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Tanker Market

OPEC Monthly Oil Market Report – August 2017

63

Tanker Market

For the most part, dirty tanker spot freight rates developed negatively in July or maintained previous low

levels. VLCC and Suezmax average spot freight rates remained almost flat compared with the previous

month, whereas Aframax rates dropped by 6%. The decline was due to low tonnage demand, limited

inquiries and port maintenance, which kept the tonnage list populated at all times, as even prompt

requirements were met easily. The dirty tanker market maintained its seasonal low tonnage demand,

thereby affecting freight rates negatively while tonnage availability kept growing with an increase in new

deliveries being reported. Clean tanker spot freight rates were mostly weak despite fixtures to eastern

destinations showing higher rates than the previous month.

Spot fixtures

Global fixtures

dropped by 4.9% in July compared with the previous month.

OPEC spot fixtures

declined

by 0.89 mb/d, or 6.7%, averaging 12.27 mb/d, according to preliminary data. The drop in fixtures was mainly

registered on western routes. Fixtures on the Middle East-to-West bound destinations were lower by 42%, or

1.37 mb/d, while the Middle East-to-East fixtures and those outside of the Middle East increased by

0.27 mb/d and 0.22 mb/d, respectively. Compared with the same period one year earlier, all fixtures were

higher with one exception – Middle East-to-West fixtures – which dropped by 39% from the previous year.

Table 7 - 1: Spot fixtures, mb/d

Sailings and arrivals

Preliminary data showed that

OPEC sailings

declined by 0.28 mb/d in July, averaging 24.13 mb/d, however

they were 0.06 mb/d higher than the same month a year earlier.

Table 7 - 2: Tanker sailings and arrivals, mb/d

Change

May 17

Jun 17

Jul 17

Jul 17/Jun 17

All areas

17.69

17.99

17.10

-0.88

OPEC

12.48

13.16

12.27

-0.89

Middle East/East

5.38

6.01

6.27

0.27

Middle East/West

3.10

3.31

1.94

-1.37

Outside Middle East

4.00

3.84

4.06

0.22

Sources: Oil Movements and OPEC Secretariat.

Change

May 17

Jun 17

Jul 17

Jul 17/Jun 17

Sailings

OPEC

24.21

24.41

24.13

-0.28

Middle East

17.36

17.62

17.66

0.04

Arrivals

North America

9.88

10.72

10.21

-0.51

Europe

12.62

12.00

12.04

0.04

Far East

8.56

8.74

8.83

0.09

West Asia

4.66

4.49

4.68

0.19

Sources: Oil Movements and OPEC Secretariat.