Suezmax earnings have averaged above VLCC levels in 2026 as growing Atlantic crude exports favour smaller cargo parcels and vessel availability remains tight.

Suezmax earnings have outperformed VLCCs throughout 2026

Suezmax earnings rose 15% week over week to approximately $238,000 per day, matching VLCC earnings despite carrying roughly half the cargo. The strength extends beyond the current week. Suezmax earnings have averaged approximately $163,000 per day in 2026, compared with approximately $159,000 per day for VLCCs. This marks a change from 2025, when VLCCs earned a premium. Aframax earnings have also remained strong, rising 3% week over week to approximately $114,500 per day.

Atlantic crude flows are supporting Suezmax demand

The shift in crude trade flows is favouring Suezmax and Aframax vessels. Middle East production is forecast to fall 16% in 2026 due to the US-Iran conflict, while Brazilian and US exports are expected to increase by 14% and 10%, respectively. The resulting shift towards Atlantic loading regions is supporting demand for Suezmaxes, which are well suited to the smaller cargo parcels typical of these trades. Last week, a 2026-built Suezmax was fixed for twelve months at $80,000 per day. This represents a doubling of one-year charter rates compared with the 2025 average.

Tight vessel availability is supporting asset values

Limited Suezmax deliveries through the remainder of 2026 should keep vessel availability tight into next year. Asset values have already responded, with the value of five-year-old Suezmaxes rising 16% over the past three months to approximately $108 million. The wider secondhand tanker price index is also at its highest level since 2008. The Suezmax orderbook stands at 29% of the existing fleet, with most new capacity scheduled for delivery in 2027 and 2028, which should gradually ease supply pressure.

Sources: Clarksons Research & MB Shipbrokers