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Tanker Market

OPEC Monthly Oil Market Report – October 2017

67

Table 7 - 4: Dirty Suezmax spot tanker freight rates, Worldscale

The Mediterranean market saw a relative increase in chartering activities, which limited growth in freight

rates. Suezmax availability in several regions remained more than sufficient to keep rates depressed,

consequentially spot freight rates on the Northwest Europe-to-US Gulf route ended the month almost flat to

stand at WS56 points.

Aframax

Aframax

spot freight rates showed the highest gains among vessel sizes in the dirty tanker sector, climbing

on all reported routes and showing notable average gains from the previous month. Aframax spot rates in the

Mediterranean rose as a result of higher activity. Spot freight rates on the Mediterranean-to-Mediterranean

and Mediterranean-to-Northwest Europe routes were the main contributors to average rate increases, as

both routes reflected higher rates by 38% and 46%, respectively, from the previous month to stand at

WS107 points and WS105 points. Aframax rates in the North Sea and the Baltic also increased, supported

by delays caused by severe weather conditions.

Table 7 - 5: Dirty Aframax spot tanker freight rates, Worldscale

In the Caribbean, rates rose as uncertainty concerning vessel schedules provided support to freight rates at

certain points, however, rates later retreated while the market stabilised. On average, Caribbean-to-US East

Coast (USEC) spot freight rates showed growth of 44%, standing at WS144 points compared with a month

earlier. Aframax freight rates on the Indonesia-to-East route rose by 25% from the previous month, averaging

WS105 points.

Graph 7 - 1: Crude oil spot tanker freight rates,

monthly average

Graph 7 - 2: Products spot tanker freight rates,

monthly average

Size

Change

1,000 DWT

Jul 17 Aug 17 Sep 17 Sep 17/Aug 17

West Africa/US Gulf Coast

130-135

61

61

68

7

Northwest Europe/US Gulf Coast

130-135

55

55

56

1

Sources: Argus Media and OPEC Secretariat.

Size

Change

1,000 DWT

Jul 17 Aug 17 Sep 17 Sep 17/Aug 17

Indonesia/East

80-85

87

84

105

21

Caribbean/US East Coast

80-85

92

100

144

44

Mediterranean/Mediterranean

80-85

84

78

107

30

Mediterranean/Northwest Europe

80-85

77

72

105

33

Sources: Argus Media and OPEC Secretariat.

20

40

60

80

100

120

140

20

40

60

80

100

120

140

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

Middle East/East (VLCC)

West Africa/USGC (Suezmax)

Mediterranean/Northwest Europe (Aframax)

Sources: Argus Media and Platts.

Worldscale

Worldscale

60

80

100

120

140

160

180

200

220

60

80

100

120

140

160

180

200

220

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

Middle East/Far East

Northwest Europe/USEC

Mediterranean/Mediterranean

Sources: Argus Media and OPEC Secretariat.

Worldscale

Worldscale