The activity in the Aframax market has really started to pick up. Average earnings increased by 41% compared to last week.
Limited supply of tonnage in the Baltic and Black Sea / Mediterranean have put the ship owners in pole position. The most interesting developments are two time charter contracts that have been agreed for 1 year to $ 22,500 day with option entered in 2020 to $27,500.
It is worth to mention that the average earnings on Aframax and VLCC are almost identical so far in 2019.
Aframax – 1yr TC : $21.500 per day.
Aframax – Avarage Spotmarket : $20.800
Dry Bulk weekly
The positive development in Panamax continues, where we have seen a small percentage increase of 4% in the spot market, which now averages at $11,526.
1 year Time Charter contracts in Panamax stays in place, while Capesize contracts has risen despite the spot market slipping below the breakeven levels.