The tanker market rose during August, OPEC said in its latest monthly report. Dirty tanker spot freight rates were stronger in August, led by gains in VLCC rates. Spot freight rates for VLCC rose, m-o-m, across all monitored routes, recovering from the decline seen in the previous month. On the Middle East-to-East route, VLCC spot freight rates rose 28%, m-o-m, in August, while rates on the Middle East-to-West route jumped 51%, m-o-m.
Suezmax spot freight rates also moved higher, building on the previous month’s gain. On the USGC-toEurope route, Suezmax rates rose 4%, m-o-m.
After a strong performance in the previous month – with an increase of around 60% – Aframax rates fell back in August yet remained at elevated levels. On the Mediterranean-to-Northwest Europe route, Aframax dirty spot rates declined 18%, m-o-m.
In the clean tanker market, spot freight rates showed divergent trends in August. East of Suez rates were up 15% on average, m-o-m, while West of Suez spot rates dropped by 5% on average, m-o-m, as rates eased in the Atlantic basin.
Dirty tanker freight rates
Very large crude carriers (VLCC)
VLCC spot freight rates recovered from the previous month’s decline and strengthened on all monitored routes in August. On average, VLCC spot freight rates were up 31%, m-o-m, and were 527% higher, y-o-y. On the Middle East-to-East route, spot freight rates averaged WS512 in August. This represents a m-o-m increase of 28% and a gain of 798% compared to the previous year. On the Middle East-to-West route, spot freight rates averaged WS235. This represents an increase of 51%, m-o-m, while y-o-y rates were 591% higher. Rates on the West Africa-to-East route averaged WS174 in August, up 18%, m-o-m, and 200%, y-o-y.
Suezmax
Suezmax spot freight rates were also lifted higher in August, building on the previous month’s gains. On average, Suezmax spot freight rates rose 6%, m-o-m. Compared with the same month last year, Suezmax rates were 138% higher.
On the West Africa-to-USGC route, spot freight rates averaged WS243 in August, representing an increase of 7%, m-o-m. Compared with year-ago levels, rates were 141% higher. Rates on the USGC-to-Europe route averaged WS205, reflecting a 4% increase, m-o-m. Y-o-y, rates were 133% higher.
Aframax
Aframax spot freight rates fell from elevated levels in August, m-o-m, although still remaining above the five-year average. Rates averaged WS250, representing a 5% decline, m-o-m, as Mediterranean routes declined following the previous month’s strong showing. Compared with the same month in 2025, Aframax rates were 82% higher.
Spot freight rates on the Indonesia-to-East route increased by 16%, m-o-m, to average WS189. Y-o-y, rates on the route were up 73%. Rates on the Caribbean-to-US East Coast (USEC) route also showed gains, rising 10%, m-o-m, to an average of W334. Compared with the same month last year, rates were up 109%.
In contrast, rates around the Mediterranean registered declines. Cross-Med rates declined by 19%, m-o-m, to average WS242 in August. Rates on the Med-to-Northwest Europe (NWE) route followed a similar dynamic, down 18%, m-o-m, to average WS238. Compared with the same month in 2025, rates were 68% and 74% higher, respectively.
Clean tanker freight rates
In the clean tanker market, spot freight rates once again showed somewhat divergent trends in August. East of Suez rates registered gains, rising 15% on average, m-o-m, while West of Suez spot rates dropped 5% over the same period. Compared with the same month in 2025, East of Suez rates were 139% higher, while West of Suez rates were up just 17%.
Rates on the Middle East-to-East route were assessed at WS545, representing a gain of 26%, m-o-m. Compared with August 2025, rates were up 234%. Clean spot freight rates on the Singapore-to-East route declined by a further 4%, m-o-m, to average WS223. Y-o-y, rates on the route were up 39%.
Rates on the NWE-to-USEC route declined 20%, m-o-m, to average WS114. This represents a 3% gain from the same month last year. Rates on the Cross-Med and Med-to-NWE routes were up 2% each, m-o-m, to average WS186 and WS196, respectively. Y-o-y, spot freight rates on both routes were up by about 21%.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
