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A weaker week for the oil tankers, largely due to the normal season in the segment. A challenging week for VLCC owners, rates are down in all regions, and the average income is down by 17%. The Suezmax didn’t have the most pleasant of weeks either with rates being pressed down after very few enquiries. There was however a bit of activity in the Gulf of Mexico where rates increased by 4%. Overall though, an 11% decline in average earnings. There was very little change in the Aframax rates in the Mediterranean Sea and the Black Sea while they declined 61% in the Caribbean. A week marked by low activity and lots of free tonnage in some regions. We have now reached the weakest part of the year for the oil tanker segment which is marked among other things by the maintenance periods at the refineries. Historically though, we see today’s rate level as a strong one.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
Positive developments in dry bulk compared to last week, driven mainly by the Capesize segment. The average Capesize earning in the spot market increased 17% from last week to €17,872 per day which is the highest level so far this year. The Panamax segment was more quiet and is expected to improve somewhat due to the run-up to holidays in some key regions. The lesser handysize and suprasize segments were marked by good activity out of the US Gulf. Tight tonnage lists across the board helped send the rates slightly up. Average supramax rates rose to €13,775 per day.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
With events affecting the car shipping segment on both the supply and the demand side, we are currently seeing a very strong market. The most obvious being the minimal fleet growth in recent years, new environmental demands, the green shift and an increase in the ton-miles. But the activity seen in the ports also has an effect, positively for the tonnage owners. Port congestion and other inefficiencies have created a significant “disruption-upside” for the car carriage markets these last years; Clarkson’s Car Carrier Port Congestion Index showed an average of 26,5% of the fleet capacity “in port” globally in 2022. That’s an increase from the pre-Covid (2016-19) average of 23%. This has however slowed down somewhat in 2023 with an average of 25% in early March, but for now remains higher than the pre-Covid level. The effect this has on time charter rates and the will to pay for the ships is significant.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 53250 | $ 54000 | -1.0 % |
| Suemax | 180t. | $ 48750 | $ 51000 | -4 % |
| Aframax | 120t. | $ 53750 | $ 56000 | -4 % |
| MR | 80t. | $ 31750 | $ 32250 | -2 % |
| 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. | $ 21000 | $ 21250 | -1 % |
| Panamax | 76t. | $ 15950 | $ 16400 | -3 % |
| Supramax | 58t. | $ 15250 | $ 15500 | -2 % |
| Handysize | 30t. | $ 14625 | $ 15000 | -3 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 66 | 54.5 | 33 | 201 |
| Panamax | 40 | 34 | 25 | 17 |
| Supramax | 38.5 | 32 | 21.5 | 15.50 |
| Handysize | 32 | 26.5 | 19 | 12.50 |
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