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The Suezmax market remained positive this week, boosted by off-market fixing. Rates for the West Africa to UK Continent route increased and have thus continued the latest positive trend.
“The Suezmax market has benefitted from the Aframax market’s tightness in the Mediterranean, with cross-Mediterranean route rates jumping week-over-week.”
The US Gulf Suezmax market has been quiet, but there’s a buildup of tonnage in the East for early November. However, immediate fuel oil shipments are stabilizing the list.
Aframax market rates have risen sharply, with the cross-UK Continent route going up. Despite fewer inquiries and ample tonnage in the area, owners are still quoting high prices. Rates for the Black Sea to Mediterranean route increased substantially, with signs of strong coverage.
This week saw a decline in the VLCC market, with Middle East Gulf to China route rates dropping slightly. Owners are less optimistic due to fewer inquiries from the East and unsuccessful deals in the Atlantic.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
Activity in the Capesize market increased at the start of the week across both basins. Fleet weighted Capesize spot earnings remained unchanged week-on-week; however, suggestions of tight tonnage in the Atlantic might offer future support to rates.
Looking at Panamax, the Atlantic saw limited activity this week, even with new inquiries, due to charterers’ unwillingness to accept high offers. The Pacific had some immediate activity, but a decline in the paper market affected the mood, with North Pacific and East Australia being particularly inactive.
In the Handy segment, the US Gulf had some support this week, while other areas were less active, and most needs were met. In the Pacific, with only a few new cargoes left and an anticipated tonnage surplus, rates are likely to decrease soon.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
Last week, Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK) took delivery of its sixth LNG-powered pure car and truck carrier (PCTC). While this still reflects a relatively small share of its 110-vessel fleet, it could demonstrate continued momentum in the trend towards alternative fuel propulsion in the sector. Especially given that NYK took delivery of its first LNG-powered PCTC in 2020.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 42 | Week 41 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 51.000 | $ 50.500 | 1 % |
| Suemax | 160t. | $ 43.250 | $ 42.750 | 1 % |
| Aframax | 115t. | $ 50.500 | $ 50.500 | 0 % |
| MR | 50t. | $ 28.500 | $ 28.500 | 0 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| VLCC | 125 | 98 | 74 | |
| Suemax | 95 | 78 | 61 | |
| Aframax | 83 | 70.5 | 55 | |
| MR | 51 | 43.5 | 33 |
| Type | Tons | Week 42 | Week 41 | + /- |
|---|---|---|---|---|
| Capesize | 180t. | $ 16.000 | $ 16.500 | -3 % |
| Panamax | 82t. | $ 13.800 | $ 13.800 | 0 % |
| Supramax | 58t. | $ 11.500 | $ 11.500 | 0 % |
| Handysize | 38t. | $ 12.000 | $ 12.000 | 0 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 64 | 48.5 | 30 | |
| Panamax | 37.5 | 32 | 23 | |
| Supramax | 36 | 29.5 | 20 | |
| Handysize | 32 | 25.5 | 17 |
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