It has been some interesting days in the oil and tank markets. WTI oil has reached its highest level in six years, while OPEC+ stayed at its decision to phase out production cuts. The resolution may have come as a surprise to many as oil stocks are back at pre-covid levels, where they are falling rapidly. Here, it is most likely a matter of time before OPEC+ will have to produce more, assuming that global demand continues at the same pace. Among the large tank segments, rates are markedly up, occurring from relatively low levels.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
Rates remain similar to the levels we saw last week among Panamax and Suezmax. The Capesize segment is strengthening by approx. 20%, with the average price just below $70k per day. This comes as a result of the accumulation of tonnage in various ports in the combination of strong and stable demand. Some transactions were settled for over $100k per day.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
Type | Tons | Week 39 | Week 38 | + /- |
---|---|---|---|---|
VLCC | 300t. | $ 25.000 | $ 22.500 | 11 % |
Suemax | 180t. | $ 16.250 | $ 16.250 | 0 % |
Aframax | 120t. | $ 14.500 | $ 14.500 | 0 % |
MR | 80t. | $ 11.750 | $ 11.750 | 0 % |
Type | Resale | 5y | 10y | |
---|---|---|---|---|
VLCC | 97.00 | 70.00 | 46.00 | 33.00 |
Suemax | 67.00 | 48.00 | 32.00 | 19.00 |
Aframax | 56.00 | 40.00 | 26.00 | 16.50 |
MR | 43.00 | 31.00 | 20.00 | 12.50 |
Type | Tons | Week 39 | Week 38 | + /- |
---|---|---|---|---|
Capesize | 180t. | $ 37.875 | $ 34.625 | 9 % |
Panamax | 76t. | $ 29.250 | $ 29.000 | 0.9 % |
Supramax | 55t. | $ 29.000 | $ 29.500 | -1.7 % |
Handysize | 30t. | $ 29.000 | $ 28.500 | 0.8 % |
Type | Resale | 5y | 10y | |
---|---|---|---|---|
Capesize | 58.00 | 47.00 | 35.00 | 22.00 |
Panamax | 39.00 | 33.50 | 25.00 | 18.00 |
Supramax | 37.00 | 31.50 | 23.00 | 16.00 |
Handysize | 29.50 | 25.00 | 17.00 | 11.00 |
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