The Suezmax segment had an upturn last week, while the VLCC and the Aframax segments fell. This is current state of the tanker market. There is a temporary oversupply of tonnage. This is due to the oil stocks that were built up in Q1 2020. There is still hope that the rates will get the seasonal upswing usually seen in winter, but it has been long overdue, and it will probably not be as strong as it usually is.
Aframax – 12 month TC: $16,750 pr. day
Aframax – Average spot market rate: $5,713 pr. day
The dry cargo market declined last week. “Softer” rates are expected throughout the year, and the same is expected in Q1 before things loosen up. China has continued its restrictions on coal imports, but still has uplifting imports of steel and grain, with the latter coming mainly from North America, which provides “ton mile demand”. If Biden officially becomes the new president of the United States, this will have a positive effect on the dry cargo market in the years to come.
Capesize 12 month TC: $15,875
Kamsarmax 12 month TC: $11,200
One ship of interest was sold last week. A Suezmax (159,152 dwt, built in 2005, Hyundai HI (Ulsan)) for $19m. It has Special Survey pending.
No transactions of interest.