Commissioned originally by one of the oil majors as a sophisticated indicator of freighting values for its affiliated companies, AFRA results have been published by the London Tanker Brokers' Panel continuously since 1954.
They are unique in being the only assessments of their kind to be recognised by taxation authorities as an acceptable method of charging freight between affiliated companies of multi-national groups. AFRA results are also used by oil traders and government agencies to assess the freight elements in various types of oil sale agreements.
AFRA results are expressed in Worldscale points and cover five deadweight groups:
|Medium range||25,000 - 44,999 (long) tons dw|
|Large range 1||45,000 - 79,999 (long) tons dw|
|Large range 2||80,000 - 159,999 (long) tons dw|
|VLCC||160,000 - 319,999 (long) tons dw|
|ULCC||320,000 - 549,000 (long) tons dw|
The AFRA results incorporate data for oil cargoes being carried in a period from the 16th of one month to the 15th of the following month and are published on the first of the subsequent month as in the table below. Care should be taken in confirming which monthly set of AFRA results apply to individual shipments when applying specific contractual terms.
|DATE OF LETTER - 12 letters provided in annual subscription||DATA PERIOD|
|1st January||16th November - 15th December|
|1st February||16th December - 15th January|
|1st March||16th January - 15th February|
|1st April||16th February - 15th March|
|1st May||16th March - 15th April|
|1st June||16th April - 15th May|
|1st July||16th May - 15th June|
|1st August||16th June - 15th July|
|1st September||16th July - 15th August|
|1st October||16th August - 15th September|
|1st November||16th September - 15th October|
|1st December||16th October - 15th November|
AFRA results are available on a subscription basis only and all subscribers are asked to sign an undertaking that the results and other AFRA materials will not be disclosed to any other parties. Subscriptions for group of companies (being defined as consisting of the holding or parent company and its subsidiaries or sub-subsidiaries) are available upon request.
An example of a Monthly AFRA Results letter can be viewed on our 'FEES' page.
For further information about the Panel and its services, please contact:
The London Tanker Brokers' Panel Ltd
5-10 Bury Street
London EC3A 5AT
Tel +44 (0) 20 7456 6600
Fax +44 (0) 20 7456 6601