Dirty tanker spot rates down 21% in February

Dirty tanker spot freight rates declined by an average of 21% in February reversing all profits made a month earlier, according to OPEC’s latest oil market report.

Lower rates were seen in all reported dirty class last month, which was partly attributed to holidays in the East as well as an increase in vessel supply.

“Following the increase in January, VLCC freight rates saw a softer sentiment at the beginning of February as a wave of new vessels delivered into the market leading to a sharp fall in rates,” said OPEC.

Freight