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Tanker Market

OPEC Monthly Oil Market Report – November 2017

65

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

Aframax

Spot freight rates in the Aframax

market saw mixed movement on different routes. Average Aframax spot

freight rates rose in October, although the larger vessel classes saw much stronger gains. Average spot

Aframax rates increased by WS11 points from a month earlier, as a result of higher rates seen on different

reported routes. The Caribbean-to-US East Coast (USEC) route was an exception, decreasing by 13% in

October on persisting tonnage over supply, reversing part of the essential gains that were achieved on that

route in the previous month, though remaining well above rates of October 2016.

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

Aframax spot freight rate gains were mainly driven by higher rates in the Mediterranean on the back of

tightening Aframax availability for early November and increased transit delays in the Turkish straits.

Spot freight rates on the Mediterranean-to-Mediterranean and Mediterranean-to-NWE routes rose by 26%

and 27%, respectively, from the previous month to stand at WS135 and WS133 points. Aframax rates went

up despite competition seen from Suezmax vessels on part-cargo loadings.

The Aframax market in the North Sea and Baltics strengthened, as rates experienced an uptick on the back

of lesser tonnage availability and a busy fixing programme, with severe weather conditions and ullage

problems further supporting rates.

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

Aug 17 Sep 17 Oct 17 Oct 17/Sep 17

West Africa/US Gulf Coast

130-135

61

68

79

11

Northwest Europe/US Gulf Coast

130-135

55

56

60

4

Sources: Argus Media and OPEC Secretariat.

Size

Change

1,000 DWT

Aug 17 Sep 17 Oct 17 Oct 17/Sep 17

Indonesia/East

80-85

84

105

113

8

Caribbean/US East Coast

80-85

100

144

125

-19

Mediterranean/Mediterranean

80-85

78

107

135

28

Mediterranean/Northwest Europe

80-85

72

105

133

28

Sources: Argus Media and OPEC Secretariat.

20

40

60

80

100

120

140

20

40

60

80

100

120

140

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

Oct 17

Middle East/East (VLCC)

West Africa/USGC (Suezmax)

Mediterranean/Northwest Europe (Aframax)

Sources: Argus Media and Platts.

Worldscale

Worldscale

60

100

140

180

220

60

100

140

180

220

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

Oct 17

Middle East/Far East

Northwest Europe/USEC

Mediterranean/Mediterranean

Sources: Argus Media and OPEC Secretariat.

Worldscale

Worldscale