Platts, part of S&P Global Commodity Insights, has announced plans to introduce new Suezmax 130,000-mt dirty tanker freight assessments for crude oil shipments from Guyana to Europe, effective December 1.
The new assessments will cover two routes: Guyana to the United Kingdom and Guyana to the Mediterranean, reflecting what Platts described as the “growing crude trade flow in Suezmax tankers from Guyana to Europe”.
In simple terms, this means Platts will begin publishing standardized price benchmarks that show how much it costs to ship crude oil from Guyana to European destinations using Suezmax tankers — large vessels capable of carrying around 130,000 metric tons (mt) of oil. These benchmarks, or “assessments”, help oil producers, traders, and shipping companies track freight rates and negotiate contracts more accurately.
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The move comes as Guyana’s oil exports to Europe have surged in recent years. Data from S&P Global Commodities at Sea shows total crude exports from Guyana to Europe jumped 162% between 2022 and 2024, rising from 7.1 million mt to 18.6 million mt. Exports specifically on the Suezmax 130,000 mt USGC-UKC/Med route increased 122% to 13.2 million mt over the same period.
Platts noted that this growth was spurred by shifting global trade patterns following Russia’s invasion of Ukraine and U.S. tariffs, which have driven European nations to seek alternative supplies to Russian Urals crude.
The new assessments will be published both in Worldscale points, the industry’s standard method for comparing tanker freight rates, and as U.S. dollars per metric ton, offering a clear view of transport costs for oil cargoes.
“For the Guyana to UK Continent route, the basket of ports includes FPSO Prosperity to Rotterdam, FPSO Prosperity to Wilhelmshaven, and FPSO Liza Destiny to Rotterdam. For the Guyana to Mediterranean route, ports include FPSO Liza Unity to Trieste, FPSO Prosperity to Castellon, and FPSO Liza Destiny to Trieste,” Platts outlined.
Both assessments will carry a 1:30 CT timestamp and follow the U.S. holiday calendar, Platts said.
