The increasing rates in the tanker market are not looking to wear off right away. The spot rates for Aframax increased with more than 20% last week and with rates of more than $30.000 p/d, there is a good reason for the owners to be happy, not just the ones that own vessels in the spot market but all actors are getting advantage from this development. The spot rates have raised the prices on long term contracts significantly the last weeks, and with todays price on 12 month T/C contracts, the vessel values will continue to increase in the time ahead.

Aframax – 12 months charter rate: $18.000 per day

Aframax – Average rate in the spot market: $33.600 per day


Dry Bulk

Baltic Dry index rose last week with 12,6%, and closed at 1.231 points. The rates for Panamax rose 6,3% to $11.694 per day. It was once again the Capesize rates that was the biggest contributor to the rate increase with 27,3%. Despite the increase, the rates are still quite low and expectations are a further increase in December. Though there are some challenges regarding lower demand than expected but experience tells us that this could turn very fast and so the challenges are considered short term challenges.

Capesize 12 months charter rate: $16.000 per day

Panamax 12 months charter rate: $12.500 per day



A number of vessels was traded last week, in both the tanker and dry bulk market. Amongst others, a smaller 2003 Aframax was traded. The vessel which is build in Korea is a 105.000 dwt and it was traded for $12,5 million. The deal includes transfer after the high season, something that has probably had its effect on the price. We therefore believe that this transaction shows further upswing since last transaction.

The Dry Bulk market had no trades of our interest.