The Aframax market remains strong. The average earnings for 2019 are $ 9,000 above the Suezmax earnings, $ 300 above VLCC earnings. We are now about to leave the refineries’ maintenance period and into the good summer months. The driving season will soon be on, we expect rates that will be significantly higher then current levels. Last week, the United States announced tariffs on all imports from Mexico, including crude oil. In 2018, the US was the largest buyer of Mexican oil. These tariffs mean that Mexico will look East for buyers of oil, and that US refineries will look to other options for imports. This will have a positive impact on the tanker market as tons of mile demand will rise significantly from the very short distance USA-Mexico to Mexico “far east”.
Aframax – 1 yr TC: $ 21,625 per day
Aframax – Average spot market : $ 15,347 per day
The Drybulk market is still moving slowly against the expectations of a solid “recovery” in the segment before the trade complications between China and the US were a fact. Although, we see a stronger flow of iron ore into the market. Shipowners in bulk are now waiting for the good summer months where the harvest of Brazil and soybeans from Brazil sail east. Today, US soybeans and corn are being sold to Brazil to meet the huge demand from the East.
Capesize 1 yr TC: $ 15,750 per day
Panamax 1 yr TC : $ 11,650 per day
Strong transactions have gone through in the Aframax segment. The sister ships, 2011, Maersk Jeddah built 104,588 dwt has shifted hands to Greek interests for $ 30.3 million. The same price we saw for 104,623 dwt, Maersk Jamnagar.
No transactions of interest.