Table of Contents Table of Contents
Previous Page  74 / 106 Next Page
Information
Show Menu
Previous Page 74 / 106 Next Page
Page Background

Tanker Market

66

OPEC Monthly Oil Market Report – October 2017

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

Dirty tanker freight rates

VLCC

Among dirty tankers, the

VLCC

chartering market saw higher activity in September, mainly in the Middle

East, where tonnage demand increased sharply at the beginning of the month from recent levels.

Nevertheless, freight rate improvements were minor as tonnage availability remains, allowing charterers to

maintain an upper hand in the market, despite owners’ constant resistance to low rates. These remained

generally depressed in the absence of major delays or weather disruptions.

Table 7 - 3: Dirty VLCC spot tanker freight rates, Worldscale

On average, VLCC spot freight rates rose only by WS1 point in September compared with a month before to

stand at WS39 points. VLCC Middle East-to-East spot freight rates rose by 4% in September to stand at

WS44 points. Similarly, spot freight rates registered for tankers trading on the West Africa-to-East route rose

by 4% to average WS51 points, as the tanker market in West Africa followed the movement of the

Middle East market. However, VLCC spot freight rates on the Middle East-to-West route showed a drop from

one month before, primarily due to insufficient tonnage demand, falling by WS1 point to stand at

WS23 points.

Suezmax

Suezmax

spot freight rates showed slightly larger gains than in the VLCC sector, with a rise of 6% on

average in September compared with the previous month, to stand at WS62 points. Suezmax freight rates

increased on the back of sudden replacement, as the class was taken as an alternative to Aframax at the

beginning of the month after Hurricane Harvey disrupted the vessel programme. Rates in the Atlantic

increased further as Hurricane Irma approached, causing freight rates registered for tankers operating on the

West Africa-to-US Gulf route to increase by 11% from the month before to WS68 points.

Change

Jul 17

Aug 17

Sep 17

Sep 17/Aug 17

Sailings

OPEC

24.12

24.00

23.96

-0.04

Middle East

17.66

17.23

17.26

0.04

Arrivals

North America

10.20

9.78

9.69

-0.09

Europe

12.04

12.52

12.46

-0.06

Far East

8.83

8.81

8.59

-0.22

West Asia

4.67

4.64

4.60

-0.04

Sources: Oil Movements and OPEC Secretariat.

Size

Change

1,000 DWT

Jul 17 Aug 17 Sep 17 Sep 17/Aug 17

Middle East/East

230-280

52

42

44

2

Middle East/West

270-285

26

24

23

-1

West Africa/East

260

54

49

51

2

Sources: Argus Media and OPEC Secretariat.