

3

2

5

6

7

7 waiting

Rio De Janeiro

3

1

3

4

6

4

5

9

6

5

6

6 waiting

Port of Koper

4

5

3

5

4

2

5

4

5

5 waiting

Nowy Port

3

2

3

6

11

4

3

4

2

5

5 waiting

The busiest lanes, by traffic score

100Ulsan ↔ Port of BusanMixed traffic 79Port Klang ↔ Port of SingaporeMixed traffic 74Shanghai ↔ NingboBulkers 64Port of Rotterdam ↔ Port of AmsterdamTankers 59Port of Rotterdam ↔ VlissingenMixed traffic 57Shanghai ↔ Port of SingaporeMixed traffic

How hard the fleet is working.

Employed tonnage by segment, the share idle at anchor, and the ton-miles sailed each day since the summer.

Read the deployment desk →

Bulkers

51.5%

tonnage employed

−6.8 pts49% idle · speed index 0.78

Tankers

53.3%

tonnage employed

−10.7 pts47% idle · speed index 0.68

Container ships

58.7%

tonnage employed

−2.8 pts41% idle · speed index 0.61

Gas carriers

55.6%

tonnage employed

+22.3 pts44% idle · speed index 0.80

thin sample

Ton-miles a day, by segment

millions, from the positions, 18 Jun to 07 Nov

At anchor now

hulls anchored or moored, and the fleet's mean operating speed

Bulkers

404 anchored

423 moored

10.5 knots

Tankers

99 anchored

169 moored

9.9 knots

Container ships

67 anchored

214 moored

12.8 knots

Gas carriers

7 anchored

8 moored

12.9 knots

Fleet deployment →

Floating storage

laden hulls that have not moved for a week or more

Bulkers

696 hulls

47.2 M dwt

Supply and demand →

Risk, hull by hull.

Listings, detentions, dark behaviour and reflagging converge into one score, so the call is made where the evidence is.

Screen the fleet →

1,004

hulls under sanction

927

of them dark

100

shadow likely

SEVERNIY PROECT

General Cargo · Russia · 2 signals

Signal gapTransmission stopped and did not resume.

age ownerSignal recorded.

39 hulls scored shadow-likely · 1,004 under sanction across 7 regimes

Listings, by regime

a hull can sit on several lists

The evidence behind the scores

how many hulls stand on hard signals, and how many on inference alone

19,286

evidence-backed scores

2,131

with signals that converge

964

both detected and listed

45,834

inference only

The shadow-fleet watchlist →

Where the premiums are set.

The war-risk zones, the additional premium each commands today against its base rate, and the incidents behind the number.

Price a transit →

Additional premium, by zone

percent of hull value for a single transit

Black Sea & Sea of AzovSevere

1.70% now · base 1.00% · 9 incidents in thirty days · 28 in ninety

Southern Red Sea & Gulf of AdenHigh

0.66% now · base 0.50% · 3 incidents in thirty days · 13 in ninety

Persian Gulf & Strait of HormuzSevere

0.33% now · base 0.15% · 49 incidents in thirty days · 125 in ninety

Gulf of GuineaCalm

0.05% now · base 0.05% · 0 incidents in thirty days · 0 in ninety

Somali Basin & Indian Ocean HRAElevated

0.05% now · base 0.05% · 1 incidents in thirty days · 3 in ninety

The latest incidents

casualties and attacks, as reported

US military disables St. Kitts-flagged cargo vessel in Gulf of Oman

Other · Gulf of Oman

Moderate07 Nov 2026

Seafarer killed in explosion on tanker MT Velos Sapphire in Gulf

MT Velos Sapphire · Explosion · Gulf

Serious06 Nov 2026

Shipping crews caught in the crossfire of the Hormuz conflict

Other · Strait of Hormuz

Moderate06 Nov 2026

Seafarer fatality reported in product tanker attack off Qatar

Velos Sapphire · Other · around 50nm north of Madinat ash Shamal, Qatar

Serious04 Nov 2026

Tanker struck 50 nm north of Qatar

Other · 50 nm north of Qatar

Moderate04 Nov 2026

MSV Al Jusufi attack kills crew member

MSV Al Jusufi · Other · Strait of Hormuz

Moderate03 Nov 2026

The incident feed →

Carbon, by band.

The rated fleet's emissions for the year, its carbon-intensity bands, and the ship types that burn the most.

Read the carbon desk →

95.0 Mt

of carbon dioxide in 2025

10,714

hulls with a rating

5,977

rated A to C

Carbon-intensity bands

hulls per band, A the cleanest

Other

41.6Mt

−2.1%on the year

Container ships

30.1Mt

−10.1%on the year

Bulkers

14.3Mt

−5.0%on the year

Tankers

6.7Mt

+0.8%on the year

Gas carriers

2.3Mt

+6.2%on the year

The decarbonization tracker →

Where the carbon comes from

million tonnes, by ship type

Rate a hull →

The register fills itself in.

Every hull with its identity, its value and its risk. Every owner with its fleet, valued hull by hull.

Search the register →

73,307

vessels

3,723

ports

666

owners

3,715

organizations

Just called, resolved hull by hull

XING PING

Bulk Carrier · 52,370 dwt · loading at Island View

$8.8M60 comps

ADAVEGA

Bulk Carrier · 12,427 dwt · loading at Bassens

$10.1Mlearned

STRAIT PEARL

Bulk Carrier · discharging at Port of Marseille-Fos

elevatedrisk

BF PERCH

Container Ship · 11,968 dwt · loading at Larvik

$9.4M7 comps

WAN HAI 363

Container Ship · 37,200 dwt · discharging at Bali

$50.5M2 comps

The largest fleets, by value

each hull valued on its own comparables

All owners →

Ask the record a plain question.

Every answer cites the rows it stands on, so the figure can be checked before it is used.

Ask the Copilot →

What is 21 SUNNY worth?

21 SUNNY is estimated to be worth $15.0M, with a value range of $13.2M to $19.5M, and a second opinion estimate of $16.6M with a range of $13.8M to $22.4M.

Fuga · built 2012 · $19.0MM/V FUGA · built 2012 · $19.5MM/V LOCOMOTION · built 2013 · $19.8M

21 SUNNY valuation →S&P deals →

The tools of the trade

Laytime & Demurrage Route Planner Canal Tolls War-Risk Premium CII Calculator Scrubber Payback Circular Parser Fleet Query Compare Vessels Compare Owners Compare Ports Red Sea Diversion All tools

Our conviction is earned, not claimed.

When the evidence commands a call, we make it. When the market itself does not know, we are the first to say so, and the first to know when that changes.