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The challenging spot market continues in large tanks. Saudi Arabia’s decision to cut 1 million barrels a day through February and March will cause spot rates to remain relatively low until Q1. The reason for the cuts is that Saudi Arabia wants to reduce oil reserves around the world. In the long run, this will lead to oil inventories falling to average levels and hence raising both oil prices and the need for regular deliveries of oil, which will be positive for the tanker market.

Aframax – 12 month TC: $15,875 pr. day
Aframax – Average spot market rate: $5,110 pr. day

Dry Bulk:

In the Dry Cargo Market, the rates continue increase in all segments. The high rates are strongly driven by China, which has increased iron ore imports by 9% annually. The sharp increase in rates could really accelerate further if China and Australia resolve the differences between them. Furthermore, China has also increased its appetite for Coal sharply due to cold weather, but also because the authorities have released some quota restrictions.

Capesize 12 month TC: $19,000
Kamsarmax 12 month TC: $14,050



Despite low rates in the spot market, ship values continue to increase at the beginning of the year. Guide values for Aframax 10 years have increased from USD 20.5m to USD 22m. This represents an increase of 7%.

Dry Bulk:

A 2017 built Kamsarmax was sold for 20.6m USD. Otherwise, most activity has to be traced in the Capesize segment.