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Rates strengthened somewhat for the Aframax segment last week, beyond that, it was slightly down for the other two classes. Q4 is just around the corner, and we expect a significant improvement in rates when the winter season takes arrives. It is no secret that the current situation is leaving its mark on the market. But the pricing of the tonnage looks undeniably interesting if one is able to see the temporary turbulence for what it is and the opportunities that this market has to offer.

Aframax – 12 month TC: $19,750 pr. day
Aframax – Average spot market rate: $7,173 pr. day

Dry Bulk:

There was a significant rate increase in the Capesize segment last week, where rates were up over 50%. The Panamax also had an increase in rates. Next week is Asian holidays, and a somewhat calmer activity is expected. However, the general market activity is good, mainly due to good export figures of grain from South America, and an increasing grain export from the USA. The most uncertain factor in the short term is China’s position on new coal import licenses.

Capesize 12 month TC: $19,250
Kamsarmax 12 month TC: $12,950



Three vessels of interest were sold last week. A VLCC (309,288 dwt, built in 2002, Samsung HI) was sold for $23.75m. A price in line with previous transactions. An Aframax (105,851 dwt, built in 2002, Daewoo (DSME)) was sold for $12.2m. The last ship to go was a Suezmax (159,156 dwt, built in 2005, Samsung HI). The ship was bought for $20m 12 months ago, and sold for $21.5m with an upcoming survey. A strong price in other words.

Dry Bulk:

No transactions of interest.