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Assessment of the global economy in 2021 and 2022
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Review of 2020, outlook for 2021
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Review of 2019; outlook for 2020
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Feature article: Review of 2018; outlook for 2019
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October 2022
Winter oil market outlook
October 2022
Winter oil market outlook

Tanker market

Summary

Very Large Crude Carrier (VLCC) rates continued to gather strength in September, with gains seen on all major routes. Spot VLCC rates on the Middle East-to-East route rose 26%, while on the
West Africa-to-East route, they gained 23%.

Suezmax and Aframax rates came down from the elevated levels seen since March. Suezmax rates on the US Gulf Coast (USGC)-to-Europe route declined by 7%, while Aframax spot rates on the Cross-Med route declined by around 13%. All monitored routes were well above the levels seen in the same month last year.

Clean rates saw diverging trends, with gains East of Suez and declines West of Suez. On the
Middle East-to-East route, clean spot rates rose by 13% m-o-m in September.

 
 

Table 7 - 1

Spot fixtures, mb/d
    Change
Spot fixtures Jul 22 Aug 22 Sep 22 Sep 22/Aug 22
All areas 15.93 15.40 14.29 -1.11
OPEC 11.37 10.44 10.52 0.08
Middle East/East 6.79 5.95 6.51 0.56
Middle East/West 2.28 1.68 1.37 -0.31
Outside Middle East 2.30 2.81 2.64 -0.17
 

Table 7 - 2

Tanker sailings and arrivals, mb/d
    Change
Sailings Jul 22 Aug 22 Sep 22 Sep 22/Aug 22
OPEC 22.14 24.36 23.94 -0.42
Middle East 16.75 18.64 18.75 0.11
Arrivals        
North America 8.65 9.25 8.90 -0.35
Europe 13.42 12.63 12.30 -0.33
Far East 13.31 15.21 15.07 -0.14
West Asia 8.03 8.37 7.53 -0.84
 

Table 7 - 3

Dirty VLCC spot tanker freight rates, Worldscale
  Size   Change
VLCC 1,000 DWT Jul 22 Aug 22 Sep 22 Sep 22/ Aug 22
Middle East/East 230-280 58 68 86 18
Middle East/West 270-285 35 41 50 9
West Africa/East 260 60 70 86 16
 

Table 7 - 6

Clean spot tanker freight rates, Worldscale
  Size   Change
East of Suez 1,000 DWT Jul 22 Aug 22 Sep 22 Sep 22/Aug 22
Middle East/East 30-35 285 269 304 35
Singapore/East 30-35 396 342 415 73
West of Suez          
Northwest Europe/US East Coast 33-37 309 291 258 -33
Mediterranean/Mediterranean 30-35 275 271 228 -43
Mediterranean/Northwest Europe 30-35 285 282 238 -44