April 2025 saw volatile movements in the shipping and tanker markets, with tanker spot rates for very large crude carriers (VLCC) at $58,000 per day, down 1%, and similar declines for Suezmax and Aframax vessels. The Capesize bulk carrier index ended the month at an average of 16,020 points, down from over 19,000 in March. Despite broad market declines exceeding 2% due to recession fears, the tanker sector outperformed with equities such as Frontline Ltd. ($FRO) and Teekay Tankers Ltd. ($TNK) gaining 11% and 10% respectively in April. Liquefied natural gas (LNG) shipping stocks also performed well, with GasLog Ltd. ($GLNG) up 12%. However, bulk shipping remained the weakest segment for the month. Recent reports indicate Saudi Arabia is prepared for a prolonged period of low oil prices amid increased OPEC supply, contributing to a 3% drop in oil prices. Notably, Teekay Energy Partners ($TEN) took delivery of its first two shuttle tankers under a seven-year contract valued at approximately $300 million in gross revenue, with daily charter rates near $58,700. Analysts highlight the tanker sector as an attractive value opportunity given current market conditions and near-term bullish narratives despite recent price fluctuations. Shipping market models show a rough start to April followed by recovery in the latter half, with value and speculative models underperforming the Russell 2000 index year-to-date.