EMF Weekly 11

1 year ago


A somewhat quieter week for the biggest sector, VLCC. However, the rates were steady, and we are only seeing small adjustments compared to last week, with average earnings of around $100,000 per day. The strong VLCC rates have rubbed off on the Suezmax which had an active week. Globally, the rates have increased, and the average earning is up 17% to a total of $82,087 per day. For the Aframax, things have tightened especially in the Mediterranean and the Gulf of Mexico while the segment has been stable in the other regions. Average earnings went up 9% and stayed around the $90,000 per day mark. It is hard to find arguments against the tanker segment continuingly being bullish further into 2023.

$ 0 /day

Aframax ECO, 12 months TC

$ 0 /day

Aframax, Average spot

$ 0 /day

Suezmax ECO, 12 months TC

$ 0 /day

Suezmax, Average spot

Source: Clarksons Research

Dry Bulk

The average rates went up 9% to $14,442 per day; the highest level since mid-December 2022. It was a quite slow week, something which is expected to be the continued trend until the market hopefully sees an increasing trend beyond 2023.
The Capesize market began as it ended last week, with a positive trend. During the week it flattened somewhat. The average spot market rate increased to $16,914 per day, the highest level yet this year.
The week was rather turbulent in the Atlantic, as new cargoes slowed down as well as the FFA market was weakening and volatile. In the East there was a generally disappointing low level of new shipments which meant that shipowners came under pressure towards the end of the week. The segment ended by falling 3% to an average of $16,000 per day.
The handymarket had a really good week in the Atlantic, but it remains to be seen if it’s a trend, given that most of the March cargoes have been covered already. The shipowners are therefore focusing on covering themselves with April cargoes in the light of the positive market trend. In the East the market was largely driven by an increase in coal out of Indonesia as well as congestion in the ports taking up a good part of the capacity.

$ 0 /day

Capesize, 12 months TC

$ 0 /day

Kamsarmax, 12 months TC

Source: Clarksons Research

car carrier

The car carriage sector continues to deliver and tonnage owners sign longer and longer TC contracts. The order book grows steadily as more and more want to participate in the favourable market seen today. The problem for buyers of this type of tonnage is that yard capacity is stretched to the limit, both globally and in the East, pushing due dates further into the future than usual. The latest order was placed by COSCO Car Carriers with Chinese GSI Nansha, an order for three 7000 CEU LNG Capable vessels. All three of these newbuilds are set for delivery in 2026.

$ 0 /day

5000 CEU – 12 months TC

$ 0 /day

6500 CEU – 12 months  TC

Source: Clarksons Research


Indicative TC (1 year)
Type Tons Week 10 Week 9 + /-
VLCC 300t. $ 57500 $ 48500 20 %
Suemax 180t. $ 50000 $ 45500 11 %
Aframax 120t. $ 52500 $ 49250 4 %
MR 80t. $ 33500 $ 33750 2 %
Indicative Values
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

Dry Bulk

Indicative TC (1 year)
Type Tons Week 10 Week 9 + /-
Capesize 180t. $ 18600 $ 18600 0 %
Panamax 76t. $ 15500 $ 15250 0.5 %
Supramax 58t. $ 15900 $ 15750 1 %
Handysize 30t. $ 15100 $ 14625 3 %
Indicative Values
Type Resale 5y 10y
Capesize 62 52.5 31.5 20.5
Panamax 38.80 31.5 23.50 15.3
Supramax 37 30.5 20.50 15.5
Handysize 30 26 18.50 12

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