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Tankers

The tanker market strengthened further last week and we saw the average spot rates surpass $50,000 again after being below the 20s in the wake of October. Thanksgiving is fast approaching and is often referred to as the start of the real high winter season. The consensus in the market is that, we can now expect strong rates for a good period well into 2020 and the shipowners are getting ready to capitalise on the strong market we have in store. The refineries, due to IMO2020, expect a boost in their production and will therefore need more crude oil. As a result, the Aframax fleet is expected to experience a significant increase in demand into 2020.

Aframax – 12 month TC: $27,200
Aframax – Average spot market rate: $54,500

Bulkers

In dry bulk, it is the status quo of the moment. We experienced a slight increase in Atlantic activity for the Panamax segment, but not enough to gain sufficient speed on the rates. In the Pacific, we saw an increase at the start of the week but the activity slowed down towards the end of the week. Despite this, we recorded a slight increase in the overall rate of 3%. The Capesize segment stays on site with steady shipping out of Western Australia. Furthermore, some increase in demand for freight from Brazil to China has been observed from the second half of December, which is positive as we move forward and towards the end of the year.

Capesize 12 month TC: $16,875
Panamax 12 month TC: $11,000

S&P

Tankers:

In the secondary market, we observe several transactions and no less than 10 Aframax transactions last week. Six ships were merged into a block deal that consisted of two 2005 built ships for $19.5 million dollars and four 2006 built vessels for $21.0 million dollars. Furthermore, a Japanese-built ship from 2008 at 115,146 dwt went for $ 28.7 million dollars. In the midst of the observed transactions, we see that 2007 built ships are currently at indicative values of approximately $26 million dollars. So far this year, indicative values for 10-year-old Aframax vessels have risen by 33.3% to $30.0 M and ship values are expected to continue to increase significantly over the next 2 years.

Bulkers:

In dry cargo, we observe that a 2010 built Japanese Kamsarmax of 83,483 dwt was sold for the neat sum of $16.0 million dollars.