We saw a significant rise in rates last week. VLCC’s rates surged by 43%. Aframax saw a earnings growth of 56%, delivering an average rate of $ 32,885 per day. These are numbers that are far above normal for September. The market is characterized by being extremely tight due to the drone strike in Saudi Arabia, combined with others factors, such as scrubber fitting and higher demand from refineries. Now we also see US sanctions against Chinese tankers, which will cause more ships to “leave” the fleet, which will tighten an already tight supply side. An Aframax 115,000 dwt was fixed last week on a three-year T/C at $ 23,400 per day. Much indicates that we are in the process of sailing into a very strong Q4 2019.
Aframax – 1 yr TC – $21.500
Aframax – Average Spot – $32.885
The dry cargo market saw a slight decline last week. Panamax earnings fell 5% to $ 15,326 a day. Excessive supply of ships caused the rates to decline somewhat. Nevertheless, earnings are well above what has been seen so far this year, and we know that there are several ships going out of the scrubber fitting fleet during the autumn, which will help tighten the market.
Capesize – 1 yr TC – $20.125
Panamax – 1 yr TC – $12.850
There were no transactions of interest.
There were three ships of interest last week.
Panamax (74,133 dwt, built 2001) sold for $ 6m,
Panamax (74,181 dwt, built 2002) sold for $ 7m
Panamax (75,925 dwt, built 2004) sold for $ 9.6m
The latter ship has just completed the special survey and the price
is in conjunction with similar transactions.