Tankers Aframax spot rates rose 50% from the previous week to $ 18,203. Refineries are slowly but surely increasing activity. We expect global refinement “throughput” to be 2.4 mb / d higher in the second half of 2019 vs the first half of 2019. This lays the groundwork for a strong tanker market. VLCC rates fell somewhat last week, despite increased activity in the Middle East. Suezmax rates remain relatively robust and are in line with last week at $ 16,036. In general, we see a stronger tanker market going forward as expanded pipeline infrastructure in the US is ready.
News
EMF Weekly 34
Tankers Aframax earnings increased 15% last week. There were several positive signals from the market, where rates in both Northern Europe and the Mediterranean / Black Sea, among other things, increased significantly. A strong TC was also agreed on two Aframaxs, 6 months – $ 22,500 / day, with an option of 6 months – $ 25,000 / day, which helps to underpin expectations of strong earnings in the spot market going forward. Aframax – 1 yr TC – $21.500 Aframax – Average Spot – $12.123 Bulkers The dry bulk market continues the good trend. The Capesize segment saw higher.
EMF Weekly 33
Tankers Aframax earnings remained stable from last week, but towards the end of the week there were indications of a tighter market, especially in the Mediterranean. Furthermore, we see that the market is on the way to picking up considerably. Last week, Suezmax rates rose 30% from the previous week. This only happens one week after the VLCC rates rose by 37%. Henceforth, we expect the Aframax segment to follow its big sisters. This is underpinned by the fact that we will now notice increased activity from the refineries going forward and we will see that ships are starting to.
EMF Weekly 31
Tankers Aframax earnings increased 35% last week. The largest tankers, VLCCs also saw a increase in earnings growth, with earnings rising as much as 85%. This is a significant sign of strength, earnings are expected to rise further in the near future. We expect that we are now in the final phase of the extended refinery maintenance period, which has been substantially longer than most players in the industry had imagined. We also know that more ships are scheduled for Scrubber fitting in the weeks / moths to come. This, combined with the fact that the refineries are expected increased.
EMF Weekly 29-30
Tankers The spot market experienced a very quiet week at the end of July / beginning of August. The reason that the driving season has gone missing this year is the refineries extended maintenance period lasting much longer than anticipated due to the expected increased activity from the summer and onward where they have to produce up to full capacity to prepare for IMO2020. As a result, earnings are expected to increase sharply in the future when refineries return to full capacity while at the same time some ships are leaving the market for shorter periods in connection with installation.
Brexit – To be, or not to be
Shifting leadership on both sides creates the possibility of a deal being finalized. Although the battle for Tory leadership, and thereby also the prime minister position is ongoing, both candidates seem determined to deliver Brexit. The leading candidate Boris Johnsen has sat an exit deadline of October 31, where he will leave with or without a deal. The most likely scenario is that the possibility of an actual Brexit has increased and will be a reality in the near future. What impact will this have on the shipping industry. The shipping industry involves many sectors, and they will experience the impact from Brexit differently. For conventional.
EMF Weekly 27
Tankers The rates in the tanker market fell broadly last week, with earnings in the Aframax segment being the ones that remained most stable. We have now entered the “driving season”, so we expect earnings to start to rise considerably. We have now moved out of Q2, which is expected to be the weakest part of the year. We have high expectations for Q3, where earnings will be well helped by increased activity in the refineries, as well as ships that disappear out of the market into scrubber fitting. A strong second half is well reflected in the strong 12-month.
EMF Weekly 26
Tankers Aframax rates remain at stable levels compared to the previous week. Now that we are approaching the driving season, we will experience an improvement in the rates in the time to come. However in the weeks and months to come, we will also see an increase in ships going out of the market and into the dry dock to install scrubbers. This will reduce the supply in the market and, according to various analysts, the consequence of this will be that the rate levels will increase by 20-40% during the next couple of months. Another interesting aspect is that.
EMF Weekly 25
Tankers Aframax earnings had a stable but weak trend last week. VLCC, on the other hand, was the only one of the three major companies that could showed significant growth in daily earnings. The reason for this is the uncertainty that has occurred in the Middle East in the wake of the attacks on Front Altair and Koukoka Courageous. Despite this, the Aframax segment is the highest in terms of% growth in earnings so far this year. American oil production remains stable and could show a slight increase in production of 73,000 barrels per day. Further increase in US oil.
EMF Weekly 24
Tankers 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.
Tanker Market Outlook
The reply from the industry on the present outlook of the tanker- market is positive. Shipowners are currently stating “the market turned for the better last year”. Adding that ongoing trade wars and geopolitical tensions are, if anything only a “positive stimuli” for the tanker- freight demand. “Geopolitical tensions are positive for the tanker- market in general”, as it will only “contribute to an increase in oil- demand from oil- consuming nations”. Two main market drivers: Today’s market temperature is controlled by two main factors. One and perhaps the most important one is the ongoing trade- tention between US and.
EMF Weekly 23
Tankers Aframax earnings fell slightly back last week. Suezmax was the only class that had a increase in earnings during the week. Aframaxen is still the ship with best earings of the three major tanker classe so far this year. American oil production is strong and bottlenecks prevent increased exports. Increase in US oil exports is expected to rise in Q3 and Q4. Production exceeds exports and oil inventories continue to rise. This is the main reason why oil prices fell last week. Aframax – 1 yr TC – $21.625 per day Aframax – 1 yr TC – $14.956 per.
Dry Bulk – Rough sea at the start of the year – Exciting times ahead!
There is no secret that the dry bulk market took a significant dive at the beginning of the year. Although, the first quarter historically is a low season where the dry bulk market normally experience lower rates due to Chinese new years, this time around unpredictable events hit the market hard. The Feijão dam in Brumadinho Brazil owned and operated by the mining Company Vale – the world’s biggest producer of iron ore, hit the market significantly leaving the Capesize market out to dry. As a result, cape owners began to sail on alternative routes impacting the smaller segments of.
7th Annual Marine Money Geneve
Managing Partner Mr. Fredrik Larsen of EMF- European Maritime Finance, was invited to share his opinions on the shipping- market outlook at the 7th annual Marine Money Conference in Geneva earlier in May this year. Holding the tanker market as the favorite and most bullish of options moving into the 2020´s, Mr. Larsen discussed the favorable entrance of placing private equity into the shipping industry today. Leading a company with a broad portfolio of successful shipping- investments to show for, he gave the audience interesting insight as to what he believes are the most favorable forthcoming trends ahead of us. The.
EMF Weekly 22
Tankers: The Aframax market remains strong. The average earnings for 2019 are $ 9,000 above the Suezmax earnings, $ 300 above VLCC earnings. We are now about to leave the refineries’ maintenance period and into the good summer months. The driving season will soon be on, we expect rates that will be significantly higher then current levels. Last week, the United States announced tariffs on all imports from Mexico, including crude oil. In 2018, the US was the largest buyer of Mexican oil. These tariffs mean that Mexico will look East for buyers of oil, and that US refineries will.
EMF Weekly 21
Tankers : The Aframax spot rates remain at the same level as the previous week with a slight upturn. Furthermore, we see that contracts with a duration of 12 months further strengthen in the positive trend we are in. What is worth noting is that so far this year, Aframax has delivered higher spot earnings on average than both the somewhat larger Suezmax and the substantially larger VLCC. This testifies that the activity and demand for Afra’s is solid. Furthermore, we see that exports of energy from the US to Asia increased by 106% in 2018 and China’s imports of.
EMF Weekly 20
Tankers Aframax earnings strengthened significantly two weeks ago, last week however we saw a slight decline. One interesting aspect to look at is one year’s TCs have taken a new step in the right direction, which helps to underpin the expectations that the rates will strengthen throughout 2019. Aframax is the supertanker with the strongest earnings at the moment. We note that today one year of TC contracts with options for extension to two years with agreed daily rates of well over $ 26,000 per. day through year two of the deal. Aframax – 1 yr TC: $ 21,500 per.
EMF Weekly 19
The activity in the Aframax market has really started to pick up. Average earnings increased by 41% compared to last week. Limited supply of tonnage in the Baltic and Black Sea / Mediterranean have put the ship owners in pole position. The most interesting developments are two time charter contracts that have been agreed for 1 year to $ 22,500 day with option entered in 2020 to $27,500. It is worth to mention that the average earnings on Aframax and VLCC are almost identical so far in 2019. Aframax – 1yr TC : $21.500 per day. Aframax – Avarage Spotmarket.
EMF Weekly 18
Tankers Weekly Last week displayed a solid increase in activity in the Mediterranean, interesting events occurred in the Baltic Sea around the Baltic. The Russia oil that originates from the pipelines of Ust-Luga is contaminated, buyers have already loaded a lot of ships, but there is no one who wants to take delivery as the oil is polluted. This means that these vessels will now disappear out of the market for a period until players want to receive the “contaminated” oil. As a result, Aframax spot rates rose last week by 25%. 1 year time charter contracts remain stable at $.
EMF Weekly 17
Tankers weekly: It was a relatively quiet week in the tanker market last week. We saw similar earnings as the week before. The North Sea and the Baltic Sea settled well due to the contaminated oil from Russia, which contained too high levels of organic chloride. This has led to a solid demand growth for tankers in the area of supply of alternative oil. 1 year TC stays stable at $ 20,500. We expect these to continue to rise as we move out of refiners’ maintenance period, which is expected in May. Aframax – 1yr TC: $20.500 per day Aframax – Avarage.
EMF Weekly 16
Tankers weekly: Spot earnings remain in soft for Aframaxes, as a result of relatively low activity for refineries globally. Reduced supply of oil from Venezuela and Iran is expected to persist, yet we see that demand growth after Aframaxes is on solid 3.9% in 2019 compared to weak 1.9% in 2018. This is supported by several long-haul export trades from the US and Brazil mainly to Asia. The broad consensus that the market should rise to significantly higher levels in the future continues to put pressure on 1 year lease contracts, as we have seen some contracts been drawn as high.
EMF Weekly 15
Tankers Earnings in the Aframax spot market weakened further last week. One saw an increase in earnings in the North Sea and in the Baltic Sea. Beyond that there were relatively weak earnings. As mentioned in previous newsletters, we are in the refinery’s maintenance period where the start of Q2 is historically the weakest period in the tanker market. What is worth noting is that 12 months. Time-charter contracts stay at $ 20,500. Thus, the good trend continues, and we do not have to go any further than to New Year to find that the 12 months contracts were at.
EMF Weekly 14
Tankers weekly (14) Earnings in Aframax weakened marginally last week. One saw a marked rise in rates between the Baltic Sea and the UK, beyond which there were relatively weak earnings. As mentioned in the previous newsletter, we are in the refiners’ maintenance period. The start of Q2 has historically been the weakest period in the tanker market. The positive thing that happened last week is that guiding one-year contracts took a new bundle and is now at $ 20,500. The Aframax also earned significantly better than its larger sisters, who cut just over $ 8,000 over the same period..
Drybulk Week 13
Capesize rates in the spot market weakened again last week after reports that Vale has not started all their mines after the accident, and that Hurricane Victoria ravaged outside Australia, which is an important market for the Capesizes. Recently, it became official that a number of mines going into deficit in Spain will be closed, which will lead to an increase in tonnes-mile in the dry bulk segment, which is positive. Also interesting to see that 12 month contracts increase from $ 11500 to $ 13,000. Is drybulk about to pick up again? Furthermore, we see that Panamax experiences a.
Tankers Week 13
The spot rates for Aframaxes fell last week. The main reason for this fall in earnings is weakened activity in the Baltic Sea and the UK area with Ireland due to excessive tonnage in the area. Increased production in countries such as Libya and Algeria has led to a rise in the rates in the Mediterranean. Last week, Aframaxes continued to earn significantly more than Suezmax in the spot market, which underlines the fact that the Aframax vessels are in great demand. Rates are expected to increase when US refinery maintenance period ends. What is very interesting, however, is that.
S&P Week 13
Tankers The market continues to remain relatively calm. However, there have been a couple of solid transactions in the secondary market. A 2001 built VLCC (298,410 dwt) went for $ 22m. What is more interesting for us is that two transactions were registered in the Aframax segment. A 2009 model (113,091) went for $ 22.5m and a 14-year-old ship (106,029) for $ 16m. This underpins the fact that ship values are in a rising trend when it comes to tankers. DryBulk The only activity of interest is a transaction of a five-year-old Kamsarmax (81,070) to $ 23,75m
EMF Weekly Tanker & Drybulk week 12
Tanker market The rates in the spot market for Aframaxes strengthened marginally last week. It has been a busy week in both the Mediterranean and the Black Sea, yet the rates here have dropped somewhat. The average rates nevertheless strengthen overall, well helped by strong figures from the Baltic Sea and the North Sea. What is interesting to see is that an Aframax today earns almost twice as much a Suezmax in the spot market. Last week, we also saw jump towards the 20s for 12 month TC contracts, which are now $ 19500 per day. Aframax – 12 month.
S&P Activity week 11
Tankers The market continues to remain relatively calm. However, there have been a couple of solid secondhand transactions. There was a 1999 built VLCC (309,985 dwt) $ 22m, the price is based on a premium of $ 5-6 million above scrap value for 20 year old tonnage. This is a very strong transaction. There was also a 1999 built Aframax (99,123 dwt) for around $ 8.7m. DryBulk No activity of interest
Baltic Dry Index Week 50
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. BDI – Week 50 All in all, a good week for the market with increasing rates across sectors. The week kicked off on.
Baltic Dry Index Week 49
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. BDI – Week 49 It seems that the dry bulk markets have stabilized after the week November market. Capesize earnings kept front-running also.
Baltic Dry Index Week 48
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. BDI – Week 48 The overall bulker earnings had a good week, fueled by the rebound in Capesize earnings Monday and Tuesday. The.
Baltic Dry Index Week 47
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. BDI – Week 47 The first part of the week was challenging, especially for the Capes with slowing demand on iron ore imports.
Baltic Dry Index Week 46
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. BDI – Week 46 The Chinese import disruptions has had a massive impact on the dry bulk market in recent weeks. This week.
Baltic Dry Index Week 45
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. BDI – Week 45 It was another tough week for the bulkers, experiencing lower demand for iron ore and coal in China and.
Baltic Dry Index Week 44
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. BDI – Week 44 The Drybulk market continued its correction this week, with sliding rates across all sectors. However, it is worth pointing.
Baltic Dry Index Week 43
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. BDI – Week 43 A strong week for the Capesize earnings failed to push the index higher as the mid-size vessels dropped substantially..
Baltic Dry Index Week 42
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. BDI – Week 42 The 2018s fourth quarter has kicked off on a positive note for the mid-size and smaller vessel sizes, but.
Shipping – Stories of Week 42
Crude Oil – Aframax charter rates on fire According to Norwegian brokerage firm Arctic Securities Aframax charter rates have exploded this week, pushing average monthly rates up 158%. Aframax is often referred to as the “work horse” among tankers, as it’s the preferred vessel size for oil companies and refineries. The higher demand from refineries has moved charter rates above $30.000 per day in several areas this week, and the demand is expected to maintain on higher levels throughout the year. This is good news for owners on the back of a long downward trend, and a quick recovery in.
Baltic Dry Index Week 41
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. Despite the dreadful start for the Capes, the global production of iron ore pushed the rates up at the end of the week..
Baltic Dry Index week 40
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. The Chinese “Golden Week” has historically had an impact on the dry bulk market. This year was not any different. However, the impact.
Baltic Dry Index Week 39
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. The last week of Q3 ended on a positive note with surging rates across all major vessel classes. Capesize rates are currently below the Q3.
Baltic Dry Index week 38
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. The negative momentum from the last couple of weeks turned towards the end of this week, especially the larger vessels experienced higher earnings..
Baltic Dry Index week 37
The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures the change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. It was yet another negative week, primarily driven by the low demand for Capesize vessels. A major factor for the recent development is the strong US Dollar.
Baltic Dry Index week 36
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. Monday 27th was a bank holiday, hence the Baltic Exchange was closed. Weekly change: Closed at 1.490 point, down 5,64% BCI – Baltic.
Aframax in the front seat
Tropical Storm “Gordon” tightens the tonnage availability Aframax owners is currently enjoying remarkably higher rates due to the bad weather in the US Gulf, up almost 15% over night. The average global freight rate has surpassed $16.000 a day, up around $3.000 from last week. The Aframax market has been on the strong side the last couple of weeks, with a strong demand trans-Atlantic and a tight tonnage list. The refineries are running at close to maximum capacity and the demand for oil and oil products are on the rise. The current weather conditions will have a positive effect on.
Baltic Dry Index week 35
BDI – Baltic Dry Index The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures the point change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. Monday 27th was a bank holiday, hence the Baltic Exchange was closed. Weekly change: Closed at 1 point, down 6,95% BCI – Baltic Capesize.
New VLCC vehicle ready for Oslo Stock Exchange
ADS Crude Carriers, a company founded by Arendals Dampskibselskab (ADS) in 2015, is heading for Merkur Market. Merkur Market is a marketplace owned by Oslo Stock Exchange, offering the fastest admission process in Europe. According to Tradewinds, Oslo Stock Exchange has approved the listing and first trading day will be today, Tuesday. ADS Crude was earlier reported taking over the Ship Finance owned Front Stratus and Front Page. Further, they will take delivery of a third VLCC from the same owner, Front Serenade next month. The vessels were all built in 2002 and are chartered to Frontline at above market.
Baltic Dry Index week 34
The Baltic Dry Index (BDI) is a shipping and trade index created by the London-based Baltic Exchange that measures change in the cost of transporting various raw materials. The exchange directly contacts shipping brokers to assess price levels for a given route, a product to transport and time to delivery, or speed. The index consists of the Capesize index (BCI), Panamax index (BPI) and Supramax index (BSI), all created by Baltic Exchange. Weekly change: Closed at 1.697 point, down 1,5% BCI – Baltic Capesize Index (40% of BDI) The Capesize sector started its week with a 0,3% fall on Monday and continued its.
Scandinavian companies modernizing ship operation
Danish Maersk Tankers partners up with Norwegian Klaveness Digital Klaveness Digital has spent three and a half year on developing a cloud-based platform for processing, storing and export of operational shipping data. The service will provide its user’s information for data-driven decisions, digital solutions, and services. We believe that this strategic collaboration with Maersk Tankers will accelerate the development of smart digital solutions for the shipping industry. Transparency and cooperation is the key in the future of our industry, and this partnership shows that we work towards the same objectives, said Aleksander Stensby – CEO in Klaveness Digital. Maersk Tankers.
Market Report Week 31
Tankers The year’s 31st week was relatively positive for owners of larger tankers. The rates for both VLCC and Suezmax rose, while the Aframax rates experienced a minor fall. It is worth mentioning that Aframaxes still earns higher rates than Suezmaxes. The current rates for Aframax are significantly higher than the summer of 2017 and 2016. We are confident that another period of high earnings is ahead of us, and we are looking forward to the winter market. Aframax 12 months T/C rates: $14.500 per day Average spot market earning:: $13.200 per day Bulkers Baltic Dry Index rose 5,8% last week.
Market Report Week 29-30
Tankers 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 Bulkers 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,.
Market Report Week 27-28
Tankers The spot rate for Aframax continued its correction last week. The latest movement in the oil market is looking very positive for the sector, but it is common that the activity declines at this time of the year. On the other side of the summer, we expect to see the effect of the measures taken by the OPEC, parallel with the effects of significantly lower inventory. Price 12 months lease: $14.500 per day The average rate in the spot market: $9.700 per day Bulkers The Baltic Dry index rose 17,1% last week and closed on 1.622 points. The rates.
Oil cartel OPEC increases production
Removes production cuts equal to 1 million barrels a day According to Reuters, OPEC has reached an agreement, despite the disagreement that existed before the meeting, to reduce production cuts equivalent to one million barrels a day. This means an actual increase of 600.000 barrels from today’s production levels. There is always some uncertainty about how much impact it will have on the tanker market, but it can surely only be interpreted positively. An increased supply of 1 million barrels a day, according to Clarkson’s, could increase prices from $15.000 to $25.000 a day for the largest ships. Two million.
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