As expected, earnings remain low in the tanker market during the day. Activity is relatively weak during the day, with production cuts contributing to further pressure on rates. In the short term, the bottom may not have been seen yet, but the good news is that global oil demand appears to be picking up faster than previously thought. Then the production cuts will be lifted and the stock withdrawal effect will be minimized, which will increase earnings again.
Aframax – 12 month TC: $21,500 pr. day
Aframax – Average spot market rate: $7,926 pr. day
The dry cargo market continues the good trend, where capesize earnings have reached the highest levels in 9 months. Going forward, the market also seems to have wind in its sails, with easing of restrictions that will continue the employment of the ships as well as a relatively high level of scrap activity when the shipyards open fully after force majeure.
Capesize 12 month TC: $18,250
Kamsarmax 12 month TC: $12,250
Only registered one transaction in the secondary market in the tank. An Aframax (105,476 dwt, built in 1999, Hyundai HI (Ulsan)) was sold for $9m. If the new owner wants to trade the ship, they must enter the Ship Survey in October, this must then be calculated in the price.
No transactions of interest to report.