toLast month proved to be a record for the tanker market. OPEC said in its latest monthly report that trade disruptions in March and moves to obtain alternative crude supplies pushed spot shipping rates for dirty oil tankers to record levels. On the route from West Africa to the East, spot freight rates for VLCCs have risen by 34%, Mum. Suezmax spot freight rates on the USGC to Europe route have jumped 104%, amid increased demand for express shipments. Aframax rates were particularly strong west of Suez, with the trans-Mediterranean route increasing by 68%, supported by higher flows from Libya and the Turkish port of Ceyhan. The route from Indonesia to the east saw limited gains of 8%, Mum.
Spot freight rates for clean tankers also strengthened, led by West Suez Lines, which averaged 86% higher. East Suez Airlines also showed gains of 54% during the same period.
Dirty tanker shipping rates
Very Large Crude Carriers (VLCC)
VLCC spot freight rates rose to record levels in March. On average, spot freight rates for VLCCs increased by 112% and 427% compared to the same month last year. It should be noted that spot freight assessments for Middle East routes monitored in March are largely theoretical as trade disruptions have led to limited activities.
On the Middle East to East route, prices were assessed at WS434 in March. This represents an increase of 171% and 623% compared to the same month last year. Spot freight rates on the Middle East to West route were assessed at WS183, indicating an increase of 129%. This is 438% higher than in the same month in 2025. On the West Africa to East route, spot freight rates rose 34% to the WS191 average. Increased Angolan crude flows to Asia provided support. Compared to the same month in 2025, rates increased by 213%.
Suezmax
Trade disruptions and the need for fast shipping boosted the Suezmax market in March. On average, Suez Max prices rose by 95%, mom, and rose by 246% compared to the same month in 2025.
On the West Africa to USGC route, spot freight rates in March averaged WS298, up 87%. Compared to the same month in 2025, on-road spot prices rose by 243%. Fares on the USGC to Europe route rose 104% mom to average WS285. On an annual basis, rates were 248% higher.
Aframax
Aframax spot freight rates showed less consistent developments in the West and East Suez markets. On average, Aframax prices are up 53%, Mom. Compared to the same month in 2025, ship class rates were 189% higher. Spot freight rates showed slight increases on the Indonesia to East route, up 8%, to the WS223 average. Compared to last year, prices on the road have increased by 70%.
Spot freight rates on the US Caribbean to US East Coast (USEC) route rose 57%, to an average of $519. Compared to the same month last year, rates increased by 279%. Spot shipping rates around the Mediterranean showed strong gains amid rising flows from Libya and from the Turkish port of Ceyhan. Rates across the Mediterranean rose 68%, Mum, to an average of WS409. Compared to the same month in 2025, on-road spot prices rose by 199%. Prices on the Mediterranean to North West Europe (NWE) route have risen by 70% to average WS397. Compared to the same month in 2025, rates were 201% higher.
Clean tanker shipping rates
Clean spot freight rates also increased, with West Suez prices surpassing East Suez prices. Prices in West Suez rose by 86% on average, while prices in East Suez rose by 54%, Mom. Compared to the previous year, West Suez prices increased by 85%, while East Suez prices increased by 73%.
Fares on the Middle East to East route were assessed at WS357 on average, representing an overall increase of 81%. Compared to March 2025, rates were 126% higher. Clean spot freight rates on the Singapore Eastbound route rose 26%, to an average of WS233. Compared to last year, on-road prices have increased by 27%.
NWE-to-USEC clean rates rose 75%, mom, to the WS240 average, and increased 47%, year over year. Rates across the Mediterranean were stronger. Freight rates across the Mediterranean rose by 91%, to an average of WS425, while spot freight rates on the route from the Mediterranean to North-West Europe rose by 88%, to an average of WS436. Compared to last year, spot freight rates on Mediterranean routes were almost 97% higher.
Nikos Rousanoglou, Global Hellenic Shipping News
