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The tanker market saw a bit of a cooling last week, with VLCC rates falling 69% and Suezmax 34% respectively. We also saw that several of the $ 300k + deals signed a few weeks ago never went through, the agreements fell apart before the final signature went from pen to paper. The highest rate fixed in the VLCC eventually came to about $ 250,000. It is worth mentioning that VLCC and Suezmax are sailing at very good rates, respectively VLCC: $ 95,668; Suezmax: $ 104,490 per average per day. Aframax, for its part, rises marginally to $60k a day. We are looking at an extremely exciting tanker market, where we have now moved into Q4 which historically is the strongest part of the year. Here we will have the full effect of increased refinery activity and several vessels temporarily disappearing out of the scrubber fitting. One-year TC are currently fixed at $ 27,500, so we expect a significant appreciation of ship values ​​in the time to come.

Aframax – 12 month TC: $ 27,500 per day

Aframax – Average spot market rate: $ 60,181 per day


The dry bulk market weakened somewhat last week. Capesize rates had a quiet week in the Atlantic, as did Panamax, which also saw some oversupply in the North Pacific. Nevertheless, it is positive to see that earnings remain relatively strong. We also expect a strengthening of the rates as we approach the end of the year and nations from the southern hemisphere will export this year’s harvest.

Capesize 12 month TC : $ 20,750

Panamax 12 month TC : $ 13,250



Several solid transactions in the tanker market last week. There was a bloc trade with three VLCCs, (2001, 298,330dwt, Daewoo – 2001, 299,498dwt, Daewoo – 2001, 299,450dwt, Daewoo) for $ 98m. This is an optimistic price, and shows that buyers in the tanker market are willing to go further to obtain tonnage that can be delivered immediately. It is worth noting that these ships were purchased for $ 22m three years ago.



There was one ship of interest in the dry cargo market last week. A Panamax (2002, 74,204dwt, Oshima) for $ 7m. The transaction has been in line with similar transactions lately.