TOPEC said in its latest monthly report that the tanker market proved volatile during the month of June. According to OPEC, spot freight rates for dirty tankers were volatile in June amid optimism that trade flow disruptions may ease. The moderate increase in activities outweighed the rise in tanker availability, leading to lower VLCC rates in the second half of the month. On the route from West Africa to the East, spot freight rates for giant oil tankers rose by 10%, remaining at high levels, that is, about 160% higher than they were in the same month last year.
Suezmax spot freight rates also showed some volatility due to uncertainty over Middle East flows and easing activities outside the US Gulf. On the USGC to Europe route, prices are down 9%, but are still 114% higher year-on-year. Aframax’s spot freight rates showed more consistent declines during the month. Prices fell back towards the upper range of the previous five years as supply concerns eased. Fares on the Mediterranean route to northwest Europe fell by 8%, but rose by 38% year-on-year.
Clean spot freight rates declined across all routes monitored, as tanker availability outstripped tonnage demand. In West Suez, clean spot prices fell by 44% on average, while prices in East Suez fell by 15%.
Dirty tanker shipping rates
Very Large Crude Carriers (VLCC)
Oil giants’ spot freight rates on routes outside the Middle East were volatile in June amid optimism that trade flow disruptions may be over. Increased availability outweighed the moderate increase in activities, leading to lower prices in the second half of the month. On average, spot freight rates for VLCCs fell by 10%, but remained largely elevated compared to year-ago levels, approximately 457% higher year-on-year.
On the Middle East to East route, prices averaged WS507 in June. This represents a 14% decline but is still 745% higher year over year. On the Middle East to West route, spot freight rates are assessed at WS195. This indicates a 13% decline, mom, but a 457% increase year over year. The attraction of ships towards the Middle East was seen as reducing their availability elsewhere, supporting spot prices in the middle of the month. As a result, prices on the West Africa to East route rose by 10% to the WS151 average in June. Compared to the same month in 2025, rates have increased by 160%.
Suezmax
Suezmax spot freight rates also showed some fluctuations amid easing activities outside the US Gulf region, although prices rose at the end of the month. On average, Swissmax spot freight rates fell by 6%, but were still 124% higher than in the same month last year.
Aframax
Aframax’s spot freight rates showed more consistent declines during the month. Prices fell back towards the upper range of the previous five years as supply concerns eased. On average, rates fell by 20% from the previous month’s levels, with losses measured most heavily around the Mediterranean. Compared to the same month in 2025, Aframax rates were approximately 38% higher. Spot freight rates on the route from Indonesia to the east continued to decline in June, retreating from high levels in April and May. Compared to the previous month, rates fell by 27%, Mum, to an average of WS162. Compared to last year, on-road prices have increased by 37%.
On the US East Coast Caribbean (USEC) route, prices fell by 32%, to an average of W204. This decrease came amid a decline in activities for most of the month. Compared to the same month last year, prices increased by 34%. Cross-average interest rates showed a smaller decline of 8%, supported by a stronger start to the month. Average prices WS188 in June, about 40% higher than the same month last year. Fares on the Mediterranean to North-West Europe (NWE) route followed a similar dynamic, falling by 8% to the WS181 average. Compared to the same month in 2025, rates were 38% higher.
Clean tanker shipping rates
Clean spot freight rates fell across all monitored routes amid abundant tanker availability. The East Suez market recorded a 15% decline, mother. In West Suez, prices fell by 44%, mother. Compared to the same month in 2025, average Aframax prices remained 65% above year-ago levels. Fares on the Middle East to East route were assessed at WS528, down 11%. Compared to June 2025, rates were 203% higher. Clean spot freight rates on the Singapore to East route fell by 22% to the WS237 average. Year over year, on-road prices rose by 39%. Fares on the NWE-to-USEC route have fallen 30% to the WS137 average. This represents an increase of 10% year-on-year. Fares on Cross-Med and Med-to-NWE routes fell by 48% and 47% respectively, to an average of WS180 and WS190. On an annual basis, spot freight rates rose by about 22% on both routes.
Nikos Rousanoglou, Global Hellenic Shipping News
