The Aframax and Suezmax segment improved last week, while the VLCCs stayed put. Finally, it appears that volumes from Libya have begun to affect rates. The rates in the North Sea have also begun to strengthen. The market is expected to tighten further as we move towards November and the winter market.
Aframax – 12 month TC: $16,750 pr. day
Aframax – Average spot market rate: $5,978 pr. day
The dry cargo market remained at almost the same level as the week before. Grain imports to China are expected to strengthen considerably next year, due to negative effects in own production. The ban on Australian coal from the Chinese is still active, but local steel producers have expressed their concern that this will affect steel production due to the coal found in China not having the same quality. Hopefully, this will have an effect and a steady flow of Australian coal to China will commence.
Capesize 12 month TC: $16,625
Kamsarmax 12 month TC: $12,300
A vessel of interest was sold last week. Stock listed Ads Crude sold its last ship for the same price as it had sold the other two ships for. A VLCC (299,164 dwt, built in 2002, Hitachi Zosen Ariake) was sold for $25.5m.
Another vessel of interest was sold last week. A Panamax (77,116 dwt, built in 2014, Imabari SB Marugame) was sold for $17.5m. There is still good activity in the second-hand market for dry cargo vessels.