The development for Aframax increased 15% last week despite the decreasing earnings for VLCC and Suezmax. With rates close to $40.000, the shipowners earn good money.  There have been talks about the effect of the coming OPEC cut, which is expected to have a short term negative effect, especially for the largest tankers. It is mentioned from several teams, that an OPEC cut will provide further export from the USA, something that gives longer freight distances and significantly more work for the Aframax class. It is also emphasized that the cut might be too small to balance the market. Therefore, there are speculations on whether or not they will stick to the agreement over time.

Aframax – 12 months charter rate: $18.500 per day

Aframax – Average rate in the spot market: $38.700 per day


Dry Bulk

Baltic Dry Index increased by 11,5% last week and closed on 1.372 points. The rates for Panamax increased 0,5% to $11.748 per day. The Capesize segment continued to soar with a rate increase of 24,6%. There was a mixed demand but our clear impression is that the rates will stabilize within a short period of time.

This is supported by the long-term lease contracts, that slowly have started to move in the right direction after the recent decline.

Capesize 12 months charter rate: $17.500 per day

Panamax 12 months charter rate: $12.750 per day



Several transactions was terminated in the second hand market, amongst them 2x Aframax from 2012 and 2013. The vessels is at 115.000 dwt and are build in Korea. The total price is reported to be $64 million. Further transactions in the tanker segment was mainly smaller vessels of the type MR.

In the Dry Bulk sector, a handful of Capesize and some smaller vessels was traded.

None of these transactions has direct interest for us.