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The tank rates for VLCC and Suezmax remain relatively stable, while the Aframax rates take a 22% upward leap from the previous week. The main reason for this is that the market has experienced delays due to the storms in the North Sea and the Baltic Sea. Rates are expected to increase next week as there are also delays of up to 11-13 days for travel out of the Black Sea through the Bosphorus Strait. In addition, the planned OPEC + cuts will mean that China will replace a good proportion of the oil they lose from the Middle East with Russian oil. These are ships that will mainly sail out through the Black Sea, which will increase the pressure on Aframax.

Aframax – 12 month TC: $27,500
Aframax – Average spot market rate: $67,066


After a rough start to the year, we now see a dry cargo market that has generated positive cash flows in the last six months and spot earnings in the Panamax segment remain relatively stable. Looking ahead, we are looking forward to the news that China and the US appear to agree on the first phase of a new trade agreement. This will lead to more trade between the two superpowers and can quickly boost the dry cargo market. Furthermore, China has to build up its iron ore stocks after large stockpiles during the period when iron ore exports from Brazil were greatly reduced due to the mining accident earlier this year.

Capesize 12 month TC: $16,125
Panamax 12 month TC: $11,625



A 2004 built Aframax (105,778 Dwt) went for $17m last week. Furthermore, a 2007 built Aframax (115,838 Dwt) reported for $22.0m “”In the Aframax sector, clients of Arcadia have sold the “AEGEAN BLUE” (115,838 dwt, built 2007, Samsung HI) for an undisclosed price to clients of Concord Maritime, a US operator. The last comparable transaction was the sale of the “VIRGO SUN” (115,577 dwt, built 2007, Sasebo HI) last month for a price in the region of $ 26m””. The buyers in the latter transaction appear to have entered the market $ 4-5 million below indicative value for similar tonnage. The reason why the trade does not shed light on today’s actual market value is that the ship value was locked via an option back in September. According to vessel value, recommended prices for 2007 built vessels are $ 26.5m.


A ship of 75,668 DWT (2012) went for $14.4m.