The Maritime

Biggest movescoal−38.8%monthCrude oil (Brent)+28.5%monthNatural gas (Europe)+20.4%monthsteel+20.0%monthCrude oil (WTI)+17.2%monthCrude oil (Dubai)+17.1%monthas of 29 Oct

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

2,989

sales in the backtest

$15.0M

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

$13.2M$14.8Mwhere the two bands agree$19.4M$19.4M

FUGAbuilt 2012 · $19.5M

LOCOMOTIONbuilt 2013 · $19.8M

PACIFIC HARMONYbuilt 2013 · $18.0M

The latest sales

17,921 transactions on file

WILLIAM OLDENDORFF Bulker

179,120 dwt · built 2017

$49.0M27 Oct 2026

ROSE MAKIS Tanker

45,838 dwt · built 2005

$19.0M26 Oct 2026

NEW FUTURE Tanker

49,990 dwt · built 2007

$20.0M26 Oct 2026

VALLE AZZURRA Tanker

49,999 dwt · built 2007

$19.8M26 Oct 2026

ADVANTAGE SPICE Tanker

156,658 dwt · built 2010

$97.5M26 Oct 2026

UNION TAYLOR Bulker

37,693 dwt · built 2014

$22.0M26 Oct 2026

All sales →

The going rate, per tonne

median dollars a deadweight tonne across the sales on file

Bulkers

$252

per dwt

1,538 sales · average $20.7M

Tankers

$382

per dwt

885 sales · average $43.2M

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

$512

per ldt · 2026 Q4 · 24 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

+11.8%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

−3.9%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

81

with a live queue read

14

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

17

18

19

20

21

22

23

24

25

26

27

28

29

30

Gegua Oil Terminal

9

6

5

7

13

10

14

12

14

16

15

15 waiting

Tanjong Pagar

14

10

15

21

26

22

20

18

21

20

15

10

14

14 waiting

Burrard Inlet

12

10

11

10

12

13

12

9

10

8

8 waiting

Kisarazu Ko

2

0

2

0

4

5

10

8

6

8

7

6

7

7 waiting

Chiba

5

8

4

3

2

3

4

1

4

3

6

6 waiting

Port of Haifa

4

6

4

3

2

1

4

3

2

3

6

6 waiting

Port of Tanjung Perak

0

5

7

6

5

6

6 waiting

Ashdod Southport

6

9

6

2

1

2

4

7

8

5

2

5

5 waiting

Onne

7

4

5

4

3

4

5

5 waiting

Smíchov

7

6

7

6

4

6

5

6

4

4 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 58Port 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

59.1%

tonnage employed

+7.5 pts41% idle · speed index 0.80

Tankers

61.2%

tonnage employed

+18.6 pts39% idle · speed index 0.68

Container ships

61.4%

tonnage employed

−4.6 pts39% idle · speed index 0.59

Gas carriers

76.1%

tonnage employed

−2.7 pts24% idle · speed index 0.70

thin sample

Ton-miles a day, by segment

millions, from the positions, 18 Jun to 29 Oct

At anchor now

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

Bulkers

384 anchored

439 moored

10.7 knots

Tankers

79 anchored

161 moored

9.9 knots

Container ships

52 anchored

199 moored

12.4 knots

Gas carriers

3 anchored

3 moored

11.1 knots

Fleet deployment →

Floating storage

laden hulls that have not moved for a week or more

Bulkers

619 hulls

41.8 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 →

1,003

hulls under sanction

890

of them dark

100

shadow likely

KWANG CHON

Oil Products Tanker · North Korea · 2 signals

Signal gapTransmission stopped and did not resume.

Type and sizeType and size fit the shadow-trade profile.

40 hulls scored shadow-likely · 1,003 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

19,022

evidence-backed scores

2,075

with signals that converge

963

both detected and listed

46,081

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

1.75% now · base 1.00% · 17 incidents in thirty days · 30 in ninety

Southern Red Sea & Gulf of AdenSevere

0.71% now · base 0.50% · 6 incidents in thirty days · 17 in ninety

Persian Gulf & Strait of HormuzSevere

0.33% now · base 0.15% · 51 incidents in thirty days · 113 in ninety

Gulf of GuineaElevated

0.05% now · base 0.05% · 0 incidents in thirty days · 1 in ninety

Somali Basin & Indian Ocean HRAElevated

0.05% now · base 0.05% · 0 incidents in thirty days · 2 in ninety

The latest incidents

casualties and attacks, as reported

Vessel struck by unknown projectile in Strait of Hormuz

Other · southern corridor close to Oman, Strait of Hormuz

Moderate29 Oct 2026

Tanker Louise 1 attacked with explosives in Strait of Hormuz

Louise 1 · Explosion · 25nm Northeast of Khasab, Oman

Moderate29 Oct 2026

Tanker on fire and largely submerged in Strait of Hormuz

Fire · 9nm north of Khasab in Oman in the southern corridor of the Strait of Hormuz

Moderate29 Oct 2026

Container ship CONTSHIP JET sunk by naval drone attack off Bulgaria

CONTSHIP JET · Sinking · Off Bulgaria

Critical28 Oct 2026

UKMTO advisory on suspicious small craft in Gulf of Aden

Piracy · Gulf of Aden

Minor28 Oct 2026

Drones Hit Container Ship off Bulgaria, Crew Safe and Ashore

Other · approximately 21 miles southeast of Shabla, Bulgaria EEZ, Black Sea

Moderate28 Oct 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 →

94.9 Mt

of carbon dioxide in 2025

10,686

hulls with a rating

5,959

rated A to C

Carbon-intensity bands

hulls per band, A the cleanest

Other

41.5Mt

−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

MAERSK FRANKFURT

Container Ship · discharging at Gloucester

moderaterisk

MARE SICULUM

Crude Oil Tanker · 158,466 dwt · discharging at Rotterdam Europoort

$49.3M55 comps

NYK VENUS

Container Ship · 103,207 dwt · loading at Port of Le Havre

$90.6M3 comps

TANTO DAMAI

Container Ship · 7,480 dwt · loading at Port of Tanjung Perak

$6.8Mlearned

AFRICAN RAPTOR

Bulk Carrier · 61,286 dwt · discharging at Houston

$23.1M58 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 $19.4M, and a second opinion estimate of $17.0M with a range of $14.8M to $19.4M.

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

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.