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The tanker market has really started to notice the effects of external factors that have affected the market at the same time. Trade in China has seen a solid decline due to the Corona virus in combination with the Chinese New Year. The latter we moved out of this week. We note that this mainly affects the VLCC market, but that it characterizes the entire tanker market. Suez and the Aframax segment are characterized by what is happening in Libya and the absence of exports from there. We are eagerly watching the situation in China with more news updates to follow in the coming weeks, which will be important for the market. Should a solution to the problem be found, we will soon see a recoil in tank earnings.

Aframax – 12 month TC: $22,500
Aframax – Average spot market rate: $22,036

Dry Bulk:

We note that the very largest dry cargo ships have also been affected by what is happening in China. China represents a significant part of the dry cargo market. Seasonally, the Chinese New Year was expected to pull down the market, but in combination with the corona virus there has been a significant fall in rates. As we move out of Chinese New Year this week, we hope that it will have a positive impact on earnings, but we note that the situation with the coronavirus will most likely have to be resolved before earnings start improving.

Capesize 12 month TC: $14,750
Kamsarmax 12 month TC: $11,750



No transactions of interest.


No transactions of interest.