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Tankers

The tanker rates fell a little further last week. This is mainly because there has been less activity in the Baltic Sea and the Black Sea. We can certainly say that the market is taking a little breather, but for the future, we expect that rates will eventually experience a steady increase when we are heading into peak season in the tanker market. In December last year, earnings in the Aframax segment averaged $44,000. Given the current market, where there are significantly fewer ships in circulation, as well as IMO2020 and the US looking to increase its oil exports significantly in the coming months, we expect to see significantly higher rates in the winter period this year compared to last year. Generally, we are entering a good 2-3 year period in the tanker market, which means that Equinor has chartered an Aframax on a 3 year contract at $26,500 per day.

Aframax – 12 month TC: $25,500
Aframax – Average spot market rate: $28,055

Bulkers

The dry bulk market remains relatively stable. Capesize rates fall marginally due to slightly weaker activity in Brazil. The Panamax segment also experienced a slight decline in rates due to lower activity in the Baltic Sea, the US East Coast and the Gulf of Mexico. However, the market is still strong, and a driver for the rise in rates in the future may be increased Chinese purchases of American cereals, which we know are negotiated in the first deal, which will initially be signed between the United States and China shortly.

Capesize 12 month TC: $19,250
Panamax 12 month TC: $11,875

S&P

Tankers:

A 2000 built Aframax (Sumitomo) of 105,578 dwt went for the neat sum of $10.6m. This is very impressive for an almost 20 year old Aframax and we expect the values to further rise in the coming months.

Bulkers:

No transactions of interest.