Limited VLCC availability is shifting demand towards midsize crude tankers, supporting both spot and period rates.

VLCC tightness supports midsize tankers

VLCC earnings on the Middle East to China route reached around $1.3 million per day last week. Longer voyages and delays related to ship-to-ship transfers are keeping VLCCs occupied for longer, tightening available tonnage.

This is supporting demand for Suezmaxes and Aframaxes, with average earnings rising 94% and 87% week-on-week to more than $340,000 and $150,000 per day, respectively.

Period rates reflect strong market expectations

The strength has also moved into the period market. One-year Suezmax rates are now above $100,000 per day, compared with an average of around $38,000 in 2025, while Aframax rates have reached around $70,000 per day.

With most new Suezmax and Aframax tonnage not scheduled for delivery until 2028 or later, limited fleet growth could continue to support earnings if demand remains strong.

Sources: Clarksons Research