OPEC Monthly Oil Market Report – August 2017
in North American ports showed the only decline during the month as they dropped by
0.51 mb/d, while arrivals at Europe, the Far East and West Asia all increased by 0.04 mb/d, 0.09 mb/d and
0.19 mb/d, respectively, to average 12.04 mb/d, 8.83 mb/d and 4.68 mb/d.
Dirty tanker freight rates
Graph 7 - 1: Crude oil spot tanker freight rates, monthly average
While the month started with slim activity in general for
as the chartering market lacked new
requirements, the tonnage list nevertheless remained long enough to easily meet even rapid requirements.
Earnings remained at very low levels despite some improvement in activity at the end of the first week of the
month; however, that rarely translated into any significant increase in freight rates. Rates were often kept
under pressure in several markets as the loading requirements remained limited, keeping rates under
pressure. VLCC spot freight rates for tankers operating on the Middle East-to-East route showed an increase
of only WS1 point from the previous month, to average WS52 points in July. VLCC spot freight rates for
tankers operating on the West Africa-to-East route dropped by only WS2 point from a month earlier to
average WS54 points. VLCC spot freight rates on the Middle East-to-West long-haul route showed no
changes from the previous month to average WS26 points. Generally spot freight rates exhibited typical
seasonal developments usually seen in the summer months. Annually, average spot freight rates for VLCCs
were higher by 13% than the same month a year before.
Table 7 - 3: Dirty VLCC spot tanker freight rates, Worldscale
Middle East/East (VLCC)
West Africa/USGC (Suezmax)
Mediterranean/Northwest Europe (Aframax)
Sources: Argus and Platts.
May 17 Jun 17 Jul 17 Jul 17/Jun 17
Sources: Argus Media and OPEC Secretariat.