AFRA

Average Freight Rate Assessment, a monthly tanker freight benchmark compiled by the London Tanker Brokers’ Panel from fixtures concluded over a period running the 16th of one month to the 15th of the next. It assesses average cost across six deadweight bands, from General Purpose through to ULCC, and gives the Aframax segment (Large Range 2, 80,000 to 159,999 dwt) its name. AFRA predates Worldscale as a settled-market reference and is still cited in long-term oil supply contracts.