T65 Average Spot Freight Rates for All Routes,
Percentage of Worldscale, 1980-2007
(Tanker Size in 1000 DWT)
Effective Date GP. MR LR1 LR2 VLCC
16.5-24.9 25.0-44.9 45.0-79.9 80.0-159.9 160.0-319.9
1980   229.8 181.9 106.7 71.6 46.2
1981   191.8 143.4 82.6 58.4 40.4
1982   173.1 129.8 72.3 50.3 38.7
1983   143.1 110.0 68.2 44.6 29.2
1984   158.4 118.7 72.2 45.4 34.7
1985   152.3 112.8 70.4 45.7 30.5
1986   189.3 137.3 81.0 54.9 32.6
1987   185.8 157.8 96.8 65.6 43.0
1988   174.5 152.8 104.3 70.5 43.2
1989   225.7 199.0 130.0 92.2 52.2
1990   234.6 217.5 145.8 101.3 65.0
1991   186.7 186.4 129.8 99.4 64.8
1992   171.7 152.1 101.4 72.3 44.7
1993   172.3 156.0 113.8 83.6 45.6
1994   186.6 170.7 116.2 85.5 42.3
1995   191.5 171.1 119.0 93.7 55.5
1996   215.3 191.5 128.2 102.8 60.6
1997   212.0 184.9 153.6 103.7 67.9
1998   182.3 154.2 120.4 92.6 63.1
1999   208.2 141.7 114.2 83.8 49.3
2000   306.6 234.8 217.7 164.0 106.9
2001   241.6 209.2 175.9 133.9 74.4
2002   236.5 150.0 129.2 95.6 48.1
2003   338.2 240.3 193.3 147.7 90.0
2004   292.9 266.4 243.9 199.5 137.6
2005   404.4 294.4 232.8 174.7 100.8
2006   324.2 246.7 200.8 153.0 95.4
2007   313.2 235.6 169.3 125.2 66.2
1980 Jan. 289.3 265.0 143.3 87.9 53.0
  Feb. 258.9 215.3 130.6 86.4 54.0
  Mar. 255.0 200.0 123.0 81.3 52.4
  Apr. 255.9 198.0 121.3 79.6 49.8
  May 253.4 192.7 114.1 78.6 49.3
  Jun. 199.6 147.3 88.5 60.6 38.7
  Jul. 208.3 147.7 87.0 62.7 40.4
  Aug. 202.9 151.0 91.6 62.4 41.6
  Sep. 200.5 152.9 81.4 60.0 41.1
  Oct. 203.9 155.9 87.6 61.8 43.0
  Nov. 211.6 168.4 98.8 66.0 45.4
  Dec. 218.2 188.1 112.9 72.2 46.0
1981 Jan. 229.0 189.4 118.9 77.7 47.0
  Feb. 225.3 169.9 103.0 71.6 46.6
  Mar. 225.0 167.0 97.7 67.0 44.7
  Apr. 220.0 158.0 91.1 65.1 44.0
  May 214.4 150.9 89.1 63.8 43.9
  Jun. 176.2 137.4 74.9 52.8 37.1
  Jul. 170.8 126.6 71.0 50.5 36.7
  Aug. 168.6 119.0 68.0 49.0 36.2
  Sep. 161.4 122.6 67.6 48.5 36.3
  Oct. 167.7 120.5 66.4 49.6 36.6
  Nov. 162.4 122.8 67.0 50.5 36.4
  Dec. 180.6 137.1 76.1 54.2 39.5
1982 Jan. 184.8 138.3 77.9 54.8 39.6
  Feb. 177.6 130.7 73.2 51.8 39.0
  Mar. 169.5 130.9 71.1 49.8 38.4
  Apr. 169.2 125.7 69.9 49.3 38.7
  May 164.8 125.2 69.2 50.7 38.0
  Jun. 177.7 130.7 73.2 52.2 38.1
  Jul. 172.5 126.0 72.6 50.6 37.4
  Aug. 170.0 125.6 71.2 50.1 37.5
  Sep. 165.3 127.7 70.0 49.1 37.4
  Oct. 172.6 128.5 70.9 48.3 41.1
  Nov. 178.2 131.9 73.6 48.1 40.8
  Dec. 175.0 136.5 75.3 48.7 38.4
1983 Jan. 143.9 119.8 67.8 41.4 26.0
  Feb. 145.6 108.1 60.8 42.2 29.0
  Mar. 141.0 107.6 61.8 40.9 25.1
  Apr. 153.7 110.5 68.4 38.2 20.9
  May 134.2 105.5 68.2 39.8 23.8
  Jun. 124.6 95.4 62.9 42.3 23.6
  Jul. 133.5 107.1 63.5 49.5 37.1
  Aug. 146.3 113.4 79.4 51.7 33.5
  Sep. 153.1 114.8 75.9 53.9 31.3
  Oct. 156.4 109.5 75.6 49.6 31.9
  Nov. 136.8 114.4 64.6 42.3 33.4
  Dec. 147.9 114.1 69.3 42.8 34.3
1984 Jan. 146.9 134.5 79.3 44.2 27.5
  Feb. 184.7 137.3 70.9 50.2 22.7
  Mar. 159.5 124.2 78.2 50.8 31.7
  Apr. 156.8 116.8 72.9 46.5 29.0
  May 176.2 119.4 75.0 45.4 33.2
  Jun. 167.4 118.8 71.0 50.9 65.2
  Jul. 160.7 109.9 61.1 42.7 56.3
  Aug. 139.1 99.7 60.1 38.5 28.9
  Sep. 138.4 111.0 65.8 42.3 30.9
  Oct. 156.3 124.9 73.4 42.8 30.0
  Nov. 156.5 115.6 81.0 47.3 32.4
  Dec. 158.1 112.5 77.8 42.9 28.8
1985 Jan. 136.5 109.3 69.3 42.5 31.4
  Feb. 147.5 121.5 73.7 41.9 34.7
  Mar. 146.3 111.6 69.1 45.3 31.2
  Apr. 149.3 105.3 65.5 41.8 30.6
  May 135.7 104.2 64.1 42.1 24.6
  Jun. 139.4 101.7 58.7 36.6 20.9
  Jul. 142.2 92.6 55.8 35.9 20.1
  Aug. 128.9 99.5 60.6 36.9 26.1
  Sep. 148.2 107.1 72.6 47.9 33.9
  Oct. 145.9 112.9 72.6 48.9 30.5
  Nov. 189.2 142.0 91.5 63.6 41.6
  Dec. 217.9 145.3 91.7 64.7 39.8
1986 Jan. 160.5 118.3 72.3 49.9 31.8
  Feb. 176.8 136.6 70.0 44.0 24.6
  Mar. 191.9 150.6 75.4 48.1 27.6
  Apr. 188.8 126.7 79.7 46.0 26.5
  May 195.2 147.2 84.6 65.2 32.2
  Jun. 217.9 148.1 92.9 68.2 49.0
  Jul. 193.6 145.2 86.8 59.9 38.1
  Aug. 197.4 136.9 98.4 72.8 45.6
  Sep. 192.5 137.3 86.6 60.1 38.9
  Oct. 180.3 130.6 72.3 40.6 23.0
  Nov. 189.5 129.8 75.6 46.0 24.6
  Dec. 187.2 139.9 77.2 58.4 29.7
1987 Jan. 231.0 176.6 108.4 66.7 36.9
  Feb. 203.9 170.7 93.4 56.8 28.5
  Mar. 188.3 155.7 75.9 47.9 25.4
  Apr. 187.8 142.4 90.7 58.5 33.6
  May 164.5 141.3 91.4 63.7 34.4
  Jun. 184.7 158.8 97.3 65.3 40.1
  Jul. 168.0 154.3 97.6 70.4 50.4
  Aug. 153.2 140.3 102.7 79.1 71.5
  Sep. 148.2 148.9 94.0 66.1 41.4
  Oct. 186.6 177.1 94.1 66.6 47.0
  Nov. 208.1 167.3 112.6 76.8 61.0
  Dec. 205.5 159.9 103.8 69.7 46.1
1988 Jan. 177.6 152.7 113.1 70.1 40.3
  Feb. 175.2 158.9 110.9 65.5 33.0
  Mar. 178.0 148.0 103.0 61.4 34.0
  Apr. 161.0 150.1 98.8 66.8 36.9
  May 171.2 147.3 95.4 66.3 38.4
  Jun. 167.8 145.1 94.6 64.8 34.1
  Jul. 175.2 159.5 97.9 65.0 39.8
  Aug. 185.7 154.8 96.0 65.9 43.5
  Sep. 157.0 139.9 91.9 63.8 43.1
  Oct. 167.5 140.2 98.3 70.8 53.9
  Nov. 164.7 147.9 103.8 71.6 52.9
  Dec. 213.6 189.0 148.2 114.0 68.8
1989 Jan. 248.1 214.1 149.2 105.2 63.6
  Feb. 203.6 197.6 122.6 84.3 40.7
  Mar. 250.5 196.2 122.5 82.1 38.0
  Apr. 222.6 196.7 130.6 76.5 37.1
  May 216.3 189.5 127.6 90.6 42.2
  Jun. 190.1 179.3 129.1 93.1 49.2
  Jul. 234.6 182.6 117.6 93.6 55.3
  Aug. 190.1 179.1 114.0 86.5 46.9
  Sep. 205.3 189.0 126.3 82.0 52.3
  Oct. 207.0 193.1 127.2 94.1 56.2
  Nov. 265.1 237.2 138.4 110.4 80.4
  Dec. 275.6 234.1 155.0 107.6 64.1
1990 Jan. 340.2 289.1 195.2 125.0 72.1
  Feb. 241.1 229.8 148.1 112.1 55.6
  Mar. 228.3 214.3 141.2 101.7 70.1
  Apr. 109.2 198.1 137.8 103.6 78.6
  May 224.1 195.2 149.2 99.2 57.9
  Jun. 216.0 178.0 143.0 92.1 56.1
  Jul. 176.1 180.1 127.6 91.1 62.8
  Aug. 196.2 180.6 132.8 94.2 63.6
  Sep. 260.8 216.2 133.6 88.6 63.7
  Oct. 264.6 214.6 140.2 95.2 59.1
  Nov. 272.1 249.2 147.0 102.8 61.2
  Dec. 286.5 264.9 153.6 109.6 78.9
1991 Jan. 223.1 261.1 156.5 112.0 77.2
  Feb. 245.2 294.3 185.2 131.9 90.8
  Mar. 249.1 249.1 159.4 118.8 75.2
  Apr. 174.4 174.0 123.6 96.5 50.3
  May 179.6 177.9 135.1 105.1 54.1
  Jun. 187.1 178.0 133.0 102.1 81.2
  Jul. 166.2 146.1 121.9 101.2 63.0
  Aug. 160.9 149.2 112.0 93.6 62.6
  Sep. 160.8 140.0 111.4 86.1 59.3
  Oct. 159.7 142.8 109.2 84.0 53.9
  Nov. 163.5 165.0 108.1 80.9 59.0
  Dec. 170.3 159.1 102.0 80.3 51.4
1992 Jan. 159.7 160.2 119.4 85.3 45.1
  Feb. 188.2 179.4 111.3 73.5 50.2
  Mar. 150.4 146.3 112.4 80.4 37.8
  Apr. 156.5 145.9 93.4 70.9 34.5
  May 158.1 143.1 91.9 65.9 44.3
  Jun. 172.7 152.1 89.3 63.4 36.8
  Jul. 187.3 150.3 91.0 66.8 40.0
  Aug. 173.2 144.4 96.7 65.3 45.4
  Sep. 170.2 143.9 93.4 63.4 45.3
  Oct. 194.7 148.8 100.2 67.8 44.4
  Nov. 177.6 150.3 102.4 78.4 55.0
  Dec. 172.1 160.0 114.8 85.9 57.3
1993 Jan. 165.2 156.6 121.7 90.5 52.6
  Feb. 160.1 156.5 113.1 85.3 49.2
  Mar. 168.2 150.3 113.3 86.2 45.4
  Apr. 148.5 157.2 124.5 90.1 46.7
  May 211.6 160.1 119.6 78.7 43.5
  Jun. 186.3 181.9 131.7 86.7 40.2
  Jul. 194.1 162.3 114.2 84.2 52.1
  Aug. 173.5 144.8 103.1 80.6 49.3
  Sep. 173.6 151.6 96.6 71.5 43.4
  Oct. 153.7 147.8 107.7 76.1 42.2
  Nov. 175.9 150.1 109.5 84.2 42.1
  Dec. 157.1 152.3 110.2 89.3 40.6
1994 Jan. 176.5 155.5 118.8 85.0 39.5
  Feb. 160.5 176.3 110.2 75.4 36.1
  Mar. 171.6 156.5 110.8 80.2 38.9
  Apr. 169.6 168.7 105.6 84.0 39.6
  May 179.6 164.2 106.8 84.1 35.6
  Jun. 180.8 163.8 112.2 80.3 34.9
  Jul. 199.1 178.6 103.2 80.0 40.3
  Aug. 207.4 165.8 112.4 80.4 48.9
  Sep. 209.8 176.7 111.2 87.5 46.0
  Oct. 190.0 171.8 122.3 87.1 47.2
  Nov. 202.2 190.3 144.5 100.2 48.8
  Dec. 192.5 179.9 135.8 101.9 52.1
1995 Jan. 166.0 163.5 127.6 99.3 59.1
  Feb. 162.8 158.0 122.6 94.2 52.8
  Mar. 173.8 152.0 117.9 88.3 49.6
  Apr. 170.3 154.3 116.0 90.8 48.9
  May 217.9 192.1 116.4 87.0 45.9
  Jun. 279.8 219.4 119.8 90.8 52.4
  Jul. 233.7 187.3 120.0 97.2 63.3
  Aug. 208.8 188.5 127.8 100.5 63.7
  Sep. 174.8 160.0 119.0 93.2 64.3
  Oct. 182.4 165.7 118.1 96.4 51.8
  Nov. 168.4 160.2 111.8 91.5 50.7
  Dec. 159.3 151.6 111.2 94.8 63.2
1996 Jan. 177.8 168.9 134.1 102.8 58.9
  Feb. 190.1 176.7 141.1 117.1 61.2
  Mar. 240.2 205.3 142.2 107.3 68.3
  Apr. 237.3 203.4 140.1 101.5 54.5
  May 206.3 182.9 131.6 103.6 50.2
  Jun. 256.1 225.8 131.9 105.8 61.3
  Jul. 249.6 213.9 116.9 99.4 68.2
  Aug. 206.7 176.9 118.8 97.8 69.9
  Sep. 212.3 183.4 113.7 93.3 61.8
  Oct. 214.6 193.9 118.9 97.8 55.3
  Nov. 195.9 183.6 120.5 105.2 56.4
  Dec. 196.9 182.9 128.7 102.3 60.8
1997 Jan. 216.1 201.8 159.6 104.3 60.7
  Feb. 205.8 210.3 136.3 105.3 58.2
  Mar. 220.3 208.0 160.7 108.8 59.6
  Apr. 210.3 183.3 193.6 106.9 61.6
  May 191.8 175.8 167.4 101.1 52.9
  Jun. 218.5 196.5 171.9 102.8 64.4
  Jul. 201.0 182.7 147.6 98.8 63.5
  Aug. 237.6 166.8 138.0 92.3 72.1
  Sep. 169.4 180.9 141.3 108.4 80.4
  Oct. 225.5 164.8 153.1 107.3 77.6
  Nov. 232.4 169.8 148.2 104.4 90.7
  Dec. 215.0 178.6 125.6 104.1 73.2
1998 Jan. 201.4 153.3 147.9 108.6 53.4
  Feb. 194.5 160.8 121.1 100.8 57.6
  Mar. 151.0 146.9 129.6 96.4 64.6
  Apr. 167.6 156.3 127.6 101.0 71.9
  May 165.2 174.5 112.3 89.9 70.4
  Jun. 176.3 155.6 117.3 93.5 76.0
  Jul. 186.1 158.2 121.0 97.6 72.3
  Aug. 179.1 158.2 116.0 94.2 77.2
  Sep. 188.4 158.7 107.5 81.4 55.5
  Oct. 172.6 144.4 107.8 77.5 49.4
  Nov. 175.0 126.8 114.0 82.2 54.8
  Dec. 230.9 156.6 122.4 87.7 53.6
1999 Jan. 198.8 153.4 133.9 93.3 57.4
  Feb. 221.0 151.8 122.0 91.4 59.7
  Mar. 201.5 107.9 113.9 91.4 63.5
  Apr. 190.0 109.6 132.6 87.2 46.6
  May 207.0 132.5 116.6 84.4 38.2
  Jun. 210.0 177.6 115.4 76.8 42.3
  Jul. 265.0 169.3 104.8 73.9 53.9
  Aug. 255.0 162.9 100.3 72.4 39.8
  Sep. 207.8 160.1 103.9 73.0 44.7
  Oct. 174.0 100.8 102.6 81.6 50.3
  Nov. 184.7 139.0 104.9 84.8 49.2
  Dec. 183.2 135.5 119.4 95.0 46.2
2000 Jan. 201.9 160.0 133.0 117.9 57.2
  Feb. 297.0 236.7 176.5 148.1 115.5
  Mar. 231.6 197.8 187.8 134.5 61.6
  Apr. 226.0 193.0 188.2 130.5 74.4
  May 273.5 206.7 165.1 133.5 89.2
  Jun. 293.2 221.6 224.3 147.8 102.1
  Jul. 316.9 239.7 233.7 180.9 102.3
  Aug. 319.6 241.9 269.3 202.4 109.9
  Sep. 330.6 250.3 204.4 163.5 134.6
  Oct. 359.8 249.2 243.6 191.2 135.3
  Nov. 382.5 267.2 255.6 210.0 138.1
  Dec. 446.5 354.0 330.8 207.8 162.0
2001 Jan. 383.4 309.3 246.9 213.1 136.3
  Feb. 275.0 262.2 220.1 177.7 105.9
  Mar. 282.0 280.6 259.0 155.0 91.5
  Apr. 246.2 236.2 186.5 164.9 98.9
  May 230.4 234.5 196.5 139.1 72.7
  Jun. 216.0 204.9 171.8 116.4 60.3
  Jul. 181.2 168.7 133.7 111.1 47.1
  Aug. 211.8 163.7 144.3 118.1 58.0
  Sep. 279.0 176.8 133.7 109.6 57.9
  Oct. 283.1 174.7 155.1 116.1 73.9
  Nov. 163.2 157.2 134.4 96.7 51.9
  Dec. 147.3 142.0 128.3 88.7 38.3
2002 Jan. 190.0 139.7 120.1 90.2 45.1
  Feb. 190.0 139.9 111.5 86.5 47.9
  Mar. 229.0 118.5 107.1 92.0 41.0
  Apr. 291.5 161.1 126.1 90.2 34.5
  May 240.3 103.8 133.0 89.7 38.1
  Jun. 306.5 159.3 142.7 87.8 51.3
  Jul. 301.1 163.6 133.1 85.6 39.5
  Aug. 217.2 151.0 118.6 82.0 46.9
  Sep. 196.0 143.5 108.9 78.9 33.7
  Oct. 178.9 141.7 120.7 91.7 41.9
  Nov. 190.0 173.1 166.1 121.8 69.8
  Dec. 307.0 204.9 162.5 151.1 87.6
2003 Jan. 348.3 245.3 162.0 168.3 115.8
  Feb. 413.2 279.7 233.4 184.8 122.3
  Mar. 492.5 333.7 323.7 215.6 104.6
  Apr. 396.3 293.4 216.4 152.9 123.9
  May 325.4 236.2 193.3 140.1 76.3
  Jun. 331.4 223.8 199.9 151.4 82.7
  Jul. 269.9 212.7 139.1 117.9 66.1
  Aug. 225.2 160.8 139.7 97.7 48.8
  Sep. 239.3 180.7 144.7 91.5 58.1
  Oct. 281.7 189.0 163.0 121.7 85.7
  Nov. 321.0 242.8 179.1 152.1 63.4
  Dec. 413.9 285.9 225.5 178.5 132.0
2004 Jan. 344.0 338.8 333.7 238.5 132.3
  Feb. 358.7 315.1 276.8 228.4 142.8
  Mar. 354.1 273.6 211.4 166.0 119.8
  Apr. 181.8 180.9 180.0 167.4 99.5
  May 207.9 184.7 164.1 132.8 87.5
  Jun. 201.1 196.5 192.0 156.6 108.5
  Jul. 258.0 226.8 199.4 162.5 119.1
  Aug. 222.2 211.3 200.9 163.6 132.0
  Sep. 288.8 227.3 178.9 146.4 98.7
  Oct. 361.4 327.6 297.0 219.8 122.1
  Nov. 350.4 346.6 342.8 315.6 205.6
  Dec. 386.5 367.4 349.2 296.8 283.1
2005 Jan. 346.5 329.3 323.6 225.5 149.5
  Feb. 264.0 250.9 193.8 195.9 79.2
  Mar. 390.3 264.8 242.3 186.9 129.4
  Apr. 361.0 258.5 178.2 166.0 91.8
  May 388.8 271.8 213.3 154.4 86.4
  Jun. 338.2 236.4 196.2 135.2 66.7
  Jul. 350.8 225.3 185.5 125.9 62.0
  Aug. 334.3 214.4 147.0 114.6 83.9
  Sep. 602.2 318.9 193.0 127.0 68.5
  Oct. 559.0 440.3 292.3 171.0 94.5
  Nov. 512.8 403.9 338.6 236.3 118.8
  Dec. 404.6 318.7 290.2 258.0 178.4
2006 Jan. 401.4 368.6 242.4 222.6 118.2
  Feb. 330.5 240.8 225.9 164.6 125.0
  Mar. 342.8 252.5 200.9 148.0 100.9
  Apr. 280.1 210.8 165.3 124.4 72.7
  May 253.9 190.4 175.2 131.4 62.5
  Jun. 321.2 220.8 190.3 130.8 83.1
  Jul. 353.6 266.3 207.3 156.1 104.8
  Aug. 342.4 260.3 210.1 159.7 116.6
  Sep. 311.2 264.5 201.2 171.0 115.6
  Oct. 290.3 234.8 191.0 154.5 102.5
  Nov. 364.4 239.2 207.8 136.4 75.8
  Dec. 298.6 211.4 192.1 136.0 66.7
2007 Jan. 273.3 251.0 197.2 161.5 60.6
  Feb. 340.1 247.8 190.9 144.5 65.8
  Mar. 289.1 213.0 166.9 117.1 70.5
  Apr. 336.2 253.0 171.8 144.5 78.4
  May 351.3 263.5 189.6 134.4 62.4
  Jun. 371.3 255.2 154.4 110.9 72.5
  Jul. 333.1 250.8 161.7 117.1 61.8
  Aug. 334.2 254.0 130.5 97.9 52.2
  Sep. 217.7 185.0 128.3 90.1 53.1
  Oct. 239.3 193.6 134.8 99.9 52.2
  Nov. 311.2 204.3 165.8 124.0 60.2
  Dec. 362.0 256.3 240.1 160.2 104.4
a) Average spot freight rates (ASFR) are the average of all spot freight  
rates by  tanker size reported each month in the spot market.
Notes: GP=General Purpose  MR= Medium Range 
LR1=Large Range1   LR2= Large Range2  VLCC = Very Large Crude Carrier. 
Source:  Secretariat's assessment of spot tanker fixtures based on Galbraith's Tanker Fixtures Report.