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Tankers

After a couple of weeks of huge earnings for supertankers, the levels have dropped. Although earnings have fallen, the tanker market is still strong. We note that the United States has granted COSCO exemptions(waivers) from the Iran sanctions for two months, leading to a longer tonnage list, especially for  VLCC. This has led to increased competition among shipowners. In Suezmax, rates fell as a result of limited cargo demand. In Aframax, it has generally been a relatively quiet week, with rates appearing to have ” bottomed out ” to average earnings of just over $40,000 a day.

Aframax – 1 yr TC : $ 27,500

Aframax – Average spot : $ 41,845

Bulkers

The dry bulk market is at about the same levels as last week. Capesize rates fell marginally as a result of oversupply of tonnage from the routes out of Brazil. In the Panamax segment, shipowners were put under pressure as a result of limited demand in the Atlantic. The market is still strong, and a driver for increasing rates in the future may be increased by Chinese purchases of American agricultural produce.

Capesize 1 yr TC: $ 19,750

Panamax 1 yr TC: $ 12,675

S&P

Tankers:

The strong earnings have begun to reflect in the vessel values. A 2003 built VLCC (Hyundai Samho) of 319,012 dwt changed hands to the net sum of $ 32m, which is at least $ 4m above the original price negotiated started with a couple of months ago.

Bulkers:

No transactions of interest.