Rates improved slightly last week, but earnings are still challenging in terms of fuel. Given the information we receive from the market, this is very good news. Among others, a 2-year + 1year lease has been signed for a 2016-built Aframax for $23k/$27,5k, which is an extremely strong lease and a good indicator of where the market is going. Furthermore, banks once again start to open the shipping sector where similar liquidity has not been available for several years. One of the stakeholders from the market comments: “This is not a head fake. This is real”.
The dry bulk market continues in the right direction, where the largest difference in rates is seen with the Capesize vessels. The Panamax segment has finally crossed the $30k limit, and according to FFA figures, Q3 and the time ahead looks uplifting.
A VLCC from 2009 was sold for $42,5 m. The price is extremely good and significantly better than a similar transaction that went to $37,5m back in April.
The second-hand market in try cargo currently has a good activity where two vessels were sold in the last week. A Kamsarmax from 2015 was sold for $22m. The price is slightly below what to be expected because the ship is on a lease until November at $21,100 per. day. The last ship was a 2012-built Kamsarmax. The ship was sold for $24 m. which is in line with the market’s value.