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The tanker market has been through a fantastic December month, with the Christmas week giving the Aframax segment  average earnings of $73,110 per day. During the New Year’s week, it fell somewhat, but still experienced strong rates of $66,154 per day. We note that this has resulted in both transaction values and longer leases. Last week, it went through a one-year lease of $28,000 per day. This signals an exciting future ahead. Last week, the United States carried out a strategic operation and took out Qasem Soleimani, a senior general in the Iranian defense. This has naturally caused more tension to the already turbulent situation in the Middle East at the end of 2019. Geopolitical uncertainty has historically been positive for the tanker market, but it should also be mentioned that things should degenerate in extreme scenarios, especially around the Hormuz Strait and traffic that sails through it can have negative consequences.

Aframax – 12 month TC: $27,500
Aframax – Average spot market rate: $67,154 


The Panamax segment had average earnings of $12,325 per day during the Christmas week. In the New Year week, the market dropped and we saw average earnings of $7,276. We know that the beginning of the year typically offers a slow market, the whole of Q1 is historically a weak month. Nevertheless, we are positive about the dry cargo market and expect excitement with the Argus eyes for what the year has to offer, and the benefit IMO2020 will bring to the market.

Capesize 12 month TC: $15,000
Panamax 12 month TC: $11,750



There have been several interesting transactions in the tanker market over the past two weeks. It went through a block of three sister vessels of the type VLCC (307,284 dwt, built in 2008, Dalia Shipbuilding) to $126m. This is a sale with a leaseback agreement, where the seller has a contract to lease the vessels for four and a half years. Aframax (106,532 dwt, built in 2002, Tsuneishi Tadotsu) went for $13.8m. The price is in line with the transaction on the slightly older ship “SEAWAYS FRAN” (112,056 dwt, 2001, Hyundai Hl (Ulsan)), which was sold for $13.6m, but had a more advantageous dock deal and is larger in size. The transaction confirms the tight market we are seeing.


There has been a quiet period in the secondary market for dry cargo vessels. It went through a ship of interest: Panamax (73,691 dwt, built 2005) for $7m, the price is in line with previous transactions.