Tanker values are steady, but any downturn in rates could reverse the trend, Fearnleys said.
“[Time charter] rates have not been immune to these summer doldrums but hold at overall solid levels — especially for longer durations,” the shipbroker said.
Fearnleys added that values would likely hold up for “the near to medium term”, but any dips in earnings could harm values for older tankers.
“Values for modern tankers are and will remain resilient but we see rather limited upside potential from present levels,” it said.
According to Clarksons, values for 10 and 15-year-old VLCCs came in at $86m and $58m, respectively.
A 10-year-old suezmax was said to be worth $68m and the same-age aframax $60m.
All were steady from the week prior, while product tankers saw slight firming across the board.
The shipbroker’s time charter assessments were slightly off year-to-date averages.
A VLCC without a scrubber or eco-design was said to be earning $45,750 per day on a one-year fixture last week, down from $47,088 per day year to date.
Both suezmaxes and aframaxes were assessed to earn $40,500 per day, with suezmaxes bringing in $42,787 per day year to date and aframaxes $43,713 per day.
In its note, Fearnleys said there were few deals for modern tankers.
It noted Bahri’s $1bn deal to buy nine VLCCs from Evangelos Marinakis’ Capital Maritime & Trading, with the Saudi Arabian owner building on previous deals with Korea Line Corp, VS Tankers and Thenamaris earlier this year.
“Prices agreed are in line with our value estimates,” Fearnleys said of the Bahri-Marinakis transaction.
