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Average earnings for VLCC are closing in on $60.000 per day, even though we saw the week ending on a softer tone. There has been high activity over the Atlantic and the MEG for the Suezmaxes, and the sentiment is holding above $70.000 per day. For the Aframaxes we have seen a rise in the rates in the USG/Caribs region, although the other regions have softened a bit, the sentiment still holds strong. It’s worth noting that newbuilding orders in 2022 are the lowest recorded in 27 years, and that 19% of the existing fleet is over 18 years old. This will result in a negative fleet growth in 2024, which we have not seen since 2002.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
A generally positive week. The average rate per day saw its highest since the beginning of January rising by 39% to USD 9790 per day.
Average capesize earnings rose to USD 6557, which is the highest since mid january, but it’s still about 60% lower than the average of 2022.
We finally saw the effect of Indonesia’s increasing coal export, whereas the supramax rates rose by USD 5000 on this specific route only. Still increasing grains out of the USG and South America, combined with small tonnage lists of spot vessels helped the market gain.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
Another steady week for car carriers. The spot market within this segment is now more or less non-existent, as safe and high earnings can now be locked in the time charter market, as well as the car manufacturers desire to lock in available tonnage for the coming years. The total order book within the car charter segment now stands at 129 vessels. These ships vary in size, but the main pressure comes in the size class between 7000-9000 CEU. These are the largest ships within the segment that will go on the largest trade routes (deep sea). The pressure to build the largest ships is helping to create longer delivery times at the shipyards, where some are now not ready for delivery until 2027.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 8 | Week 7 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 48000 | $ 45000 | 6.5 % |
| Suemax | 180t. | $ 45500 | $ 45500 | 0 % |
| Aframax | 120t. | $ 47500 | $ 46750 | 1.5 % |
| MR | 80t. | $ 34750 | $ 33500 | 3.5 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| VLCC | 125 | 100 | 76 | 60 |
| Suemax | 85 | 68 | 53 | 31 |
| Aframax | 75 | 62.50 | 50 | 38.50 |
| MR | 47.50 | 41.50 | 32 | 21 |
| Type | Tons | Week 8 | Week 7 | + /- |
|---|---|---|---|---|
| Capesize | 180t. | $ 15700 | $ 15800 | 0 % |
| Panamax | 76t. | $ 13800 | $ 13200 | 3 % |
| Supramax | 58t. | $ 13500 | $ 13000 | 3 % |
| Handysize | 30t. | $ 12650 | $ 12250 | 3 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 53.50 | 44 | 29 | 18.50 |
| Panamax | 36.50 | 30 | 22.50 | 14.75 |
| Supramax | 35.50 | 28.50 | 18.50 | 14.75 |
| Handysize | 28.50 | 24.50 | 16.50 | 10.50 |
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