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The rates are once again increasing for the large tank segments. However, we see that several tankers that are attached to long trades will return to the spot market in the coming weeks, which could put pressure on earnings. However, the rates are still strong. OPEC+ has also called for an emergency meeting which will initially be held on April 9th. Global demand has fallen by more than 20 million barrels a day, so it will be very interesting to see if the cuts from the cartel (and the other producing nations) will be sufficient to bring balance back into the oil market.

Aframax – 12 month TC: $33,750 pr. day
Aframax – Average spot market rate: $54,364 pr. day

Dry Bulk:

There are some small bright spots in the dry cargo segment this week. Among other things, Capesize (non-scrubber) rates have moved above $5,000 a day for the first time this year. This is a small step in the right direction. Panamax rates remain at almost identical levels as the week before. In the Indian subcontinent, the ship recycling industry has entered Force Majeure as a result of COVID-19. Here we can quickly experience a longer period of higher scrap activity when the COVID-19 pandemic is finally over.

Capesize 12 month TC: $12,500
Kamsarmax 12 month TC: $10,750



After a prolonged period of heavy activity in the secondary market as a result of the COVID-19 shock, we note that more investors are looking for opportunities in the tanker market. A VLCC transaction (302,481 dwt, MHI Nagasaki built in 2005) went through at a price of $33m. This is a very strong price as the vessel must enter the Special Survey in August. A 2012 built Aframax at 104,594 dwt (Sumitomo) was also sold for $32m. This is a price lower than indicative prices in the market indicate, but due to the unusually small cubic capacity for this size, several traditional Aframax shipowners withdrew.


There was very little activity in this segment but a Panamax (76,863 dwt, built in 2006, Sasebo HI) was sold for just over $10m. This is a strong transaction considering the current market.