Aframax are charting a course for a historic record in terms of freight revenue, as well as their market value.
As Veson Nautical reports, the value of an eight-year-old Aframax currently stands at $75.17 million – the highest level in its history – marking a sharp increase compared to the corresponding period of 2025, by approximately 42%.
Veson attributes this rise in Aframax value to the increased profitability offered by their commercial exploitation. Characteristically, earnings from a one-year time charter contract for an Aframax stand at the historic high of $/day – i.e., an increase of 119% compared to the corresponding period of 2025.
But what is the reason for the enhanced profitability of Aframax? Due to the “blockade” of the Strait of Hormuz, Aframax are transporting significantly less oil volume compared to the average of 2 million /month last year. Many vessels are “trapped” in the Arabian Gulf and, as a result, the supply of tonnage has decreased significantly compared to before the start of hostilities.
This fact, combined with the rise in ton-mile demand, since the Asian oil market is increasingly turning to US Gulf exports, exerts downward pressure on the supply of tonnage. Ultimately, charterers are forced to compete with each other to secure tonnage for their cargoes, paying higher freight rates.
It is worth noting that as the value of Aframax has skyrocketed, few are “changing hands” in the secondary market. Specifically, so far in 2026, 25 Aframax vessel sales have been recorded, compared to 62 during the same period in 2025, highlighting a reluctance on the part of shipowners to part with their vessels.
