Platts to launch several shadow fleet tanker freight assessments Aug 3

Effective Aug. 3, 2026, Platts, part of S&P Global Energy, will launch several new assessments for clean tanker shadow fleet freight routes, as well as time charter equivalent (TCE) and implied shadow fleet freight spreads for both clean and dirty tankers.

Following feedback from market participants and regulators, Platts has identified a growing need for greater transparency in freight rates across shadow fleet trade routes in the clean and dirty tanker markets. S&P Global Energy estimates that tankers associated with shadow fleet activity now represent around 22% of the global fleet, with most linked to crude and refined product flows originating in Russia. The expansion of this segment has increased uncertainty around transportation costs and reshaped tanker market fundamentals, including the availability and utilization of ocean-going, seaworthy vessels.

The new spot clean tanker freight assessments will reflect cargo loadings from Russian ports, based on market indications, transactions, and bid and offer information reported to Platts.

The TCE values will be derived from the relevant $/mt freight rates and bunker prices published by Platts, while the implied shadow fleet freight spreads will be calculated values reflecting the difference in net daily revenue between vessels operating in the shadow fleet and those engaged in compliant fleet activity, using the relevant TCE rate and Platts Tanker Indices.

Clean Tanker Voyage Assessments

Effective Aug. 3, Platts will launch three daily 37,000 metric ton Medium Range clean tanker freight assessments: a Black Sea-Mediterranean assessment, a Baltic-Mediterranean assessment, and a Baltic-East Coast South America (ECSA) assessment.

The basis load port for Baltic-Mediterranean will be Primorsk, the basis load port for Black Sea-Mediterranean will be Novorossiysk, and the Baltic-ECSA basis load port will be Ust-Luga.

According to S&P Global Commodities at Sea (CAS) data from January 2023 to May 2026, refined product liftings on Medium Range vessels amounted to approximately: 14.0 million mt from Primorsk to the Mediterranean; 18.3 million mt from Novorossiysk to the Mediterranean; and 2.7 million mt from Ust-Luga to ECSA.

The new clean tanker freight assessments reflect spot values for Medium Range tankers carrying refined product cargo in lump sum values and $/metric ton.

Clean and Dirty Tanker Time Charter Equivalent Assessments

Platts will launch three clean tanker Medium Range TCE assessments, one dirty tanker Aframax TCE assessment and one dirty tanker Suezmax TCE assessment, for non-scrubber vessels burning 0.5% sulfur bunker fuel. The new TCE assessments will cover the following routes:

CAS data from January 2023 to May 2026 show clean product movements on Medium Range vessels of an estimated: 1.0 million mt on the route Novorossiysk to Port Said; 6.7 million mt from Primorsk to Mersin; 1.0 million mt from Ust-Luga to Santos. Over the same period, Aframax liftings totaled an estimated 14.7 million mt on the Ust-Luga to Sikka route; and Suezmax liftings totaled around 8.65 million mt from Novorossiysk to Vadinar.

Implied Clean and Dirty Tanker Shadow Fleet Freight Spreads

The new implied shadow fleet freight spreads will be calculated values reflecting the difference in net daily revenue between vessels operating in the shadow fleet and those engaged in compliant fleet activity.

Platts will launch the following implied shadow fleet spreads in $/day and $/metric ton, calculated based on the difference between the TCE assessment for each route and the relevant Platts Tanker Index, normalized for cargo size:

All the new assessments will reflect a 4:30 pm London timestamp and follow the London publishing schedule.

The dirty tanker TCE assessments and Implied Dirty Tanker Shadow Fleet Freight Spread Assessments will be published in the Platts Dirty Tankerwire, Platts Dirty Tankerwire Monthly, and on the Platts Shipping Alert and Platts Tanker Alert pages.

The clean tanker voyage assessments, the TCE assessments and Implied Clean Tanker Shadow Fleet Freight Spread Assessments will be published in the Platts Clean Tankerwire, Platts Clean Tankerwire Monthly, and on the Platts Shipping Alert and Platts Tanker Alert pages.

Please send any feedback or questions to shipping@spglobal.com and pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.