Shipping & Ports
OPEC Reports August Rise in Crude Tanker Spot Freight Rates
Spot freight rates for dirty tankers strengthened in August, propelled by a broad recovery in VLCC earnings across all monitored routes, according to OPEC.
Spot freight rates across the dirty tanker segment strengthened during August, driven primarily by rising returns for very large crude carriers, according to the latest monthly market assessment from OPEC.
The producer group noted that VLCC spot freight rates recorded month-on-month increases across all monitored trade lanes. This upward movement represented a rebound from downward pressure experienced across the sector during the preceding month.
The recovery in VLCC markets encompassed major crude shipping corridors, including routes originating in the Middle East and heading to destinations in the East.
Source attribution
This report was written by the Global Freight editorial desk based on material published by Hellenic Shipping News Worldwide. It is an original summary and analysis, not a reproduction of the source text. Figures and claims are limited to those present in the source material.
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