AFRA Results


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.


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

12 letters provided in annual subscription   

1ST January  –
1ST February –
1ST March –
1ST April  –
1ST May  –
1ST June  –
1ST July  –
1ST August  –
1ST September  –
1ST October  –
1ST November  –
1ST December  –


16th November – 15th December
16th December – 15th January
16th January – 15th February
16th February – 15th March
16th March – 15th April
16th April – 15th May
16th May – 15th June
16th June – 15th July
16th July – 15th August
16th August – 15th September
16th September – 15th October
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.

Results can be viewed on our 'FEES' page