CopenhagenCopenhagenLausanne Mon - Fri 08:30-16:30 +45 72 73 21 00 Mon - Fri 08:30-16:30 +41 21 508 7093

The tanker market has experienced a great start to 2020 with daily rates in the Aframax segment averaging $62.123. The effect from the IMO2020 regulations is significant as vessels are continuously brought in and out of the shipyards to install scrubbers, consequently limiting the fleet capacity. Several brokerages have signalised an upward revision in the first-quarter estimates as a result of the strong market fundamentals. Turmoil in the Middle East and rising US exports have been decisive factors contributing to the favorable tanker market.

Aframax – 12 month TC: $29,000 per day
Aframax – Average Spot Market Rate: $62,123 per day


The dry cargo market remains at approximately the same levels as last week. The Panamax averaged $6,728 last week as the tonnage list has been generally long, while increased grain demand supported rates towards the end of the week.

Capesize – 12 month TC: $16,625
Kamsarmax – 12 month TC: $11,500



Relatively few transactions were observed in the tanker market during last week. With the strong start to the year, we expect increased activity in the secondary market beyond January. A transaction on a VLCC built in 2005 (299,998 dwt) by Universal SB Ariake was sold for $35m. Compared to October, similar vessels went for $32m.


Although the rates have been relatively weak, there has been activity in the dry cargo market. A Kamsarmax built in 2014 by Tsuneishi Tadotsu SB (81,949 dwt) was sold for $21.6m.