Gulf-China VLCC rates exceed $1m a day

The Global Trade Brief · 18 September 2026

Five minutes to understand what matters in global trade.

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What to Watch

• CMA CGM’s potential 12-ship megamax order and Maersk’s reported program that could include 40 vessels.
• US Coast Guard and FBI probes into potential cyberattacks on oil and gas tankers.
• BYD’s ten 9,200-CEU vehicle carriers are scheduled for delivery between 2027 and 2029.

The full day in global trade

Today’s Headlines

• Chilean exports rise 19% and exceed USD 80bn
• Netherlands warns false-flag fleet is heading to Middle East
• Diesel national average rises above $6.28 per gallon
• Marine forecast gaps linked to vessel rolling and cargo loss
• Barcelona joins ten ports under the Busan Declaration
• FM Logistic completes acquisition of Schäflein
• Spanish diesel costs rise 43% amid Middle East conflict
• Carriers expand terminal investments across Latin America
• Swedish Club labels Cape Horn a Plan C route
• Brazil-China freight forces small iron ore producers to cut
• Hapag-Lloyd projects $500m in annual savings from ZIM deal
• Nador West Med’s East Terminal starts operations early
• ICEX and UC3M launch Spanish customs training alliance
• US backs Nevada tungsten restart after 44-year closure
• Germany launches shared charging network for electric trucks

Today’s Analysis

⛏️ Commodity costs reshape Chilean exports, Brazilian mining and US tungsten supply

Why it matters: Higher freight and mineral prices are changing production economics while governments pursue alternative sources of critical materials.

• Chilean exports increased 19% and exceeded USD 80bn in January–August 2026.
• Capesize freight from Tubarão to Qingdao reached US$42.12 per tonne.
• High Brazil–China freight rates are prompting small iron ore producers to reduce operations.
• The US Department of Defense is financing the restart of the Springer tungsten complex in Nevada.
• The Springer complex has been inactive since 1982.
• Australian miner EQ Resources is participating in the project.
• The operation will use tungsten ore from Spain.
• China introduced tungsten export controls in February 2025.
• The APT benchmark rose from below $400 to above $3,000 per metric tonne unit.

🚚 Diesel inflation lifts road freight rates as Germany expands truck charging

Why it matters: Fuel inflation is compressing haulier margins even as shared charging infrastructure lowers a barrier to electric-fleet deployment.

• A national diesel average exceeded $6.28 per gallon.
• Spanish diesel prices have increased 43% since the Middle East conflict began.
• Fuel represents about 40% of Spanish road operators’ operating expenses.
• Operators have applied tariff updates of nearly 20% under the mechanism in Law 15/2009.
• The resulting effect on heavy-truck cargo prices is less than one cent per kilogram.
• A €1,000 shipment of 23,000 kilograms of strawberries would rise by €150, or 15%.
• BGL eV and Depotcharge launched Germany’s BGL Charge network.
• More than 200 companies and about 600 electric trucks are registered.
• Depotcharge raised €2.7m in pre-seed financing.

🛡️ False flags and forecast gaps widen maritime compliance and cargo risks

Why it matters: Weak vessel documentation controls and incomplete weather forecasts increase detention, navigation and cargo-loss exposure.

• The Netherlands accused port states of failing to act against vessels using fraudulent registration documents.
• The falsely registered fleet is heading toward the Middle East.
• Sofar Ocean found that widely used marine forecasts can miss wave conditions associated with dangerous vessel rolling.
• The missed conditions are also associated with cargo losses.
• The Swedish Club said Cape Horn should remain a Plan C alternative during Panama Canal restrictions.
• The insurer cited higher meteorological and navigation risks on southern South American routes.

⚓ Ports add capacity and digital coordination to relieve logistics constraints

Why it matters: Terminal availability and interoperable port systems determine whether fleet growth translates into reliable cargo handling.

• Barcelona and ten other major ports signed the Busan Port Declaration 2026.
• The declaration covers data interoperability, artificial intelligence and low-emission technologies.
• Participating hubs include Rotterdam, Los Angeles, Singapore and Hamburg.
• The declaration identifies IAPH and the International Maritime Organization as cooperation platforms.
• Major shipping lines are increasing terminal investments in Latin America.
• Fleet growth and congestion are driving demand for capacity at strategic port nodes.
• The East Terminal at Morocco’s Nador West Med port became operational ahead of schedule.

📦 Logistics consolidation expands scale across ocean and European corridors

Why it matters: Larger integrated networks can change service coverage, purchasing leverage and competitive options for smaller shippers.

• FM Logistic completed its acquisition of Schäflein.
• The combination will integrate the companies’ capabilities in Germany.
• FM Logistic plans to reinforce European transport corridors and deploy Schäflein technology across the group.
• Hapag-Lloyd projects annual synergies of up to US$500m from its purchase of ZIM.
• The combined group would operate more than 400 vessels.
• Combined capacity would exceed 3m TEU.

🛃 ICEX and UC3M launch customs courses to strengthen Spanish compliance

Why it matters: Specialist training can improve customs representation, supply-chain security and regulatory execution for Spanish traders.

• ICEX and Universidad Carlos III de Madrid signed a trade-training agreement.
• The initial programmes cover Customs Representative qualifications.
• The initial programmes also cover Authorised Economic Operator requirements.
• The partnership combines ICEX’s business experience with UC3M’s teaching capacity.

Sources

1. Chilean exports rise 19% and exceed USD 80bn in January–August
2. Netherlands flags failure to stop fraudulent registration as fake fleet heads to Middle East
3. Diesel prices surge past $6.28 per gallon
4. New analysis links marine forecast gaps to dangerous vessel rolling and cargo loss
5. Port of Barcelona joins ten global hubs on decarbonisation and digitalisation
6. FM Logistic and Schäflein combine capabilities after acquisition
7. Diesel rises for hauliers but adds less than one cent per kilogram
8. Major shipping lines increase terminal investments in Latin America
9. Swedish Club says Cape Horn should remain a Plan C route
10. High Brazil–China freight rates force small iron ore producers to cut operations
11. Hapag-Lloyd projects annual savings of up to US$500m from ZIM purchase
12. East Terminal of Morocco’s Nador West Med port operational ahead of schedule
13. ICEX and Universidad Carlos III partner on Spanish customs training
14. US restarts Nevada tungsten mine after 44 years to reduce China dependence
15. BGL eV and Depotcharge launch German electric-truck charging network