Week 34 · Aug 15 - Aug 21, 2026
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Week 34 · Aug 15 - Aug 21, 2026 · axia-snp.com
Weekly Market Report · Week 34
Shipping Intelligence

Week 34 · Aug 15 - Aug 21, 2026

2791
Baltic Dry Index
$37,250
Capesize 1yr TC/day*
$122,500
VLCC 1yr TC/day*
8
S&P Transactions
$93.73
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 34 · Aug 15 - Aug 21, 2026
Best relative value
Capesize 15yr Secondhand
At $37.0m for a 15-year-old Capesize, values remain well below the 5-year-old benchmark of $72.5m despite spot earnings above $37,900/day, offering meaningful discount-to-replacement entry for buyers comfortable with survey cycle risk.
Value screen
Most bankable asset
Kamsarmax 5yr Eco
Five-year-old Kamsarmax eco vessels at $41.0m enjoy a 7% three-month price trend, strong period fixture demand in the $19,000-$23,000/day range, and broad lender acceptance as a liquid, well-understood segment.
Financeable
Most overheated
VLCC Secondhand
VLCC 5-year-old prices have surged to $157.0m — up 8% in three months and 29% year-on-year — pricing in an extended Hormuz risk premium that may prove difficult to sustain if geopolitical tensions ease or FFA forward curves retreat.
Premium risk
Momentum
Suezmax
Suezmax 5-year-old prices rose 16% in three months to $108.0m, driven by persistently elevated West Africa, Med and US Gulf chartering demand; FFA markets have moved higher in sympathy, signalling the market expects earnings strength to persist.
Watchlist
Key downside risk
Panama Canal Disruption / El Nino
The Panama Canal Authority is cutting daily transits from 35 to 32 by mid-September as the 2026-27 El Nino intensifies; draft restrictions may tighten further, rerouting dry bulk tonnage around Cape Horn, raising voyage costs and distorting segment-level rate spreads.
Risk flag
AXIA view: The market this week is being shaped by two structural dislocations — the Hormuz conflict premium and the Panama Canal El Nino — both of which are extending effective vessel supply tightness well beyond seasonal norms. VLCC and Suezmax earnings have surged to multi-year highs, and the shift in FFA curves suggests the market is beginning to price in a prolonged, not merely transient, disruption scenario. Dry bulk fundamentals remain solid, anchored by record Guinean iron ore and bauxite export growth and firm Chinese import demand, even as the Panama restrictions introduce a new tonne-mile wildcard for Kamsarmax and Panamax. Across both tankers and bulkers, secondhand prices are at or near cycle highs, and investors entering at current valuations are paying for an optimistic base case; selectivity around survey timing and eco-specification remains critical.

Baltic Indices

BDI
Baltic Dry Index
2791
-1.86%
WoW
BCI
Capesize Index
4429
-0.90%
WoW
BPI
Panamax Index
2,088
-7.69%
WoW
BSI
Supramax Index
1637
+1.49%
WoW
BHSI
Handysize Index
871
+0.69%
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
Princess Eternity
Capesize. 182,263 dwt. Built 2022. JMU, Japan. Eco M/E. 3yr BBHP. Doun Kisen seller. Undisclosed buyers
Price
$78.00m
AXIA Fair Value Score
48 · Market level
Spec
Eco M/E. 3yr BBHP. JMU built 2022
Why it matters: A 2022-built JMU Capesize with an eco main engine and a 3-year bareboat-hire-purchase attached, sold at $78.00m — a clear premium to the $72.5m five-year benchmark that reflects both the vessel's youth and the value of the attached employment. The deal demonstrates that buyers remain willing to pay full-cycle prices for top-quality modern tonnage even against a backdrop of softening spot sentiment in bulk, with the BCI down 0.9% on the week, and the BBHP structure signals confidence in a multi-year earnings outlook. Against the benchmark the deal scores 48 — a modest premium rather than value, which is what a seller of prompt, charter-attached Japanese tonnage should expect. This is the benchmark transaction of the week for the Capesize segment.
◆ AXIA Value Pick — Best Fair Value Signal
Efraim A
Kamsarmax. 82,174 dwt. Built 2010. Tsuneishi Zhoushan, China. Eco. Mykonos Shipping seller. Undisclosed buyers
Reported price
$20.00m
AXIA Fair Value Score
64 · Market level
Spec
Eco M/E. Tsuneishi Zhoushan built
Why it stands out: At $20.00m for a 16-year-old Kamsarmax eco vessel from a premium Japanese-affiliated yard, Efraim A cleared roughly 9% below the $22.0m fifteen-year Kamsarmax benchmark — and at less than half the $41.0m five-year level — despite carrying an electronic main engine that most of its 2010-vintage peers lack. With the Kamsarmax 1-year TC rate at $19,250-$19,500/day and FFA curves for Cal-27 still indicating mid-teens earnings, the implied payback period is attractive for a cash buyer, and the sale sits well below the $29.00m paid this week for the 2016-built BBG Wuzhou, framing the age curve in the segment. The caveat is survey position: at this age the next special survey is the single largest swing factor on net entry cost. The Tsuneishi Zhoushan eco pedigree supports future resale liquidity.

Dry Bulk

1
Princess Eternity
Capesize . 182,263 dwt . 2022 . JMU, Japan . Eco M/E. 3yr BBHP attached. Sold by Doun Kisen
$78.00m
AXIA 48
Undisclosed
2
BBG Wuzhou
Kamsarmax . 81,895 dwt . 2016 . Tsuneishi Zhoushan, China . Eco Modern M/E. Sold at auction by CDB Financial Leasing
$29.00m
AXIA 57
Indian
3
Amaryllis
Ultramax . 63,301 dwt . 2013 . Yangzhou Dayang, China . Eco M/E. B&W 5S60ME-C8.2. CR: 4 x 36t. SS/DD 08/2028. Sold by NG Livanos
$24.40m
AXIA 52
Chinese
4
Efraim A
Kamsarmax . 82,174 dwt . 2010 . Tsuneishi Zhoushan, China . Eco M/E. Sold by Mykonos Shipping
$20.00m
AXIA 64
Undisclosed
5
Jian Fa
Capesize . 175,085 dwt . 2004 . SWS, China . Scrubber fitted. Sold by Jierui Shipping
$18.50m
AXIA 44
Korean
6
Marianna
Supramax . 55,753 dwt . 2010 . I.H.I. (Yokohama), Japan . Wartsila 6RT-flex50-B. CR: 4 x 30t. SS 03/2030. DD 03/2028
$17.00m
AXIA 57
Undisclosed
7
Lila Mundra
Supramax . 57,269 dwt . 2009 . STX Dalian, China . B&W 6S50MC-C7.1. CR: 4 x 30t. SS 05/2029. DD 07/2027
$12.50m
AXIA 58
Undisclosed

Tankers

1
Hellstugutinden
VLCC . 299,095 dwt . 2003 . Universal, Japan . Sold by Hermes Ship
$57.00m
AXIA 49
Indonesian
Signal summary
Week 34 recorded 8 confirmed S&P transactions — 7 in dry bulk and 1 in tankers, a sharp slowdown from the 21 deals of Week 33 as mid-August holiday conditions thinned reporting. The standout was the 2022-built JMU Capesize Princess Eternity at $78.00m with a 3-year bareboat-hire-purchase attached, sold by Doun Kisen — comfortably above the $72.5m five-year benchmark and confirming that buyers will pay full-cycle prices for prompt, top-specification modern tonnage. In the geared segments NG Livanos sold the 2013-built eco Ultramax Amaryllis at $24.40m to Chinese buyers, while two Supramax units bracketed the older end at $17.00m for the Japanese-built Marianna (2010, I.H.I. Yokohama, surveys passed to 2028/2030) and $12.50m for the Chinese-built Lila Mundra (2009, STX Dalian, non-eco, drydock due 07/2027) — a $4.5m spread driven almost entirely by build quality, specification and survey position. Kamsarmax remained the most liquid mid-life segment: the 2016-built BBG Wuzhou was confirmed at $29.00m to Indian buyers out of the China Development Bank Financial Leasing auction, and the 2010-built Efraim A changed hands at $20.00m — the strongest fair-value signal of the week. At the bottom of the age curve the 2004-built Capesize Jian Fa fetched $18.50m to Korean buyers. Tanker S&P was almost silent, with the sole reported sale the 2003-built VLCC Hellstugutinden at $57.00m to Indonesian buyers — a notably strong price for a 23-year-old unit and a direct read-through of Hormuz-driven earnings. Princess Eternity and BBG Wuzhou were first reported in Week 33; buyer and seller details were only confirmed this week.

Price Drivers

Why are vessel prices moving this way this week? Newbuilding vs 5yr and 15yr secondhand analysis per segment — Week 34.

Capesize 180k
DRY BULK · Iron Ore / Coal
NB Newbuilding
$76.0m → +0.00% week-on-week
  • 1Newbuild Capesize (182k dwt) confirmed at $76.0m, up 0.9% on the three-month trend, supported by record contracting volumes and firm yard slot demand into 2028-2029.
  • 2Strong Guinean iron ore ramp-up and resilient Chinese import demand provide a structural freight underpinning for long-term Capesize ordering appetite.
  • 3Average 1-year TC rate stands at $37,250/day and spot earnings at $37,907/day, keeping NB economics broadly positive at current steel plate and financing costs.
5YR 5yr Secondhand
$72.5m ↑ +1.40% week-on-week
  • 1Five-year-old Capesize eco at $72.5m, up 2% over three months, with the Princess Eternity 2022-built sale at $78.0m confirming a youth premium above the benchmark.
  • 2Scrubber-fitted 5yo vessels commanding a further spread as VLSFO/HSFO fuel spread remains wide, sustaining the fuel-savings premium.
  • 3Liquidity remains strong with multiple Capesize deals reported in recent weeks across age bands, supporting price discovery.
SH 15yr Secondhand
$37.0m → +0.00% week-on-week
  • 1Fifteen-year-old Capesize at $37.0m, steady on the week, with the 2010-built Heroic having traded at $32.8m in mid-July providing a lower-bound reference for older non-eco units.
  • 2Survey cycle risk is increasingly priced into older units as the industry survey wave intensifies, with older vessels spending proportionally longer in drydock.
  • 3Buyers at this age point are primarily trading-oriented or asset-play buyers; financing availability is more restricted than for younger eco tonnage.
Kamsarmax 82k
DRY BULK · Grain / Coal
NB Newbuilding
$38.25m → +0.00% week-on-week
  • 1Newbuild Kamsarmax (83k dwt) quoted at $38.25m, reflecting a 3.2% three-month uptrend as yards benefit from strong order enquiry and tighter slot availability for 2028-2029 delivery.
  • 2Period TC market at $19,250-$19,500/day for 1-year prompt prompt fixtures supports NB economics, with FFA Cal-27 indicating sustained mid-teens earnings.
  • 3Panama Canal transit restrictions may add further tonne-mile demand for vessels forced onto longer routing, incrementally supporting segment fundamentals.
5YR 5yr Secondhand
$41.0m → +0.00% week-on-week
  • 1Five-year-old Kamsarmax eco at $41.0m, up 7% over three months, one of the strongest three-month moves across all segments in this report.
  • 2Multiple 2015-2019 vintage Tsuneishi and Oshima-built units sold in the $29.0-$38.0m corridor this week, confirming robust secondhand demand across the age spectrum.
  • 3Japanese-built eco units command a 10-15% premium over Chinese-built equivalents of the same vintage, reflecting better fuel efficiency and survey pedigree.
SH 15yr Secondhand
$22.0m ↑ +2.33% week-on-week
  • 1Fifteen-year-old Kamsarmax at $22.0m, up 10% over three months per the broker secondhand price table, the firmest move in the segment.
  • 2The 2010-built Efraim A sold at $20.00m — roughly 9% below the 15yr benchmark for a 16-year-old eco unit and the strongest fair-value signal of the week.
  • 3Demand from Indian and Greek buyers at this age point has been active, with several Tsuneishi Zhoushan units changing hands in recent weeks.
Panamax 76k
DRY BULK · Grain / Coal
NB Newbuilding
$33.0m → +0.00% week-on-week
  • 1Panamax 76k newbuilding is not separately quoted in this week's source reports; the AXIA benchmark is held at $33.0m, unchanged from Week 33, with Kamsarmax 82k at $38.25m the closest actively-quoted size.
5YR 5yr Secondhand
$39.5m → +0.00% week-on-week
  • 1Five-year-old Panamax is held at $39.5m, unchanged from Week 33; the segment remains thinly quoted with price discovery driven by the Kamsarmax age curve.
SH 15yr Secondhand
$21.5m ↑ +2.38% week-on-week
  • 1Fifteen-year-old Panamax is marked at $21.5m, up 2.4% on the Week 33 level of $21.0m, tracking the firmer 15-year Kamsarmax benchmark at $22.0m.
Ultramax 63k
DRY BULK · Grain / Minor Bulk
NB Newbuilding
$35.25m → +0.00% week-on-week
  • 1Newbuild Ultramax (63k dwt) at $35.25m, up 3.4% on the three-month trend, reflecting broad-based demand across grain, minor bulk and general cargo trades.
  • 21-year TC rate stands at $19,500/day with healthy period fixture activity — Yuan Hai Qing Han 2025-built fixed at $20,750/day for 8-10 months providing a data point.
  • 3Eco-design premium is meaningful: 2020s-built eco vessels command $37-$38m secondhand versus mid-cycle 2013-vintage at $24.40m, justifying new ordering for sophisticated owners.
5YR 5yr Secondhand
$38.5m → +0.00% week-on-week
  • 1Five-year-old Ultramax eco at $38.5m, up 3% over three months; the Amaryllis 2013-built sale at $24.40m illustrates the sharp vintage discount buyers apply to older geared units.
  • 2Scrubber-fitted eco Ultramax vessels (2020-vintage with Oshima/Oshima-affiliated builds) sold in the $37.0-$37.4m range in recent weeks, confirming premium for that combination.
  • 3Demand from Chinese, Greek and Southeast Asian buyers remains broad-based, supporting price discovery across a wide range of age and specification combinations.
SH 15yr Secondhand
$19.5m ↓ -2.50% week-on-week
  • 1No 15yr Ultramax quote available this week; the AXIA benchmark is marked at $19.5m, $0.5m below the Week 33 level, reflecting the discount buyers applied to older non-eco geared tonnage this week.
  • 2Ten-year-old Ultramax eco at $29.5m per the secondhand price table, up 3% over three months; this vintage (circa 2016) benefits from having electronic main engines installed as standard.
  • 3The Global Oriole 2012-built 58,716 dwt sold at $19.5m illustrates pricing for geared supramax-border vessels, roughly $10m below the Ultramax 10yr benchmark for quality eco units.
Supramax 58k
DRY BULK · Minor Bulk / Grain
NB Newbuilding
$32.0m → +0.00% week-on-week
  • 1Newbuild Supramax (56k dwt) pricing stable at approximately $32.0m as most buyers at this segment level opt for the slightly larger Ultramax design with better freight economics.
  • 2Period rates at $16,500/day for 1-year fixtures provide modest NB support, but the segment faces structural headwinds from Ultramax substitution on most key trade routes.
  • 3Limited new orders reported this week in the pure Supramax category; most new activity is being directed into 61-64k dwt Ultramax designs.
5YR 5yr Secondhand
$34.0m → +0.00% week-on-week
  • 1Five-year-old Supramax eco pricing stable at approximately $34.0m; limited transaction evidence at this precise age-point this week.
  • 2The segment benefits from strong period demand in niche markets such as Indonesian coal, Southeast Asian agri-bulk and West African mineral trades where port draft restrictions limit larger vessels.
  • 3Scrubber-fitted Supramax vessels continue to command a modest premium in the secondhand market where fuel spreads justify the investment.
SH 15yr Secondhand
$18.5m → +0.00% week-on-week
  • 1Fifteen-year-old Supramax (56k dwt) at $18.5m, up 8% over three months per the price table — the strongest relative move in the supramax age band.
  • 2The Marianna 2010-built 55,753 dwt (I.H.I. Yokohama, surveys passed to 2028/2030) sold at $17.00m and the Lila Mundra 2009-built 57,269 dwt (STX Dalian, non-eco, DD due 07/2027) at $12.50m — a $4.5m spread on comparable size, driven by build quality, specification and survey position.
  • 3Buyers at this vintage are predominantly value-oriented cash buyers in South and Southeast Asia; financing from Western institutions is largely unavailable at 15+ years of age.
Handysize 38k
DRY BULK · Agricultural / Minor Bulk
NB Newbuilding
$31.0m → +0.00% week-on-week
  • 1Newbuild Handysize (40k dwt) at $31.0m, up 3.3% on the three-month trend; demand is driven by intra-Asia minor bulk trades, short-sea agri-bulk and coastal feeder services.
  • 21-year TC rate at $16,000/day (38k dwt basis) is the highest seasonal level in several years, underpinning NB economics despite higher steel and equipment costs.
  • 3The JNS Phoenix 2025-built 40,504 dwt sold at auction for over $34.0m in early July, confirming that brand-new or near-new Handysize eco vessels command a notable resale premium.
5YR 5yr Secondhand
$31.0m → +0.00% week-on-week
  • 1Five-year-old Handysize at $31.0m, up 4% over three months; Japanese-built eco units remain the preferred benchmark with Imabari and Tsuneishi builds attracting the highest bids.
  • 2The Ocean Belinda 2025-built 40,112 dwt fixed at $17,000/day for 1 year (Imabari-built) demonstrates the earnings premium available for top-specification modern tonnage.
  • 3Liquidity in the 5-year-old Handysize market is high given the large number of buyers active across Southeast Asia, the Indian subcontinent and the Middle East.
SH 15yr Secondhand
$13.0m → +0.00% week-on-week
  • 1Fifteen-year-old Handysize (33k dwt) held at $13.0m, unchanged week-on-week and flat over the three-month period; the smaller size and lower earnings potential limit upside for older units relative to larger segments.
  • 2Survey costs and regulatory compliance (ballast water, energy efficiency) weigh more heavily on a per-dwt basis for smaller vessels, compressing net asset values.
  • 3Regional buyers in West Africa, South Asia and Southeast Asia remain active at this age bracket, providing a floor to pricing even as Western institutional interest is absent.
VLCC 300k
TANKER · Crude Oil
NB Newbuilding
$131.0m → +0.00% week-on-week
  • 1Newbuild VLCC at $131.0m, confirmed by both the NB price table and the key indicators box, up 0.4% on the three-month trend as yard demand remains strong with 302 VLCCs on order representing 32.6% of the existing fleet.
  • 2VLCC 1-year TC rate surged to $122,500/day (scrubber basis), the highest level in years, with spot earnings averaging $238,193/day — economics that strongly support fresh ordering.
  • 3The Clearlake 7-year fixture for 2028-2029 newbuilds at $43,000/day indicates charterers are locking in long-term cover at levels well above historical averages, providing NB ordering confidence.
5YR 5yr Secondhand
$157.0m → +0.00% week-on-week
  • 1Five-year-old VLCC at $157.0m, up 8% over three months and 29% year-on-year — the highest level since 2008 per the 5-year-old tanker index.
  • 2The $157.0m benchmark reflects both genuine market tightness driven by Hormuz conflict-related demand and the structural shift in FFA curves, which now price in an extended risk premium.
  • 3Eco-scrubber fitted units trade at a further premium; the Front Rauma and Front Tay 3-year and 2-year TC fixtures at $75,000-$90,000/day for scrubber-fitted 2016-built VLCCs provide strong period reference.
SH 15yr Secondhand
$100.0m → +0.00% week-on-week
  • 1Fifteen-year-old VLCC at $100.0m, up 16% over three months — a striking appreciation that reflects the market pricing in extended earnings strength even for aging crude carriers.
  • 2The Hellstugutinden 2003-built 299,095 dwt sold at $57.00m to Indonesian buyers, significantly below the $100.0m 15yr benchmark, highlighting the gap between eco and non-eco older units.
  • 3Owners of older VLCCs face increasing regulatory pressure around CII ratings and energy efficiency; buyers at this age bracket are typically trading or conversion candidates.
Suezmax 160k
TANKER · Crude Oil
NB Newbuilding
$90.0m → +0.00% week-on-week
  • 1Newbuild Suezmax (157k dwt) at $90.0m, up 0.7% on the three-month trend, supported by a 209-vessel orderbook representing 29.1% of the fleet — significant pipeline but not yet at VLCC saturation levels.
  • 21-year TC rate at $78,500/day (non-scrubber) and $80,500/day (scrubber) — the Monte Urbasa 2018-built fixed at $74,500/day confirms realistic market levels for non-premium units.
  • 3West Africa, Mediterranean and US Gulf chartering demand has been persistently strong this week, with owners pushing rates higher on firm prompt enquiry across multiple loading regions.
5YR 5yr Secondhand
$108.0m → +0.00% week-on-week
  • 1Five-year-old Suezmax at $108.0m, up 16% over three months — the strongest three-month appreciation of any segment covered in this report.
  • 2The structural demand shift driven by Hormuz disruption has pushed Suezmax earnings to multi-year highs ($237,991/day weighted average), making 5-year-old asset returns highly attractive on a payback basis.
  • 3Eco-scrubber fitted Suezmax units command the highest premiums; buyers are competing for limited availability of 2019-2022 vintage high-specification tonnage.
SH 15yr Secondhand
$65.5m → +0.00% week-on-week
  • 1AXIA estimate: no 15yr Suezmax quote available this week. The benchmark is derived from the 10-year level of $84.0m, applying the same rate of depreciation observed between the 5-year ($108.0m) and 10-year points — a factor of 0.78 per five-year band — which returns $65.3m, rounded to $65.5m.
  • 2The 10-year anchor is unchanged week-on-week at $84.0m (158k dwt), up 16% over three months, so the derived 15-year level is also unchanged at $65.5m — 0.00% week-on-week.
  • 3The Shell Gamsunoro 2014-built 105,638 dwt Aframax fixed at $41,000/day for 6-9 months provides a period market reference for adjacent tonnage, reflecting the broad strength.
Aframax 115k
TANKER · Crude Oil
NB Newbuilding
$75.5m → +0.00% week-on-week
  • 1Newbuild Aframax (115k dwt) at $75.5m, up 1.6% on the three-month trend; 241 vessels on order representing 19.8% of the fleet reflects sustained owner confidence in the segment.
  • 21-year TC rate at $57,500/day, well above historic averages, driven by Black Sea-Med demand (WS 455), UKC-UKC firming (WS 205) and tightening Mediterranean position lists.
  • 3The COSCO MH Highlander 2024-built scrubber-fitted Aframax fixed at $49,000/day for 24 months illustrates the gap between spot earnings and period rates, with owners preferring to exploit spot strength.
5YR 5yr Secondhand
$85.0m → +0.00% week-on-week
  • 1Five-year-old Aframax at $85.0m, up 11% over three months; eco-design units from Korean yards command the highest premiums in this age band.
  • 2LR2/Aframax crossover tonnage is benefiting from both crude and clean product trades, with LR2 5-year-old prices at $84.0m (scrubber basis from broker data) essentially matching the Aframax benchmark.
  • 3The KK Marlin 2021-built 77,452 dwt LR2 fixed at $26,250/day for 5 years illustrates long-term period appetite for well-specified modern tonnage in this size range.
SH 15yr Secondhand
$62.0m → +0.00% week-on-week
  • 1AXIA estimate: no 15yr Aframax quote available this week. The benchmark is derived from the 10-year level of $72.5m, applying the same rate of depreciation observed between the 5-year ($85.0m) and 10-year points — a factor of 0.85 per five-year band — which returns $61.8m, rounded to $62.0m.
  • 2The 10-year anchor is unchanged week-on-week at $72.5m, up 12% over three months, so the derived 15-year level is also unchanged at $62.0m — 0.00% week-on-week.
MR2 50k
TANKER · Clean Products
NB Newbuilding
$52.0m → +0.00% week-on-week
  • 1Newbuild MR (51k dwt) at $52.0m, up 2.6% on the three-month trend; YZJ Maritime's order for 4+2 stainless steel chemical tankers at Zhoushan Ningshing confirms sustained NB demand in the product/chemical tanker space.
  • 21-year TC rate at $29,000/day remains supportive of NB economics, with the PS Imabari 2022-built fixed at $30,000-$30,400/day for 12 months providing a current market reference.
  • 3Scrubber-fitted MR earnings average $27,187/day versus $24,596/day for non-scrubber eco units, sustaining a ~$2,600/day premium that justifies scrubber investment at current fuel spread levels.
5YR 5yr Secondhand
$48.0m → +0.00% week-on-week
  • 1Five-year-old MR at $48.0m, flat over three months; the MR secondhand market has been more subdued than crude tankers, with clean product rates under pressure in some trade lanes.
  • 2The Nord Volante 2023-built 49,999 dwt fixed at just under $30,000/day for 12 months and the Yangze 51/52 2026-built at $23,850/day for 3 years illustrate the wide range of period market outcomes by age and specification.
  • 3IMO II eco MR vessels from Korean and Japanese yards remain the most liquid and bankable assets in the clean tanker sector.
SH 15yr Secondhand
$26.0m → +0.00% week-on-week
  • 1Fifteen-year-old MR (50k dwt) at $26.0m, up 1% over three months; the broader tanker market strength is providing a gentle uplift to older MR values.
  • 2The Sunny Beach 2009-built 46,251 dwt fixed at $25,000/day for 2 years provides an indicative period rate reference for older non-eco MR units in the Atlantic basin.
  • 3Survey risk and CII compliance costs weigh on older MR values; buyers at this age bracket are typically trading companies or operators in less regulated flag states.

Freight Rates

1-Year Time Charter Period Rates — $/day
Dry Bulk
Vessel type 1yr TC WoW WoW
Capesize 182k$37,250+$750+2.05% WoW
Kamsarmax 82k$19,5000+0.00% WoW
Panamax 76k$18,000-$500-2.70% WoW
Ultramax 63k$19,500+$1,500+8.33% WoW
Supramax 58k$16,500+$500+3.12% WoW
Handysize 38k$16,000+$1,000+6.67% WoW
Tankers
Vessel type 1yr TC WoW WoW
VLCC 310k$122,500+$1,500+1.24% WoW
Suezmax 150k$78,500+$1,000+1.29% WoW
Aframax 110k$57,500-$1,750-2.95% WoW
LR2 110k$55,500-$1,000-1.77% WoW
MR 50k$29,0000+0.00% WoW
Handy Tanker 37k$24,5000+0.00% WoW
Key Spot Routes
Dry Bulk — Spot
Route Rate WoW
C5 West Australia – Qingdao (Capesize 180k)$14.50/tonneFirming
US East Coast – Southeast Asia, fronthaul (Panamax 82k)$30,750/daySteady
CJK via NoPac round voyage (Ultramax 63k)$18,750/dayFirming
St Lawrence – Morocco (Handysize 35k)$19,500/daySoftening
Tankers — Spot
Route Rate WoW
TD3C MEG – China (VLCC 270k)WS 570Firming
TD20 Nigeria – UK Continent (Suezmax 130k)WS 328.89Firming
TD25 US Gulf – UK Continent (Aframax 70k)WS 328Softening
TC6 Cross-Mediterranean (Handymax 30k)WS 166.11Softening

Ship Financing

Current lending conditions, LTV ratios, and financing market intelligence — Week 34, August 2026.

SOFR 3M
3.62%
As of August 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 34
→ 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

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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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