Tanker boss Erik Lewenhaupt has expressed disappointment with autumn MR rates, but says the outlook remains solid.
The chief executive of Sweden’s Concordia Maritime said the global average for a non-scrubber fitted clean carrier built before 2015 was $16,704 per day in October.
Lewenhaupt added that the figure is considerably lower than the year-to-date average of $21,767 per day and is in line with June and July’s “holiday” numbers.
“This is disappointing as we are in the middle of autumn season, which by many was expected to be higher than this,” he said in a market update.
However, Lewenhaupt said compared to the average for October over the previous five years — $13,087 — “it is still decent”.
He believes the outlook remains solid.
Lewenhaupt said this is demonstrated by the 12-month time-charter rate firming to $27,000 per day.
Three-year deals are flat at $22,500 per day.
Lewenhaupt said crude tankers fared better than product carriers, with all three main segments considerably strong during October.
Suezmaxes and aframaxes were leading the way at around $70,000 per day by the end of the month.
MR asset values unchanged
“October also saw the first two tankers publicly called out for allegedly carrying cargoes sold at prices above the G7 $60-a-barrel Russian price ceiling,” Lewenhaupt said.
“It remains to be seen how hard the G7/US manage to enforce the price cap going forward — two ships are not a lot but it’s a start.”
In the sale-and-purchase market, a 10-year-old MR is valued at $33m, which is unchanged from September.
“Prices have been very close to this level since mid-January this year,” Lewenhaupt said.
The Stena-controlled product tanker owner has been selling vessels as it prepares for new investment. The company currently only has one post-panamax clean tanker left under its ownership.
