MOMR September 2017
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Tanker Market

72

OPEC Monthly Oil Market Report – September 2017

Clean tanker freight rates

Clean tanker market

sentiment mostly came under pressure in August despite a strengthening trend in the

East of Suez, nevertheless weak rates in the West of Suez drove average clean tanker rates down by 1%.

Graph 7 - 2: Products spot tanker freight rates, monthly average

The clean tanker market was quiet and sentiment stayed weak. Rates often remained flat, despite firmer

sentiment in the

East of Suez

, which was initially detected for LR ships for which freight rates edged up on

several trading routes before MR vessels followed suit.

MR tanker rates registered on the Middle East-to-East route showed an increase of 12% from a month ago

to average WS127 points.

Rates for tankers operating on the Singapore-to-East route increased by 5% from July to WS155 points.

In the

West of Suez

, rates have been experiencing a downward trend in different classes. Spot freight rates

were mostly flat on the back of ample tonnage supply. Freight rates on the NWE-to-USEC remained

marginally unchanged. Temporary MR freight rates more than doubled as affected by the hurricane in the

US, however the escalating trend faded quickly as rates went down showing no effect on the freight rates

monthly average. Sport freight rates registered for tankers trading on the Mediterranean-to-Mediterranean

and Mediterranean-to-NWE routes declined by 11% each, to stand at WS118 points and WS127 points

respectively.

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

60

80

100

120

140

160

180

200

220

60

80

100

120

140

160

180

200

220

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Worldscale

Worldscale

Middle East/Far East

Northwest Europe/USEC

Mediterranean/Mediterranean

Sources: Argus Media and OPEC Secretariat.

Size

Change

1,000 DWT

Jun 17 Jul 17 Aug 17 Aug 17/Jul 17

East of Suez

Middle East/East

30-35

107

114

127

13

Singapore/East

30-35

138

147

155

8

West of Suez

Northwest Europe/US East Coast

33-37

138

126

125

-1

Mediterranean/Mediterranean

30-35

139

133

118

-14

Mediterranean/Northwest Europe

30-35

149

143

127

-15

Sources: Argus Media and OPEC Secretariat.