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Tanker Market

OPEC Monthly Oil Market Report – October 2017

65

Tanker Market

In September, tanker spot freight rates for dirty and clean vessels generally saw improved sentiment across

all classes trading on various routes.

The upward momentum varied, with VLCC rates remaining on average unchanged, while Suezmax and

Aframax freight rates rose, supported by increased tonnage demand, tighter vessel availability and greater

activity in the Mediterranean, as well as to some extent disruption in the vessel programme caused

hurricanes in the US. In the dirty segment, VLCC rates were broadly unchanged, while Suezmax and

Aframax spot freight rates increased by 6%, and 38%, respectively, over the previous month.

Clean tanker freight rates showed positive developments in September, with those West of Suez increasing

by 38%, while East of Suez rates rose by 16% from one month ago. Steady tonnage requirements,

combined with occasional tightening vessel supply, supported product tanker freight rates on several trading

routes.

Spot fixtures

In September,

OPEC spot fixtures

rose by 0.8% from the previous month to average 11.94 mb/d, according

to preliminary data. The increase came on the back of higher spot fixtures on the Middle East-to-East and

Outside Middle East route which averaged 5.85 mb/d and 3.94 mb/d, respectively, in September. On the

other hand, fixtures on the Middle East-to-West route were down by 0.27 mb/d in September to average

2.15 mb/d.

Table 7 - 1: Spot fixtures, mb/d

Sailings and arrivals

OPEC sailings

inched down by 0.04 mb/d, or 0.2%, in September to stand at 23.96 mb/d. Middle East

sailings increased marginally, rising by 0.04 mb/d over the previous month, to average 17.26 mb/d.

Crude oil arrivals

dropped in September at all ports. European, West Asian, North American and

Far Eastern ports showed a drop of 0.4%, 0.8%, 0.9% and 2.5%, respectively, from the previous month.

Change

Jul 17

Aug 17

Sep 17

Sep 17/Aug 17

All areas

17.07

17.19

17.09

-0.10

OPEC

12.23

11.85

11.94

0.10

Middle East/East

6.23

5.59

5.85

0.26

Middle East/West

1.94

2.42

2.15

-0.27

Outside Middle East

4.06

3.84

3.94

0.10

Sources: Oil Movements and OPEC Secretariat.