It was a good week across the tank segment, with a special focus on Aframax. The rates for the largest vessels ended the week over $44.000 on average. Rates for Aframax spiked to $22.600, a level in which most ship owners earn money. We do not expect a corresponding rate jump every week, but in our view, we see rates stabilize at a higher level in the future.

Parallel with spot rates rising, several ship brokers increased their 12 months rates further. Among other things, 2x Aframax reported contracts that exceeded $20.000 for next year. These are very high rates compared with the recent developments, but it remains to be seen whether the market can absorb this rate during the winter.

Aframax 12 months charter rate: $15.000 per day
Average rate in the spot market:  $22.600per day

Dry Bulk
Baltic Dry Index rose 2.8%last week and closed at1,579 points. Panamax rates rose 2.7% to $ 14.227 per day. In particular, the rates for transatlantic chartering increased, but the rates in Asia also increased.

Capesize 12 months charter rate: $20.500 per day
Panamax 12 months charter rate: $14.000 per day

In the secondary market, a number of transactions were announced last week. Among other things, 2x Aframax was traded in a “one-block trade”. These are Korean-built vessels from 2013 and 2015. According to brokers, the total price is $ 61.5 million.

In the dry cargo market more deals were done, but none of the interest for us.