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As expected, the rates got a real boost last week. Average earnings in the Aframax segment increased by 135% compared to the previous week. The Contango curve looks very attractive at the moment. Oil inventories in the US are now full, and the demand for floating storage of tankers on longer contracts is very high during the day. Investor appetite is high in the tanker market during the day, where we can also report a 1 year Aframax Time Charter contract worth $40,000 a day.

Aframax – 12 month TC: $28,750 pr. day
Aframax – Average spot market rate: $83,921 pr. day

Dry Bulk:

No significant development to report in the dry cargo segment. The rates are stable at about the same levels as the week before. In Panamax, there was a shortage of coal demand that kept rates down. Shipowners sit on the fence hoping for improvement next week.

Capesize 12 month TC: $12,500
Kamsarmax 12 month TC: $10,250



There is slight improvement in the secondary market again, mainly in the VLCC segment. Euronav sold a 2005 built VLCC (319,254 dwt Hyundai Samho HI) at a face value of $38m. To put this transaction into context, an identical ship from the same buyers was sold at $28m in September 2019. We expect more transactions in the coming weeks.


No transactions of interest.