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Energy Shippers Report Their Quarters Amid Ongoing Tightness in the Global Tanker Market

  • Crude oil futures rose on Nov. 11, 2026, with December WTI at $88.26/barrel (up 2.58%) \& January Brent at $94.04/barrel (up 2.79%).
  • UKMTO issued Warning 202-26 on Nov. 10 regarding a tanker incident in the Strait of Hormuz with unknown crew status or damage.
  • OPEC, IEA, \& IEF held a joint workshop on Nov. 4 citing shipping \& insurance costs exceeding one-third of crude value in 2026.
  • EIA's Nov. outlook notes constrained shipping capacity \& elevated transport costs tightened October supply while U.S. inventories remain below the five-year average.
  • TORM reported Q3 2026 net profit of $199M (vs. $78M in 2025) with TCE rates averaging $40,102/day, attributing growth to U.S.-Iran conflict disruptions.
  • Ardmore Shipping posted Q3 net income of $16.3M with MR tanker spot TCE rates averaging $27,031/day \& Q4 bookings projected at ~$57,600/day.
  • Dorian LPG recorded Q2 FY2027 net income of $213.9M (up from $55.4M) with fleet TCE rates rising 80.5% to $96,990/day.
  • Kirby Corporation reported Q3 net earnings of $110.8M with marine revenues of $568.7M \& announced a $115M acquisition of inland towboats \& barges.
  • Excelerate Energy posted Q3 net income of $60M \& adjusted EBITDA of $133.5M while narrowing full-year EBITDA guidance to $495M-$515M.
  • Excelerate executed an 11-year LNG supply agreement with AxDo Bahamas Ltd. to support the Bahamas LNG Hub development.
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Oil Market Daily
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Oil Market Daily