VLCC rates soften as Suezmax tankers gain ground

Crude tanker markets ended the week of 19 December 2025 with a clear split between VLCC softness and firmer returns in the mid-size segments, as chartering activity shifted regionally and owners managed list positions into year-end.

Clarksons Research’s spot highlights showed VLCC rates eased across the main longhaul routes.

Middle East Gulf–China slipped to WS 113.5 from WS 125.0, with voyage earnings estimated at US$109,772 per day versus US$123,826 per day a week earlier (down 11%). Middle East Gulf–west coast India fell more sharply, to WS 115.0 from WS 135.0, with earnings down 19% to US$119,192 per day. West Africa–China weakened to WS 103.5 from WS 112.5, with earnings down 10% to US$93,032 per day.

Clarksons’ average VLCC earnings (2010-built) declined 11% week-on-week to US$101,623 per day.

In accompanying market commentary, Clarksons said VLCC rates “eased back” as charterers continued to fix ships “under the radar”, while owners sought enquiry-led support to clear prompt tonnage.

By contrast, the Suezmax market strengthened on tightening availability.

Clarksons recorded WAF–UKC up to WS 150.0 from WS 130.0, lifting earnings 23% to US$70,831 per day, while US Gulf–UKC rose to WS 130.0 from WS 107.5, with earnings up 32% to US$72,477 per day.

Average Suezmax earnings increased 9% to US$78,107 per day.

Aframax tanker results were mixed but firmer on key Atlantic routes: UKC–UKC ticked up to WS 157.5 from WS 155.0, with earnings up 5% to US$68,914 per day. US Gulf–UKC strengthened to WS 220.0 from WS 200.0, taking earnings up 15% to US$58,740 per day. Middle East Gulf–East eased to WS 177.5 from WS 195.0, with earnings down 12% to US$47,940 per day.

In its 2025 year-end review, Gibson described policy and sanctions-related dislocation as a recurring driver of volatility, including increased US pressure on Venezuelan flows and associated trade rerouteing dynamics.

Brokers Breakwave Advisers also argued that geopolitical tensions continued to boost tonne-miles, supporting its view that the near-term VLCC outlook remained constructive despite late-year rate fatigue.