CopenhagenCopenhagenLausanne Mon - Fri 08:30-16:30 +45 72 73 21 00 Mon - Fri 08:30-16:30 +41 21 508 7093


The tanker market picked up significantly last week, especially in the Aframax segment. Aframax got a push from the weather gods, where poor weather conditions in the Mediterranean contributed to delays. As some ships were docked in week 45, this has resulted in outstanding cargo last week which in turn has contributed to increasing rates especially in the North Sea, the Black Sea and the Baltic sea. This has resulted in an increase of 126% in rates in the Aframax segment. Going forward, there is outstanding cargo, which puts shipowners in pole position to join the ships at higher rates. We also note that Aframax gained higher earnings last week than Suezmax did.

Aframax – 12 month TC: $27,250
Aframax – Average spot market rate: $48,682


The dry bulk market remains at roughly the same levels as last week, with Capesize having a 24% increase in rates while Panamax remains at a standstill. According to the shipowners in the Panamax segment, the consensus is that the rates have ”bottomed out”, which has led to a pending attitude to quitting ships last week in hopes of a positive development going forward. This in turn has resulted in greater difference in the bid/offer spread between the shipowners and the tenants.



The only transaction of crude oil tankers last week was a VLCC of 309,285 built in South Korea in 2001 at a nominal $26m. Here it is important to state that the ship will enter the dry dock on Ship Survey in February 2020.


There has been an interesting transaction in the Panamax segment, where a 74,066 dwt ship built in 2002 was sold for $8.3m. This is seen as a very significant transaction as the ship must also enter dry dock in Q1 2020 for Ship Survey.