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Tanker Market

66

OPEC Monthly Oil Market Report – August 2017

Clean tanker freight rates

Clean tanker market

sentiment was mixed in July, with clean spot freight rates showing differing patterns.

On average, clean spot freight rates increased by 6% in the East of Suez and dropped by 4% in the West.

Graph 7 - 2: Products spot tanker freight rates, monthly average

East of Suez

spot freight rates on reported Middle East-to-East and Singapore-to-East routes both rose by

6% and 7%, respectively, from the previous month. Rates averaged WS114 points and WS147 points,

respectively. This increase came on the back of higher activity in the Middle East which was seen for

different classes, initially for LR’s but followed by similar improvements for MR’s.

West of Suez

spot freight rates reported losses on all routes as tonnage demand was weak in general and

rates for different classes often turned flat despite the occasional strengthening in West Africa and

Mediterranean. Rates for tankers operating on the NWE-to-US route dropped by 9% over the previous

month, to settle at WS126 points. Both Mediterranean-to-Mediterranean and Mediterranean-to-NWE rates

also declined by 4% each to average at WS133 and WS143 points, respectively.

Table 7 - 6: Clean spot tanker freight rates, Worldscale

60

80

100

120

140

160

180

200

220

60

80

100

120

140

160

180

200

220

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Worldscale

Worldscale

Middle East/Far East

Northwest Europe/USEC

Mediterranean/Mediterranean

Sources: Argus Media and OPEC Secretariat.

Size

Change

1,000 DWT

May 17 Jun 17 Jul 17 Jul 17/Jun 17

East of Suez

Middle East/East

30-35

106

107

114

7

Singapore/East

30-35

134

138

147

10

West of Suez

Northwest Europe/US East Coast

33-37

132

138

126

-13

Mediterranean/Mediterranean

30-35

147

139

133

-6

Mediterranean/Northwest Europe

30-35

158

149

143

-6

Sources: Argus Media and OPEC Secretariat.