Tanker Market Rebounded in February in Hellenic Shipping News 14/03/2026 The tanker market has shown a strong rebound during the past month, according to OPEC’s latest monthly report. VLCC spot freight rates showed a strong performance in February, as fleet consolidation and rising tanker demand on long-haul routes tightened availability. On the Middle East-to-East route, spot freight rates rose 65%, m-o-m. Suezmax spot freight rate edged higher, lifted in part by spill-over support from the exceptionally strong VLCC market. Spot freight rates on the US Gulf Coast (USGC)-to-Europe route rose 7%, m-o-m, in February. Aframax rates strengthened, particularly in the East of Suez. Rates on the Indonesia-to-East route were up 21%, while Cross-Med rates increased 14%. Clean spot freight rates weakened East of Suez and edged slightly higher West of Suez. Rates on the Middle East-to-East route decline $5, m-o-m, while rates from Northwest Europe to the US East Coast increased 15% over the same month last year. Dirty tanker freight rates Very large crude carriers (VLCC) Fleet consolidation and rising tanker demand supported VLCC spot freight rates in February ahead of trade disruptions in early March. On average, VLCC spot freight rates in February increased by 57%, m-o-m, and were up 140% compared with the same month last year. On the Middle East-to-East route, rates averaged WS160 in February. This still constitutes a m-o-m increase of 65% and a gain of 158% compared to the same month last year. Spot freight rates on the Middle East-to-West route rose 51%, m-o-m, to average WS80. Rates were 122% higher than the same month in 2025. On the West Africa-to-East route, spot freight rates rose 52% to average WS143. Compared with the same month in 2025, rates were up 127%. Suezmax Tightness in the VLCC market boosted Suezmax spot freight rates in February. On average, Suezmax rates increased 10%, m-o-m, and were up 89% compared to the same month in 2025. On the West Africa-to-USGC route, spot freight rates in February averaged WS159, up 13%, m-o-m. Compared with the same month in 2025, spot rates on the route were up by 92%. Rates on the USGC-toEurope route were up 7%, m-o-m, to average WS140. Y-o-y, rates were 84% higher. Aframax Aframax spot freight rates also registered a robust performance in February. Aframax rates on average rose by 14%, m-o-m. Compared with the same month in 2025, rates for the vessel class were 102% higher. Spot freight rates on the Indonesia-to-East route rose by 21%, m-o-m, to average WS207. Y-o-y, rates on the route were up by 70%. Spot freight rates on the Caribbean-to-US East Coast (USEC) route gained 16%, m-o-m, to average WS331. Compared with the same month last year, rates increased 171%. Spot freight rates around the Mediterranean continued to strengthen. Cross-Med rates were up 14%, m-o-m, to average WS244. Compared to the same month of 2025, spot rates on the route gained 85%. Rates on the Med-to-Northwest Europe (NWE) route rose 9%, m-o-m, to average WS233. Compared with the same month in 2025, rates were 83% higher. Clean tanker freight rates Clean spot freight rates registered a muted performance in February, with most routes lower than the previous month but higher than the same month last year. East of Suez rates dropped 3%, m-o-m, on average, while West of Suez rates edged up 1%, m-o-m. Compared to the previous year, East of Suez rates were up 28%, while West of Suez rates gained 8%. Rates on the Middle East-t