Tank rates in the global market have approached their highest level, while expectations for the reopening of the Strait of Hormuz have diminished. This situation has arisen due to President Trump's refusal to accept Iran's proposal to reopen the Strait of Hormuz, as well as following attacks on tankers in the region. Reports also indicate that the United States is sending a third aircraft carrier to the area.
High VLCC and Suezmax rates
According to Baltic Exchange assessments, the average income of VLCCs (Very Large Crude Carriers) has reached over $700,000 per day, while trips from the Gulf region to China amount to $1.2 million per day. This economic strength has also transferred to Suezmax tankers, where average daily earnings increased to around $448,000 on Thursday, showing an increase of about $130,000 compared to last week. This income increase is due to a reduction in the volume of large tankers and supply constraints.
Increase in product tanker earnings
Product tankers have also faced an increase in earnings, with their average income reaching nearly $140,000 per day. The LR (Long Range) sector has played a significant role in this increase, but the possibility of a ban on US diesel exports and the suspension of product exports from China in October pose threats to this sector.
In the tanker buying and selling market, activities in the crude oil carrier fleet remain strong. Several traders are looking for units that can be delivered quickly, especially those located near the Gulf. Strong pricing ideas from sellers have met eager buyers, and the prices of modern VLCCs and Suezmax tankers are significantly higher than the prices of the new fleet, which is a historical trick regarding VLCCs.
Dry market and prices
In the dry market sector, the situation appears to be in a healthy state of stagnation, with contracts still being executed at previous levels. Spot earnings have slightly decreased, but with people returning from holidays, especially the Golden Week in China, they are likely to rise again. As a reference, the BDI index has reached 3,148 points, while last week it was trading in the range of 3,400 to 3,500 points.
In the non-equipment sector, the BULK JOYANCE tanker with a capacity of 175,636 DWT built in 2012 was sold for $31.1 million, while the LC MILADY with a capacity of 93,758 DWT built in 2011 was sold for over $14 million. Additionally, the Eco Kamsarmax tanker GCL HAZIRA with a capacity of 81,986 DWT built in 2021 was sold to German interests for $38.8 million.
In the tanker sector, the VLCC SEAKING with a capacity of 317,000 DWT built in 2013 was sold to ADNOC customers for $175 million. Also, the MR2 ATLANTIC CROWN with a capacity of 47,128 DWT built in 2007 was sold for $19.2 million.
