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Yet another strong week for the tankers across the biggest three segments. The rates are still increasing, average earnings are up 17% to $60.855 per day. We see similarities with the Suezmaxes where the rates have gone up globally, with a premium on the eastbound routes. The Aframax segment is still the strongest of the three, where average earnings are pushing towards the $90.000 per day mark. With a historically low orderbook and a squeezed shipyard capacity, it is hard to see an ending for these strong tanker rates in the near future.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
We can look back at yet another positive week across the sector. The FFA market has also been very active, in a positive way. With $12.307 per day, the average rates have reached their highest level since early January.
Capesize alone increased to $10.279 per day. The pressure comes mainly from an increased export volume out of Dampier in the Pacific, as well as more volume out of Western Africa and the North Atlantic.
An increase in grain export also contributed to the positive trend in the Panamax market, especially in the Atlantic. In the Pacific, the amount of shipments were down from last week, particularly from Indonesia and Australia, which contributed to a flat market in the East.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
Car freight is having a period unlike anything ever seen before, and the shipyards can sell their ships for prices as high as they’ve been for several years. Norwegian companies like Wallenius Wilhelmsen, Gram Car Carriers and Hoegh Autoliners are still reporting about new, good numbers on their ships. It is clear that the stock market today values car carriers very highly. This is due to the expected income that this type of tonnage will have in the coming year compared to the periodical contracts that are written for such ships today. The latest March price assessment for new builds in the 7000 CEU class is $94m. This is a significant increase from the average of $76m in 2021.
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 8 | Week 7 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 48500 | $ 48000 | 1 % |
| Suemax | 180t. | $ 45500 | $ 45500 | 0 % |
| Aframax | 120t. | $ 49250 | $ 47500 | 4.5 % |
| MR | 80t. | $ 33250 | $ 34750 | -4 % |
| 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. | $ 17400 | $ 15700 | 9 % |
| Panamax | 76t. | $ 15250 | $ 13800 | 9 % |
| Supramax | 58t. | $ 15750 | $ 13500 | 14 % |
| Handysize | 30t. | $ 14625 | $ 12650 | 13 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 53.50 | 44 | 29 | 18.50 |
| Panamax | 37.50 | 31 | 23.50 | 15 |
| Supramax | 36.50 | 36.5 | 19.50 | 15.75 |
| Handysize | 29.50 | 25.50 | 16.50 | 11 |
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