Tanker Market Stages Strong Start Into 2026 in Hellenic Shipping News 13/02/2026 The tanker market has started off the year on a positive note, OPEC said in its latest monthly report. Dirty tanker spot freight rates had a strong start to the year in January, supported by geopolitical uncertainties, weather disruptions, unplanned outages, and steady loading activity. VLCC spot freight rates began in 2026 with an exceptionally strong performance, which spilt over into the smaller vessel classes. Spot freight rates on the Middle East-to-East route reached the highest level for the month for at least a decade, up by 64%, y-o-y. Suezmax rates saw support from weather disruptions in the Atlantic basin and spillover support from the VLCC market. Suezmax rates on the US Gulf Coast (USGC)-to-Europe route were up by 12%, m-o-m, and more than doubled year-ago levels, as European refiners sought replacements for disrupted CPC flows. Aframax spot freight rates also experienced a strong performance in January as a cold blast tied up tonnage in the Atlantic basin. Cross-Med Aframax spot freight rates rose by 10%, m-o-m, to reach a 10-year high for the month. In the clean tanker market, spot freight rates showed a strong performance, led by East of Suez. Rates on the Middle East-to-East route were up by 17%, m-o-m, while rates around the Mediterranean gained 5%, m-o-m. Dirty tanker freight rates Very large crude carriers (VLCC) Despite falling from the high levels seen the month before, VLCC spot freight rates registered decade-high levels in January on most monitored routes. Geopolitical uncertainties, weather disruptions, and steady tanker demand supported the large-vessel market. On average, VLCC spot freight rates declined by 12%, m-o-m, but were up by 57% compared with the same month last year. On the Middle East-to-East route, rates averaged WS95 in January, the highest for the month in over a decade. This still constitutes a m-o-m drop of 12%, but it is 64% higher than the same month last year. Spot freight rates on the Middle East-to-West route were down 20%, m-o-m, to average WS52. Still, rates were 49% higher than the same month in 2025. On the West Africa-to-East route, spot freight rates fell 8% from the high levels seen in December to average WS93. Compared with the same month in 2025, rates were up 55%. Suezmax Weather disruptions in the Atlantic basin and spillover support from the VLCC market boosted Suezmax spot freight rates in January. On average, Suezmax rates increased 9%, m-o-m, and were up 106% compared to the same month in 2025. On the West Africa-to-USGC route, spot freight rates in January averaged WS141, up 6%, m-o-m. Compared with the same month in 2025, spot rates on the route were up by 104%. Rates on the USGC-to-Europe route were up 12%, m-o-m, to average WS131. Y-o-y, rates were 108% higher. Aframax Aframax spot freight rates also registered a strong performance in January, as a cold blast added uncertainty in the Atlantic basin. Aframax rates rose by 16%, on average, m-o-m. Compared with the same month in 2025, rates for the vessel class increased by 83%. Spot freight rates on the Indonesia-to-East route rose by 6%, m-o-m, to average WS169. Y-o-y, rates on the route were up by 44%. Spot freight rates on the Caribbean-to-US East Coast (USEC) route jumped 34%, m-o-m, to average WS283. Compared with the same month last year, rates were higher by 128%. Spot freight rates around the Mediterranean rebounded from the previous