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Tank rates remain low and are experiencing a slight decline in the Aframax segment this week. This is despite the fact that China has responded to the rather strong oil prices over the summer by making use of their stocks rather than importing. Additionally, a minor unease over new shutdowns associated with the Corona Delta variant has sent oil prices down just below $70 per barrel during the week. It is therefore positive that the level of activity does not reflect the shutdowns, but more reflects the relatively strong rebound we have seen in overall oil demand. The low rates are therefore considered as an indication that we have not yet reached the equilibrium point where the supply of tonnage approaches demand.

Aframax – 12 month TC: $15,500 pr. day
Aframax – Average spot market rate: $5,025 pr. day

Dry Bulk:

Dry bulk carriers continue the historically good rates albeit slightly below last week’s levels. Spot rates for Capesize fell to an average of 1% to $34,833 per day. Chinese demand for iron ore remains strong. At this time, we are also experiencing a positive shift towards long haul trips (ton-miles) with a shift in imports from Brazil to Asia. At the same time, imports from Australia are decreasing as a result of the tense political situation between the two countries.

Capesize 12 month TC: $30,000
Kamsarmax 12 month TC: $26,250



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Dry Bulk

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