Tanker Market Dipped in December in Hellenic Shipping News 17/01/2026 The tanker market faced a downward correction during the month of December, OPEC said in its latest monthly report. Dirty tanker spot freight rates dipped in December following the strong gains seen in recent months. VLCC spot freight rates experienced a drop, but remained at strong levels on continued demand for long-haul flows. Spot freight rates on the Middle East-to-East route declined 12%, m-o-m, and rates on the Middle East-to-West route were down 11%, m-o-m. Suezmax rates saw a similar decline, as declining VLCC rates removed some spillover support. Suezmax rates on the US Gulf Coast (USGC)-to-Europe route fell 12%, m-o-m. Aframax spot freight rates experienced more moderate declines as rates had faced less upward pressure in recent months. Cross-Med Aframax spot freight rates declined 4%, m-o-m. In the clean tanker market, spot freight rates experienced positive momentum, as refineries continued to ramp up following maintenance, and long-haul demand increased. Rates on the Middle East-to-East route rose by 14%, m-o-m, while rates around the Mediterranean were up 6%, m-o-m. Dirty tanker freight rates Very large crude carriers (VLCC) VLCC spot freight rates retreated slightly in December following the steady gains seen in recent months. On average, VLCC spot freight rates declined by 12%, m-o-m, but were up by 133% compared with the same month last year, providing an indication of the strength of the market at the end of 2025. On the Middle East-to-East route, rates averaged WS108 in December, representing a decline of 12% from the previous month. Rates were 157% higher, y-o-y. Spot freight rates on the Middle East-to-West route dropped 11%, m-o-m, to average WS65. Rates were up 124% compared with the same month in 2024. On the West Africa-to-East route, spot freight rates dropped by 11% in December compared to the previous month, averaging WS101. Compared with the same month in 2024, rates were 110% higher. Suezmax Spot freight rates for Suezmax vessels also declined in December. On average, Suezmax rates were down 12%, m-o-m. However, compared to the same month last year, average rates for the vessel class increased by 67%. On the West Africa-to-USGC route, spot freight rates in December averaged WS133, down 12% m-o-m. Compared with the same month in 2024, spot rates on the route were up by 68%. Rates on the USGC-toEurope route decreased by 12%, m-o-m, to average WS117. Compared with the same month in 2024, rates were 65% higher. Aframax Aframax spot freight rates experienced a more moderate decline, reflecting the more muted gains seen in the previous months. Aframax rates were down 4%, on average, m-o-m. Compared with the same month the previous year, rates for the vessel class were up by 31%. Spot freight rates on the Indonesia-to-East route were down 10%, m-o-m, to average WS159. Y-o-y, rates on the route were up by 31%. Spot freight rates on the Caribbean-to-US East Coast (USEC) route were broadly flat from the previous month, remaining at WS211 on average over the month. Compared with the same month last year, rates rose by 34%. Spot freight rates around the Mediterranean reversed some of the gains seen in the previous month. CrossMed rates were down 4%, m-o-m, to average WS193. However, y-o-y, spot rates on the route were still up 30%. Rates on the Med-to-Northwest Europe (NWE) route increased 3%, m-o-m, to average WS189. Compared with the same month in