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Tank

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

Dry Bulk

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

Tank:

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.

Bulk:

No transactions  of interest.

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