EMF Weekly 45

3 weeks ago


Continued strength in the crude sector.

Despite decreasing activity, the Aframax market continues at an impressive pace with average spot market rates above $90,000/day, whereas Suezmax and VLCC rates yielded a solid +$60,000/day.

In the Suezmax segment, owners experienced a decline over the week with minimal activity due to most of the market players being gathered for the Dubai week. A number of West Africa cargoes were secured on VLCCs which reduced demand for Suezmax tankers along the West Africa – UK Continent route leading to some pressure on rates. Internationally, a gradual influx of inquiries led to an expansion of tonnage lists, contributing to a softened overall market outlook. Concurrently, a stable Aframax market in the Mediterranean region acted as a stabilizing factor for Suezmax rates in the area.

“Panama Canal queue grows 13% in the space of 24 hours.”

According to a recent article, the stark reduction in slots on the Panama Canal will push many of the vessels (including tankers and dry cargo ships) away from the Canal. This will lead to more ton-mile demand and possibly changes in segment utilization as longer hauls may stimulate the use of larger vessels, New York-based tanker brokers Poten & Partners predicts.

In the Aframax market, the Mediterranean/Black Sea region experienced a subdued week, providing charterers with a chance to reassess the market. In the Black Sea, a multitude of offers surfaced for ex-CPC cargoes, even from Suezmax vessels, exerting slight downward pressure on rates. Concurrently, the UK Continent witnessed a lackluster week, leading to a decline in rates on the cross-UK Continent route week-on-week.

“VLCC activity in the Atlantic supported rates, preventing a larger decline amid weak activity in the Middle East Gulf.”

In spite of the Dubai week, and the Middle East Gulf market showed relatively low activity, the Atlantic region remained active for owners. Sustained demand from the U.S. Gulf, West Africa, and Brazil prevented rates from declining for the majority of the week. Nevertheless, as the week concluded with most of the demand being met, the market quieted down, and sentiment started to weaken.

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Aframax, 12 months TC

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Aframax, Average spot

Dry Bulk

Stronger bulk-carrier market conditions.

The Capesize market witnessed a robust week, with a substantial 42% week-on-week increase in weighted average spot earnings, reaching $20,419/day. Rates strengthened in both the Pacific and Atlantic regions, driven by ample cargo volumes. Notably, the rate on the Dampier (Australia) to Qingdao (China) route rose by 24%, and the Tubarao (Brazil) to Qingdao route saw a 10% increase.

“Momentum swung to the upside for Bulk carrier rates, particularly within Capesize where volumes strengthened significantly.”

The Panamax market had a subdued start in the Atlantic, but sentiment turned more positive later in the week due to weather-related delays and a surge in cargoes entering the market. In the Pacific, although cargo volumes showed some improvement, enquiry levels remained relatively weak. The region requires additional demand to sustain its current levels.

The Supramax segment experienced a mixed week, characterized by tight tonnage in the US Gulf, providing support to rates in the Atlantic. In the Pacific, rates displayed variability, with some supportive fresh enquiry countered by a growing tonnage list later in the week.

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Capesize, 12 months TC

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Kamsarmax, 12 months TC

car carrier

Comments from Höegh Autoliners CEO suggest continued strong PCTC demand into Q4 2023 and a market characterized by higher volumes and higher efficiency.

Last week saw the release of the October 2023 Trading Update from Norwegian-listed Höegh Autoliners, who continued to experience increased freight rates. In October, average rates were up 7.6% net compared to average levels in Q3 2023. CEO of Höegh Autoliners – Andreas Enger comments:

“[….] The general freight market remains tight and is characterized by high demand for deep-sea PCTC transportation services. […..] Port delays and congestion have eased somewhat, giving better productivity and higher volumes transported than in August and September.”

Last week Japan’s NYK Line took delivery of another LNG-fueled PCTC named Sweet Pea Leader from Tadotsu Shipyard. This is the seventh in a series of 20 new LNG-fueled PCTCs to be introduced by NYK Line towards 2028. According to Clarksons Shipping Intelligence Weekly, the current order book for PCTCs stands at 170 vessels for delivery in the coming years, which will increase the current fleet by close to 30%, measured in million Dwt.

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5000 CEU – 12 months TC

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6500 CEU – 12 months  TC



No news

Dry Bulk

No news


Indicative TC (1 year)
Type Tons Week 45 Week 43 + /-
VLCC 300t. $ 57.250 $ 57.250 0 %
Suemax 160t. $ 47.250 $ 43.250 9 %
Aframax 115t. $ 44.750 $ 42.750 5 %
MR 50t. $ 28.500 $ 28.500 0 %
Indicative Values
Type Resale 5y 10y 15y
VLCC 125 98 74
Suemax 95 78 61
Aframax 83 70.5 55
MR 51 43.5 33

Dry Bulk

Indicative TC (1 year)
Type Tons Week 45 Week 43 + /-
Capesize 180t. $ 16.000 $ 15.000 7 %
Panamax 82t. $ 13.750 $ 13.500 2 %
Supramax 58t. $ 11.500 $ 11.500 0 %
Handysize 38t. $ 10.875 $ 11.250 -3 %
Indicative Values
Type Resale 5y 10y 15y
Capesize 66 49.5 29.5
Panamax 37.5 32 23
Supramax 36 29.5 19.5
Handysize 32 25.5 17

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