Week 42 · Oct 12 - Oct 16, 2026
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Week 42 · Oct 12 - Oct 16, 2026 · axia-snp.com
Weekly Market Report · Week 42
Shipping Intelligence

Week 42 · Oct 12 - Oct 16, 2026

2545
Baltic Dry Index
$34,250
Capesize 1yr TC/day*
$303,500
VLCC 1yr TC/day*
19
S&P Transactions
$105.48
Brent $/bbl
* Benchmark basis: Capesize 1yr TC/day refers to a 180,000 dwt non-scrubber Capesize bulkcarrier, Atlantic region. VLCC 1yr TC/day refers to a 310,000 dwt non-scrubber D/H VLCC. Actual rates may vary materially by vessel age, specification, scrubber status and delivery region.
AXIA Opportunity Radar
This week’s market signals
A concise decision-support view of where AXIA sees value, liquidity, bankability and risk across the S&P market.
Week 42 · Oct 12 - 16 Oct, 2026
Best relative value
Ultramax / Supramax
Ultramax 1-year TC held at $19,500/day while spot trip-charter average rose 5% w-o-w to $26,750/day. Newbuild prices at $36.0m remain below the 5-year-old secondhand at $39.0m, implying newbuild orders are still good value relative to assets already in the water.
Value screen
Most bankable asset
Kamsarmax 82k
Kamsarmax secondhand prices rose 5% over the last quarter to $42.0m for 5-year-old tonnage, with 1-year TC at $19,750/day and newbuild price at $38.5m. Strong earnings and liquid resale market make this the most financeable dry bulk segment.
Financeable
Most overheated
VLCC / Suezmax tankers
VLCC 5-year-old prices at $220m are now 67% above the newbuild price of $131.5m, an extraordinary premium reflecting the Middle East conflict-driven freight surge. Average VLCC spot earnings peaked above $800,000/day this cycle — historically unprecedented levels that carry significant mean-reversion risk.
Premium risk
Momentum
Product tankers (MR / LR2)
MR average earnings climbed 9% w-o-w to $58,746/day and LR2 Med-Japan rates surged 26% w-o-w. The triangular USG-USAC-UKC MR route jumped 38% w-o-w, reflecting tight tonnage in the Atlantic amid surging crude tanker diversion effects.
Watchlist
Key downside risk
Capesize — demand destruction cycle
Fleet-weighted Capesize earnings crashed 28% w-o-w to $22,537/day as elevated freight rates fed through into reduced Chinese iron ore buying. The BCI fell 26% on the week and FFA Cal-27 sits at only $31,050/day, signalling the market expects the correction to persist. Risk of further demand-led weakness remains high.
Risk flag
AXIA view: The shipping market in week 42 is a tale of two extremes: crude tanker rates at unprecedented all-time highs driven by Middle East conflict disruptions (VLCC earnings briefly exceeding $800,000/day), while the dry bulk Capesize segment corrects sharply as elevated recent freight rates have curbed Chinese iron ore import demand. The cross-sector weighted earnings index eased 9% from its all-time high to $77,403/day but remains the second-highest reading on record, with the year-to-date average 72% above 2025. For investors, tanker asset prices now carry extreme premiums versus newbuilds and historical norms, suggesting caution on fresh VLCC/Suezmax acquisitions at current prices, while dry bulk — particularly Ultramax and Kamsarmax — offers better relative value with supportive period TC rates and more measured secondhand valuations.

Baltic Indices

BDI
Baltic Dry Index
2545
-14.40%
WoW
BCI
Capesize Index
3322
-26.37%
WoW
BPI
Panamax Index
2356
-2.24%
WoW
BSI
Supramax Index
1856
+2.65%
WoW
BHSI
Handysize Index
1007
+0.70%
WoW

S&P

AXIA Fair Value Score
0–39 · Premium paid 40–69 · Market level 70–100 · Below market
The AXIA Fair Value Score is calculated using a proprietary methodology developed by AXIA, weighing reported transaction price against prevailing market benchmarks for vessel type, age and specification. Hover any score for details.
◆ Headline Transaction — Largest Reported Deal
Copenhagen Star
Aframax. 115,346 dwt. 2025. Daehan, South Korea. Scrubber fitted. SS due 05/2030. Middle Eastern buyers
Price
$125m
AXIA Fair Value Score
10 · Premium paid
Spec
2025-built. Scrubber fitted
Why it matters: At $125m the Copenhagen Star is the largest reported transaction of the week, ahead of the LR2 Kastos ($120m, also to Middle Eastern buyers) and the VLCC Southern Emperor ($110m). This near-new Aframax was sold at about 63% above the $76.5m newbuild price and 32% above the $95.0m 5-year-old benchmark. The low fair value score (10) shows how large the premium is: buyers are paying for immediate delivery and immediate earnings. The 1-year Aframax TC is $99,000/day and the Aframax basket TCE is over $300,000/day.
◆ AXIA Value Pick — Best Fair Value Signal
Yellow Trader
Suezmax. 158,609 dwt. 2004. Daewoo, South Korea. SS due 09/2029. Undisclosed buyers
Reported price
$61m
AXIA Fair Value Score
69 · Market level
Spec
Korean built. SS due 09/2029
Why it stands out: The Yellow Trader has the strongest fair value score of the week at 69. A 22-year-old Suezmax sold at $61m, against a 15-year Suezmax benchmark of $105.0m and the 2012-built Militos at $95.5m. The discount reflects the age, but the 1-year Suezmax TC is $180,000/day and the next special survey is not due until 09/2029, so a buyer has about three years of trading before the survey cost. The next best signal is the MR2 Matrah (2008, $18.5m, score 68). The scores use the base AXIA method (age-interpolated benchmark).

Dry Bulk

1
Wei He
Kamsarmax . 79,440 dwt . 2012 . Jinhai HI, China . SS/DD due Dec 2026
xs $16m
AXIA 59
Undisclosed
2
Ever Progress
Supramax . 56,592 dwt . 2012 . Jiangsu Hantong HI, China . 4x36t cranes. Auction sale
$16.24m
AXIA 57
Undisclosed
3
Jin Xing
Supramax . 55,496 dwt . 2007 . Oshima Shipbuilding, Japan . 4x30t cranes
$14.6m
AXIA 53
Chinese
4
ASL Crystal
Handysize . 38,582 dwt . 2019 . Tsuneishi Cebu, Philippines . 4x30t cranes. Eco M/E. Logger fitted. OHBS
$27.7m
AXIA 53
Thai (Thoresen Shipping)
5
Stellar Isabela
Handysize . 37,993 dwt . 2017 . Shimanami Shipyard, Japan . 4x30.5t cranes. Eco M/E. Prompt Atlantic delivery
xs $24m
AXIA 54
Undisclosed
6
ZBB Serenity
Handysize . 37,302 dwt . 2010 . Huatai HI, China . 4x30t cranes. Wartsila. Ice Class 1C. SS due 10/2030
$12m
AXIA 48
Turkish
7
Lima Strait
Handysize . 37,187 dwt . 2012 . Hyundai Mipo, South Korea . 4x30t cranes. SS/DD due Jul 2027
$15.2m
AXIA 51
Undisclosed
8
Bam Proteus
Handysize . 33,782 dwt . 2007 . Kanda, Japan . 4x30.5t cranes. Mitsubishi. SS due 09/2027. Auction sale. OHBS
$9.5m
AXIA 29
Greek
Tankers
1
Southern Emperor
VLCC . 297,376 dwt . 2004 . Dalian, China . SS due 11/2029
$110m
AXIA 63
Korean (Sinokor)
2
Nicolaos
Suezmax . 164,758 dwt . 2010 . Hyundai Samho, South Korea . Scrubber fitted. SS due Jan 2030. DD due Nov 2027
$90.8m
AXIA 59
Undisclosed
3
Militos
Suezmax . 164,751 dwt . 2012 . Hyundai Samho, South Korea . SS/DD due Apr 2027
$95.5m
AXIA 59
Undisclosed
4
Yellow Trader
Suezmax . 158,609 dwt . 2004 . Daewoo, South Korea . SS due 09/2029
$61m
AXIA 69
Undisclosed
5
LXH
Suezmax . 151,174 dwt . 2004 . Samsung, South Korea . Shuttle tanker. SS due 04/2029
$61.5m
AXIA n/a
Undisclosed
6
Copenhagen Star
Aframax . 115,346 dwt . 2025 . Daehan, South Korea . Scrubber fitted. SS due 05/2030
$125m
AXIA 10
Middle Eastern
7
Kastos
LR2 . 113,897 dwt . 2025 . SWS, China . Everllence B&W. SS due 07/2030
$120m
AXIA 15
Middle Eastern
8
Asean Forwarder
LR1 . 74,543 dwt . 2006 . Sasebo, Japan . SS due 06/2031
$26.8m
AXIA n/a
Undisclosed
9
Asian Phoenix
LR1 . 72,782 dwt . 2006 . Dalian, China . SS/DD due
$20m
AXIA n/a
Undisclosed
10
Prive Angel
MR2 . 51,246 dwt . 2008 . STX SB (Jinhae), South Korea . SS due Apr 2028. DD due Jan 2027
$24.5m
AXIA 51
Undisclosed
11
Matrah
MR2 . 51,021 dwt . 2008 . STX SB (Jinhae), South Korea . SS due Oct 2028. DD due Dec 2026. Delivery May 2027
$18.5m
AXIA 68
Undisclosed
Signal summary
A busy week with 19 recorded S&P transactions — 8 in dry bulk and 11 in tankers. Vessels already reported in Week 41 are not repeated. The largest deal was the near-new, 2025-built scrubber-fitted Aframax Copenhagen Star at $125m to Middle Eastern buyers, followed by the 2025-built LR2 Kastos at $120m, also to Middle Eastern buyers. The 2004-built VLCC Southern Emperor sold for $110m to Korean buyers (Sinokor). In Suezmax, Militos made $95.5m and Nicolaos $90.8m, while the older shuttle tanker LXH ($61.5m) and Yellow Trader ($61m) sold lower; Yellow Trader was the strongest fair value signal. In the clean sector, the LR1s Asean Forwarder and Asian Phoenix sold at $26.8m and $20m, and the MR2s Prive Angel and Matrah at $24.5m and $18.5m. In dry bulk, Handysize was the busiest segment with five sales from $9.5m (Bam Proteus, auction) to $27.7m (the 2019-built ASL Crystal), followed by the Kamsarmax Wei He (over $16m) and the Supramaxes Ever Progress ($16.24m, auction) and Jin Xing ($14.6m).

Price Drivers

Why are vessel prices moving this way this week? Newbuilding vs 5yr and 15yr secondhand analysis per segment — Week 42.

Capesize 180k
DRY BULK · Iron Ore / Coal
NB Newbuilding
$76.5m → +0.00% week-on-week
  • 1Fresh Capesize newbuild price at a competitive Chinese yard for 2029 delivery holds at $76.5m, up 0.7% this quarter per market data.
  • 2The newbuild price remains below the resale ($87.0m) and 5-year-old ($76.0m) secondhand benchmarks, limiting new order enthusiasm at current levels.
  • 3EuroDry ordered one 82,000 dwt Kamsarmax this week at $37m (Hengli), while Capesize/Newcastlemax newbuild activity remains subdued — YZJ Maritime ordered 4+2 x 82k Kamsarmaxes rather than larger sizes.
5YR 5yr Secondhand
$76.0m → +0.00% week-on-week
  • 15-year-old Capesize eco-tonnage assessed at $76.0m, up approximately 4% over the last quarter and 22% year-on-year per the 5-year-old bulker index.
  • 2No 5-year-old Capesize sale was reported this week, so the 5-year benchmark is held at $76.0m, unchanged on the week.
  • 3Despite a 28% w-o-w fall in spot earnings to $22,537/day, owners are not distressed sellers and period rates remain firm at $34,250/day for 1-year TC.
SH 15yr Secondhand
$41.0m → +0.00% week-on-week
  • 115-year-old Capesize benchmark assessed at $41.0m, unchanged on the week and up from $31.5m at end-2025, reflecting the powerful tanker-led sentiment spillover.
  • 2No direct 15-year-old Capesize sale was reported this week, so the $41.0m benchmark is unchanged from last week.
  • 3Scrap alternative remains far less attractive: scrap prices for bulkers in India are around $430/ldt while a 20-year Supramax is trading at approximately 3x scrap — owners at all ages prefer further trading.
Kamsarmax 82k
DRY BULK · Grain / Coal
NB Newbuilding
$38.5m → +0.00% week-on-week
  • 1Kamsarmax newbuild price rose to $38.5m, up 1.5% over the last quarter, with active ordering confirmed this week: EuroDry placed one 82k at Hengli for $37m (2029 delivery) and YZJ Maritime ordered 4+2 x 82k at Watts Energy.
  • 2Scrubber-fitted and LNG-ready notation is increasingly standard in new orders, as evidenced by the EuroDry vessel which will be scrubber-fitted with LNG-ready class notation.
  • 31-year TC at $19,750/day and 3-year at $17,000/day provide adequate coverage over newbuild cost, supporting continued ordering momentum in this segment.
5YR 5yr Secondhand
$42.0m → +0.00% week-on-week
  • 15-year-old Kamsarmax assessed at $42.0m, up 5% over the last quarter and well above the newbuild price of $38.5m — the premium for prompt secondhand delivery persists.
  • 2Average Kamsarmax spot earnings held steady at $23,362/day w-o-w with 1-year TC firm at $19,750/day, underpinning secondhand demand.
  • 3The 'Wei He' (79,440 dwt, 2012, Jinhai HI) sold in excess of $16m with SS/DD due December 2026 — pricing consistent with the 15-year bracket for Chinese-built tonnage.
SH 15yr Secondhand
$23.0m → +0.00% week-on-week
  • 115-year-old Kamsarmax held at $23.0m, unchanged on the week and up from $17.0m at end-2025 as strong period rates attract buyers across all age groups.
  • 2Atlantic fundamentals softened this week with a lengthy tonnage list, but Pacific demand remains more balanced with Australian grain and mineral stems keeping rates steady.
  • 3The 'Wei He' (79k dwt, 2012) sold in excess of $16m with a near-term SS/DD — slightly below the indicative 15-year price due to the survey cost burden and Chinese construction premium.
Panamax 76k
DRY BULK · Grain / Coal
NB Newbuilding
$33.2m → +0.00% week-on-week
  • 1Panamax is not a distinct segment in this week's source reports — tracked from last week's own Panamax level, moved in line with this week's Kamsarmax (82k) change, the closest actively-reported benchmark size.
5YR 5yr Secondhand
$40.5m → +0.00% week-on-week
  • 1Panamax is not a distinct segment in this week's source reports — tracked from last week's own Panamax level, moved in line with this week's Kamsarmax (82k) change, the closest actively-reported benchmark size.
SH 15yr Secondhand
$21.2m → +0.00% week-on-week
  • 1Panamax is not a distinct segment in this week's source reports — tracked from last week's own Panamax level, moved in line with this week's Kamsarmax (82k) change, the closest actively-reported benchmark size.
Ultramax 63k
DRY BULK · Grain / Minor Bulk
NB Newbuilding
$36.0m → +0.00% week-on-week
  • 1Ultramax newbuild price rose to $36.0m, up 2.1% over the last quarter per market pricing data, for a 63k dwt Chinese-built Tier III vessel with 2029 delivery.
  • 2Average Ultramax trip-charter earnings firmed 5% w-o-w to $26,750/day, providing strong support for newbuild economics with 1-year TC at $19,500/day.
  • 3The 'Castle Point' (63,646 dwt, 2025-built) was fixed for 2 years at 109% of BPI, while a 2014-built Imabari 61k fixed 1 year at $18,750/day, demonstrating active period demand.
5YR 5yr Secondhand
$39.0m → +0.00% week-on-week
  • 15-year-old Ultramax eco tonnage assessed at $39.0m, up 2% over the last quarter, slightly above the newbuild price — reflecting the value of prompt delivery versus 2029 slot.
  • 2The 5-year-old Ultramax index is up 5% since end Q2, confirming the gradual but consistent appreciation in this segment per market commentary.
  • 3Strong period rates ($19,500/day for 1-year, $17,000/day for 3-year) make 5-year-old Ultramax tonnage attractive for sale-and-leaseback or straightforward secondhand acquisition.
SH 15yr Secondhand
$22.0m → +0.00% week-on-week
  • 1AXIA estimate: No 15yr quote available this week — extrapolated from the 5yr ($39.0m) → 10yr ($30.5m) slope.
  • 2The 'Bulk Guatemala' (61,446 dwt, 2013-built, Iwagi) sold at $23m — a transaction benchmark for a 13-year-old Japanese-built Ultramax, slightly below the $30.5m 10-year indicative due to the additional age.
  • 3Indonesian coal runs to South East Asia and ECI at $23,000-24,000/day support current period value for 10-15 year Ultramax tonnage with geared flexibility.
Supramax 58k
DRY BULK · Minor Bulk / Grain
NB Newbuilding
$32.0m → +0.00% week-on-week
  • 1Supramax newbuild prices remain flat at approximately $32.0m for a 58k dwt standard Chinese-built vessel, with limited fresh ordering activity reported in this specific sub-segment.
  • 2The focus of ordering activity has shifted to Ultramax (63k+) designs which offer better cargo flexibility and period appeal, keeping true Supramax NB demand subdued.
  • 3Average Supramax 1-year TC holds at $17,500/day with 3-year at $15,000/day — adequate to service secondhand acquisitions at current prices but not compelling for fresh newbuilds.
5YR 5yr Secondhand
$34.0m → +0.00% week-on-week
  • 15-year-old Supramax assessed at approximately $34.0m, broadly flat w-o-w, with the market tracking Ultramax pricing closely given the operational overlap between the two segments.
  • 2Average Supramax trip-charter earnings rose 3% w-o-w to $25,250/day (BSI-equivalent), reflecting continued firmness in the Asia-Pacific segment.
  • 3The 'Ever Progress' (56,592 dwt, 2012) sold at auction for $16.24m — a 14-year-old Chinese-built geared Supramax, providing a relevant distressed market data point.
SH 15yr Secondhand
$20.0m → +0.00% week-on-week
  • 115-year-old Supramax (56k dwt) held at $20.0m, unchanged on the week and up 7% from $18.7m in the prior comparable period, per market pricing tables.
  • 2The 'Jin Xing' (55,496 dwt, 2007, Oshima Japan) sold at $14.6m to Chinese interests — a 19-year-old Japanese-built example, priced well below the 15-year benchmark due to age and proximity to end of commercial life.
  • 3The 20-year-old Supramax secondhand price is approximately 3x the scrap value, meaning owners face no pressure to recycle and are extending commercial lives, keeping older tonnage supply in the fleet.
Handysize 38k
DRY BULK · Agricultural / Minor Bulk
NB Newbuilding
$31.0m → +0.00% week-on-week
  • 1Handysize newbuild price rose marginally to $31.0m per market data (40k dwt, Chinese-built Tier III for 2029 delivery), up 0.5% over the last quarter.
  • 2Active period demand with 1-year TC at $17,000/day and 3-year at $15,000/day provides reasonable returns on newbuild cost, supporting gradual new ordering.
  • 3The week saw multiple Handysize secondhand transactions across the age spectrum — from the 2019-built 'ASL Crystal' at $27.7m to the 2010-built 'ZBB Serenity' at $12m — confirming a deep and liquid secondhand market.
5YR 5yr Secondhand
$32.0m → +0.00% week-on-week
  • 15-year-old Handysize (38k dwt eco) assessed at $32.0m, up 3.3% over the last quarter per market pricing data.
  • 2The 2019-built 'ASL Crystal' (38,582 dwt, Tsuneishi Cebu, eco M/E, logger fitted) sold to Thoresen Thai for $27.7m — a 7-year-old vessel slightly below the 5-year benchmark, consistent with the age differential.
  • 3Average Handysize earnings rose 2% w-o-w to $18,375/day with ECSA/Cont route up 8% w-o-w — the strongest regional performer this week.
SH 15yr Secondhand
$13.5m → +0.00% week-on-week
  • 115-year-old Handysize (33k dwt) assessed at $13.5m per market pricing data, up from $12.5m last week (+4.0-4.7%), reflecting continued market appreciation even for older tonnage.
  • 2The 'ZBB Serenity' (37,302 dwt, 2010, Ice Class 1C) sold at $12m — a 16-year-old Chinese-built ice class example, slightly below the 15-year indicative reflecting the non-Japanese construction and slightly older age.
  • 3The 'Lima Strait' (37,187 dwt, 2012, Hyundai Mipo, Korea) sold at $15.2m — a 14-year-old Korean-built vessel with SS/DD due July 2027, well above the $13.5m 15-year benchmark due to the Korean/Japanese quality premium.
VLCC 300k
TANKER · Crude Oil
NB Newbuilding
$131.5m ↑ +0.38% week-on-week
  • 1VLCC newbuild price edged up to $131.5m (320k dwt, Korean spec), up 0.5% per market data — well below the extraordinary 5-year-old secondhand price of $220m, creating an unprecedented 67% discount for newbuild delivery in 2029+.
  • 2Orderbook for VLCCs stands at 306 vessels / 94.7m dwt (32.8% of fleet), with deliveries skewed to 2028+, meaning fresh orders today will not see market until the conflict-driven premium may have substantially normalised.
  • 3MISC declared options for 5 x 174,000 cbm LNG carriers this week, underscoring that the larger gas carrier segment is drawing capital away from crude tanker newbuilds.
5YR 5yr Secondhand
$220.0m ↑ +2.33% week-on-week
  • 15-year-old VLCC (300k dwt eco) assessed at $220.0m per market data, up 24% over the last quarter and nearly 83% above the newbuild price — a completely unprecedented premium reflecting the extraordinary freight rate environment.
  • 2Average VLCC earnings of approximately $728,183/day (fleet-weighted) remain historically extreme at over 17x long-term averages, driving asset prices to record levels.
  • 3The en-bloc sale of 4 VLCCs (Mount Vision/Horizon/Summit/Frontier, 298-301k dwt, 2026/2027-built, scrubber fitted) to International Seaways at undisclosed prices underscores continued appetite for premium modern VLCC tonnage.
SH 15yr Secondhand
$165.0m ↑ +3.12% week-on-week
  • 115-year-old VLCC (300k dwt) assessed at $165.0m per market data, up 46% over the last quarter — now $33.5m above the newbuild price, an extraordinary inversion driven purely by conflict-driven earnings premium.
  • 2The 1-year VLCC TC at $303,500/day and the TD3C route at over $1.3m/day continue to support the $165.0m 15-year benchmark.
  • 3The 2004-built 'Southern Emperor' (297k dwt, Dalian, no scrubber) sold at $110m to Korean interests — a 22-year-old non-scrubber vessel at prices previously seen only for prime 5-year-old tonnage, illustrating the extraordinary breadth of the re-rating.
Suezmax 160k
TANKER · Crude Oil
NB Newbuilding
$90.5m ↑ +0.56% week-on-week
  • 1Suezmax newbuild price rose to $90.5m (157k dwt), up 0.7% over the last quarter per market data, as ordering demand picks up amid extraordinary earnings.
  • 2Three Suezmax orders placed this week: 3 x 157k dwt at Jiangsu New Hantong for 2030 delivery by a Greek owner (Liquimar Tankers), underscoring active ordering intention.
  • 31-year Suezmax TC stands at $180,000/day (non-scrubber eco), providing exceptional coverage of the newbuild price even at this level, incentivising fresh orders.
5YR 5yr Secondhand
$145.0m ↑ +11.54% week-on-week
  • 15-year-old Suezmax (160k dwt) assessed at $145.0m per market data, up 24% over the last three months — nearly 60% above the newbuild price of $90.5m.
  • 2Average Suezmax earnings (scrubber-fitted eco) held broadly steady at $744,414/day — among the highest levels ever recorded for this segment.
  • 3The pair 'Nicolaos' ($90.8m, 2010, scrubber) and 'Militos' ($95.5m, 2012) — both 14-16 year-old Hyundai Samho vessels — transacted near or above the newbuild price, confirming the extreme premium on older tonnage.
SH 15yr Secondhand
$105.0m ↑ +16.67% week-on-week
  • 1AXIA estimate: No 15yr quote available this week — extrapolated from the 5yr ($145.0m) → 10yr ($125.0m) slope.
  • 2Ten-year-old Suezmax is assessed at $125.0m, so the 15-year level of $105.0m is up from $90.0m last week and now sits above the $90.5m newbuild price.
  • 3The 2010-built 'Nicolaos' (164,758 dwt, scrubber fitted) sold at $90.8m — a 16-year-old scrubber vessel that transacted above the newbuild price, a clear sign of market distortion driven by conflict-era demand.
Aframax 115k
TANKER · Crude Oil
NB Newbuilding
$76.5m ↑ +0.66% week-on-week
  • 1Aframax newbuild price rose to $76.5m (115k dwt, Korean spec), up 1.3% per market data, with 6 x LR1/Aframax-range 74k dwt vessels ordered this week at Jiangsu New Hantong for UAE owner Emarat Maritime.
  • 21-year Aframax TC at $99,000/day and 3-year at $53,500/day provide strong coverage of newbuild economics even with 3-year delivery lead times.
  • 3The 'Copenhagen Star' (115,346 dwt, 2025-built, Daehan, scrubber fitted) sold to Middle Eastern interests at $125m — a near-newbuild resale demonstrating the premium for prompt delivery.
5YR 5yr Secondhand
$95.0m ↑ +11.76% week-on-week
  • 15-year-old Aframax (115k dwt eco) assessed at $95.0m, up 6% over the last quarter per market data — well above the newbuild price of $76.5m.
  • 2Average Aframax earnings eased 14% w-o-w to approximately $340,891/day as USG-UKC and Caribs-USG routes corrected sharply (-31% and -30% respectively), but remain at extraordinary levels.
  • 3The LR2 'Kastos' (113,897 dwt, 2025-built, SWS China) sold at $120m — a 2025-built Chinese LR2/Aframax-range vessel, providing a premium resale data point for this size.
SH 15yr Secondhand
$65.0m ↑ +8.33% week-on-week
  • 1AXIA estimate: No 15yr quote available this week — extrapolated from the 5yr ($95.0m) → 10yr ($80.0m) slope.
  • 2Two 2006-built LR1s sold this week: Asean Forwarder at $26.8m and Asian Phoenix at $20m, a reference for older clean tonnage in the Aframax size range.
  • 31-year TC fixtures this week confirmed strong demand: 'Alhaya' (115k, 2023, scrubber) fixed at $112,000/day for 6-8 months to Clearlake, while 'Wisdom Venture' (112k, 2017, scrubber) fixed at $105,000/day.
MR2 50k
TANKER · Clean Products
NB Newbuilding
$52.5m → +0.00% week-on-week
  • 1MR2 newbuild price (51k dwt) rose to $52.5m per market data, up 1.6% over the last quarter — the fastest-rising tanker newbuild segment on a percentage basis this quarter.
  • 2Four x 50k dwt MR2 vessels ordered at GSI China for 2029-2030 delivery by a Greek owner (Top Ships), demonstrating continued investor appetite for product tanker exposure.
  • 31-year MR TC at $45,000/day and average clean MR earnings at $58,746/day (+9% w-o-w) provide compelling economics for fresh newbuild orders despite the 3-year delivery lag.
5YR 5yr Secondhand
$54.0m ↑ +3.85% week-on-week
  • 15-year-old MR (51k dwt eco) assessed at $54.0m per market data, up 2% over the last quarter — now approximately 3% above the newbuild price, with the 5-year-old premium compressing as newbuild prices rise.
  • 2Guideline 5-year-old MR prices rose 6% over the last quarter and are currently at a 3% premium to newbuild, versus an 11% premium at end-Q2 as NB prices have caught up.
  • 3Strong period fixture demand confirmed: 'Weco Twiggy' (49,200 dwt, 2026-built, scrubber) fixed for 12 months at $42,500/day to Mercuria and for 3 years at high $20,000s/day to Admic.
SH 15yr Secondhand
$32.0m ↑ +6.67% week-on-week
  • 115-year-old MR (50k dwt) assessed at $32.0m per market data, up from $30.0m last week — a significant premium to historical norms.
  • 2The 'Prive Angel' (51,246 dwt, 2008, STX Korea) sold at $24.5m with DD due January 2027 — an 18-year-old MR transacting above historical 10-year-old benchmarks from just 2 years ago.
  • 3The 'Matrah' (51,021 dwt, 2008, STX Korea) sold at $18.5m with delivery in May 2027 and DD due December 2026 — pricing reflects the survey and deferred delivery discount versus Prive Angel's more immediate delivery.

Freight Rates

1-Year Time Charter Period Rates — $/day
Dry Bulk
Vessel type 1yr TC WoW WoW
Capesize 182k$34,250-$4,100-10.69% WoW
Kamsarmax 82k$19,7500+0.00% WoW
Panamax 76k$18,0000+0.00% WoW
Ultramax 63k$19,5000+0.00% WoW
Supramax 58k$17,5000+0.00% WoW
Handysize 38k$17,0000+0.00% WoW
Tankers
Vessel type 1yr TC WoW WoW
VLCC 310k$303,500+$30,000+10.97% WoW
Suezmax 150k$180,000+$24,750+15.94% WoW
Aframax 110k$99,0000+0.00% WoW
LR2 110k$98,750+$7,000+7.63% WoW
MR2 50k$45,000+$2,000+4.65% WoW
Handy Tanker 37k$32,250+$500+1.57% WoW
Key Spot Routes
Dry Bulk — Spot
Route Rate WoW
ore Tubarao - Qingdao$27,205/daySoftening
coal Bolivar - Rotterdam$30,720/daySoftening
coal USG - Rotterdam$20,420/daySoftening
grain USG - N. China$37,424/daySoftening
baux.Guinea - Yantai$27,564/daySoftening
ore Tubarao - Rotterdam$8,646/daySteady
Tankers — Spot
Route Rate WoW
TD3C MEG – China (VLCC 270k)$1,370,193/daySoftening
TD20 West Africa – UK Continent (Suezmax 130k)$522,600/daySoftening
Aframax basket, Med / Caribs / US Gulf (Aframax 80k)$303,133/daySoftening
TC17 MEG – East Africa (MR 35k)$112,900/daySteady

Ship Financing

Current lending conditions, LTV ratios, and financing market intelligence — Week 42, October 2026.

SOFR 3M
3.89%
As of October 2026
All-in Rate
6.5–7.5%
Indicative range
Max LTV
55–65%
Market average
Market Signal
Selective ↑
Tankers preferred
🇬🇷
Greek Banks
Piraeus · Alpha · NBG · Eurobank
Max LTV55–60%
Margin over SOFR1.00–2.00%
All-in rate (est.)5.1–6.1%
Loan tenor5–7 years
Min vessel ageUp to 15yr
SegmentsDry Bulk · Tankers
Market note: Greek banks tightening criteria post-2025. Relationship banking key. Piraeus and Alpha most active for Greek owners.
🇨🇳
Chinese Leasing
ICBC · CMB · COSCO · SPDB · BOCOM
Max LTV70–80%
All-in rate (est.)6.5–7.5%
StructureBareboat / BBHP
Loan tenor7–12 years
Flag requirementOften HK / China flag
SegmentsAll — incl. containers
Market note: Most competitive LTV in the market. Higher leverage but flag/management constraints. Active for NB orders at Chinese yards.
🇪🇺
European Banks
ABN · DVB · SEB · BNP · Hamburg
Max LTV55–65%
Margin over SOFR2.25–3.00%
All-in rate (est.)7.5–8.3%
Loan tenor5–8 years
ESG requirementCII rating required
SegmentsECO vessels · LNG
Market note: ESG increasingly non-negotiable. ABN AMRO and SEB most active. CII A/B rating can reduce margin by 15–25bps.
🇨🇭
Swiss Banks
Berenberg · Macquarie
Max LTV60–65%
Margin over SOFR1.30–2.50%
All-in rate (est.)5.4–6.6%
Loan tenor5–8 years
Vessel ageNB + ≤7yr SH
SegmentsTankers · Bulkers · Gas
Market note: Indicative banks: Berenberg and Macquarie. Swiss lenders focus on strong sponsors, conservative leverage and transparent employment; no broad flag/management constraint assumed.
What makes sense to finance right now
+
Tankers (VLCC/Suezmax): With TCE at $220k+/day, debt service coverage ratios are exceptional. Even at 8% all-in, payback under 2 years at current rates. Banks eager to lend.
+
Modern Capesize / Kamsarmax: BCI at 4,107 is softer WoW but still supports debt service for modern Capesize/Kamsarmax assets; ECO specification and transparent employment remain key for bank pricing.
!
10–15yr Secondhand: Possible but banks will apply haircut on valuation. Age-adjusted LTV often 45–55%. Debt service manageable at current earnings but limited upside at loan maturity.
−
15yr+ vessels: Most European/Greek banks won't lend. Chinese leasing possible with lower entry cost but strict flag requirements. Consider all-equity or S&L structure only.
Financing market intelligence · Week 42
→ SOFR remains the key pricing base; lenders are selective and continue to reward conservative leverage, visible employment and strong sponsor track record.
→ Chinese leasing houses most aggressive for newbuilding orders at Chinese yards — ICBC Leasing and CMBL offering 75% LTV for eco-designed bulkers and tankers with 10-yr bareboat.
→ European banks tightening ESG requirements. ABN AMRO, SEB and Nordea now require CII B or better for new loans. Non-compliant vessels face 25–50bps margin penalty or rejection.
→ Sale & leaseback structures gaining traction for owners wanting to recycle capital from high-value tankers into dry bulk opportunities — releasing equity at peak tanker valuations.
→ Greek banks (Piraeus, Alpha) remain active for established Greek shipping groups with track record. New-to-bank relationships difficult — minimum 2 vessels and management history required.

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Shipping Intelligence

Independent insight for the Sale & Purchase market

AXIA Shipping Intelligence is a digital platform focused on the global Sale & Purchase market, vessel values and shipping asset trends.

The platform combines reported transactions, market signals, asset-class developments and financing perspective to help readers form a clearer view of where vessel values stand within the cycle.

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AXIA is designed to move beyond raw transaction lists by adding structured commentary, comparable-sale context and concise interpretation of price movements.

The analysis is intended for shipowners, maritime professionals, investors and market participants who want a quick but disciplined view of the S&P market.

Evidence-based Built around reported market transactions, comparable assets and observable pricing signals.
Finance-aware Includes a ship-finance perspective on asset values, leverage, liquidity and lending appetite.
Market-focused Tracks dry bulk, tanker and wider shipping market developments with emphasis on asset values.

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