The tanker market continues to fall in rates across all major tanker segments. Aframax rates fell by 54%, mainly as a result of Libya cutting oil exports and cancellation of strikes in France leading to an oversupply of tonnage. The sanctions against COSCO have been lifted, which will bring further ships out to sea. Meanwhile, we note that the next few weeks will give us clearer answers on corona virus direct impact on the market.
Aframax – 12 month TC: $27,500
Aframax – Average spot market rate: $24,389
In the dry bulk market, it is the tenants who sit behind the helm during day. The tonnage list is still long and demand is limited. The corona virus has affected dry cargo as a result of closed ports and extended holidays.
Capesize 12 month TC: $14,500
Kamsarmax 12 month TC: $11,350
January has been a busy month in the secondary market with several sales reported in previous market reports. This is a result of optimism towards the strong freight rates seen in Q4 and early 2020. Although, the spot market has fallen significantly this week, activity has nevertheless been steady.
An interesting transaction is the sale of a VLCC built in 2002 at 298,465 dwt for a sum of $32m. A virtually identical ship built in 2005 was sold at $35m earlier this month, indicating a strong transaction.
No transactions of interest.