Global spot fixtures declined m-o-m in November, averaging 13.20 mb/d for the month, representing a drop of 2.1 mb/d, or about 14%, m-o-m. Compared with November 2023, global spot fixtures were 0.8 mb/d, or 6%, higher. Middle East-to-East fixtures fell by 1.5 mb/d, or 19%, m-o-m, to average 6.2 mb/d. Y-o-y, fixtures on the Middle Eastto-East route were 0.6 mb/d, or 10%, higher. Spot fixtures on the Middle East-to-West route registered the only m-o-m gains seen in November. The route saw an increase of 0.1 mb/d, or 12%, m-o-m, to average 1.1 mb/d. Compared with the same month last year, fixtures were broadly unchanged. Spot fixtures on 'Outside Middle East' routes returned most of the previous month's gains, declining 0.4 mb/d, or almost 14%, m-o-m, to average 2.5 mb/d. Compared with the same month in 2023, fixtures were down by 0.3 mb/d, or 12%.
Middle East sailings also increased, up 0.3 mb/d or about 2%, m-o-m, to average just under 17 mb/d. Y-o-y, sailings from the region were 0.6 mb/d, or 4%, higher. Crude arrivals were generally stronger, with gains on all monitored routes except West Asia. North American arrivals increased by about 0.3 mb/d, or about 3%, to average just under 10 mb/d. Compared with November 2023, they were 1.5 mb/d higher, or up about 18%. Arrivals to Europe rose by 0.4 mb/d, or over 3%, m-o-m, to average 12.3 mb/d. Compared with the same month in 2023, they were 0.4 mb/d, or 3%, higher.
Far East arrivals averaged 15.5 mb/d in November, representing a gain of 2.1 mb/d, or almost 16%. Y-o-y, arrivals in the region were 1.0 mb/d, or over 7%, higher. Arrivals in West Asia saw the only m-o-m declines on monitored routes, falling 0.3 mb/d, or 3%, to average 8.8 mb/d. Compared with the same month last year, however, arrivals in the region were up 0.6 mb/d, or 8%.
Spot freight rates for VLCCs declined on all monitored routes in November, as a build-up of tonnage availability softened rates. On average, VLCC spot freight rates decreased by 8%, m-o-m, and they were down 22% compared with the same month in 2023. On the Middle East-to-East route, rates averaged WS51 in November, down 9% compared to the previous month. Y-o-y rates were 26% lower. The Middle East-to-West route also registered a loss in November, falling 6%, m-o-m, to average WS33. Compared with the same month in 2023, rates on the route fell by 18%. Spot freight rates on the West Africa-to-East route also declined, falling 10%, m-o-m, to average WS54 in November. Compared with the same month in 2023, rates were down 22%.
Suezmax
Suezmax spot rates dropped on average by 21%, m-o-m, in November and were down 22% compared with the same month last year. On the West Africa-to-USGC route, spot freight rates in November averaged WS75, representing a decline of 18%, m-o-m. Spot rates were 31% lower than the same month in 2023. Rates on the USGC-to-Europe route showed a larger decline, following a strong performance the month before. Spot freight rates fell 25%, m-o-m, to average WS65. Compared with the same month in 2023, rates were down 40%.
Aframax spot freight rates retreated from the strong performance seen the month before. On average, Aframax rates declined by 20%, m-o-m, while spot rates were 36% below the levels seen in November 2023. Rates on the Indonesia-to-East route decreased by 12%, m-o-m, to average WS134 in November. Y-o-y, spot rates on the route were down 18% compared to the same month last year.
Spot rates on the Caribbean-to-USEC route fell 34%, m-o-m, to average WS111 in November. Rates were 52% below the same month last year. Cross-Med spot freight rates declined by 18%, m-o-m, to average WS128. Compared with the same month last year, spot rates on the route were down 36%. Similarly, rates on the Med-to-Northwest Europe (NWE) route averaged WS127, representing a drop of 18%, m-o-m. Compared with the same month in 2023, rates were down 34%.
Clean tanker freight rates
Clean spot freight rates saw mixed movements, m-o-m, in November. East of Suez rates registered declines, falling 15% on average, while West of Suez rates strengthened, gaining 19%. Compared to the previous year, East of Suez rates were down 17% and West of Suez rates were 39% lower.
Rates on the Middle East-to-East route fell 19%, m-o-m, to average WS109 in November. Compared with the same month in 2023, rates were 21% lower. In contrast, clean spot freight rates on the Singapore-to-East route dropped 11%, m-o-m. Rates on the route averaged WS133, representing a 13% decline compared with the same month in 2023. In contrast, spot freight rates on the NWE-to-USEC route rose 21%, m-o-m.
Rates averaged WS108, which represents a 44% drop compared with November 2023. Rates around the Mediterranean showed similar gains, m-o-m. Rates on the Cross-Med route were up 19%, m-o-m, to average WS157 but were 38% lower, y-o-y. Rates on the Med-to-NWE route increased 18%, m-o-m, but 37%, y-o-y, to average WS167.
Nikos Roussanoglou, Hellenic Shipping News Worldwide