Very Large Crude Carrier (VLCC) charter rates reached their highest level in September 2023. This increase was due to trade disruptions, export inefficiencies, and rising demand for ton-miles, which resulted in a shortage of tanker supply. On average, VLCC charter rates increased by 98% this month compared to the previous month and by 981% compared to last year, or nearly eight times more.
Suezmax and Aframax Charter Rates
Meanwhile, Suezmax tanker charter rates were also influenced by high demand, increasing by an average of 53% compared to the previous month. This increase was particularly evident on the route from the United States to Europe, where rates rose by 53%.
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Aframax tanker rates also increased across all monitored routes, averaging 72% higher than the previous month. This increase is more pronounced compared to last year, where Aframax rates nearly quadrupled compared to September 2025.
Regional Developments and Rate Comparisons
Charter rates on various routes indicate significant developments. For instance, rates on the Middle East to East route averaged WS962, reflecting an 88% increase compared to the previous month and a 981% increase compared to last year. On the Middle East to West route, rates reached WS440, increasing by 87% compared to the previous month and 730% compared to last year.
Rates on the West Africa to East route experienced the largest increase in September, reaching WS421, which represents a 142% increase compared to the previous month and a 390% increase compared to last year. These developments clearly indicate the high global demand for tankers and the challenges present in the oil supply chain.
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