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Positive week for VLCC-owners since rates were strengthened across the board with consistent contracts. As the week wore on, the Middle East calmed down while the active Western market kept going. Suezmax rates came under downward pressure in the Mediterranean and the Black Sea due to long tonnage lists, while activity in the Atlantic prevented further rate declines on the routes between West Africa and the UK. The Aframax rates were weakened out of the US Gulf with limited demand, while rates stabilised with a bit of improvement in the Mediterranean and the Black Sea.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
We can look back at a somewhat mixed week where the larger ships made a surge, while the lesser sizes dropped. Capesize alone increased by 31% to $12,900 per day, mainly due to increased Chinese importation. Panamax increased somewhat, in all essence due to increased export volumes out of Indonesia and Australia. Supramax dropped 14% to $8,850 per day because of too few new cargoes in the market and long tonnage lists.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
Week-on-week no major changes in the car carrier segment where long time charter contracts are still the preference. Port congestion (average proportion of time that the car carrier fleet spends in port) and other inefficiencies have been creating significant disruption for the car shipping markets in recent years. Clarksons Research’s Car Carrier Port Congestion Index showed a 26,5% average of the fleet capacity “at port” globally in 2022, an increase from the pre-Covid (2016-19) average of 23%. This slowed down somewhat coming into 2023, but the average was still 25% in Q1 and was thus still higher than pre-Covid levels. Knowing that only seven new car carriers will enter the market during the remaining months of 2023, this segment will remain tight.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 43250 | $ 43750 | -1 % |
| Suemax | 180t. | $ 45500 | $ 45500 | 0 % |
| Aframax | 120t. | $ 50500 | $ 49750 | 2 % |
| MR | 80t. | $ 32022 | $ 29250 | 9 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| VLCC | 125 | 100 | 76 | 60 |
| Suemax | 89 | 74 | 57 | 34 |
| Aframax | 78.50 | 63.50 | 52 | 38.50 |
| MR | 50 | 42 | 34 | 24 |
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| Capesize | 180t. | $ 17750 | $ 15250 | 18 % |
| Panamax | 76t. | $ 12760 | $ 12060 | 2 % |
| Supramax | 58t. | $ 12700 | $ 12250 | 1 % |
| Handysize | 30t. | $ 11500 | $ 11250 | 1 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 62.5 | 50.5 | 32 | 20 |
| Panamax | 38.5 | 32.5 | 23.5 | 15.5 |
| Supramax | 37.0 | 30.5 | 20.3 | 14.8 |
| Handysize | 31.5 | 26 | 18.50 | 11.8 |
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