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A weak week across the tanker segment. In spite of it being a rather busy week, VLCC is down 9% to $59,439 per day. The week was tougher for the Suezmax where we see a slowdown in most regions except for the Gulf of Mexico. The average rates are down 15% to $55,166 per day. Very similar conditions can be seen for the Aframax tankers where owners have managed to push up the rates in the Gulf of Mexico and the Caribbean, but a sharp decline in the Black Sea region and the Mediterranean means that income overall is down 17%. Even after this fairly broad downswing rates are still holding a good level and earning well!
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
The average spot market rate is up 14% for Capesize, mainly due to short tonnage lists and an increased activity in China. For the smaller sized ships the tendencies were the same; short tonnage lists as well as holidays coming to an end. The export of grain from South America has been on the up which had an influence across all segments. Golden Week is approaching, so charterers are trying to cover the rest of their April cargoes.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
The possibility for tonnage owners today to secure earnings in car chartering is exceptional. The one-year contract for a 6,500 CEU is currently valued at $110,000/day, which is a big upswing compared to the $17,000/day rate from the end of 2019. Also, the previous peak for periodical contracts in this segment is well below half of what we see today, from Q2 2008. The development which is seen as favourable for new tonnage is the gradual phasing out of ships running on conventional fuel. Since 2021 all new ships ordered in this segment have been of a newer fuel technology (especially Dual-Fuel), and this is expected to still be the case in the years to come.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 54000 | $ 55000 | -1.5 % |
| Suemax | 180t. | $ 51000 | $ 51000 | 0 % |
| Aframax | 120t. | $ 56000 | $ 56000 | -2 % |
| MR | 80t. | $ 32250 | $ 33500 | -3 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| VLCC | 125 | 100 | 76 | 60 |
| Suemax | 85 | 68.5 | 53.5 | 31 |
| Aframax | 77.50 | 62.50 | 50 | 38.50 |
| MR | 50 | 42 | 34 | 24 |
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| Capesize | 180t. | $ 21500 | $ 21500 | 0 % |
| Panamax | 76t. | $ 16400 | $ 16300 | 1 % |
| Supramax | 58t. | $ 15500 | $ 16000 | 0 % |
| Handysize | 30t. | $ 15000 | $ 15500 | 2 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 64 | 53.5 | 32.5 | 20.75 |
| Panamax | 39.5 | 33 | 24.5 | 15.75 |
| Supramax | 38.5 | 32 | 21.5 | 15.55 |
| Handysize | 31.5 | 26.25 | 18.50 | 12.25 |
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