February Tanker Market Review

The latest monthly report from the Organization of the Petroleum Exporting Countries (OPEC) recorded a robust recovery in the tanker market throughout February. A combination of fleet consolidation and a surge in long-haul demand significantly tightened tonnage availability, sending spot freight rates skyrocketing.

The Bright Picture for the Dirty Tanker Segment

1. Very Large Crude Carriers (VLCCs)

The VLCC segment delivered the most impressive performance in February, fueled by concerns over trade disruptions heading into early March. Momentum from fleet consolidation and heightened demand pushed average VLCC spot rates up by 57% month-on-month (MoM) and a staggering 140% year-on-year (YoY) compared to 2025.

●    Middle East-to-East route: Rates hit WS160, jumping 65% MoM and breaking out by 158% YoY.

●    Middle East-to-West route: Rose 51% MoM to average WS80 (122% higher than the same period in 2025).

●    West Africa-to-East route: Rates increased by 52% MoM to reach WS143 (up 127% YoY).

2. Suezmax Segment

The tonnage tightening in the VLCC market created a spillover effect, dragging the Suezmax segment upward. On average, Suezmax rates climbed 10% MoM and 89% YoY.

●    West Africa-to-US Gulf Coast (USGC): Averaged WS159 (up 13% MoM and 92% YoY).

●    US Gulf Coast-to-Europe: Gained 7% MoM, settling at WS140 (84% higher than last year).

3. Aframax Segment

The Aframax market also recorded solid growth, particularly East of Suez. Average rates for this segment rose 14% MoM and sat 102% higher than in February 2025.

●    Indonesia-to-East route: Reached WS207 (up 21% MoM and 70% YoY).

●    Caribbean-to-US East Coast (USEC): Surged 16% MoM to WS331 (up a massive 171% YoY).

●    Mediterranean (Med) region: Cross-Med rates hit WS244 (up 14% MoM; 85% YoY). The Med-to-Northwest Europe (NWE) route increased 9% MoM to WS233 (up 83% YoY).

Mixed Movements in the Clean Tanker Segment

In stark contrast to the heat of the dirty tanker market, spot rates for clean (product) tankers had a rather muted February. Most routes recorded lower rates compared to January, although they maintained a slight upward momentum year-on-year.

●    East of Suez: Average rates dipped 3% MoM (but rose 28% YoY). Specifically, the Middle East-to-East route fell 4% (to WS197), and the Singapore-to-East route dropped 9% (to WS185).

●    West of Suez: Recorded a slight uptick of 1% MoM (up 8% YoY). A rare bright spot was the Northwest Europe-to-US East Coast (NWE-to-USEC) route, where rates saw an impressive 15% MoM gain to WS137 (though still 13% lower than in 2025).

●    Meanwhile, the Cross-Med and Med-to-NWE routes slipped slightly by 2% and 3% MoM, respectively.

See more:

• Asia-US Freight Rates Heat Up: US Considers Jones Act Waiver as FMC Scrutinizes Carrier Surcharges
• Gulf Crisis: Maersk and MSC Suspend Routes, Freight Costs Face Threat of Skyrocketing
• Maersk Implements Sweeping Peak Season Surcharges Across Multiple Key Trade Lanes
• Maersk Suspends Cargo Bookings Across Multiple Gulf Nations Amid Hormuz Blockade Crisis
• India: 95% of Trade Dependent on Foreign Fleets and the Ambition to Turn the Tide
• West Asia Tensions: Indian Exporters and Shipping Lines in Heated Standoff Over 'War Surcharges'
• Tanger Med Port Rises to Strategic Hub Status Amid Global Maritime Crisis
• Rate Volatility: CMA CGM Announces Sweeping Adjustments to FAK Rates and Peak Season Surcharges Across Major Trade Lanes
• Carriers Impose $4,000/FEU Surcharge in the Middle East: Indian Exporters Appeal to Government for Help
• The Cape of Good Hope Route: Becoming the 'New Normal' for Global Shipping?
• Middle East Crisis: MSC Declares Emergency "End of Voyage" for Gulf-Bound Cargo, Imposes $800 Surcharge
• COSCO schedules: Vietnam - North America in Mar 2026
• SITC updates Vietnam-Intra Asia sailing schedules in Mar 2026
• Iran Crisis Triggers Energy Shock: Global Oil and Gas Prices Soar, Maritime Transport Paralyzed
• Hormuz Crisis: 10% of Global Container Fleet Stranded, Risking Severe Supply Chain Disruption
• International Shipping and Logistics Market Update Week 9/2026 | Phaata

Source: Phaata.com (According to Hellenic Shipping News)

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