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Tanker Market

66

OPEC Monthly Oil Market Report – November 2017

Clean tanker freight rates

Clean tanker spot freight rates

dropped 9% on average in October, compared with the previous month.

The decline was registered on fixtures in both directions of Suez, where rates edged down on all selected

routes.

Table 7 - 6: Clean spot tanker freight rates, Worldscale

In the

East

, spot freight rates for tankers operating on the Middle East-to-East and Singapore-to-East routes

dropped by WS15 points and WS12 points, respectively, from the previous month. The medium-range tanker

market was quiet in October, with cargo flows being insufficient to grant any growth to freight rates especially

taking into account the prevailing tonnage surplus, leading to an overall reduction in freight rates in the

month.

Similarly, the clean tanker market in the

West

was mostly uneventful in October and ships were lining up

even for prompt dates. Consequently, clean spot freight rates on the NWE-to-USEC route dropped by

WS23 points to stand at WS111 points. The Mediterranean-to-Mediterranean and Mediterranean-to-NWE

routes also dropped by 4% and 3%, respectively, to stand at WS158 and WS169 points, respectively.

Size

Change

1,000 DWT

Aug 17 Sep 17 Oct 17 Oct 17/Sep 17

East of Suez

Middle East/East

30-35

127

139

124

-15

Singapore/East

30-35

155

191

179

-12

West of Suez

Northwest Europe/US East Coast

33-37

125

134

111

-23

Mediterranean/Mediterranean

30-35

118

165

158

-7

Mediterranean/Northwest Europe

30-35

127

174

169

-6

Sources: Argus Media and OPEC Secretariat.