EMF Weekly 25
Aframax earnings had a stable but weak trend last week. VLCC, on the other hand, was the only one of the three major companies that could showed significant growth in daily earnings. The reason for this is the uncertainty that has occurred in the Middle East in the wake of the attacks on Front Altair and Koukoka Courageous. Despite this, the Aframax segment is the highest in terms of% growth in earnings so far this year. American oil production remains stable and could show a slight increase in production of 73,000 barrels per day. Further increase in US oil exports is expected during the autumn. This in turn will help the market further up.
Aframax – 1 yr TC : $21.625
Aframax – avarage spot : $14.460
The passed week has been characterized by volatile market forces for the Atlantic Ocean. Increasing demand between China and Brazil is the primary contributor to the fact that the area has attracted more and more ships in the past and lifted the rates, especially for the Capesize segment. In the future, it will probably also be the demand between Brazil and China that will be the driver of dry cargo now that exports of soybeans will fully pick up in the time to come. Panamax, on the other hand, has had a small decline in earnings from last week.
Capesize – 1 yr TC : $18.250
Panamax – 1 yr TC : $11.650
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