The crude tanker market has built sustained strength in recent weeks, supported by one of the most significant clean-to-dirty shifts seen in recent years. In November alone, thirty-three product tankers moved into crude trades as spot earnings for crude tonnage surged more than fourfold. This crossover has meaningfully tightened effective supply, removing capacity from the clean segment while adding pressure within crude, where VLCC, Suezmax, and Aframax units have already been operating in a firm environment. The result is a market where the balance between available vessels and demand has increasingly favoured owners, even as geopolitical risks and higher insurance premiums for calls at Russian ports further limit accessible tonnage.

This clean-to-dirty movement comes at a time when underlying fundamentals already support a constructive outlook. With more vessels now locked into crude trades and unlikely to return to clean without a significant earnings shift, the segment faces a structurally tighter supply base heading into winter. When combined with rerouted sanctioned barrels and ongoing voyage inefficiencies, the increased crossover activity has amplified the market’s positive momentum and reinforced expectations for a firm rate environment ahead.