Dirty

A quiet week in terms of t/c fixtures reported, with Thanksgiving holidays slowing action from the US, the week is expected to end softly.
A bit of short-term activity in each of the crude sectors but longer term deals seem quite elusive although some rumours of longer term modern suez and afra remain unconfirmed. The lack of willing t/c candidates continues to limit volume of fixture activity achievable until higher levels are available from charterers.

Crude 1 Year TC Rates ($/day)

Clean

In what is a slightly curtailed trading week with the US Thanksgiving holidays the MR TC market has remained active. Atlantic earnings continue to dominate the headlines whilst the East lags somewhat. However, demand for both short and longer dated TC deals has not subsided. The East MR market has allowed some room for shorter min max deals whereby relative strength in recent months made these harder to execute. A lack of depth in the offer side of the LR1 and LR2 space ensures term pricing remains strong and clearly any tonnage willing to give DPP trading flexibility generates significant interest.

Clean 1 Year TC Rates ($/day)

Time Charter Rates

 Non-EcoEcoScrubberFFA12M
 1  Year2  Year3  Year1  Year2  Year3  Year1 YearRouteSpotAvg.*
VLCC                 45,000           40,000           38,500           51,000           46,000           45,000                  5,000TD3C  VLCC – MEG/CHINA45,25031,750
Suez                 45,000           37,500           35,000           50,000           42,000           39,000                  3,000TD20 SUEZMAX – WAF/UKC39,50031,250
Afra (West)                 45,000           38,000           35,000           50,000           43,000           38,000                  2,500TD25 AFRAMAX – USG/UKC47,25036,000
Afra (East)                 45,000           38,000           35,000           49,000           43,000           38,000                  2,500TD8 AFRAMAX – MEG/SING45,50027,500
LR2                 39,000           36,000           35,000           43,000           42,000           38,000                  2,500TC1 LR2 – MEG/JAPAN26,500n/a
LR1                 33,000           30,000           26,000           37,000           34,000           31,000                  2,000TC5 LR1 – MEG/JAPAN14,75023,000
MR (West)                 29,000           24,000           21,000           32,000           28,000           24,500                  1,500TC2 + TC14 TRIANGULATION48,75026,250
MR (East)                 26,000           24,000           21,000           28,500           28,000           24,500                  1,500TC7 MR – SING/AUS12,25019,000
Handy                 29,000           22,500           20,000           31,000           25,500           23,000                  1,000

Crude Fixtures

NameDWTBltBuilderCgo/PeriodChartererRateScrubberRemarks
ATHERINA3192011Hyundai Ulsan6 MosTrafigura$50,000Delivery East
MESDAR3152007Nantong COSCO12 MosCNR$29,000Delivery AG (Failed)
ESTEEM ASTRO3122019JMU AriakePNRSinokorRNR YDelivery East
MEGAN GLORY1142023STX JinhaePNRCape TankersRNR YDelivery USG

Clean Fixtures

NameDWTBltBuilderPeriodChartererRateScrubberRemarks
SEA TIGER I512007STX JinhaePNRClearlakeRNRDelivery Puerto Rico
NORD MAJESTIC492021Hyundai Mipo3 YrsST ShippingIn 26’sDelivery East (Subs)
ZOILO492015Hyundai Mipo2-4 MosClearlake$34,000Delivery East
PARTRIDGE PACIFIC492013STX Jinhae12 MosTotal$30,000 YDelivery East
ARDMORE342022Fujian Mawae12 MosVitolRNRDelivery Med

Tanker S&P

Glancing at sales this week you’d be forgiven for thinking the tanker S&P market was quiet and being confused by some of the pricing on the sparcely reported deals. For one, the sale of sister MRs “DEE4 ILEX” + “DEE4 MAHOGANY” (49,999 dwt / built 2022 Hyundai Mipo, S.Korea) at a rumoured US$ 54 m apiece looks colossal, given the pair are not scrubber fitted and broker benchmarks assess a prompt resale at around US$ 51-52 mill. However, the deal is tied up basis 3 months subjects, with the elevated price protecting sellers against potential missed upside/lost opportunity. The price also looks stark against the low US$ 45 m unit price paid by Sea Pioneer Shipping for two firm two option scrubber fitted newbuildings at Korea’s K-Shipbuilding, although a front heavy payment of 40% has been agreed providing context for the contract price when Korean MR berths are broadly quoted in the US$ 47-48 mill range.

In the background there is a growing tally of owners declaring purchase options on leased back vessels at previously set (and now sub-market) levels, offering hope for more modern sale candidate potential to come to market. Still waters also belie a shoal of sales swimming into the coming week with VLCCs both old and modern in particular close to conclusion.

Prices ($m)Newbuild 5 Year10 Year
 VLCC 1289975
 SUEZMAX 857861
 AFRAMAX 69.570.555
 MR 47.543.534

Recent Sales

VesselDwtBuiltYardBuyersPriceNotes
AEGEAN MYTH115,8382006Samsung (Korea)Chinese buyer37.50DD due 9/24. BWTS.
DEE4 ILEX + DEE4 MAHOGANY49,999both 2022Hyundai Mipo (Korea)GNMTC54 eachDeepwell. DD due 1/25 + 9/25. BWTS. Tier III. 3 months subs.
SHANDONG WEI HE49,8982004Shin Kurushima (Japan)Auction buyer14 (A)Auction. Pump-room. SS due 10/24. BWTS.
ALBATROSS TRADER + GION TRADER19,884both 2015Usuki (Japan)Chinese buyerreg 30 eachStainless steel. DD due 4/24 + SS/DD due 3/25. BWTS.

Tanker S&P Values ($m)

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