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Earnings in the tanker market continue to fall. VLCC is the only segment that has managed to keep rates above cost levels. In the smaller segments, rates are weak. Consensus going forward is still volatility, but in Aframax a more balanced tonnage list is beginning to provide long-awaited support in the weeks ahead. The reason for the low rates is good news. Rates are low because oil demand is back, and this is positive for fuel in the long run. “Short term pain, long term gain”

Aframax – 12 month TC: $21,500 pr. day
Aframax – Average spot market rate: $8,610 pr. day

Dry Bulk:

So far this year, the dry cargo market looks set to be this year’s comeback winner. The Baltic Dry Index continues to rise. Mining globally is well on its way back to normal levels. Capesize earnings are at their highest level since December with a doubling of the levels from last week among other things. The momentum seems to persist going forward.

Capesize 12 month TC: $17,125
Kamsarmax 12 month TC: $12,000



The interest is seriously present in the secondary market, there have been a number of inquiries from the East. However, this has not resulted in anything tangible yet.


A Kamsarmax (81,112 dwt, built in 2016, Jiangsu New Hantong) was sold for a sum in the range of $18.5m. Otherwise, it is gratifying to see that the activity here has also picked up considerably.