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After an intense week we see an overtaking in rates especially within Aframax of several thousand percent on multiple routes. The escalation in Ukraine has led to a huge risk premium for those who dare to sail with Russian oil. At this time, the rates from the Black Sea to the Mediterranean are approx. $175,000 pr. day. This is a squeeze that could potentially persist as fewer and fewer shipowners will be willing to take that risk. The high rates in the Black Sea have a global effect and have led to stronger rates worldwide, including in all major tanker segments.
Aframax ECO, 12 months TC
Aframax, Average spot
Suezmax ECO, 12 months TC
Suezmax, Average spot
Source: Clarksons Research
The rates rose marginally in dry bulk last week. Activity appears to be declining due to the uncertainty in Ukraine. A pressure on the rates in the short run is likely, especially in the smaller classes with a decrease in export volume with over 200% in the last 7 days. No shipments of iron ore have left Ukraine since February 25th and grain exports have fallen by 18% on a global level.
Capesize, 12 months TC
Kamsarmax, 12 months TC
Source: Clarksons Research
5000 CEU – 12 months TC
6500 CEU – 12 months TC
Source: Clarksons Research
| Type | Tons | Week 8 | Week 9 | + /- |
|---|---|---|---|---|
| VLCC | 300t. | $ 27.250 | $ 27.250 | 0 % |
| Suemax | 180t. | $ 18.500 | $ 18.500 | 0 % |
| Aframax | 120t. | $ 18.750 | $ 18.750 | 0 % |
| MR | 80t. | $ 15.000 | $ 15.000 | 0 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| VLCC | 99 | 73 | 50 | 34 |
| Suemax | 69 | 48 | 32 | 19 |
| Aframax | 59 | 45 | 29.5 | 17.5 |
| MR | 44 | 31.5 | 20 | 12.5 |
| Type | Tons | Week 8 | Week 9 | + /- |
|---|---|---|---|---|
| Capesize | 180t. | $ 28.750 | $ 25.750 | 0 % |
| Panamax | 76t. | $ 23.875 | $ 23.875 | 0 % |
| Supramax | 55t. | $ 26.250 | $ 26.250 | 0 % |
| Handysize | 30t. | $ 25.500 | $ 25.500 | 0 % |
| Type | Resale | 5y | 10y | |
|---|---|---|---|---|
| Capesize | 59.5 | 47 | 33 | 21 |
| Panamax | 40.5 | 33 | 23.5 | 16.8 |
| Supramax | 37 | 30 | 21 | 15.80 |
| Handysize | 30 | 25.50 | 17 | 10.50 |
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