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Market Report Week 29-30


The past two weeks have lifted the rates, despite the low season, to acceptable levels for the owners. We do not expect any major upticks before Q4, but the optimism is dawning.

Aframax 12 months T/C rates: $14.500 per day
Average spot market earnings: $15.700 per day


Baltic Dry Index has grown 3,3% since last update. It closed at 1.676 points at the end of last week. Panamax rates have been lifted from $10.821 to $12.695, or north of 17%. Demand for Panamax vessels are on the rise, according to freight brokers. Vi expect the positive trend to last, even though the market volatility will be seen on a weekly basis. However, earnings are expected to pick up gradually.

Capesize 12 months T/C rates: $23.500 per day
Panamax 12 months T/C rates: $13.500 per day


The secondhand market has been surprisingly active the last couple of weeks with several transactions with both bulkers and tankers. A Chinese Kamsarmax from 2009 was sold in week 29. The reported price was $17,5 million. According to S&P Brokers the Chinese prices are 30% below similar vessels from Japan. With that being said; this is good news for the secondhand values ahead. In the following week another Chinese Kamsarmax was sold. The vessel from 2016 reached $24,5 million.

In the tanker market we have seen 2x Aframax changing owners. The relatively small vessels from 2006 and 2009 changed hands for $14,5 and 21,5 million.