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Tanker Market

OPEC Monthly Oil Market Report – September 2017

71

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

Aframax

Aframax

spot freight rates declined across all reported routes in August, suffering from the same general

negative trend dominating the tanker market during the summer months when markets in several regions

remained depressed despite weather delays and some replacements and the market remained under the

influence of slow activity and a prolonged tonnage list. As a result, freight rates for tankers trading on both

the Mediterranean-to-Mediterranean and Mediterranean-to-NWE routes declined by 7% each to stand at

WS78 and WS72 points in August, respectively, compared with the previous month.

The Aframax market in the Caribbean was generally quiet and lacking cargoes, as was seen with other

routes. Average Aframax freight rates dropped in August, despite an increase in rates which were driven by

operation disruption following the Harvey Hurricane in the US. Average monthly freight rates for tankers

operating on the Caribbean-to-US East Coast (USEC) route rose by 10% over the previous month to

average WS100 points. In contrast, average freight rates for tankers trading on the Indonesia-to-East route

dropped by 3% to average WS84 points.

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

Size

Change

1,000 DWT

Jun 17 Jul 17 Aug 17 Aug 17/Jul 17

West Africa/US Gulf Coast

130-135

60

61

61

0

Northwest Europe/US Gulf Coast

130-135

57

55

55

0

Sources: Argus Media and OPEC Secretariat.

Size

Change

1,000 DWT

Jun 17 Jul 17 Aug 17 Aug 17/Jul 17

Indonesia/East

80-85

93

87

84

-3

Caribbean/US East Coast

80-85

93

92

100

9

Mediterranean/Mediterranean

80-85

91

84

78

-6

Mediterranean/Northwest Europe

80-85

85

77

72

-6

Sources: Argus Media and OPEC Secretariat.