Tanker Market Stays Elevated in May in Hellenic Shipping News 13/06/2026 D irty tanker spot freight rates remained elevated in May, although down from the record highs registered in March, OPEC said in its latest monthly report. Increased long-haul demand supported VLCC spot freight rates. The repositioning of tankers made more available in the Atlantic Basin, easing upward pressure on rates. On the West Africa-to-East route, VLCC spot freight rates edged 4% lower, m-o-m, but remained 121% higher than in the same month last year. Suezmax spot freight rates followed a similar dynamic, despite US Gulf crude exports remaining near record levels amid ongoing SPR releases. On the USGC-to-Europe route, rates fell 22%, m-o-m, but were 130% higher, y-o-y. Aframax spot freight rates experienced the largest drop but still stood at the upper end of the five-year range. Rates on the Mediterranean-to-Northwest Europe route fell 51%, m-o-m, amid reduced prompt buying following strong levels in the previous month. Clean tanker spot freight rates remained elevated East of Suez on Asian demand, but declined West of Suez as prompt buying eased amid ample trade flows ahead of seasonal demand. Clean spot freight rates on the Middle East-to-East route were up 9%, m-o-m, while rates around the Mediterranean fell 32%, m-o-m. Dirty tanker freight rates Very large crude carriers (VLCC) VLCC spot freight rates fell further in May but remained well above the five-year average. Rates were supported by increasing long-haul demand, particularly for Atlantic Basin crudes to Asia to address ongoing supply disruptions. On average, VLCC spot freight rates were up 5%, m-o-m, and 520%, y-o-y. On the Middle East-to-East route, rates were assessed at WS587 in May. This represents a m-o-m increase of 7% and an 878% jump compared to the same month last year. On the Middle East-to-West route, spot freight rates were assessed at WS224. This indicates a rise of 6%, m-o-m, and 579%, y-o-y. On the more active