An Aframax tanker carries 80,000 to 120,000 deadweight tonnes of crude oil. The name comes from Shell's Average Freight Rate Assessment system for categorising tanker sizes. Aframaxes are smaller than Suezmaxes and VLCCs, making them suitable for ports with draught restrictions, including North Sea and Baltic terminals.Source: event

What tankers are carrying Iranian oil in 2026?

Sanctioned Aframax tankers like the PING SHUN form the backbone of the shadow fleet transiting Hormuz under the IRGC toll system.Source: background

How big is an Aframax compared to a VLCC?

An Aframax carries roughly 600,000 barrels; a VLCC carries 2 million. Aframaxes suit restricted waterways like Hormuz; VLCCs require deep-water terminals.Source: quick_facts

Background

Aframax tankers carry between 80,000 and 120,000 deadweight tonnes of crude oil, making them the workhorses of regional crude trade. The class name derives from the Average Freight Rate Assessment (AFRA) system used by Shell to categorise tankers by size. Their smaller draught compared with Suezmaxes and VLCCs makes them suited to ports with depth restrictions, including North Sea, Baltic, and Mediterranean terminals.

In the 2026 conflict, Aframax tankers formed the backbone of the shadow fleet transiting Hormuz under the IRGC toll system, and they carry Russian crude on the key TD7 (North Sea to Continent) and TD19 (Baltic to Continent) Baltic routes. A dedicated Baltic Aframax compliance bid inflated TD7 and TD19 rates sharply through late April and into May as operators priced the legal uncertainty of trading pre-sanctions-cutoff Russian barrels. After OFAC Director Bradley T. Smith signed General License 134C on 18 May 2026, authorising in-transit completion of Russian crude cargoes loaded on or before 17 April, the compliance bid eased rather than collapsed on TD7 and TD19 — markets priced a smaller residual uncertainty rather than a clean legal green light. The Baltic Dirty Tanker Index (BDTI) read 2,249 on 20 May, still pricing a war it no longer fully believed in.

Aframax exposure cuts across both the Iran and Russia-Ukraine conflicts: the PING SHUN, a sanctioned Aframax, delivered the first Iranian crude to India since 2019 under General License U. In the Russia-Ukraine context, Aframaxes are the primary vessel class on Baltic shadow-fleet routes, making GL 134C's Aframax-segment compliance bid the most liquid indicator of how tightly the Russian sanctions regime bites.

More questions

What is the Baltic Aframax compliance bid and GL 134C?

GL 134C is an OFAC General License signed on 18 May 2026 that authorises completion of in-transit Russian crude purchases loaded on or before 17 April. It lifted the legal uncertainty premium ('compliance bid') on Baltic Aframax routes TD7 and TD19, causing freight rates to ease rather than collapse. The BDTI read 2,249 on 20 May, still elevated.Source: event

How does the Russia-Ukraine war affect tanker freight rates?

Russian sanctions forced Aframax operators on Baltic routes (TD7, TD19) to price legal uncertainty into freight rates — the 'compliance bid'. GL 134C's 18 May 2026 signing eased this premium partially. The Baltic Dirty Tanker Index remained at 2,249 on 20 May, well above pre-conflict norms, reflecting residual sanctions risk.Source: event

How the World Sees Them

Iran

The IRGC toll system processes Aframax-class vessels through the Larak Island corridor; their size suits restricted waterway transits that VLCCs cannot manage.

Russia

Aframaxes are the primary vessel class exporting Baltic crude via TD7 and TD19; GL 134C's compliance-bid easing reduced the freight premium on Russian exports, partially offsetting the Brent decline.

Shipping industry

GL 134C created a partial legitimacy window for Aframax operators carrying pre-17-April Russian barrels; the Cuba carve-out in GL 134C(b)(1) stranded a sub-set of cargoes regardless.