However, according to Allied Shipbroking’s analysis, in 2025 the trend has reversed, with the total amounting so far to approximately 12.2 trill., indicating a noticeable downturn compared to last year.
Crude oil shipping continues to dominate, representing about 70% of total ton-miles, clean petroleum products move around 20%, while
fuel oil is limited to near 4%.
These figures confirm that the demand for crude oil shipping continues to
largely determine the course of the market.
In the VLCC category, ton-miles increased from approximately 6.8 trill. in 2015 to the high of 7.7 trill. in 2018, recording a rise of almost 13% within three years.
Since then, they moved with relative stability between 7 and 7.5 trill. during the 2020-2024 period, however this year they have retreated to near 5.6 trill., marking a decrease of the order of 25% compared to last year.
In Suezmax, ton-miles increased from 2.23 trill. in 2015 to the high of 2.76 trill. in 2018, before retreating to 2.35 trill. in 2021.
The market partially recovered to 2.64 trill. in 2024, but this year activity has been limited to 1.96 trill., a drop of approximately 26% on an annual basis.
90.9% of this category’s ton-miles are for crude oil transport, while 5.9% is linked to fuel oil and only 1.9% to clean petroleum products.
Aframax and LR2 shipments maintained a steady upward trajectory in recent years, from 2.33 trill. ton-miles in 2015 to 3.05 trill. in 2024, an increase of approximately 30% within a decade.
After a period of relative stability between 2018 and 2021, activity accelerated from 2022 onwards.
In 2025, however, the market shows clear fatigue, with the volume settling at 2.26 trill. ton-miles, 26% lower compared to last year.
Crude oil covers 56% of the total transport, clean products 29.3%, fuel oil 10.4%, while dirty petroleum products reach 4.1%.
The Panamax and LR1 category follows a different trajectory, with a mild, but steady retreat in recent years.
From 2015 to 2018 ton-miles increased slightly, from 816 bill. to 855 bill., before a long period of decline began, leading them to 673 bill. in 2024 and to approximately 529 bill. this year, 21% lower on an annual basis.
Clean petroleum products represent the largest part of the activity (68.2%), followed by crude oil with 12.2%, fuel oil with 10.8% and dirty
products with 6.2%.
In MR tankers (MR1 and MR2) the picture is more positive in the long term, as total ton-miles increased from 1.97 trill. in 2015 to 2.3 trill. in 2024, a rise of 17% within the decade.
However, here too 2025 records a downturn, with activity limited to 1.7 trill., approximately 26% lower than the previous year.
MR2s represent the lion’s share, about 85%-90% of the total movement.
In terms of cargoes, clean petroleum products cover 74.6% of the total, vegetable oils 9.5%, chemicals 7.4% and dirty products 4.3%.
The picture of last week’s freight market reflects the climate of slowdown.
In VLCCs, freight rates retreated, as activity decreased after recent highs.
In the Atlantic, the West Africa-China route fell to WS80, with daily earnings around $65,900, while the USG-China decreased by more than $1 million, to approximately $10 million total ($60,200
the day).
In the Pacific, the MEGChina slipped to WS82, yielding about $68,100 daily.
A similar picture in the Suezmax segment, where reduced mobility in West Africa and the Mediterranean led to a further drop in rates.
West Africa-UKC fell to WS98 ($42,/day), Guyana-UKC to WS96.6 ($41,/day), while CPC-Augusta retreated slightly to WS140 ($70,/day).
In the Pacific, MEG-Med moved to WS101, following the downward trend of the larger units.
The Aframax market presented a mixed picture. In Europe, rates strengthened due to increased demand and limited vessel availability, while in the Atlantic the sentiment was more subdued.
Routes from the East Coast of Mexico to the US Gulf fell to WS146 ($30,/day), from Colombia to WS143 ($29,/day), while USG-UKC was set at WS150 ($36,/day).
In the Mediterranean, Cross-Med rose to WS149 ($37,/day), while in the North Sea Cross-UKC (TD7) moved upwards to WS139 ($49,/day).
In the Pacific, Vancouver-China voyages retreated to $2.75 million, while Vancouver-USWC strengthened to WS185.
The LR market moved with a mild upward trend in the Middle East, supported by increased loadings and steady demand to the West, while elsewhere it remained neutral.
In the Atlantic, LR1 ARA-WAF were maintained near WS115, while LR2 /East moved around $3.18-3.19 million.
MEGUKC voyages remained almost unchanged at $2.8 million. In the Pacific region, LR2 MEG-Japan increased slightly to WS119 ($22,/day), LR1 MEG-Japan retreated to WS122, while MEG-UKC voyages rose to $3.35 million.
Finally, MRs presented the biggest improvement of the week, driven by the rise in exports from the US Gulf and the reduced supply of available vessels.
USGUKC strengthened from WS 172.5 to WS 216, increasing TCE to $31,100 daily.
USG-Caribs rose by 30% and USG-Chile to $2.52 million. In Europe, the ARA-USAC route retreated slightly to WS122 ($9,/day), while in the East the MEG-East Africa moved near WS176, with the general sentiment remaining stable despite reduced activity.
