Average Freight Rate Assessment (AFRA)
AFRA, the Average Freight Rate Assessment, is a tanker freight benchmark from the London Tanker Brokers' Panel that named the Aframax vessel class.
The Average Freight Rate Assessment (AFRA) is a tanker freight benchmark that averages spot and period market rates by vessel size class. It is assessed monthly by the London Tanker Brokers’ Panel, the same body behind the early London tanker rate schedules that fed into Worldscale . AFRA is best known today as the origin of the Aframax vessel class name: the size band the assessment used for medium crude tankers gave the class its label. A full article will cover AFRA’s history from its introduction by an oil major in the 1950s, its size-class bands, how it is assessed, its use in oil-price and transfer-pricing contexts, and how it sits alongside Worldscale and the Baltic Exchange tanker indices in the tanker freight-benchmark landscape.