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For Suezmax it was a firmer week in the Atlantic, with strong activity in West Africa and the recent flurry in Aframax inquiry in the US Gulf supporting firmer owner sentiment. Rates on the US Gulf to the UK Continent route jumped to WS 72.5 amid a lack of ‘safe’ tonnage, and rates on the West Africa to UK Continent route now theoretically stand at around WS 75. By contrast, rates in the Mediterranean remained steady, with inquiry limited and ample tonnage available. The Aframax market was strong in the US Gulf, with rates on the US Gulf to UK Continent route rising to WS 120. It was a quiet end to the week in the Mediterranean, and cross-Mediterranean rates remained steady w-o-w. Rates in the North Sea firmed, and the market seems much more finely balanced than a few weeks ago. Looking at VLCC rates in the Middle East Gulf dropped back this week, to WS 37 on the route to China, with sentiment suffering from heavy tonnage availability. It was a similar story in the West, and despite a busier period in the US Gulf towards the end of the week, rates on the US Gulf to China route dropped to $7.3m.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
It was another strong week in the Capesize market despite initial concerns that Golden Week holidays may have dragged on activity, with rates pushing amid firm enquiries. Overall, fleet-weighted Capesize spot earnings rose by 35% w-o-w to $23,570/day, the highest level seen since July 2022. Panamax activity was limited across both basins this week on the back of Golden Week Holidays. In the Pacific, there were pockets of activity around Australia and Indonesia whilst in the Atlantic there was a trickle of fresh cargo across the week, but bids were elsewise hard to come by and below last done levels. In Handysize focusing on the Atlantic, the Continent market tightened this week on the back of thin Supramax tonnage and plentiful scrap cargoes whilst the US Gulf came under pressure from limited enquiry. In the Pacific, the market broadly held up despite Golden Week holidays, with steady Indonesian demand balancing a rising tonnage count.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
Höegh Autoliners published its monthly trading update end of last week which saw an increased average prorated net freight rate in September 2023 compared to the average levels in Q2 2023. Further it was noted in the statement that Q3 2023 ended with the same momentum as we have seen through the quarter and the general freight market is strong with no sign of weaknesses. We have seen several orders of PCTC vessels during the last couple of months as major players such as Neptune Lines, Wallenius Wilhelmsen, Höegh Autoliners etc. keep adding capacity in a market that is expected to continue growing. According to Lloyd’s List this has brought the global vehicle carrier orderbook up to around 158 vessels at the end of September.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 40 | Week 39 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 52.750 | $ 55.500 | -5 % |
| Suemax | 160t. | $ 42.750 | $ 41.500 | 3 % |
| Aframax | 115t. | $ 50.500 | $ 50.500 | 0 % |
| MR | 50t. | $ 28.500 | $ 28.500 | 0 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| VLCC | 125 | 98 | 74 | |
| Suemax | 90 | 73 | 58 | |
| Aframax | 80 | 67.5 | 53 | |
| MR | 50 | 41.5 | 33 |
| Type | Tons | Week 40 | Week 39 | + /- |
|---|---|---|---|---|
| Capesize | 180t. | $ 16.500 | $ 18.500 | -10.8 % |
| Panamax | 82t. | $ 13.900 | $ 13.900 | 0 % |
| Supramax | 58t. | $ 11.750 | $ 11.500 | 2.2 % |
| Handysize | 38t. | $ 11.750 | $ 11.250 | 4.4 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 62 | 47 | 29 | |
| Panamax | 37 | 32 | 22 | |
| Supramax | 35 | 28.5 | 20 | |
| Handysize | 32 | 25 | 16.5 |
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