{
  "id": 9835156,
  "title": "GMS Week 39 – Earnings Roar, Supply Retreats",
  "url": "https://urgent.news/2026/09/25/gms-week-39-earnings-roar-supply-retreats",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-25T21:00:54.000Z",
  "source": {
    "name": "Hellenic Shipping News",
    "slug": "hellenic-shipping-news",
    "url": "https://www.hellenicshippingnews.com/gms-week-39-earnings-roar-supply-retreats/"
  },
  "original_language": "en",
  "account": "This week, the focus shifted from the possibility of constrained passage through the Hormuz Strait to the soaring cost of maneuvering through it. Tanker availability tightened due to Gulf flows, security concerns, and disrupted alternatives competing for the same ships, with some VLCCs reportedly earning more than $1 million per day. A tanker was also attacked in the Strait earlier in the week, injuring crew members. Diplomacy regarding a possible phased U.S.-Iran arrangement to reopen Hormuz provided some relief, but normality has yet to return. For owners of older tankers, the choice is clear: earning extraordinary money means not recycling the vessel. Crude prices fluctuated throughout the week, reacting to suggestions of more Gulf supply and Saudi export options, before settling between $94 and $106 per barrel. The barrel has eased from the panic of recent weeks without returning to pre-conflict conditions. Oil remains expensive, and routing is complicated, with tanker scarcity directly translating the geopolitical risk into freight costs. Dry freight strengthened again, with the Baltic Dry Index reaching 3,473 on Thursday, with Capesizes, Panamaxes, and Supramaxes indicating healthy earnings. Owner earnings have become exceptionally lucrative, with candidate supply responding accordingly. Currencies offered little compensation to recyclers. The Indian Rupee, Pakistani Rupee, and Bangladesh Bank's reference rate have all shown varying degrees of strength against the Dollar. The Federal Reserve's 25 basis point increase to a 3.75% to 4.00% range has now been absorbed rather than newly priced. The waterfront continues to process yesterday's purchases, with owners finding better employment elsewhere. The contrast between physical activity and fresh supply has become sharper, with no fresh market sales reported this week. GMS Market Rankings for Week 39 of 2026 indicate that Pakistan retains the lead, while Bangladesh has rebuilt its appetite and now needs ships more than another reason to buy them.",
  "summary": "Last week, constrained passage through Hormuz was the story. This week, the cost of moving through it has become the louder one. Tanker availability has tightened dramatically as Gulf flows, security concerns and disrupted alternatives compete for the same ships, with some VLCC employment reportedly exceeding USD 1 million per day. A tanker was also ...",
  "key_points": [
    "Tanker earnings exceeded $1 million per day due to high costs in Hormuz Strait",
    "Crude prices fluctuated between $94 and $106 per barrel throughout the week",
    "Baltic Dry Index reached 3,473 on Thursday, indicating strong dry freight earnings"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}