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A very strong start to the week for the largest tankers. Average earnings for VLCCs are up by almost $100.000 per day, an increase since last week of around 45%. It was a slightly tougher week for the Suezmax segment, where rates fell by as much as 10%. Aframax, the segment’s workhorse, has settled down a bit as most of the demand for March has been covered. A slight decline of 4% in a still very strong segment.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
After a sluggish start to the week, the market eventually recovered, and the whole segment improved by 8% to $13.264 per day.
Capesize strengthened once again this week, mainly due to strong growth in new cargoes from Brazil and Australia. Demand for coal from the East, mostly from India, has strengthened the North Atlantic market. All in all, the spot market increased by 37% to $14.000 per day. This is the highest level we have seen in all of 2023.
In the Atlantic, we saw a somewhat slow start for Panamax before the market finally stabilised, mostly driven by strong demand for grain in the East. In the Pacific, there was finally a steady flow of new cargoes after the Indian holiday was over.
Many open vessels in the US Gulf saw the handysize market there stagnate, while open vessels on the continent ballasted to the Mediterranean to take advantage of the strong rates there. During the week, the Pacific market recovered more and more, mainly due to very few open vessels and a strong FFA market.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
Another strong week for car shipping. In 2023, this segment is seeing a greater degree of “slow steaming”, as new EEXI and CII requirements from the IMO came into force at the turn of the year. The impact of this on the fleet is an increase in ton-miles, meaning that the segment’s average voyage time increases. This is positive news for tonnage owners as the supply of vessels is weakened. It is expected that we will see even more slow steaming given that the new IMO requirements will be tightened towards the end of 2025. The last cycle that saw a lot of car carrier construction was around the financial crisis, meaning that a large part of the segment’s fleet consists of older vessels. In an earlier report by DNV, it is expected that 62% of the fleet will fail to meet the new environmental requirements at some point between 2023 and 2025. This will tighten car freight even more in years to come.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 48500 | $ 48500 | 0 % |
| Suemax | 180t. | $ 45500 | $ 45500 | 0 % |
| Aframax | 120t. | $ 49250 | $ 49250 | 0 % |
| MR | 80t. | $ 32750 | $ 33250 | -2 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| VLCC | 125 | 100 | 76 | 60 |
| Suemax | 85 | 68 | 53 | 31 |
| Aframax | 75 | 62.50 | 50 | 38.50 |
| MR | 47.50 | 41.50 | 32 | 21 |
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| Capesize | 180t. | $ 17400 | $ 15700 | 9 % |
| Panamax | 76t. | $ 15250 | $ 13800 | 9 % |
| Supramax | 58t. | $ 15750 | $ 13500 | 14 % |
| Handysize | 30t. | $ 14625 | $ 12650 | 13 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 61 | 51.5 | 31.5 | 20.5 |
| Panamax | 37.80 | 31.3 | 23.50 | 15 |
| Supramax | 36.50 | 30 | 19.50 | 15.75 |
| Handysize | 29.50 | 25.50 | 17 | 11 |
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