It has been a much quieter week than the record rates we saw the week before in the VLCC and Suezmax segment. The rates from the Arabian Gulf to Asia continue to have a solid trend, while earnings on the routes to West Africa and Brazil have fallen significantly. Although interest rates have fallen significantly, they are still well over $100,000 a day in the VLCC segment, which is very strong. Aframax continues the positive trend with an increase of 39%. These rates are obviously gaining momentum from the price war Saudi Arabia has set in motion, which we are following closely. We also note that the one year leases have risen significantly again.
Aframax – 12 month TC: $26,750 pr. day
Aframax – Average spot market rate: $59,521 pr. day
Panamax rates remain at about the same levels as last week. It is still a challenging market considering the situation in the world, especially in the Capesize segment. However, we see that Panamax is performing significantly better, with rates averaging in excess of $9,000 a day.
Capesize 12 month TC: $12,250
Kamsarmax 12 month TC: $11,125
No transactions of interest.