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We’ve seen a softening all over the market this week, due to lack of cargoes. However the slight decrease only affected VLCC’s by 6% this week, meaning that the average daily rates still reached plus $45,000. We expect a further fall in the VLCC market in the west throughout next week, due to several ballasters searching for cargo. However in the Aframax market we expect an increase from next week to meet the demands in early June. That’s great news, we have recently seen a 13-year-old Aframax being signed on a half-year contract for $65,000 daily.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
We saw a soft week across all sectors. Capesize earnings eased down to $13,600 per day, and the smaller sizes dropped to the lowest levels since February. Weighted average earnings dropped 19%. On the Panamax side we saw the market in the Pacific easing with owners waiting for shorter trips rather than jumping on low rates for the longer backhauls to the Atlantic basin. For Handysize we saw lots of ships being fixed out of the east coast of South America, but with an oversupply of open ships this market also fell.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
The market remains steady week-to-week. The tonnage owners are in power, which is reflected in the S&P market. There has not been a car charterer sold in the resale market since 31st of October last year. Back then the 2010-built “Paglia” (4,900 CEU) was sold for $49m. This is due to the rate levels we see in the period market, and a very limited spot market. In a report from March, Clarksons Research’s indicative pricing for PCTC ships with a capacity of 6,500 – 7,000 CEU is $113.5m for resale and $97m for 5-year-old ships, respectively. Since then, the market has tightened even more, and ship values are still on an upward trend.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 43750 | $ 42000 | 4 % |
| Suemax | 180t. | $ 45500 | $ 45500 | 0 % |
| Aframax | 120t. | $ 46250 | $ 46250 | 0 % |
| MR | 80t. | $ 29250 | $ 30500 | -4 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| VLCC | 125 | 100 | 76 | 60 |
| Suemax | 87 | 72 | 57 | 33 |
| Aframax | 78.50 | 63.50 | 52 | 38.50 |
| MR | 50 | 42 | 34 | 24 |
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| Capesize | 180t. | $ 15750 | $ 17250 | -11 % |
| Panamax | 76t. | $ 12050 | $ 14355 | -8 % |
| Supramax | 58t. | $ 12900 | $ 13680 | -4 % |
| Handysize | 30t. | $ 12750 | $ 13150 | -2 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 66 | 54.5 | 33 | 21 |
| Panamax | 40 | 34 | 25 | 17 |
| Supramax | 38.5 | 32 | 21.5 | 15.50 |
| Handysize | 32 | 26.5 | 19 | 12.50 |
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