The rates in the tanker market remain relatively stable, with a slight fall of 10% in the Aframax segment. It’s worth noting that Aframax rates cut the highest of the big tank segments last week, which underpins the fact that Aframax is not as affected by the COVID-19 virus as its big brothers. Also worth mentioning is, that the average rates are 25% higher now than they were at the same time last year. 190 million workers in China are now on their way back to work after a month of forced home isolation. The spread of COVID-19 also appears to be under control in China, and we expect further improvement in the coming weeks. Through the COVID-19 storm, the values for 10-15 year old Aframax continue to rise. This confirms that the fundamentals are strong in the tanker market today.
Aframax – 12 month TC: $22,500
Aframax – Average spot market rate: $27,097
The dry bulk market is sailing as expected in rough seas during the day. However, we see a marginal improvement in the rates over the past two weeks, where the consensus in the market is that we can see a significant improvement from the month of April. Of course, this is somewhat dependent on how COVID-19 develops.
Capesize 12 month TC: $14,125
Panamax 12 month TC: $10,500
Very few transactions to report, except for a 1999 Japanese Aframax built at 105,715 dwt which sold for just under $8m.
No transactions of interest.