Tanker Market Reached Record Levels in March in Hellenic Shipping News 18/04/2026 Last month proved to be a record one for the tanker market. In its latest monthly report, OPEC said that in March, trade disruptions and moves to source alternative crude supplies pushed dirty tanker spot freight rates to record levels. On the West Africa-to-East route, VLCC spot freight rates rose 34%, m-o-m. Suezmax spot freight rates on the USGC-to-Europe route jumped 104%, m-o-m, amid increased demand for prompt cargoes. Aframax rates were particularly strong West of Suez, with the Intra-Mediterranean route increasing 68%, supported by higher flows from Libya and the Turkish port of Ceyhan. The Indonesia-toEast route experienced more limited gains of 8%, m-o-m. Clean tanker spot freight rates also strengthened, led by West of Suez routes, which averaged 86% higher, m-o-m. East of Suez routes also exhibited gains, up which 54% over the same period. Dirty tanker freight rates Very large crude carriers (VLCC) VLCC spot freight rates rose to record levels in March. On average, VLCC spot freight rates were up 112%, m-o-m, and up 427% compared with the same month last year. It should be noted that spot freight assessments for the monitored Middle East routes in March are largely theoretical as trade disruptions resulted in limited activities. On the Middle East-to-East route, rates were assessed at WS434 in March. This represents a m-o-m increase of 171% and a gain of 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%, m-o-m. This is 438% higher than the same month in 2025. On the West Africa-to-East route, spot freight rates rose 34% to average WS191. Increased flows of Angolan crude to Asia provided support. Compared with the same month in 2025, rates were up 213%. Suezmax Trade disruptions and the need for prompt cargoes boosted the Suezmax market in March. On average, Suezmax rates increased 95%, m-o-m, and were up 246% compared to the same month in 2025. On the West Africa-to-USGC route, spot freight rates in March averaged WS298, up 87%, m-o-m. Compared with the same month in 2025, spot rates on the route were up by 243%. Rates on the USGC-to-Europe route increased 104%, m-o-m, to average WS285. Y-o-y, rates were 248% higher. Aframax Aframax spot freight rates showed less consistent developments across the West and East of Suez markets. On average, Aframax rates were up 53%, m-o-m. Compared with the same month in 2025, rates for the vessel class were 189% higher. Spot freight rates exhibited more muted increases on the Indonesia-to-East route, up 8%, m-o-m, to average WS223. Y-o-y, rates on the route were up by 70%. Spot freight rates on the Caribbean-to-US East Coast (USEC) route rose 57%, m-o-m, to average W519. Compared with the same month last year, rates increased 279%. Spot freight rates around the Mediterranean showed strong gains amid higher flows from Libya and from the Turkish port of Ceyhan. Cross-Med rates were up 68%, m-o-m, to average WS409. Compared to the same month of 2025, spot rates on the route gained 199%. Rates on the Med-to-Northwest Europe (NWE) route rose 70%, m-o-m, to average WS397. Compared with the same month in 2025, rates were 201% higher. Clean tanker freight rates Clean spot freight rates also moved higher, with West of Suez rates outperforming East of Suez. West of Suez rates rose 86%, m-o-m, on average, while East of Sue