The tanker market showed renewed growth during April, OPEC said in its latest monthly report. Dirty tanker spot freight rates broadly improved m-o-m in April, with VLCC rates supported by expected higher tonnage demand out of the Middle East. VLCC spot freight rates on the Middle East-to-East route and West Africa-to-East route rose 2% each, m-o-m, while rates on the Middle East-to-West route fell 3%, m-o-m, amid a drop in flows to the US. Suezmax spot freight rates gained 15%, m-o-m, on the West Africa-to-USGC route, supported by higher activities in the Atlantic basin. In the Aframax market, a tighter balance boosted cross-Med spot freight rates by 30%, m-o-m. In the clean tanker market, spot freight rates were broadly lower, weighed down by refinery maintenance and ample tonnage availability. East of Suez rates fell 13%, m-o-m, while West of Suez rates declined by 14%, m-o-m.
Dirty tanker freight rates
Very large crude carriers (VLCC)
VLCC spot freight rates showed mixed movements in April, strengthening East of Suez amid higher flows out of the Middle East, but softer West of Suez due to lower volumes headed to the US. On average, VLCC spot freight rates rose 2%,…