DOPEC said in its latest monthly report that spot freight rates for tankers remained high in May, despite falling from the record high levels recorded in March. Increased long-haul demand has supported spot freight rates for VLCCs. The repositioning of tankers has opened up more opportunities in the Atlantic Basin, easing upward pressure on prices. On the route from West Africa to the East, spot freight rates for VLCCs fell by 4%, but remained 121% higher than in the same month last year.
Swissmax spot freight rates followed a similar dynamic, although US crude exports from the Gulf remained near record levels amid ongoing releases from the Strategic Petroleum Reserve. On the USGC to Europe route, prices were down 22% mom, but were 130% higher year over year. Aframax’s spot freight rates have seen the biggest decline but remain at the upper end of the five-year range. Prices on the Mediterranean route to northwest Europe fell by 51%, amid a decline in spot buying after strong levels the previous month.
Spot freight rates for clean tankers remained high east of Suez due to Asian demand, but fell west of Suez as spot purchasing declined amid abundant trade flows ahead of seasonal demand. Clean spot freight rates on the Middle East to East route rose by 9%, while rates around the Mediterranean fell by 32%.
Dirty tanker shipping rates
Very Large Crude Carriers (VLCC)
Spot freight rates for VLCCs fell further in May, but remained well above the five-year average. Prices were supported by increased long-term demand, especially for Atlantic Basin crudes heading to Asia to address ongoing supply disruptions. On average, spot freight rates for VLCCs rose 5% and 520% year over year.
On the Middle East to East route, prices were assessed at WS587 in May. This represents a 7% increase and an 878% jump compared to the same month last year. On the Middle East to West route, spot freight rates are assessed at WS224. This indicates an increase of 6%, mom, and 579% year over year.
On the busier route from West Africa to the East, spot freight rates fell by 4% to the WS137 average. This decline came amid continued repositioning from Asia to the more active Atlantic Basin. Compared to the same month in 2025, rates increased by 121%.
Suezmax
Swissmax spot freight rates followed a similar dynamic, although US crude exports from the Gulf remained near record levels amid ongoing releases from the Strategic Petroleum Reserve. On average, Suez Max prices fell by 21%, mom, but remained 129% higher than in the same month last year. On the West Africa to USGC route, spot freight rates in May averaged WS183, down 19%, but 129% higher than the same month last year. Prices on the USGC to Europe route have fallen by 22% mom to average WS170. This came despite estimates showing that US crude oil exports remained near record levels of more than 5 million barrels per day. However, year-over-year rates increased by 130%.
Aframax
Aframax’s spot freight rates have seen the biggest decline but remain at the upper end of the five-year range. Mom, prices have dropped by 40%. Declines were less severe east of Suez, where supply concerns were more pressing. Compared to the same month in 2025, Aframax rates remained high, averaging 76%. Spot freight rates on the route from Indonesia to the East fell by 16% to the WS221 average. Compared to last year, on-road prices have increased by 91%.
On the US East Coast Caribbean (USEC) route, prices fell 44%, to an average of $299. Compared to the same month last year, prices increased by 121%. Interest rates across the Mediterranean recorded sharper declines, falling by 40% to the WS204 average. Compared to the same month in 2025, on-road spot prices remained 48% higher. Prices on the Mediterranean to North West Europe (NWE) route have fallen by 51% to the WS197 average. Compared to the same month in 2025, rates were 44% higher.
Clean tanker shipping rates
In contrast to the dirty tanker market, clean spot freight rates showed diverging trends east and west of Suez. The East Suez market was able to record gains of 4%, based on price assessments on routes leading to Asia outside the Middle East.
In West Suez, prices fell by 31%, with spot buying declining. Compared to the same month in 2025, Aframax rates remained high, averaging 132% above year-ago levels.
Fares on the Middle East to East route were assessed at WS596 on average, up 9% Mum, the only gain on monitored routes. Compared to May 2025, rates were 292% higher. Clean spot freight rates on the Singapore to East route fell by 5% to the WS302 average. Compared to last year, on-road prices have increased by 91%. The East of Suez lines showed a stronger decline, Mum, with fares on the NNW to YUSEC route falling by 29% to the WS195 average. This was still a 47% increase year over year. Fares on both Cross-Med and Med-to-NEW routes fell by 32%, to an average of WS349 and WS359, respectively. On an annual basis, spot freight rates rose by 115% on the trans-Mediterranean route and by 109% on the Mediterranean to Northwest Europe route.
Nikos Rousanoglou, Global Hellenic Shipping News
