EMF Weekly 24
Aframax earnings remain in line with last week. In the case of VLCC and Suezmax, the attacks and tention in the Hormuz Strait has contributed to increased average earnings around the middle East, as there has been a “war premium” to sail through the strait at the moment. This will also reduce the effective fleet in regards to ships sailing at lower knot. This only confirms that geopolitical tention supports the freight market. 3-year time charters for Aframaxes are now being drawn at $ 21,500 a day.
Aframax – 1 yr TC – $21.625 per day
Aframax – Avarage Spot – $14.804 per day
Following the Cape increased earnings of last week, the market has now stabilized. In the near future, it is the Brazil-China route that will be the driver of the dry cargo market when soybean exports start in July. Panamax also stays stable with similar earnings as last week. What is very interesting is that Capesize 1 year TC has increased from $ 15,750 to $ 17,125.
Capesize – 1 yr TC – $17.125 per day
Panamax – 1 yr TC – $11.550 per day
No transactions of intetrest
2014-built Panamax changed hands( 81,955 dwt ) for $ 23m last week. This is the average price of a 5 year old Panamax so far this year.