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Table of Contents
Dirty
A quiet week in the DPP time charter market as the stalemate in the Middle East continues to limit trade flows. There is not a high conviction in the market relative to TC rates. Spot earnings, whilst softer, remain plentiful leaving owners relatively content to stay trading spot. Naturally there will be a break in the Hormuz impasse at some stage but visibility here is not clear. In recent weeks newbuildings have been well courted with charterers perceiving better value in the lower rates off deferred delivery windows. This is most prevalent in the VLCC and Suezmax sectors. Strong demand in the prompt window but for now most offers are over valued relative to charterers’ ideas.
Crude 1 Year TC Rates ($/day)
Clean
Despite there being an underlying demand for tonnage across all CPP sizes TC volume remains thin and bid/offer spreads generally too wide for any meaningful business to be concluded. Earnings remain healthy globally however this masks the reality of the situation given ongoing disruption to flows out of the Middle East. The Atlantic has seen renewed interest this week for MR tonnage however the bids will need to firm further to gain any traction. Longer term structures continue to be discussed across the sizes.
Clean 1 Year TC Rates ($/day)
Time Charter Rates
| Non-Eco | Eco | Scrubber | FFA | 12M | ||||||
| 1 Year | 2 Year | 3 Year | 1 Year | 2 Year | 3 Year | 1 Year | Route | Spot | Avg.* | |
| VLCC | 97,000 | 70,000 | 55,000 | 107,000 | 80,000 | 65,000 | 3,000 | TD3C VLCC – MEG/CHINA | 489,250 | 176,250 |
| Suez | 60,000 | 45,000 | 40,000 | 65,000 | 52,500 | 45,000 | 2,000 | TD20 SUEZMAX – WAF/UKC | 97,500 | 62,500 |
| Afra (West) | 60,000 | 43,500 | 36,000 | 63,000 | 46,500 | 38,000 | 1,500 | TD25 AFRAMAX – USG/UKC | 100,500 | 58,750 |
| Afra (East) | 55,000 | 41,000 | 36,000 | 59,000 | 45,000 | 38,000 | 1,500 | TD8 AFRAMAX – MEG/SING | 143,750 | 48,750 |
| LR2 | 48,000 | 42,000 | 36,000 | 53,000 | 46,5 00 | 38,000 | 1,500 | TC20 LR2 AG/UKC | 99,500 | 23,500 |
| LR1 | 37,500 | 32,000 | 25,000 | 41,000 | 34,000 | 27,000 | 1,000 | TC5 LR1 – MEG/JAPAN | 140,250 | 45,750 |
| MR (West) | 35,000 | 24,000 | 20,000 | 37,500 | 26,000 | 23,500 | 750 | TC2 + TC14 TRIANGULATION | 74,500 | 37,750 |
| MR (East) | 29,000 | 24,000 | 20,000 | 30,000 | 26,000 | 23,500 | 750 | TC7 MR – SING/AUS | 47,750 | 20,500 |
| Handy | 24,000 | 19,500 | 17,500 | 26,000 | 21,000 | 19,500 | 500 | |||
Clean Fixtures
| Name | DWT | Blt | Period | Redelivery | Charterer | Rate | Scrubber | Remarks |
| BOUGAINVILLE | 50 | 2013 | 12 MOS | 20 MAY 27 | EXXON | $27,500 | `EAST | |
| LUCTOR | 49 | 2011 | 11-13 MOS | 20 APR 27 | CNR | $29,500 | EX YARD CHINA |
Tanker S&P
Building on last week’s pending sale of the scrubber-fitted Aframax, “PUSAKA BORNEO” (108,459 dwt / built 2018 in Tsuneishi, Japan), market chatter points towards Eurotankers as the emerging buyer at a revised US$ 76m. Alongside, we are hearing the same owned sister ship, “SOUTHERN REVERENCE” (108,534 dwt / built 2018 in Tsuneishi, Japan) changing hands for a slightly lower US$ 74.5m, although a stipulated August delivery may explain some of the differential, but both shine a useful light on present modern asset values. Interesting to note that these 8-year-old ships are selling for more than you could place a newbuilding in China for delivery in 2029!
Suezmax sales are also well represented this week, with predominantly Greek buying interests suggested, picking up the “FRONT ULL + FRONT IDUN” (156,700 dwt / built 2014 + 2015 Rongsheng HI, China) for a firm US$ 140m en bloc price and the older “BAKER SPIRT” (156,929 dwt / built 2009 in Hyundai Samho, S. Korea) pocketing a healthy US$ 53.5m. By way of comparison, in February 2025, Teekay sold 2 sister ships to Greek buyers for US$35.5m each.
| Prices ($m) | Newbuild | 5 Year | 10 Year |
| VLCC | 131 | 139 | 110 |
| SUEZMAX | 94 | 88 | 72 |
| AFRAMAX | 79 | 75 | 66 |
| MR | 52 | 48 | 38 |
Recent Sales
| Dwt | Built | Yard | Buyers | Price ($m) | Notes | |
| STELLA | 164,714 | 2011 | Hyundai Samho (Korea) | Undisclosed | 67 | SS due 4/26. BWTS. |
| BAKER SPIRIT | 156,929 | 2009 | Rongsheng H. I. (China) | Greek buyer | 53.5 | DD due 5/27. BWTS. |
| FRONT ULL + FRONT IDUN | 156,700 | 2014 + 2015 | Rongsheng H. I. (China) | Greek buyer | 140 en bloc | DD due 5 + 11/27. BWTS. Scrubber. |
| SELIGER | 115,126 | 2009 | Sasebo (Japan) | Undisclosed | low 50s | Coated. Traidng dirty. DD due 3/27. |
| SOUTHERN REVERENCE | 108,534 | 2018 | Tsuneishi (Japan) | Undisclosed | 74.5 | SS due 12/27. BWTS. Scrubber. Dely 8/26. |
| PUSAKA BORNEO | 108,459 | 2018 | Tsuneishi (Japan) | Eurotankers | 76 | DD due 11/26. BWTS. Scrubber. |
| CORDOBA | 46,763 | 2007 | Sungdong (Korea) | Undisclosed | 17 | Deepwell. SS due 7/27. |
| WONDER MIMOSA | 37,620 | 2006 | Hyundai Mipo (Korea) | Greek buyer | 12.8 | Deepwell. Trading dirty. SS psd 3/26. BWTS. Ice 1A |
| VS REMLIN | 34,530 | 2003 | Dalian (China) | Undisclosed | 6 | Deepwell. Trading dirty. DD due 12/26. |
Tanker S&P Values ($m)
