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Last week was marked by a decrease in earnings. Prices fell between 10-50% distributed among the three large tank segments. This week’s big event was the Opec meeting, which ended without a new appointment. Oil prices have moved up to levels where the price is extremely attractive. The reason is caused by a greater demand than supply. For Opec, the current oil prices are good news, but this also invites foreign competition. Furthermore, the high oil prices cause members to want to increase production. Hence the fact that no agreement could be reached on the further course. For the tanker market, this means that the current oil stocks will be depleted faster based on a “short term pain, long term gain” scenario.

Dry Bulk:

The Cape Size segment has had a decline in earnings of approximately 10% in the previous week. The Panamax segment remained calm. The third quarter is expected to be extremely profitable, which is also supported by the FFA market. We expect the markets to recover from the levels we see today over the coming weeks.



Two ships of interest were sold. John Frederiksen is once again out and strengthening its capacity against setbacks in the tanker market. He has this time acquired two VLCCs from South Korea in 2019 for a price near $180m.

Dry Bulk

No transactions of interest.