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While the VLCC and Suezmax segments continue to struggle, Aframax rates continue a positive trend with another strong week. The rates are strongest on the Baltic-North Sea and Black Sea-Mediterranean routes. This can be seen in connection with the fact that Russia has promised to increase production from the 1st of April. Furthermore, India has decided to further diversify its import portfolio away from the Middle East, which means an extended and expanded oil deal with Russia. This will increase the need for oil freight through the Bosphorus Strait, which is positive for the Aframax segment.

Aframax – 12 month TC: $15,250 pr. day
Aframax – Average spot market rate: $24,935 pr. day

Dry Bulk:

Dry bulk rates are experiencing a solid rise over all segments. In the Capesize segment, its all games between charters and shipowners. The Panamax segment is looking strained. In the area south of the Pacific Ocean, the market is so explosive that charters have to take shipowners’ offers, which sends rates up by 59% w-o-w. As we see from the TC contracts, it is expected that the strong market can continue for some time to come.

Capesize 12 month TC: $22,750
Kamsarmax 12 month TC: $21,750



No transactions of interest.

Dry Bulk:

Two Kamsarmax vessels were sold last week. A 2019 built (82,031 dwt) was sold for 26.5M USD and a 2014 built (81,055 dwt) for 22.0M USD. These must be considered as strong transactions. Over the last 3 months, vessel values for 10- and 15-year-old Panamax (Kamsarmax) have risen by around 27% and 35%, respectively.