Menu
Opec+ cut production just before Easter which caused a decline among tanker shipping companies on the stock exchange. A closer look reveals that in the area where the cut was made, this will mainly affect the largest class, VLCC. Given that China is opening up somewhat, it will be necessary for them to fetch oil for larger distances, something which could prove to be positive for the smaller classes, the Suezmax and the Aframax. We are seeing as a trend that oil producers are becoming more open towards long contracts, and we’ve seen several contracts on Aframaxes for $45.000 per day for 2-3 years. This is done because of a fear of a very tight market in the coming years.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
We witnessed a flat week in spite of presumed market optimism which is reflected in the fact that the feature market is traded much higher than the spot market. However, it does appear that the big boom will be postponed for a bit, partly due to the fears over the cyclone season in Western Australia, partly due to long tonnage lists in the Atlantic. China’s import growth and the insecurity surrounding steel production are also holding the market back somewhat. This in spite of authorities approving a 5% import growth target for 2023 which is said to be a conservative aim.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
Car shipping remained strong through Easter. The period market remains at stable high levels, with the latest updated 1-year contracts of 5000 and 6500 CEU being $90,000 and $110,000 per day respectively. The willingness to buy older tonnage is also a trend in today’s car shipping market. At Easter, the 1997-built “Clementine” (as reported under S&P below) and the 2001-built “Eliana Marino” were sold for $14.35m and $13.39m respectively. This is a strong indication of the opportunities that exist in this segment today, where earnings are expected to remain strong in the future.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 53000 | $ 54500 | -2 % |
| Suemax | 180t. | $ 51000 | $ 51000 | 0 % |
| Aframax | 120t. | $ 56000 | $ 57500 | -2 % |
| MR | 80t. | $ 34000 | $ 34500 | -0 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| VLCC | 125 | 125 | 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. | $ 19500 | $ 19500 | 0 % |
| Panamax | 76t. | $ 16000 | $ 16000 | 0 % |
| Supramax | 58t. | $ 16000 | $ 16000 | 0 % |
| Handysize | 30t. | $ 15500 | $ 15500 | 0 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 64 | 53.5 | 32.5 | 20.5 |
| Panamax | 39 | 32.5 | 24 | 15.75 |
| Supramax | 38 | 31.5 | 21 | 15.5 |
| Handysize | 31 | 26 | 18.50 | 12.25 |
Choose your language below
Haakon VII’s gate 1,
0161 Oslo
By using this website and associated sub-domains, you consent to European Maritime Finance using cookies. This website does actively use cookies for tracking users.
Read our Privacy Policy here.