Shipping & Freight Rates
Live VLCC tanker rates, vessel positions, fixture data & earnings models — the Bloomberg Terminal for freight, free for retail
Global shipping rates determine the cost of moving oil, gas, and goods across oceans. These rates are driven by supply (available ships) and demand (cargo volumes), amplified by geopolitical disruptions — like the 2026 Strait of Hormuz crisis, which has taken 4.1M bpd of oil supply offline and driven tanker rates to record levels. Use the Calculator tab to model shipping stock earnings at any freight rate.
Spot TCE & time charter rates across all major tanker classes
| Vessel Class | Spot TCE | 1-Yr TC Rate | Δ vs Prev Week | vs Last Year | 30-Day Trend | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
VLCC 300,000 DWT | $175K per day | $134K per day | $-42,500-24.1% | +82% | |||||||||||||||||||||||||||||||||
Key Routes — VLCC
TCE = Time Charter Equivalent. Adjusted for voyage costs, port fees, and canal dues. Worldscale = industry benchmark rate index (100 = standard rate). | |||||||||||||||||||||||||||||||||||||
Suezmax 150,000 DWT | $92K per day | $79K per day | $-3,500-4.3% | +65% | |||||||||||||||||||||||||||||||||
Aframax 110,000 DWT | $68K per day | $56K per day | $-2,500-4.3% | +48% | |||||||||||||||||||||||||||||||||
LR2 80,000 DWT | $52K per day | $48K per day | $-1,500-3.1% | +38% | |||||||||||||||||||||||||||||||||
LR1 80,000 DWT | $41K per day | $38K per day | $-1,250-3.2% | +28% | |||||||||||||||||||||||||||||||||
MR 47,000 DWT | $37K per day | $33K per day | $-750-2.2% | +22% | |||||||||||||||||||||||||||||||||
Rates are indicative spot TCE and 1-year time charter assessments sourced from Baltic Exchange, Compass Maritime, and Fearnleys weekly reports. Spot rates reflect current market basis; actual fixture rates may vary. Last available data as of March 25, 2026.
BDTI & BCTI historical performance — the benchmark freight indices
BDTI (Baltic Dirty Tanker Index) tracks crude oil tanker rates across all vessel classes. BCTI (Baltic Clean Tanker Index) tracks refined product tanker rates. Both are published daily by the Baltic Exchange in London.
The futures market for shipping rates — what traders expect rates to be in coming months
| Period | VLCC $/MT | Implied $/day TCE | Suezmax $/MT | Δ vs Last Wk |
|---|---|---|---|---|
| Mar 2026 | $73.00 | $280K/day | $58.00 | +4.2% |
| Apr 2026 | $52.00 | $200K/day | $44.00 | -2.1% |
| May 2026 | $39.00 | $150K/day | $33.00 | -5.3% |
| Q3 2026 | $24.00 | $90K/day | $21.00 | -1.8% |
| Q4 2026 | $23.40 | $88K/day | $20.00 | +0.4% |
| Q1 2027 | $22.00 | $82K/day | $19.00 | +1.2% |
Market note: FFA forward curve shows market expects rate normalization by Q3 2026 — the market was also wrong about rates sustaining in 2020 and 2022. The Hormuz crisis is fundamentally different: it is a supply-side shock, not a demand-side event.
FFAs are traded on the Baltic Exchange. Implied $/day figures are approximate TCE equivalents for VLCC TD3C (MEG-China) route. Data sourced from Fearnleys weekly FFA report.