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Earnings in the Aframax spot market weakened further last week. One saw an increase in earnings in the North Sea and in the Baltic Sea. Beyond that there were relatively weak earnings. As mentioned in previous newsletters, we are in the refinery’s maintenance period where the start of Q2 is historically the weakest period in the tanker market. What is worth noting is that 12 months. Time-charter contracts stay at $ 20,500. Thus, the good trend continues, and we do not have to go any further than to New Year to find that the 12 months contracts were at $ 18,500. In July 2018, we were down to $ 13,300. Thus, we see a very positive trend that we expect will continue in the future, supported by the fact that the two latest 12 month time-charter contracts that were drawn on similar ships that we look at are at $ 22,000 the day!

Aframax – 12 time charter $ 20,500 per day

Aframax – Average spot market rate: $ 10,500 per day

Dry Bulk

The spot earnings in the Capesize market strengthened sharply last week with an increase of 86%, but are still well away from covering operational costs. In the Panamax market, we experience increased activity in the Atlantic, mainly due to increased activity in coal transport from the Baltic. In the Pacific, one saw a quiet end to the week where the actors awaits level of activity before Easter. Thus, the market overall is more or less in the status quo from the week before.

Capesize 12 month time-charter: $ 12,500 per day

Panamax 12 month time-charter: $ 10,750 per day

S & P


Last week we saw 3 transactions in the secondary market. A 2004 built VLCC has changed hands to the neat sum of $ 30.5m. Furthermore, we see two 2018 built Aframaxer (109,891 dwt) change hands for $ 48.9M per vessel.

Dry Bulk

There has been an active secondary market in the dry cargo segment. Mostly there have been smaller ships that have changed hands. Among those, a Panamax (76,878 dwt, built in 2006) has gone for $ 9.2m. The values remain stable.