HOUSTON, Nov. 11, 2026 /PRNewswire/ — Oil Market Daily News Commentary – Crude oil futures were higher on Wednesday morning. As of 11:34 a.m. ET, the December NYMEX West Texas Intermediate contract was at $88.26 a barrel, up $2.22, or 2.58%, from Tuesday’s settlement of $86.04, and the January ICE Brent contract was at $94.04, up $2.55, or 2.79%, from Tuesday’s settlement of $91.49. Moving oil, refined fuels and gas by water is the business of five companies that have reported quarterly results over the past two weeks, covering product tankers, gas carriers, inland barges and LNG infrastructure. Active Companies from around the markets with current developments this week include: TORM plc (Nasdaq: TRMD), Ardmore Shipping Corporation (NYSE: ASC), Dorian LPG Ltd. (NYSE: LPG), Kirby Corporation (NYSE: KEX), and Excelerate Energy, Inc. (NYSE: EE).

What officials are posting about the Gulf

On Nov. 10, the United Kingdom Maritime Trade Operations (UKMTO) posted Warning 202-26, saying it had received a report of an incident involving a tanker in the Strait of Hormuz and that the status of crew, damage assessment and environmental impact were unknown at the time of the report. UKMTO advised vessels to transit with caution.

A week earlier, on Nov. 4, the International Energy Agency, the International Energy Forum and OPEC held a joint technical workshop on maritime energy flows, shipping and insurance. According to an OPEC press release, the workshop came at the request of a consultation meeting of ministers of the Declaration of Cooperation held in Riyadh on Oct. 12, at which ministers expressed concern about elevated shipping and insurance costs. OPEC said its Secretary General, Haitham Al Ghais, noted that shipping and insurance costs in 2026 have increased significantly to a level of more than one-third of the underlying value of crude oil.

The U.S. Energy Information Administration, in its November Short-Term Energy Outlook released Tuesday, listed constrained shipping capacity and higher transportation costs among the factors it said tightened supply in October. The agency said that in its forecast, U.S. commercial crude oil inventories remain below the five-year average through the middle of next year as ongoing tightness in the global oil tanker market sustains a wide, albeit narrowing, Brent-WTI price spread.

Product tankers

TORM plc (Nasdaq: TRMD) reported in its third quarter 2026 results, released Nov. 4, net profit of USD 199m, compared with USD 78m in the same period of 2025, and fleet-wide TCE rates of USD/day 40,102 on average. The company said tanker freight markets were supported during the quarter by continued disruptions to global oil trade flows stemming from the conflict involving the US and Iran, and that increasing volumes of crude and refined products were exported from the Persian Gulf through shuttle tanker and ship-to-ship operations, absorbing substantial tanker capacity. As of Oct. 28, TORM said it had covered 53% of its fourth quarter earning days at an average rate of USD/day 78,419.

“Favorable market conditions, healthy transportation demand, and strong execution contributed to a strong third quarter,” said Jacob Meldgaard, CEO of TORM.

Ardmore Shipping Corporation (NYSE: ASC) reported in its results for the three and nine months ended Sept. 30, 2026, released Nov. 3, net income attributable to common stockholders of $16.3 million, or $0.40 per basic and diluted share, compared with $12.1 million, or $0.30, a year earlier. Its MR tankers earned an average spot TCE rate of $27,031 per day in the quarter. Based on approximately 45% of total revenue days currently fixed for the fourth quarter, the company said the average spot TCE rate is approximately $57,600 per day for MR tankers; for chemical tankers, based on approximately 60% of days fixed, it is approximately $30,100 per day.

Gernot Ruppelt, the Company’s Chief Executive Officer, commented: “Already-strong market momentum has accelerated into the fourth quarter, with MR spot bookings at a large multiple of our cash breakeven.”

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Gas carriers

Dorian LPG Ltd. (NYSE: LPG), which describes itself as a leading owner and operator of modern very large gas carriers (VLGCs), reported its second quarter fiscal year 2027 results on Nov. 5 for the three months ended Sept. 30, 2026. Net income was $213.9 million, or $4.98 per diluted share, compared with $55.4 million, or $1.30 per diluted share, a year earlier. The TCE rate per available day for the fleet was $96,990, an 80.5% increase from $53,725. Dorian declared an irregular cash dividend of $1.25 per share and completed the sales of two VLGCs in October.

John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, “The new highs in the freight market, together with gains from ship sales, are reflected in our record earnings again this quarter.”

Barges on U.S. waterways

Closer to home, Kirby Corporation (NYSE: KEX), which reports results for its marine transportation and distribution and services segments, reported third quarter 2026 results on Oct. 28. Net earnings attributable to Kirby were $110.8 million, or $2.09 per share, compared with $92.5 million, or $1.65 per share, a year earlier, and marine transportation revenues were $568.7 million, compared with $484.9 million. In inland marine, average barge utilization was in the low-90% range, and average spot market rates increased in the low- to mid-single-digit range sequentially. Kirby also entered into an agreement to acquire certain inland marine assets, including nine inland towboats and 14 inland tank barges, for $115 million.

David Grzebinski, Kirby’s Chief Executive Officer, commented, “Our third quarter results reflected strong continued momentum across both businesses and solid execution throughout the organization.”

LNG infrastructure

Excelerate Energy, Inc. (NYSE: EE), which calls itself a global provider of critical LNG infrastructure, reported third quarter 2026 results on Nov. 4 with net income of $60.0 million, compared with $55.0 million a year earlier, and Adjusted EBITDA of $133.5 million. Revenues were $297.2 million, compared with $391.0 million. Among its recent highlights, the company executed an 11-year LNG supply agreement with AxDo Bahamas Ltd. supporting the development of the Bahamas LNG Hub and narrowed its full-year 2026 Adjusted EBITDA guidance to between $495 million and $515 million.

“Excelerate delivered record quarterly earnings, reflecting the essential role our infrastructure plays in strengthening energy security for the markets we serve,” said Steven Kobos, President and CEO of Excelerate.

Five reports from the water

Read side by side, the five reports cover fourth quarter product tanker bookings at TORM and Ardmore, higher gas carrier earnings at Dorian, barge utilization at Kirby and a new LNG supply agreement at Excelerate, published in the same weeks that UKMTO, OPEC and the EIA addressed shipping.

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This article is independent news commentary. Oil Market Daily is wholly owned and operated by Market Equities Limited (“MEL”), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. Crude oil figures are intraday prices for the NYMEX December 2026 WTI and ICE January 2027 Brent futures contracts as of 11:34 a.m. ET on November 11, 2026, compared with settlements on November 10, 2026, drawn from third-party market data providers. Maritime information is from UKMTO Warning 202-26 posted November 10, 2026, the OPEC press release dated November 4, 2026, and the U.S. Energy Information Administration’s Short-Term Energy Outlook released November 10, 2026; company figures and quotes are from each company’s own news release as furnished to the SEC. Information is drawn from company news releases and filings, government and industry data, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.

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