The tank rates dropped slightly last week, especially the VLCC rates. This was mainly because charters focused more on the trades that were signed and put new endings on hold. Therefore, it is expected that the market will see a recovery in the near future, especially in February. The strike in France and challenging weather in the Mediterranean can soon force charters to increase activity on longer trades, which will strengthen the Aframax rates going forward.
Aframax – 12 month TC: $29,000
Aframax – Average spot market rate: $52,246
The dry bulk market is weak during on a daily basis but, there are bright spots ahead. China’s appetite for coal has picked up after the new coal-fired power plants were completed and put into operation. Furthermore, we expect that Vale and Brazil will approach the levels before the mining accident, but it may still take time. Trade negotiations between China and the US are now entering the second phase, where the results of those negotiations can create a good sentiment for the dry cargo market.
Capesize 12 month TC: $14,500
Panamax 12 month TC: $11,750
A 2019 Aframax (112,802 Dwt) built last week was sold for $55m.
A ship of 79,454 DWT (2012) went for $11.0M and a 2007 built (74,456 Dwt) for $9.0M.