EMF Weekly 20
Aframax earnings strengthened significantly two weeks ago, last week however we saw a slight decline. One interesting aspect to look at is one year’s TCs have taken a new step in the right direction, which helps to underpin the expectations that the rates will strengthen throughout 2019. Aframax is the supertanker with the strongest earnings at the moment. We note that today one year of TC contracts with options for extension to two years with agreed daily rates of well over $ 26,000 per. day through year two of the deal.
Aframax – 1 yr TC: $ 21,500 per day
Aframax – Average spot market : $ 16,665 per day
Earnings in Capesize weakened marginally during the week, after having strengthened well in recent time. The Panamax market saw a slight strengthening due to the rise in the trade of metals in the Atlantic, and the earnings in the Pacific remained relatively stable.
Capesize 12 month lease: $ 15,875 per day
Panamax 12 month lease: $ 11,500 per day
No transactions of interest
It has been a very quiet week in the secondary market for dry. A Panamax (76,629 dwt, built in 2006) went to $ 10.6m.