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Both VLCC and Suezmax segment earnings dropped somewhat last week. Aframax remains virtually unchanged, with a slight positive rate change. We note that the transactions in the secondary market remain strong. We are also noticing what is happening in the East, and are awaiting how the Corona virus can affect the market. However, we believe that this will likely be contained relatively quick and will not affect the market in the long run.

Aframax – 12 month TC: $28,500
Aframax – Average spot market rate: $53,404


The dry cargo market depleted further last week. As the Chinese New Year approaches, seasonal weakness in the dry bulk market is as expected. We expect an improvement after the Chinese New Year.

Capesize 12 month TC: $15,750
Kamsarmax 12 month TC: $11,625



Three Suezmax vessels were traded last week, and all trades were made by the same buyer. A bloc trade on two vessels “159,435 dwt, 2002, Hyundai” and “159,392 dwt, 2003, Hyundai” went for $40m. Another vessel, “159,168 dwt, 2001, Hyundai” was purchased from another seller for $17.5m. This vessel is going straight into dry dock. An Aframax “106,650 dwt, 2005, Koyo Dock” was also sold for $18.5m. The transaction is in line with the market.


There were two vessels of interest in the dry cargo market. A Kamsarmax “81,966 dwt, 2011, Daewoo” was sold at  $15.5m and a Panamax “74,759 dwt, 2006, Hudong Zhonghua” was sold at $8.1m. Kamsarmaxen has its ship surveys later this year. The Panamax transaction is in line with previous transactions.