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info@maritimefinance.dk
Tankers:

It has been an eventful week in the tanker market.  The OPEC+ meeting last week resulted in a total production cut of $9.7m barrels for May and June, with the production level from October 2018 as the reference point. Applying the compliance level of cuts in recent months that have averaged 70%, the actual cut from OPEC will be around $5m. Naturally, this has not had any major impact on rates last week, which continue to be strong. As it looks now, the cuts are not big enough, as the demand per day has dropped significantly more than the cuts made. Looking at the oil price pt (April 15), it has fallen further, which also provides a still attractive contango curve. This provides persistent good floating stock opportunities given that on-shore storage capacity is immediately blasted. This also reduces the effective tonnage in the freight market.

Aframax – 12 month TC: $34,000 pr. day
Aframax – Average spot market rate: $43,230 pr. day

Dry Bulk:

The dry bulk market is recently showing positive development. We note an increase in retail 1 year leases that highlights a momentum for dry bulk vessel owners. This is based on positive signals about the COVID-19 situation. Among other things, both Brazil and Australia have recently increased their iron ore exports.

Capesize 12 month TC: $14,000
Kamsarmax 12 month TC: $11,500

S&P:

Tankers:

COVID-19 situation continues to affect the secondary market, where the gap between buyer and seller is relatively large in most cases. There are therefore no interesting transactions to report.

Bulkers:

No transactions of interest.