OPEC records an increase in tanker freight rates.
According to OPEC's latest monthly report, charter rates for spot tankers rose sharply in October, with record rates for VLCC tankers leading to higher rates for Suasmax and Apermax tankers.
Among the three main classes of vessels, the largest increase in spot rates was observed in the spot market for Suasmax type vessels. On the Gulf of Mexico to Europe route, fares are up 139% year over year. Compared to the same period last year, spot rates were 7 times higher.
On average, VLCC spot freight rates rose 33% month-on-month and 920%, or more than 10 times year-on-year.
On average, Suasmax rates increased by 91% compared to the previous month. Compared to the same month in 2025, shipping rates have more than quadrupled.
The oil product tanker market began to come under pressure due to high rates in the oil product market. Availability decreased as some product tankers shifted to the crude oil market due to higher rates. In October, spot freight rates west of Suez increased by an average of 95% compared to the previous month and 168% compared to the same month last year. Spot rates east of Suez increased by 30% from the previous month and were 6 times higher compared to a year ago.