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Aframax rates remained relatively stable over the past week. Positive signals from Libya have given new optimism in the market for the coming weeks. VLCC rates rose slightly, but despite good news at the beginning of last week, the result was moderate. We are still sitting and waiting for the upswing that historically comes in the winter season, and the news and activity lately can testify that it is just around the corner. One of the largest players in the tanker market has chartered two Suezmaxers on two-year leases with denominations of $24,000 a day, with an option for another year of $26,500 a day. These are two very strong contracts and confirm that expectations for the coming market are sky high.

Aframax – 12 month TC: $17,500 pr. day
Aframax – Average spot market rate: $5,354 pr. day

Dry Bulk:

The Capesize segment declined last week. We expect this to be a temporary phase, as the dry cargo market is in a very positive trend which we expect to continue when the public holidays in the East are over. It should also be mentioned that China has imposed a ban on imports of coal from Australia. This is hopefully only temporary. Positive signals from the market are that iron imports from Australia and Brazil are solid. Brazil is back to the same export levels seen prior to the mining accident last year.

Capesize 12 month TC: $19,000
Kamsarmax 12 month TC: $12,875



Activity in the secondary market remains strong. Three ships of interest went last week. VLCC (299,152 dwt, built in 2002, Hitachi Zosen Ariake) was sold for $25.5m. VLCC (309,233 dwt, built in 2003, Samsung HI) was sold for $26m. The marginal difference is due to the former ships having scrubbers.

Dry Bulk:

There is also good activity in the secondary market for dry cargo vessels. There was a block trade with two Kamsarmax last week. Kamsarmax #1 (81,031 dwt, built 2016, JMU Maizuru Shipyard) for $23.25m and Kamsarmax #2 (81,014 dwt, built in 2015, JMU Maizuru Shipyard) for $22.25m. This was agreed upon a few weeks ago.