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The rock solid tank market continues the positive trend. The rates are both three and four times the cash breakeven in all major tank segments and generated huge cash flows for the shipowners. This is a combination of a tighter fleet, several vessels that are tied to longer contracts and high demand for floating stock. This creates a very tight spot market during the day. We note that indicative hour charter contracts have also risen significantly over the past two weeks.

Aframax – 12 month TC: $27,000 pr. day
Aframax – Average spot market rate: $50,069 pr. day

Dry Bulk:

The dry bulk market remains at about the same levels as last week. This market has been challenging for a while, but we see improvement ahead. Among other things, we see a strong increase in iron ore exports from Brazil approaching normal levels, leading to greater optimism and a better rate climate in the remaining quarters of 2020.

Capesize 12 month TC: $11,125
Kamsarmax 12 month TC: $10,750



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There was a relevant transaction, where a Kamsarmax built in 2012 (Toyohashi SB) was sold for a sum amounting to $14.5 million.