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The spot market for the VLCCs had an average increase of more than 70% last week. This is among other things due to the lack of vessels. The Suezmax market was affected by uncertainties of the tax issue in Nigeria, which made the rates on the West Africa – UK Coast rise by 55%. The Mediterranean market eased this week and we’ve seen charterers being reluctant to sign contracts. However the scrubber fitted Aframax had an increase of 2%.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
A general soft week on all sectors with average earnings dropping 4% to USD 8.850 per day. A mixed week in the Capesize sector, we saw more activity in the Pacific whilst there were a handful of fresh enquiries in the Atlantic forcing the market down. Panamax was steady and the momentum from last week helped keep the rates up. A few owners are repositioning for the summer season in Baffinland, North Canada. Handysize also remained steady, but seems to fall back a bit because of the long tonnage list in the Atlantic.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
Clarksons Research now reports that the Port Congestion Index PCTC (how big proportion of the PCTC fleet that is in port), is at its highest level since mid-2022. This is also 5 percentage points higher than the pre-Covid average. The blame is among other things given to the large demand trend within the segment, that distances per single journey are increasing. Asia and especially China are taking over more and more of global car production, and the result is difficulties within logistics. The capacity per ship is also on an increasing trend, which is helping to tighten the operations that take place in the ports when loading/unloading.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 10 | Week 9 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 43250 | $ 43250 | 0 % |
| Suemax | 180t. | $ 45500 | $ 45500 | 0 % |
| Aframax | 120t. | $ 50500 | $ 50500 | 0 % |
| MR | 80t. | $ 29250 | $ 32000 | -8 % |
| 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. | $ 17500 | $ 17750 | -1 % |
| Panamax | 76t. | $ 13050 | $ 12760 | -2 % |
| Supramax | 58t. | $ 12060 | $ 12700 | -3 % |
| Handysize | 30t. | $ 11250 | $ 11500 | -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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