The rising trend continued last week with increasing rates in the spot market. Except from Karibien that declined, all the rates for Aframax increased. The increasing rates, combined with the fact that more charters has fewer vessels on long contracts, have pushed the price on long term contracts further with, amongst other things, 2x Aframax for $17.000 p/d for 2 years. The shipbrokers have adjusted the price estimates fast the last couple of week, where more and more are now getting close to $19.000 p/d for 12 months. This should also give great increases in the vessel values in the time to come.
Aframax – 12 months charter rate: $17.500 per day
Aframax – Average rate in the spot market: $27.800 per day
Baltic Dry Index rose 6% last week and closed on 1.093 points. The rates for Panamax fell 5,7% to $10.996 per day. The Capesize rates increased with 23% and turned the index in the right direction. The decrease for the last couple of weeks is first of all caused by the drastic decrease in earnings for the largest vessels – that trend is now expected to turn.
Capesize 12 months charter rate: $16.500 per day
Panamax 12 months charter rate: $12.000 per day
The recent upswing in the tanker market have really sparked the interest for tankers and the values are currently increasing. Last week, 2x Aframax was traded and a Japanese 2009 model on 115.000 dwt as norwegian Bergshav secured. The price is reported to be $23,5 million. This price underlines the value increase we have seen lately. A 2003 model from Korea on 106.000 dwt was also traded for $12,5 million. This is also a price that reaffirms our perception of increasing values.
In the Dry Bulk segment, more vessels was traded, but none with interest for us.
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