Cross-Mediterranean Aframax freight doubled in the week to 20 July, rising 198% month-on-month to $151,308 a day, with suezmax rates up 41% to $149,781, on Baltic Exchange assessments relayed by Lloyd's List1. Aframaxes and suezmaxes are the mid-size crude tankers that carry the shorter, Suez-dependent legs into the Mediterranean. Long-haul VLCC rates, the very large crude carriers that run the multi-week Gulf hauls, moved the other way: US Gulf-China fell 29% to $104,662 a day and West Africa-China dropped 41% to $103,246. The premium markets built around the Strait of Hormuz through mid-July is now fully priced, so the fresh bid migrated to the routes that clear the Suez Canal.
Caribbean-to-US Gulf Aframax also rose 78% to $60,143 over the same week, a route nowhere near the Red Sea, so part of the move is broad tightness rather than one chokepoint. Had every crude tanker been tightening, the long-haul supertankers would have climbed with the aframaxes; instead they eased, US Gulf-China VLCC down 29% on the week. The divergence follows the map, with Suez-routed rates rising while Hormuz-routed long-haul falls.
The prints predate the strikes that would confirm them. The assessment week closed on 20 July, three days before the first Houthi missile hit a tanker, so the tape moved on the blockade threat, not on a vessel actually lost. For a Mediterranean refiner at Sines or Trieste, a doubling of Aframax freight adds well over $1 a barrel to a delivered cargo before any crack has moved to pass it on.
