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The Aframax segment continues the strong growth trend as seen in recent weeks. Rates were up about 50% in the past week, bringing in average earnings of $20,000 a day. This is in contrast to the some larger vessels with negative rates. Ship values also rose last week, with an increase of about 10%. As mentioned in previous newsletters, this may be an indicator that the ship is ready to leave the port and that it is important to get on board while you can. We know that when the tanker market makes a turnaround, it will happen quickly, which in turn means that several players have begun to position themselves as the market looks today.

Aframax – 12 month TC: $15,000 pr. day
Aframax – Average spot market rate: $21,948 pr. day

Dry Bulk:

Capesize rates continue to rise from the previous week, rising by about 10%. The Panamax segment remains stable at over $20k a day and continues the strong updward trend as seen recently. The dry cargo market undeniably looks good during the day.

Capesize 12 month TC: $20,750
Kamsarmax 12 month TC: $18,875



It was a busy week in the S&P market last week. One transaction worth mentioning is a 1998-built Aframax that was sold for $9m, which is an extremely strong transaction.

Dry Bulk:

There were seven Kamsarmax transactions last week. Four resales delivered 2022/23 for $28.5m per piece. The other three are 2012, 2010 and 2007 built, which were sold for $13.65m, $16m (Ship survey and BWTS paid) and $16.1m, which is a very strong price.