TOPEC said in its latest monthly report that Anker prices remained high during April, but were mostly below their previous record levels.
In April, trade disruptions continued to impact spot freight rates for dirty oil tankers. While price assessments on routes outside the Middle East remained elevated amid limited activity and a high degree of uncertainty, spot freight rates for VLCCs elsewhere fell from record levels seen the previous month. On the West Africa to East route, spot freight rates for VLCCs are down 26%, but are still 129% higher than the same month last year. This decrease came in light of the interruption of trade flow, which led to a decrease in demand for tankers on main routes, which enhanced availability in other regions where trade was continuing.
A similar dynamic caused Suezmax’s spot freight rates to fall from the previous month’s high levels. On the USGC to Europe route, rates fell 23%, as higher rates the previous month attracted tankers from regions with diminished activity. Aframax spot freight rates around the Mediterranean reversed much of the previous month’s gains, falling 17%, but were higher on other routes monitored. Spot freight rates for clean tankers rose further, amid trade flow disruptions and the need to obtain alternative supplies. Spot freight rates on the route from Singapore to the East rose by 36%, while prices around the Mediterranean rose by 21% over the same period.
Dirty tanker shipping rates
Very Large Crude Carriers (VLCC)
Spot freight rates for VLCCs on active routes fell from record highs seen the previous month. This contrasts with price assessments on roads affected by the unrest, which continued to rise amid limited activity and a high degree of uncertainty. Combined, this allowed VLCC’s spot shipping rates to increase, on average, 12% month over month, and 479% year over year.
On the Middle East to East route, prices were assessed at WS550 in April. This represents a 27% increase and an 802% jump compared to the same month last year. On the Middle East to West route, spot freight rates were assessed at WS211, indicating an increase of 15% month-on-month and 539% year-on-year. However, VLCC spot freight rates on the most active route from Yanbu to Northeast Asia declined steadily during the month, averaging around WS172, closer to rates seen in the first two months of this year. On the West Africa to East route, spot freight rates fell by 26% to the WS142 average. Compared to the same month in 2025, rates increased by 129%. This decrease came in light of the interruption of trade flow, which led to a decrease in demand for tankers on main routes, which enhanced availability in other regions where trade was continuing.
Suezmax
Suezmax spot freight rates fell from the record highs recorded in the previous month due to a similar dynamic. On average, Suez Max prices fell by 23%, mom, but remained 130% higher than the same month last year.
On the West Africa to USGC route, spot freight rates in April averaged WS227, down 24%, but 127% higher than the same month last year. Fares on the USGC to Europe route recorded a similar decline, falling 23% to the WS219 average. This came despite estimates indicating a record rise in crude oil exports from the US Drilling Corp in April by up to 5 million barrels per day. Similar to the higher class of ships, the decline in Suezmax ship prices came as idle cargo on idle routes was attracted to active trade in the Atlantic Ocean. However, rates remained high by 131% year over year.
Aframax
Compared with fluctuations in other ship classes, Aframax’s spot freight rates were broadly balanced, declining by just 1% on average. The East Suez market witnessed gains amid increased spot demand, while higher tanker availability in the West Suez market limited upward pressure on prices. Compared to the same month in 2025, rates remained high, reaching 120% higher than last year’s levels. Amid regional importers’ need to obtain alternative supplies, spot freight rates on the route from Indonesia to the East rose 17%, month-on-month, to a WS262 average. Compared to last year, on-road prices have increased by 93%.
On the US East Coast Caribbean (USEC) route, prices rose 2%, to an average of $530. Compared to the same month last year, rates increased by 151%.
In contrast, cross-average interest rates gave back some of the strong gains seen in the previous month, falling 17% to the WS339 average. Compared to the same month in 2025, on-road spot prices rose by 90%. In contrast, prices on the Mediterranean to North-West Europe (NWE) route still registered a 1% increase to the WS401 average. Compared to the same month in 2025, rates were 133% higher.
Clean tanker shipping rates
In contrast to the dirty tanker market, clean spot freight rates rose in all markets monitored. Interest rates in East Suez outperformed those in West Suez, although both gains were achieved. Prices in East Suez rose by 47% on average, while prices in West Suez increased by 19%, Mom.
Compared to the previous year, prices in East Suez increased by 191%, while prices in West Suez increased by 156%. Fares on the Middle East to East route were assessed at WS549 on average, up 54% Mum. In contrast to the dirty tanker market, price assessments for the most active routes in the Middle East show spot rates at higher levels through most of April, meaning that underlying demand for clean tankers remained supportive. Compared to April 2025, rates were 287% higher. Clean spot freight rates on the Singapore to East route rose 36% to the WS317 average. Year-on-year, on-road prices rose 103%.
Clean rates on the NWE-to-USEC route rose another 14%, mom, to the WS274 average, and were up 88%, year over year. Fares on both the Cross-Med and Med-to-NWE routes rose by 21%, reaching an average of WS516 and WS526 respectively. On an annual basis, spot freight rates rose by 188% on the trans-Mediterranean route and by 178% on the Mediterranean to Northwest Europe route.
Nikos Rousanoglou, Global Hellenic Shipping News
