Market News

EMF Weekly 41

2 days ago

Tankers

The good news for the owners of Suezmax and Aframax continues. Rates are on an average of 23% in Suez and 28% in Aframax. US oil production has reached near pre-covid levels, resulting in rates from the US at approx. $20,000 (Aframax). Until now, 12-month leases in Aframax have been signed at $15,000 per day. All leases in October have been signed for $20,000 or more so far, indicating that more tenants are anticipating a tighter tank market with higher tank rates during the fourth quarter. Among other news, we record that Norway’s John Fredriksen is in the process of buying Euronav (the world’s largest tanker company). John Fredriksen is well-exposed in the tanker sector with his own company Frontline. Fredriksen truly lives up to his nickname ‘Big Wolf’ as he is today the largest owner in Euronav and Frontline.

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Aframax, 12 months TC

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Aframax, Average spot

Tankers
Aframax, 12 months TC
Aframax, Average spot

Dry Bulk

This week, Capesize prices are regulated. Several tenants are trying to split cargo into smaller tonnage. Among the Panamax and Kamsarmax vessels, activity remains good. Several potential lessees have entered the dry cargo segment, as operators who previously preferred container vessels are shifting their cargo to dry cargo vessels. IKEA, Walmart, Amazon, and Coca-Cola are among the players now shipping their goods in containers aboard dry cargo vessels.

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Capesize, 12 months TC

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Kamsramax, 12 months TC

Tankers
Capesize, 12 months TC
Kamsarmax, 12 months TC

S&P

Tanker

There has been strong demand for secondhand tonnage, but no materialized bulk tank transactions to report.

Dry Bulk

Atlas Strength 82,000 DWT Kamsarmax went for $15.5 million. The vessel will arrive at Drydock in November. It is expected that completion of the Ship Survey and installation of a ballast water treatment system will cost approximately $2 million.

Tankers

Conductive TC Rates (1 year)
Type Tons Week 41 Week 40 + /-
VLCC 300t. $ 25.500 $ 25.500 0 %
Suemax 180t. $ 16.250 $ 16.250 0 %
Aframax 120t. $ 14.500 $ 14.500 0 %
MR 80t. $ 12.500 $ 12.500 0 %
Beneficial Values
Type Resale 5y 10y 15y
VLCC 97 70 46 33
Suemax 67 48 32 19
Aframax 59 40 26 12.5
MR 43 31 20 12.5

Dry Bulk

Conductive TC Rates (1 year)
Type Tons Week 41 Week 40 + /-
Capesize 180t. $ 37.857 $ 40.625 -7 %
Panamax 76t. $ 30.000 $ 30.000 0 %
Supramax 55t. $ 29.875 $ 29.875 0 %
Handysize 30t. $ 29.250 $ 29.250 0 %
Beneficial Values
Type Resale 5y 10y 15y
Capesize 58.00 47.00 35.00 22.00
Panamax 40.00 34.00 25.00 18.00
Supramax 37.00 31.50 23.00 16.00
Handysize 29.50 25.00 17.00 11.00

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