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Tanker Market

OPEC Monthly Oil Market Report – November 2017

63

Tanker Market

In October, tanker spot freight rates for dirty vessels edged up across all classes trading on most major

routes ahead of winter season requirements. VLCC spot freight rates achieved the strongest growth

compared with the smaller classes on the back of healthy tonnage demand on the main trading routes.

In the dirty segment, VLCC, Suezmax and Aframax average spot freight rates increased by 37%, 12%, and

12%, respectively, over a month earlier. These gains in spot rates were mostly driven by higher seasonal

tonnage demand, as well as increased transit and port delays.

Clean tanker freight rates dropped on all reported routes with no exception in October, dropping for East

and West of Suez routes by 9% and 4%, respectively. The clean tanker market was mostly uneventful in

October, while vessel oversupply persisted. Despite lower monthly rates, clean tanker rates remain well

above the levels seen in October a year ago.

Spot fixtures

In October,

OPEC spot fixtures

dropped by 9.6% from the previous month to average 10.82 mb/d,

according to preliminary data. The drop came on the back of lower spot fixtures on the Middle East-to-East

and Middle East-to-West routes, which went down by 0.45 mb/d and 0.15 mb/d, respectively, in October to

average 5.39 mb/d and 1.99 mb/d. In addition, fixtures outside the Middle East were down by 0.55 mb/d.

Table 7 - 1: Spot fixtures, mb/d

Sailings and arrivals

OPEC sailings

dropped by 0.26 mb/d, or 1.1%, in October to stand at 23.69 mb/d. Middle East sailings also

dropped, down by 0.16 mb/d over the previous month to average 17.11 mb/d.

Crude oil arrivals

increased in October at North American and West Asian ports, up by 0.4% and 4.6%,

respectively, over the previous month, while arrivals in European and Far Eastern ports showed a drop of

1.4% and 2.1%, respectively, from the month before.

Change

Aug 17

Sep 17

Oct 17

Oct 17/Sep 17

All areas

17.19

17.25

15.91

-1.34

OPEC

11.85

11.96

10.82

-1.14

Middle East/East

5.59

5.84

5.39

-0.45

Middle East/West

2.42

2.14

1.99

-0.15

Outside Middle East

3.84

3.98

3.43

-0.55

Sources: Oil Movements and OPEC Secretariat.