The tanker market proved volatile during the month of June, OPEC said in its latest monthly report. According to OPEC, dirty tanker spot freight rates were volatile in June amid optimism that trade flow disruptions might ease. The moderate increase in activities was outweighed by higher tanker availability, causing VLCC rates to fall off in the second half of the month. On the West Africa-to-East route, VLCC spot freight rates rose 10%, m-o-m, to remain at elevated levels, some 160% higher than in the same month last year.
Suezmax spot freight rates also showed some volatility due to uncertainty regarding Mideast flows and easing activities out of the US Gulf. On the USGC-to-Europe route, rates fell 9%, m-o-m, but were still 114% higher, y-o-y. Aframax spot freight rates exhibited more steady declines over the month. Rates fell back towards the upper range of the previous five years as supply concerns softened. Rates on the Mediterranean-to-Northwest Europe route declined 8%, m-o-m, but were up 38%, y-o-y.
Clean spot freight rates declined across all monitored routes, as tanker availability outweighed tonnage demand. West of Suez, clean spot rates fell by 44% on average, while East of Suez rates were down by 15%.
Dirty tanker freight rates
Very large crude carriers (VLCC)
VLCC spot freight rates on routes out of the Middle East were volatile in June amid optimism that trade flow disruptions might lift. The moderate increase in activities was outweighed by higher availability, causing rates to fall off in the second half of the month. On average, VLCC spot freight rates declined 10%, m-o-m, but remained considerably elevated compared with year-ago levels, some 457% higher, y-o-y.
On the Middle East-to-East route, rates averaged WS507 in June. This represents a m-o-m decline of 14% but is still 745% higher, y-o-y. On the Middle East-to-West route, spot freight rates were assessed at WS195. This indicates a drop of 13%, m-o-m, but a gain of 457%, y-o-y. The draw of vessels toward the Middle East was seen to reduce availability elsewhere, supporting spot rates mid-month. As a result, rates on the West Africa-to-East route increased 10% to average WS151 in June. Compared with the same month in 2025, rates were up 160%.
Suezmax
Suezmax spot freight rates also showed some volatility amid easing activities out of the US Gulf, although rates picked up at the end of the month. On average, Suezmax spot freight rates were down 6%, m-o-m, but were still 124% higher than in the same month last year.
Aframax
Aframax spot freight rates exhibited more steady declines over the month. Rates fell back towards the upper range of the previous five years as supply concerns eased. On average, rates were down 20% from levels in the previous month, with losses more measured around the Mediterranean. Compared with the same month in 2025, Aframax rates were around 38% higher. Spot freight rates on the Indonesia-to-East route continued to fall in June, drifting down from elevated levels in April and May. Compared with the previous month, rates declined 27%, m-o-m, to average WS162. Y-o-y, rates on the route were up by 37%.
On the Caribbean-to-US East Coast (USEC) route, rates fell 32%, m-o-m, to average W204. The decline came amid lower activities for most of the month. Compared with the same month last year, rates were up 34%. Cross-Med rates exhibited a lesser decline of 8%, m-o-m, supported by a stronger start to the month. Rates average WS188 in June, around 40% higher than the same month last year. Rates on the Med-to-Northwest Europe (NWE) route followed a similar dynamic, falling 8%, m-o-m, to average WS181. Compared with the same month in 2025, rates were 38% higher.
Clean tanker freight rates
Clean spot freight rates declined across all monitored routes amid ample tanker availability. The East of Suez market registered a decline of 15%, m-o-m. In the West of Suez, rates declined by 44%, m-o-m. Compared with the same month in 2025, average Aframax rates remained elevated at 65% above year-ago levels Rates on the Middle East-to-East route were assessed at WS528, down 11%, m-o-m. Compared with June 2025, rates were 203% higher. Clean spot freight rates on the Singapore-to-East route fell 22%, m-o-m, to average WS237. Y-o-y, rates on the route were up 39%. Rates on the NWE-to-USEC route declined 30% to average WS137. This represented an increase of 10%, y-o-y. Rates on the Cross-Med and Med-to-NWE routes fell 48% and 47%, respectively, m-o-m, to average WS180 and WS190. Y-o-y, spot freight rates were up by around 22% on both routes.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
