15JUL2019 - NEWS - Tanker Rates Flat During June

Average dirty tanker spot freight rates were broadly flat in June, with ample tonnage availability dampening the impact of increased activity as refineries returned from maintenance, said OPEC in its latest monthly report. In June, Very Large Crude Carriers (VLCCs) edged higher, benefiting from the ramp-up in refinery capacity in China. The Suezmax spot freight rates firmed in June, reversing the losses seen the month before, supported by gains on the West Africa-to-US East Coast (USEC) route. Meanwhile, spot freight rates in the Aframax sector reversed direction with declines on most routes. Clean spot tanker freight rates generally moved lower in June, with only the Northwest Europe (NWE)-toUSEC route showing gains. However, with refineries coming out of maintenance, particularly in Asia, the clean market should start to improve into the second half of the year as preparations for IMO 2020 begin to pick up steam.