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Earnings in the tanker market continue to decline. VLCC is the only segment that has managed to keep rates above cost levels. In the smaller segments, the rates are weak. Consensus going forward is still volatility, but in Aframax, a more balanced tonnage list is starting to be able to provide much-needed support in the weeks ahead. The reason for the low rates is good news. The rates are low due to the increasing demand for oil, which is positive for the tanker in the long term. “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:

The dry bulk market looks to have a glorious comeback this year so far. The Baltic Dry Index continues to rise. Global mining is on its way back to normal levels. Capesize earnings are at their highest level since December, with a doubling of last week’s levels among other factors. The momentum seems to continue in the future.

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



The interest in the secondary market is increasingly present, with further inquiries from the East among other things. However, this has not resulted in anything tangible yet.


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