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We note that the tank rates have fallen further slightly back last week. This is mainly due to the fact that there has been less activity in the Baltic and Black Seas. But you may want to say that the market takes a little breather , for Now we expect the rates will eventually experience a steady climb as we are moving into High Season in the tank market. In December last year the incision earnings in the Aframax segment of 44.000 dollars. Given the market We are in now where there are substantially fewer ships in circulation, as well as IMO2020 and that the US will increase its oil exports significantly in the months to come We expect that we will see substantially higher rates in the winter period this year compared to last year. In General we go into a good 2-3 year period in the tank market, which allows Equinor to have chartered an aframax on a 3 year contract of 26.500 USD per day.
Aframax -12 month lease: $25.500
Aframax – Average rate in the spot Market: $28.055
The dry cargo market remains relatively stable. In capesize , the rates Fall further marginally due to some weaker activity in Brazil. The Panamax segment also experiences a slight decrease in rates due to lower activity in the Baltic Sea, the East Coast of the United States and the Gulf of Mexico. The market , However, remains strong, and a driver for an increase of the rates ahead may be increased Chinese procurement of American grains that we know it is negotiated in the first agreement initially to be signed between the United States and China within a short time.
Capesize 12 month lease: $19.250
Panamax 12 Month lease: $11.875
S & P
A 2000 built aframax (Sumitomo) on 105.578 dwt swapped hands to the tidy sum of $10.6 m. This is very strong for a soon 20 year old Aframax and we expect the values will rise further in the months to come.
No transactions of interest.