On the Middle East-to-East route, VLCC spot freight rates rose by 6%, m-o-m, in October, while rates on the West Africa-to-East route were up 5% over the same period. In the Suezmax market, rates on the US Gulf Coast-to-Europe route jumped 36%, m-o-m. A surge in Aframax rates encouraged charterers to switch to the large Suezmax vessels, although ample availability limited gains.
Aframax rates on the Caribbean-to-US East Coast route surged 81%, m-o-m, rebounding from low levels in the previous month when weather impacts limited tanker demand. Support came from high demand early in the month for US crude flows via Aframax to Europe. Rates on the cross-Med route rose 41%, m-o-m.
The clean market was mixed, varying by route, although, on average, rates fell both East and West of Suez. Soft demand for gasoline flows to the US limited activity in the clean spot freight market in the Atlantic Basin, which was offset by a better performance around the Mediterranean. Global spot fixtures improved further in October, averaging 15.
2 mb/d for the month, representing a gain of 1.2 mb/d, or about 9%, m-o-m. Compared with October 2023, global spot fixtures were 0.
5 mb/d, or 3%, higher. All monitored routes experienced gains, except the Middle East-to-West route, which declined amid limited flows out to the Atlantic Basin. OPEC spot fixtures averaged 11.
5 mb/d in October, representing an increase of 1.7 mb/d, or about 17%, m-o-m. Compared with the same month last year, fixtures rose 1.
1 mb/d.
