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Table Transportation OPEC Annual Statistical Bulletin 2004
108
Freight costs in the spot market, 1995–2004 ($/b)
Crude oil Petroleum products
Carib/USAC Med/NWE WAF/USGC Gulf/Japan Gulf/NWE Gulf/Japan Med/Med Carib/USAC S’pore/Japan
1995 0.93 0.93 0.99 0.79 1.16 2.59 0.69 1.25 1.48
1996 1.10 1.05 1.22 0.88 1.36 2.61 0.76 1.40 1.51
1997 1.24 1.14 1.30 1.07 1.50 2.60 0.80 1.39 1.51
1998 0.92 0.86 1.10 0.94 1.46 2.35 0.63 1.10 1.43
1999 0.75 0.88 0.95 0.71 1.11 1.98 0.59 0.92 1.16
2000 1.49 1.44 2.01 1.50 2.27 3.03 0.84 1.35 1.84
2001 1.29 1.35 1.62 1.28 1.91 3.55 0.99 1.43 2.12
2002 0.93 1.53 1.12 0.80 1.18 2.54 0.69 0.98 1.42
2003 1.38 1.51 1.90 1.54 2.16 3.28 0.96 1.23 1.85
2004 1.75 1.69 2.83 2.06 3.39 3.38 1.12 1.57 2.06
2002 Jan 0.83 1.17 0.99 0.67 1.00 1.76 0.63 1.10 1.17
Feb 0.99 1.23 0.97 0.85 1.25 2.43 0.66 0.93 1.42
Mar 0.86 1.14 1.09 0.69 1.00 2.42 0.62 0.92 1.36
Apr 1.02 1.70 1.03 0.57 0.87 2.15 0.71 0.94 1.29
May 1.03 1.77 1.03 0.54 0.92 2.23 0.83 0.97 1.18
Jun 0.85 1.56 0.99 0.90 1.27 2.69 0.80 0.95 1.36
Jul 0.81 1.46 1.11 0.67 0.95 2.76 0.65 0.93 1.33
Aug 0.86 1.32 1.03 0.77 0.98 2.82 0.63 1.00 1.55
Sep 0.71 1.24 1.02 0.55 0.87 2.85 0.60 0.95 1.55
Oct 0.81 1.46 1.08 0.69 1.11 2.52 0.61 0.86 1.48
Nov 1.12 2.07 1.51 1.19 1.79 2.78 0.64 1.10 1.53
Dec 1.28 2.30 1.63 1.57 2.17 3.08 0.93 1.12 1.81
2003 Jan 1.18 1.62 2.23 1.81 2.31 3.79 1.02 1.09 2.00
Feb 1.73 1.88 2.55 2.01 3.53 4.25 1.08 1.21 1.94
Mar 2.42 2.75 2.63 1.99 2.41 3.66 1.41 1.42 1.89
Apr 1.56 1.33 2.05 2.21 3.09 4.41 1.16 1.56 2.18
May 1.44 1.43 1.66 1.29 1.71 4.28 0.85 1.26 1.93
Jun 1.43 1.37 2.02 1.39 1.82 3.15 0.76 0.92 1.63
Jul 1.01 1.15 1.61 1.12 1.60 2.72 0.81 0.92 1.98
Aug 0.89 0.86 1.27 0.79 1.25 3.31 0.98 1.03 2.02
Sep 0.97 0.83 1.20 0.99 1.49 3.01 0.79 1.14 1.89
Oct 1.22 1.15 1.55 1.52 2.01 2.28 0.74 1.10 1.39
Nov 1.05 1.56 1.81 1.10 1.57 2.13 0.85 1.33 1.60
Dec 1.66 2.17 2.24 2.27 3.17 2.38 1.04 1.83 1.79
2004 Jan 2.29 2.11 3.26 1.53 3.20 2.56 1.31 1.58 1.53
Feb 2.23 1.54 3.79 1.96 3.63 3.82 1.29 1.61 1.96
Mar 1.44 1.14 2.34 1.97 2.71 3.68 1.25 2.07 1.97
Apr 1.18 1.50 2.39 2.05 2.55 2.86 0.88 1.37 2.05
May 1.15 1.08 1.72 1.92 2.22 2.36 0.87 1.30 1.92
Jun 1.44 1.51 1.95 1.89 3.15 3.01 1.02 1.47 1.89
Jul 1.52 1.33 2.26 2.10 2.98 3.20 0.93 1.41 2.10
Aug 1.44 1.25 2.36 1.95 3.31 3.18 0.78 1.37 1.95
Sep 1.45 1.01 2.21 1.98 2.82 2.98 0.84 1.36 1.98
Oct 1.93 2.67 2.52 2.19 2.90 3.08 1.10 1.35 2.19
Nov 2.47 2.75 4.26 2.70 4.56 4.24 1.47 1.96 2.70
Dec 2.49 2.36 4.89 2.49 6.67 5.61 1.71 1.96 2.49
Notes: Carib = Caribbean, USAC = US Atlantic Coast, Med = Mediterranean, NWE = north-west Europe, WAF = West Africa, USGC = US Gulf Coast,
S’pore = Singapore. Freight costs are based on the weighted averages of spot freight rates in the typical size range.