Week 41 · Oct 5 - Oct 9, 2026
Share on LinkedIn
Week 41 · Oct 5 - Oct 9, 2026 · axia-snp.com
Weekly Market Report · Week 41
Shipping Intelligence

Week 41 · Oct 5 - Oct 9, 2026

2973
Baltic Dry Index
$38,350
Capesize 1yr TC/day*
$273,500
VLCC 1yr TC/day*
31
S&P Transactions
$104.28
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 41 · Oct 5 - 9 Oct, 2026
Best relative value
Capesize Bulkcarrier
Spot earnings have corrected sharply to $31,130/day amid Atlantic tonnage overhang, yet 1-year TC holds at $38,350/day and 5-year-old prices remain firm at $76m — a dislocation that offers entry relative to tanker asset inflation.
Value screen
Most bankable asset
Kamsarmax / Ultramax
Mid-size bulkers with steady 1-year TC rates around $19,750-20,000/day, liquid secondhand market, broad cargo versatility and manageable LTV ratios continue to attract bank financing in an otherwise volatile freight environment.
Financeable
Most overheated
VLCC Crude Tanker
Average VLCC earnings surged 21% week-on-week to over $800,000/day and 1-year TC reached $273,500/day — five-year-old prices at $215m reflect extraordinary conditions fuelled by Middle East conflict and Hormuz disruption; mean reversion risk is elevated.
Premium risk
Momentum
Suezmax Tanker
WAF-UKC rates hit WS 1000 and Med-Med surged 27% week-on-week; 1-year TC at $155,250/day and 5-year-old prices at $130m reflect powerful upward momentum with further support from tight position lists and strong crude flow rerouting.
Watchlist
Key downside risk
Dry Bulk (Capesize) South Atlantic
A heavy oversupply of Atlantic tonnage is pressuring Capesize rates, compounded by softer Brazilian iron ore exports (-6% y-o-y in September) as elevated freight erodes miner margins; if Chinese demand does not rebound post-Golden Week the correction could deepen.
Risk flag
AXIA view: The cross-sector earnings index hit its fifth consecutive all-time high this week, driven almost entirely by extraordinary tanker strength as crude freight rates reached unprecedented levels amid Hormuz disruption, VLCC repositioning tightness and record USG-East trade. Dry bulk tells a different story, with Capesize earnings sliding further on Atlantic tonnage surplus while sub-Cape segments remain flat to marginally firmer — coal price differentials versus LNG could trigger a seasonal 4Q demand recovery for Panamax and smaller sizes. Asset prices continue to reflect the bifurcation: tanker secondhand values are at historical highs across all size classes, while bulker prices have risen more moderately and offer selective relative value. Recycling activity remains near historic lows as owners face zero incentive to sell, building an ageing tonnage overhang that represents a future market release valve.

Baltic Indices

BDI
Baltic Dry Index
2973
-5.32%
WoW
BCI
Capesize Index
4512
-9.94%
WoW
BPI
Panamax Index
2410
+1.30%
WoW
BSI
Supramax Index
1808
+0.78%
WoW
BHSI
Handysize Index
1000
-0.79%
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
Eurospirit
VLCC. 320,105 dwt. 2011. Daewoo (DSME), South Korea. Scrubber fitted. Eco M/E. SS/DD due 11/2026. Middle Eastern buyers
Price
$153m
AXIA Fair Value Score
57 · Market level
Spec
Scrubber fitted. Eco M/E. Sold basis surveys due
Why it matters: At $153m the Eurospirit is the largest reported transaction of the week, ahead of the Suezmaxes Achilleas ($98m), Advantage Summer ($97.5m) and Tataki ($97m) and the $90m Capesize newbuilding resale Arriktos. The 2011-built scrubber-fitted VLCC was sold to Middle Eastern buyers basis surveys due in 11/2026, at a level only about 4% below the $160m 15-year VLCC benchmark. With the 1-year VLCC TC at $273,500/day and the TD3C route earning over $1.4m/day, buyers are clearly paying for immediate crude tanker earnings even with a survey just ahead.
◆ AXIA Value Pick — Best Fair Value Signal
Vieira
VLCC. 306,999 dwt. 2002. HHI, South Korea. Scrubber fitted. SS/DD due 09/2027. Undisclosed buyers
Reported price
$75m
AXIA Fair Value Score
78 · Below market
Spec
Scrubber fitted. Korean built
Why it stands out: The Vieira carries the strongest fair value score of the week. A 24-year-old scrubber-fitted VLCC sold at $75m, against a 15-year VLCC benchmark of $160m and the Eurospirit (2011, scrubber) at $153m. The discount reflects the vessel’s age, but the earnings are not age-limited in the current market: the 1-year VLCC TC stands at $273,500/day. The next special survey is due in 09/2027, so a buyer has around 11 months of trading before the survey cost. The score is calculated with the base AXIA method (age-interpolated benchmark); the scrubber fitting would normally add to the benchmark and the score.

Dry Bulk

1
World Diana
Kamsarmax . 82,031 dwt . 2020 . Oshima Shipbuilding, Japan . Eco M/E. Open-loop scrubber fitted. Gearless. SS due 04/2030. DD due 05/2028
$39.5-41m
AXIA 53
Undisclosed
2
Locomotion
Handysize . 38,046 dwt . 2013 . Shimanami Shipyard, Japan . 4 x 30.5t cranes
$19m+
AXIA 41
Undisclosed
3
Pabal
Panamax . 75,378 dwt . 2012 . Taizhou Catic SB, China . Str. Hvy gear
$17m
AXIA 56
Undisclosed
4
Ekaterini V
Capesize . 173,555 dwt . 2012 . Bohai Shipbuilding, China . SS/DD due 01/2027
$35m
AXIA 64
Chinese
5
Densa Pelican
Kamsarmax . 82,744 dwt . 2012 . STX, South Korea . SS/DD due 10/2027. Prompt delivery November 2026
$20.5m
AXIA 62
Undisclosed
6
Kirribilli
Kamsarmax . 82,206 dwt . 2011 . Tsuneishi, Japan . SS due 11/2030. DD due 11/2028
$22.3m
AXIA 52
Undisclosed
7
Pan Advance
Capesize . 179,185 dwt . 2009 . HHI, South Korea . KR SS due 06/2029. DD due 07/2027
$37m
AXIA 44
Undisclosed
8
Golden Myrtalia
Capesize . 177,979 dwt . 2011 . SWS, China . SS/DD due 10/2026
$40m+
AXIA 51
Undisclosed
9
Juniper
Supramax . 57,185 dwt . 2011 . STX Dalian, China . 4 x 30t cranes. Energy saving devices. En bloc with Oak
$16.5m
AXIA 50
Undisclosed
10
Oak
Supramax . 57,275 dwt . 2011 . STX Dalian, China . 4 x 30t cranes. Energy saving devices. En bloc with Juniper
$16.5m
AXIA 50
Undisclosed
11
AH Globe
Panamax . 74,432 dwt . 2005 . Hudong Zhonghua, China . Str. Hvy. Delivery within 2026
$11.5m
AXIA 2
Undisclosed
12
Arriktos
Capesize . 181,250 dwt . 2027 . Hengli, China . Resale. Scrubber fitted. Delivery 2027. NV 9 ho/9 ha
$90m
AXIA 41
Chinese
13
Guo Dian 18
Panamax . 72,272 dwt . 1997 . Imabari, Japan . 7 ho/7 ha. Sulzer 6RTA62. LDT 10,386. Sold via on-line auction ($633 per lt)
$6.52m
AXIA n/a
Undisclosed
14
Guo Dian 16
Handymax . 47,240 dwt . 1997 . Oshima, Japan . 5 ho/5 ha. 4 x 30t cranes. Mitsubishi 6UEC50LSII. LDT 6,220. Sold via on-line auction
$5.22m
AXIA n/a
Undisclosed
Tankers
1
Eurospirit
VLCC . 320,105 dwt . 2011 . Daewoo (DSME), South Korea . Scrubber fitted. Eco M/E. SS/DD due 11/2026. Sold basis surveys due
$153m
AXIA 57
Middle Eastern
2
Vieira
VLCC . 306,999 dwt . 2002 . HHI, South Korea . Scrubber fitted. SS/DD due 09/2027
$75m
AXIA 78
Undisclosed
3
Achilleas
Suezmax . 157,883 dwt . 2010 . HHI, South Korea . ABS. SS due 06/2030
$98m
AXIA 40
Undisclosed
4
Advantage Summer
Suezmax . 156,527 dwt . 2010 . Rongsheng, China . Scrubber fitted. SS due 06/2030. Sellers paid $40.4m in Nov 2025
$97.5m
AXIA 40
Undisclosed
5
Tataki
Suezmax . 149,992 dwt . 2010 . New Times, China . Scrubber fitted. SS due 01/2030. DD due 01/2025
$97m
AXIA 41
Undisclosed
6
Tianlong
Suezmax . 159,021 dwt . 2009 . Bohai, China . SS due 01/2029. DD due 11/2026. Sellers paid $35m in Feb 2025
$88m
AXIA 45
Undisclosed
7
Nordic Freedom
Suezmax . 159,331 dwt . 2005 . DSME, South Korea . SS due 03/2030. DD due 04/2028
$65m
AXIA 56
Undisclosed
8
Advantage Atom
Aframax . 116,014 dwt . 2011 . Samsung, South Korea . SS/DD due 07/2026. Sellers paid $37m in July 2025
$52.5m
AXIA 58
Undisclosed
9
Hydra
Aframax . 105,744 dwt . 2004 . Sumitomo, Japan . SS due 12/2027. Sellers paid $20.75m in Oct 2025
$51.5m
AXIA 43
Undisclosed
10
Jag Sparrow
LR1 . 74,999 dwt . 2005 . HHI, South Korea . Epoxy. 12 pumps. SS due 07/2030. DD due 07/2027. CPP trader
Region $23m
AXIA n/a
Undisclosed
11
Green Planet
MR2 . 50,844 dwt . 2014 . Dae Sun, South Korea . Epoxy Phenolic. 12 pumps. IMO II/III. SS due 04/2029. DD due 04/2027. Sellers paid $31m in Jan 2026
$37.25m
AXIA 49
Greek (clients of Castor)
12
MP MR Tanker 1
MR2 . 49,999 dwt . 2011 . HMD, South Korea . Epoxy. 12 pumps. IMO II/III. Sellers paid $21.8m in 2017
$29.7m
AXIA 51
UK
13
Leon Grace
MR2 . 49,999 dwt . 2008 . HD Hyundai Mipo, South Korea . Epoxy. 12 pumps. IMO III. KR SS due 02/2028. Sellers paid region $16m in Jan 2026
$23m
AXIA 50
Undisclosed
14
Bow Elm
Chemical . 46,098 dwt . 2011 . SLS, South Korea . MarineLINE coated. 29 tanks/pumps. IGS. IMO II. SS/DD due 03/2026
$29m
AXIA n/a
Undisclosed
15
Easterly Jupiter
MR1 . 36,677 dwt . 2009 . HMD, South Korea . Epoxy. 16 tanks/pumps. IMO II. SS/DD due 02/2027
$19m
AXIA n/a
Undisclosed
16
Bow Victory
Chemical . 21,193 dwt . 2016 . Asakawa, Japan . Stainless steel. 20 tanks/pumps. IMO II/III. SS/DD due 09/2026. Japanese style sale
$29.5m
AXIA n/a
Undisclosed
17
Sakura Shuchi
Chemical . 19,969 dwt . 2006 . Fukuoka, Japan . Stainless steel. 20 tanks, 18 pumps. IMO II. SS/DD due 10/2026. Sold basis surveys due November
$13m
AXIA n/a
Undisclosed
Signal summary
A very active week with 31 recorded S&P transactions — 14 in dry bulk and 17 in tankers. The largest deal was the 2011-built scrubber-fitted VLCC Eurospirit at $153m to Middle Eastern buyers, while the 24-year-old VLCC Vieira at $75m was the strongest fair value signal. Suezmax trading was strong and concentrated in the 2009-2010 built group: Achilleas at $98m, Advantage Summer at $97.5m, Tataki at $97m and Tianlong at $88m; Advantage Summer and Tianlong were bought by the sellers for $40.4m and $35m only months earlier. Aframax sales were Advantage Atom ($52.5m) and Hydra ($51.5m), and the MR and chemical sector was very active, with prices from $13m to $37.25m depending on age and tank coating. In dry bulk, Capesize had four sales: the 2012-built Ekaterini V at $35m, the 2009-built Pan Advance at $37m, the 2011-built Golden Myrtalia at over $40m and the $90m Arriktos newbuilding resale, while the 2020-built eco Kamsarmax World Diana made $39.5-41m. Two 1997-built units, Guo Dian 18 and Guo Dian 16, were sold by on-line auction at $6.52m and $5.22m. The Wisdom Venture is not listed because it is a charter fixture, not a sale.

Price Drivers

Why are vessel prices moving this way this week? Newbuilding vs 5yr and 15yr secondhand analysis per segment — Week 41.

Capesize 180k
DRY BULK · Iron Ore / Coal
NB Newbuilding
$76.5m → +0.00% week-on-week
  • 1Fresh newbuilding price confirmed at $76.5m for a 182k dwt eco Capesize at first-class competitive yards, up modestly week-on-week as orderbook remains firm.
  • 2Newbuild contracting activity in Newcastlemax (211k dwt) and large Ultramax sizes continues, with yard slot availability tightening into 2029-2030.
  • 3Despite a spot market correction to $31,130/day, long-term newbuild demand is supported by fleet renewal needs and fleet age profile showing 18.7% of Capesize tonnage already over 20 years old.
5YR 5yr Secondhand
$76.0m ↑ +1.33% week-on-week
  • 1Five-year-old Capesize eco price confirmed at $76m, tracking newbuild parity — reflecting the premium on modern, fuel-efficient tonnage in a market with strong 1-year TC at $38,350/day.
  • 2Buyers seeking immediate earnings exposure are willing to pay near-newbuild levels for 5-year-old tonnage given the 2029-2030 delivery queue for fresh orders.
  • 3The gap between 5-year-old ($76m) and 10-year-old ($60.5m) Capesize values illustrates the significant eco/age premium in current market conditions.
SH 15yr Secondhand
$41.0m ↑ +5.13% week-on-week
  • 1The 15-year-old 180k dwt Capesize benchmark is reported at $41m, up from $39.0m last week, reflecting the wider tanker-driven asset inflation spilling into dry bulk.
  • 2Transactions this week such as Pan Advance (2009-built, ~17yr) at $37m and Ekaterini V (2012-built, ~14yr) at $35m bracket the 15-year reference point, confirming the benchmark.
  • 3Survey due timing heavily influences pricing at this age — vessels with upcoming SS/DD trade at discounts of $3-5m to the clean benchmark.
Kamsarmax 82k
DRY BULK · Grain / Coal
NB Newbuilding
$38.5m → +0.00% week-on-week
  • 1Kamsarmax newbuild price at $38.5m for an 83k dwt vessel at competitive Chinese/Japanese yards, confirmed in the shipbuilding price table this week.
  • 2U-Ming Marine and Almi Marine orders for 64,000 dwt Ultramaxes this week at new Chinese yards suggest continued appetite for mid-size bulk carrier newbuilds at current price levels.
  • 31-year TC at $19,750/day provides a reasonable yield on newbuild cost, supporting continued ordering activity for 2029-2030 delivery.
5YR 5yr Secondhand
$42.0m → +0.00% week-on-week
  • 1The 5-year-old Kamsarmax (82k dwt) is quoted at $42m, with the World Diana (2020-built, scrubber) transacting at $39.5-41m this week as key market evidence.
  • 2Modern scrubber-fitted tonnage commands a $3-5m premium over non-scrubber equivalents at the 5-year-old benchmark given fuel cost savings at current spreads.
  • 3Resale Kamsarmax pricing is quoted at $47m, illustrating the significant premium for prompt delivery versus a 2029+ newbuild slot.
SH 15yr Secondhand
$23.0m ↑ +18.00% week-on-week
  • 1The 15-year-old Kamsarmax benchmark is reported at $23m, up 18% on the week, with Densa Pelican (2012-built) transacting at $20.5m and Kirribilli (2011-built) at $22.3m providing direct market evidence around this age point.
  • 2Japanese-built older Kamsarmax vessels continue to attract buyers seeking charter-back structures or spot trading exposure at a fraction of newbuild cost.
  • 3The spread between 15-year ($23m) and 5-year ($42m) Kamsarmax values reflects an 83% premium for modern tonnage, near its widest level as eco regulations tighten.
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 ↑ +18.00% 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 (63k dwt) newbuild price confirmed at $36m, up from $33.25m at end-2025, reflecting a 2.1% three-month trend increase as reported in the shipbuilding price table.
  • 2Active ordering this week: 4 x 64,000 dwt Ultramaxes ordered at a Chinese yard and 3 x 64,000 dwt at another Chinese yard, confirming firm demand; Precious Shipping contracted 3 x 64,500 dwt at $35.45m each.
  • 31-year TC at $19,500/day supports newbuild economics, and the Ultramax segment benefits from strong cargo versatility across grains, coal and minor bulks.
5YR 5yr Secondhand
$39.0m → +0.00% week-on-week
  • 1Five-year-old Ultramax is quoted at $39m ( benchmark for 63.5k dwt eco), with Indigo Breeze (2017-built Mitsui, 60,430 dwt) transacting at $30.5-31m as a reference for slightly older eco tonnage.
  • 2The five-year-old Ultramax trades above its newbuild equivalent due to prompt delivery premium — a structural feature of the current market with newbuild slots pushed to 2029+.
  • 3Japanese-built eco Ultramaxes from quality yards such as Mitsui command a $2-4m premium over Chinese-built equivalents at equivalent ages.
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 15-year-old Ultramax / Supramax 56k dwt benchmark is reported at $20m ( Supramax 56k 15yr), consistent with Luzon (2010-built, 55,657 dwt Mitsui) at $18m low and YC Aequor (2012-built, 56,785 dwt) at $13m high, noting the latter was older vintage.
  • 3Japanese-built geared Supramax/Ultramax vessels at 14-15 years continue to attract buyers from Southeast Asia and the Indian subcontinent for direct trading.
Supramax 58k
DRY BULK · Minor Bulk / Grain
NB Newbuilding
$32.0m → +0.00% week-on-week
  • 1Supramax newbuild pricing (58k dwt) is unchanged at $32m, below the $36m Ultramax benchmark, with no dedicated Supramax orders reported this week.
  • 2The segment continues to be overshadowed by Ultramax ordering at similar prices given the latter's superior cargo carrying capacity.
  • 31-year TC at $17,500/day for 58k Supramax provides an adequate but not compelling yield at current NB prices.
5YR 5yr Secondhand
$34.0m → +0.00% week-on-week
  • 1Five-year-old Supramax pricing is estimated at approximately $34m, unchanged on the week and slightly above the $32m newbuild price, reflecting the premium for prompt delivery.
  • 2Market transactions for geared 57-58k vessels this week (Juniper and Oak at $16.5m each for 2011-built STX Dalian) illustrate the age discount for 15-year-old tonnage and confirm the 5-year benchmark premium.
  • 3Buyers continue to differentiate sharply by yard of build, with Japanese-built Supramaxes attracting a $2-3m premium over equivalent Chinese-built tonnage.
SH 15yr Secondhand
$20.0m → +0.00% week-on-week
  • 1The 15-year Supramax benchmark (56k dwt) is confirmed at $20m, unchanged on the week, consistent with Sky Knight (2012-built, 58,078 dwt SK Onishi) at $21.5m for a 14-year-old Japanese vessel.
  • 2Juniper and Oak (2011-built STX Dalian) transacting at $16.5m each for 15-year-old Chinese-built tonnage illustrate the yard-of-build discount versus the Japanese-built benchmark.
  • 3SS/DD survey timing is critical at this age: vessels with surveys imminent trade $1-3m below clean equivalents.
Handysize 38k
DRY BULK · Agricultural / Minor Bulk
NB Newbuilding
$31.0m → +0.00% week-on-week
  • 1Handysize (40k dwt) newbuild price confirmed at $31m, unchanged on the week and up from $29.25m at end-2025, reflecting a 0.5% three-month trend.
  • 2No dedicated Handysize newbuild orders were reported this week, though general cargo and small bulk vessel ordering continues at Indian and Vietnamese yards.
  • 31-year TC at $17,000/day for 38k eco Handysize supports a steady yield on newbuild investment at current price levels.
5YR 5yr Secondhand
$32.0m ↑ +3.23% week-on-week
  • 1The 5-year-old Handysize (38k dwt) is quoted at $32m, marginally above newbuild — consistent with the segment's limited delivery premium given shorter lead times at certain yards.
  • 2The resale benchmark is $38m , indicating a meaningful premium for vessels in delivery position versus the 2029-2030 newbuild queue.
  • 3Locomotion (2013-built Shimanami, 38,046 dwt, 4x30.5t cranes) transacting at approximately $19.5m (high $19ms) provides a direct 13-year-old reference in Japanese-built tonnage.
SH 15yr Secondhand
$13.5m ↑ +3.85% week-on-week
  • 1The 15-year Handysize benchmark (33k dwt) is reported at $13.5m, with the 10-year (37k dwt) at $25.5m providing a strong age-curve anchor.
  • 2Locomotion (2013-built, ~13yr) at high $19ms is slightly above the 15-year benchmark for slightly younger Japanese-built tonnage with crane equipment.
  • 3Demand for geared Handysize vessels in the 32-40k range remains broad, supported by minor bulk and agricultural trade flows in Southeast Asia and the Black Sea.
VLCC 300k
TANKER · Crude Oil
NB Newbuilding
$131.0m → +0.00% week-on-week
  • 1VLCC newbuild price confirmed at $131m , up from $128m at end-2025, reflecting a 0.4% three-month trend as tanker market conditions support sustained ordering.
  • 2Top Ships contracted 4 x 50,000 dwt MR tankers this week; VLCC-specific new contracting remains limited given 32.8% orderbook-to-fleet ratio already on order.
  • 3The enormous gap between the $131m newbuild price and the $215m five-year-old market price illustrates how extraordinary current earnings expectations have inflated near-term asset values far above replacement cost.
5YR 5yr Secondhand
$215.0m → +0.00% week-on-week
  • 1The five-year-old VLCC is quoted at $215m , up 23% over the three-month trend period, driven by average VLCC earnings surging to over $800,000/day this week.
  • 2Eurospirit (2011-built, 320k dwt, scrubber) transacted at $153m as a 15-year-old vessel, while five-year-old pricing at $215m reflects the extraordinary earnings premium being capitalised into asset values.
  • 3The five-year-old VLCC now trades at a 64% premium to newbuild cost — a historically unprecedented level that reflects market participants pricing in extended supercycle conditions.
SH 15yr Secondhand
$160.0m → +0.00% week-on-week
  • 1The 15-year-old VLCC (300k dwt) benchmark is confirmed at $160m , up 44% over the three-month trend as extraordinary earnings extend the economic life of elderly tonnage.
  • 2Eurospirit (2011-built, 320,105 dwt, ~15yr, scrubber) at $153m and (from the SFL bloc, 2014-built LR2 at $115k+) provide market context, with the scrubber-fitted older VLCC trading near but below the benchmark.
  • 3At $160m for a 15-year-old VLCC versus $55-62m in a normalised market (per 2025 year-end values), the extraordinary earnings environment has compressed age discounts to historically minimal levels.
Suezmax 160k
TANKER · Crude Oil
NB Newbuilding
$90.0m → +0.00% week-on-week
  • 1Suezmax newbuild price confirmed at $90m (, 157k dwt), up from $86m at end-2025, reflecting a 0.6% three-month trend as tanker ordering momentum continues.
  • 2Earnings on WAF-UKC surged to WS 1000 and Med-Med jumped 27% week-on-week, directly supporting owner willingness to commit to newbuild investment at current yard prices.
  • 3The $29.4% orderbook-to-fleet ratio for Suezmax means supply growth is coming, but current earning power and 1-year TC at $155,250/day justify newbuild economics comfortably.
5YR 5yr Secondhand
$130.0m → +0.00% week-on-week
  • 1The five-year-old Suezmax is quoted at $130m (, 160k dwt), up 19% three-month trend — Achilleas (2010-built, 157,883 dwt) at $98m as a 16-year-old vessel provides contrast and confirms the steep age discount.
  • 2Transactions reported this week spanning $88-153m across the 2009-2019 vintage range illustrate how extraordinary earnings are compressing age discounts and lifting all vintages simultaneously.
  • 3The five-year-old Suezmax at $130m versus a $90m newbuild represents a 44% premium — reflecting buyers' willingness to pay for prompt earnings exposure versus a 2028+ delivery slot.
SH 15yr Secondhand
$90.0m → +0.00% week-on-week
  • 1AXIA estimate: No 15yr quote available this week — extrapolated from the 5yr ($130.0m) → 10yr ($110.0m) slope.
  • 2The 10-year benchmark for Suezmax (158k dwt) is $110m, with Achilleas (2010-built, 157,883 dwt) at $98m representing the ~16-year-old market. The 15-year vessel benchmark is interpolated from the $110m 10yr figure given exceptional market conditions.
  • 3Older Suezmax vessels (2009-2011 vintage) traded at $88-153m this week depending on scrubber fit and SS/DD status — a range that would have been inconceivable in a normalised freight environment.
Aframax 115k
TANKER · Crude Oil
NB Newbuilding
$76.0m → +0.00% week-on-week
  • 1Aframax newbuild price confirmed at $76m (, 115k dwt), up from $72m at end-2025, reflecting a 1.1% three-month trend as Aframax earnings surged 46% week-on-week to $396,479/day.
  • 2Fixtures such as Passionate Warrior (2026-built, scrubber) at $75,000/day for 10-14 months and Copenhagen Star (2025-built, $125m resale) illustrate the extraordinary premium on brand-new Aframax/LR2 tonnage.
  • 3The 21.2% orderbook-to-fleet ratio for Aframax means supply growth is moderate, supporting continued newbuild interest from owners seeking exposure to tanker markets.
5YR 5yr Secondhand
$85.0m → +0.00% week-on-week
  • 1The five-year-old Aframax (115k dwt) is quoted at $85m , with the market-derived figure from broker data at $91m reflecting transactions this week including Advantage Atom (2011-built, 116k dwt) at $52.5m as a 15-year reference.
  • 2Broker data from the tanker weekly confirms the 5-year-old Aframax eco basket at $91m, marginally above the secondhand price table — reflecting real-time transactional evidence.
  • 3LR2/Aframax charter fixtures at $91,750-99,000/day for 1-year periods confirm the earnings basis supporting current asset valuations.
SH 15yr Secondhand
$60.0m → +0.00% week-on-week
  • 1AXIA estimate: No 15yr quote available this week — extrapolated from the 5yr ($85.0m) → 10yr ($72.5m) slope.
  • 2The 10-year Aframax benchmark is $72.5m (115k dwt), a significant uplift from $55m at end-2025, driven by the extraordinary freight market. The 15-year reference is proxied from Hydra (2004-built, 105,744 dwt Sumitomo) at $51.5m.
  • 3Hydra (2004-built, ~22yr) at $51.5m and Advantage Atom (2011-built, ~15yr) at $52.5m demonstrate how compressed the age discount has become in the current freight cycle.
MR2 50k
TANKER · Clean Products
NB Newbuilding
$52.5m → +0.00% week-on-week
  • 1MR tanker newbuild price confirmed at $52.5m (, 51k dwt), up from $49m at end-2025, reflecting a 1.6% three-month trend; Top Ships contracted 4 x 50,000 dwt MRs at GSI Nansha this week with ice class 1A notation.
  • 2Clean MR average earnings softened 16% week-on-week to $53,741/day, but 1-year TC remains robust at $43,000/day — sufficient to justify continued newbuild investment at current prices.
  • 3MR newbuild lead times of 3+ years (deliveries from mid-2029) mean current ordering decisions are driven by long-term charter commitments rather than spot market conditions.
5YR 5yr Secondhand
$52.0m → +0.00% week-on-week
  • 1The five-year-old MR (51k dwt) is quoted at $52m , broadly in line with newbuild — reflecting the very tight market for prompt-delivery modern MR tonnage.
  • 2Green Planet (2014-built, 50,844 dwt) at $37.25m as a 12-year-old vessel and MP MR Tanker 1 (2011-built) at $29.7m as a 15-year-old provide age curve reference points confirming the 5-year premium.
  • 3The scrubber-fitted MR earns approximately $2,500/day more than a non-scrubber equivalent ( data), justifying the hardware cost premium in the secondhand market.
SH 15yr Secondhand
$30.0m → +0.00% week-on-week
  • 1The 15-year-old MR benchmark (50k dwt) is confirmed at $30m ( MR 15yr), stable week-on-week, with Leon Grace (2008-built, ~18yr) at $23.5m and MP MR Tanker 1 (2011-built, ~15yr) at $29.7m bracketing the reference.
  • 2IMO II/III coating capability adds $2-4m premium for 15-year-old MRs versus standard epoxy-only vessels, as chemical-capable tonnage remains in high demand for product diversification.
  • 3Eastern MR earnings softened this week with Korea-Singapore falling 12% and USG-Caribs down 54%, creating near-term pricing uncertainty for the segment despite firm period market.

Freight Rates

1-Year Time Charter Period Rates — $/day
Dry Bulk
Vessel type 1yr TC WoW WoW
Capesize 182k$38,350-$400-1.03% 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$273,500+$5,000+1.86% WoW
Suezmax 150k$155,250+$8,000+5.43% WoW
Aframax 110k$99,000+$500+0.51% WoW
LR2 110k$91,750-$1,500-1.61% WoW
MR2 50k$43,0000+0.00% WoW
Key Spot Routes
Dry Bulk — Spot
Route Rate WoW
ore Tubarao - Qingdao$33,004/daySoftening
coal Bolivar - Rotterdam$41,146/daySoftening
coal USG - Rotterdam$21,747/daySteady
grain USG - N. China$40,369/daySteady
baux.Guinea - Yantai$32,942/daySoftening
ore Tubarao - Rotterdam$8,646/daySoftening
Tankers — Spot
Route Rate WoW
TD3C MEG – China (VLCC 270k)$1,412,594/dayFirming
TD20 West Africa – UK Continent (Suezmax 130k)$561,600/dayFirming
Aframax basket, Med / Caribs / US Gulf (Aframax 80k)$350,183/dayFirming
TC17 MEG – East Africa (MR 35k)$113,400/daySteady

Ship Financing

Current lending conditions, LTV ratios, and financing market intelligence — Week 41, October 2026.

SOFR 3M
3.87%
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 41
→ 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.

AXIA Tools

Interactive tools for vessel valuation, investment analysis, and market history.

Vessel inputs
Valuation output
Enter vessel details to see valuation
Comparable sales this week — same segment
Select a vessel type to see comparable transactions.

List Your Vessel

Submit your vessel for consideration. All listings are reviewed by the AXIA team before publication. Approved vessels will appear in the weekly report and on the site.

Vessel Submission Form
Fields marked * are required
◆ Pending AXIA Review
Optional details
Your submission will be sent to the AXIA team. We will contact you within 1–2 business days. Approved listings appear in the next weekly report.

About AXIA

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.

Our Approach

From market data to practical interpretation

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.

Contact AXIA

Contact Details

Get in touch

For questions, market comments, vessel information or report-related enquiries, please contact AXIA Shipping Intelligence by email.

info@axia-snp.com