New York-listed Nordic American Tankers Ltd (NAT) has boosted its term coverage with a new five-year deal that suggests long-term rates are rising.
The Herbjorn Hansson-led shipowner said an unnamed suezmax has been fixed to a “major international energy company”.
NAT added that the rate is in the mid to high $30,000s per day.
The ship will begin the charter in November.
The company has been contacted for further information.
Shipbroker BRS Group assesses five-year eco suezmax charters at $35,000 per day. It does not quote for non-eco ships.
NAT may have beaten this rate, but at $35,000 per day, the deal would be worth $64m over the full term.
The company’s 14 suezmaxes were built between 2003 and 2017.
Greece’s Allied Shipbroking quoted a one-year suezmax charter at $41,500, up 3.8% in a week.
BRS said the suezmax market hit a low last week in West Africa and is now recovering.
Early November cargoes are expected to emerge slowly, with owners expected to be “moderately bullish”, it added.
UK shipbroker Gibson said rates for suezmaxes to head east from the Middle East Gulf have softened a little.
The London shop expects some VLCCs to “start to come into play taking part-cargoes”.
In West Africa, tonnage remains tight and there is still the option of lifting cargoes in the Americas, which will likely pull a few ships across the Atlantic, Gibson added.
NAT’s suezmax spot rates in the second quarter averaged about $40,000 per day, but this was below peer rates of $45,000 to $50,000, analysts said.
