Crude tanker shares hit 2025 highs as VLCC and suezmax rates rise
- Baltic Exchange VLCC TCE index is at $47,334 per day, up 41% year on year; suezmax index is at $62,172 per day, up 149% year on year
- Shares of multiple crude tanker owners — including Frontline, Okeanis, Teekay Tankers and TEN — closed at highest level of the year on Friday
- Spot rates are widely predicted to rise further in 4Q25; Jefferies expects 160-165 Middle East VLCC loadings per month in 4Q25, up from 135 per month in January-May
VLCC and suezmax spot rates have surprised to the upside in late August, but what’s driving investor interest is the expectation for considerably higher rates in the fourth quarter
