Week 27 · Jun 27 - Jul 3, 2026
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Week 27 · Jun 27 - Jul 3, 2026 · axia-snp.com
Weekly Market Report · Week 27
Shipping Intelligence

Week 27 · Jun 27 - Jul 3, 2026

2,650
Baltic Dry Index
$34,200
Capesize 1yr TC/day*
$121,000
VLCC 1yr TC/day*
21
S&P Transactions
$72.13
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 27 · Jun 27 - Jul 3, 2026
Best relative value
Older Kamsarmax (2007-2009)
AC Youth (2007 Tsuneishi) sold at $15m and C.S. Olive (2009 Tsuneishi) at $17m, both firm versus recent comparables. Older Kamsarmax vessels are trading at clear discounts to mid-age peers while still generating meaningful earnings in a recovering freight market.
Value screen
Most bankable asset
Modern Japanese Ultramax (2016-2020)
Livita (2017 Shin Kasado) sold at $30.5m, confirming strong appetite for modern Japanese ultramaxes with clean surveys and eco engines. Japanese pedigree, geared design and liquid secondhand market make these the most financeable dry bulk assets at present.
Financeable
Most overheated
Kamsarmax Resale / Near-New (2023-2024)
Scion Mathilda (2024 Hantong) achieved $41.9m, well above the genuine newbuild price of around $37m for a Chinese-built vessel with 2029 delivery. The resale premium of roughly $5m reflects delivery position scarcity and near-term earnings uplift but leaves limited upside for new buyers.
Premium risk
Momentum
Handysize (2014-2018 Japanese)
Multiple handysize sales this week at firm levels: Atlantic Star (2018 Oshima) at $26m, African Piper (2015 Namura) at $20m scrubber-fitted, and Tania (2014 Yangzhou) at $17m. Buying momentum is broadening from mid-size geared bulk to smaller Japanese-built tonnage, supported by a tight BHSI and recovering freight.
Watchlist
Key downside risk
Strait of Hormuz uncertainty and coal demand softening
The Hormuz MoU expires after 60 days and Iran is threatening transit fees. Meanwhile, the Asian coal market has corrected sharply since the ceasefire, with CCI Imported 5500 down 10.4% from its June peak. A sustained drop in coal prices and LNG substitution could remove a key Pacific Capesize and Panamax demand driver.
Risk flag
AXIA view: The dry bulk market firmed in Week 27 with the BDI up 2.3% w-o-w as Capesize sentiment turned bullish on renewed Pacific demand and the Atlantic firmed on South Brazil and West Africa cargo. S&P activity remains healthy across all geared segments with Japanese-built tonnage commanding clear premiums. The tanker market is more cautious as VLCC and LR2 spot rates softened and buyers await a secondhand price correction. Geopolitical risk around Hormuz remains the dominant macro variable, with the 60-day MoU window and potential transit fee regime the key uncertainty to monitor into August.

Baltic Indices

BDI
Baltic Dry Index
2,650
+2.3%
WoW
BCI
Capesize Index
3,921
+2.5%
WoW
BPI
Panamax Index
2,195
+4.7%
WoW
BSI
Supramax
1,675
-0.2%
WoW
BHSI
Handysize
944
+0.1%
WoW
BDTI
Dirty Tanker
1,856
-3.0%
WoW
BCTI
Clean Tanker
1,023
-21.2%
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
Scion Mathilda
Kamsarmax . 82,144 dwt . 2024 . Jiangsu New Hantong, China . Eco M/E . Castor Maritime
Price
$41.9m
AXIA Fair Value Score
44 · Market level
Spec
Eco M/E . 2024 built Hantong
Why it matters: Castor Maritime acquired Scion Mathilda for $41.9m, their third near-new Kamsarmax purchase in recent months. The price represents a sharp appreciation from the $36m paid for Rostrum Stoic (2023 Hantong) in late April and the $36.5m resale concluded in June for a prompt 2026-delivery vessel — confirming strong market conviction in the segment. The premium over genuine newbuild quotes (~$37m for 2029 delivery) reflects the scarcity value of early delivery slots and robust near-term earnings expectations in the recovering dry bulk market.
◆ AXIA Value Pick — Best Fair Value Signal
Livita
Ultramax . 63,532 dwt . 2017 . Shin Kasado, Japan . SS/DD due 03/2027 . Undisclosed
Reported price
$30.5m
AXIA Fair Value Score
54 · Market level
Spec
Japanese built . B&W 6S50ME-B9 . SS/DD due 03/2027
Why it stands out: Livita (2017 Shin Kasado) achieved $30.5m in an off-market deal, representing a firm but fair price for a 9-year-old Japanese ultramax. The vessel's Japanese pedigree, proven engine type and approaching survey (March 2027) provide a clear entry point for buyers who can absorb modest drydock costs and benefit from a liquid secondhand market and recovering Supramax/Ultramax freight. Compared to the April benchmark of FJ Star (2016 Shin Kurushima) at $26m basis surveys due, the price appreciation reflects both market firmness and the premium for a slightly newer vessel.

Dry Bulk

1
Scion Mathilda
Kamsarmax . 82,144 dwt . 2024 . Jiangsu New Hantong, China . Eco M/E . Off market deal
$41.9m
AXIA 44
Castor Maritime (Greek)
2
Rostrum Stoic
Kamsarmax . 82,175 dwt . 2023 . Jiangsu New Hantong, China . Off market deal . SS/DD due 11/2026
$37.2m
AXIA 50
Undisclosed
3
C.S. Olive
Kamsarmax . 82,175 dwt . 2009 . Tsuneishi Zhoushan, Japan . Off market deal . Cancelling September
$17.0m
AXIA 26
Undisclosed
4
AC Youth
Kamsarmax . 82,623 dwt . 2007 . Tsuneishi, Japan . Scrubber fitted . SS/DD due 01/2027
$15.0m
AXIA 0
Undisclosed
5
Livita
Ultramax . 63,532 dwt . 2017 . Shin Kasado, Japan . Off market deal . SS/DD due 03/2027
$30.5m
AXIA 54
Undisclosed
6
Haato
Ultramax . 61,472 dwt . 2011 . Shin Kasado, Japan . SS/DD due 06/2026 . New benchmark sale
$23.5m
AXIA 49
Undisclosed
7
Lagonda
Supramax . 55,733 dwt . 2011 . IHI, Japan . Delivery China yard . SS/DD freshly passed
$18.2m
AXIA 50
Undisclosed
8
Omega S
Supramax . 56,892 dwt . 2011 . Hantong, China . SS/DD due 08/2026
$14.2m
AXIA 65
Undisclosed
9
Atlantic Star
Handysize . 37,065 dwt . 2018 . Oshima, Japan . Eco M/E . DD freshly passed . Delivery Oct-Dec
$26.0m
AXIA 50
Undisclosed
10
African Piper
Handysize . 34,365 dwt . 2015 . Namura, Japan . Eco M/E . Scrubber fitted . Open hatch box shaped
$20.0m
AXIA 56
MUR (Undisclosed)
11
Maple Marina
Handysize . 37,194 dwt . 2012 . Hyundai Mipo, South Korea . TC attached Sep/Dec 2026 . Delivery December
$14.3m
AXIA 57
Greek
12
Tania
Handysize . 37,188 dwt . 2014 . Yangzhou Guoyu, China . Eco M/E
$17.1m
AXIA 59
Undisclosed
13
Asahi Ocean
Handysize . 32,085 dwt . 2013 . Hakodate, Japan . Mitsubishi M/E
$15.2m
AXIA 59
Middle Eastern
14
Lila Tochigi
Handysize . 28,354 dwt . 2014 . Imabari, Japan . SS/DD due 03/2027
$12.5m
AXIA 74
Vietnamese
15
Avra I
Handysize . 32,597 dwt . 2010 . Jiangsu Zhenjiang, China . RI . Logs fitted . SS due 08/2030 . DD due 05/2028
$7.7m
AXIA 65
Undisclosed
16
HTK Lucky
Handysize . 28,481 dwt . 2003 . Imabari, Japan . Logs fitted . SS/DD due 06/2027
$6.0m
AXIA 48
Undisclosed
17
Vw Trust
Handymax . 52,475 dwt . 2002 . Tsuneishi, Japan
$8.0m
AXIA 60
Glotrust Shipping (Chinese)
18
Grace Bali
Handymax . 52,461 dwt . 2002 . Tsuneishi Cebu, Philippines
$8.8m
AXIA 45
Ramhy Shipping (Chinese)

Tankers

1
Jag Lokesh
LR2 . 105,599 dwt . 2009 . Hyundai Heavy Industries, South Korea . Epoxy tanks . Scrubber fitted . DPP trading LR2 . DD due 10/2026 . Very prompt delivery
$44.1m
AXIA 38
Y/Knot Investment (Greek)
2
C. Innovator
VLCC . 313,999 dwt . 2012 . Dalian, China . Scrubber fitted . TC attached to Mercuria until Jun/Oct 2027 at ~$28k/day . SS/DD due 10/2027
$52.0m
AXIA 63
Undisclosed
3
Caroline & Lanikai (en bloc)
MR2 . 45,999 / 46,342 dwt . 2002 . STX, South Korea . Epoxy tanks . IMO II . En bloc 2 vessels, $9.5m each . DD due 07/2026 on Lanikai
$19.0m
AXIA 0
Chinese
Signal summary
Week 27 dry bulk S&P recorded 18 transactions, spanning 4 Kamsarmax, 2 Ultramax, 2 Supramax, 8 Handysize and 2 older Handymax units, with sentiment remaining firm across all segments. The headline deal was Castor Maritime's acquisition of Scion Mathilda (82,144-dwt, 2024 Hantong) for $41.9m, demonstrating how near-new Kamsarmax values have appreciated sharply since April. Handysize/Handymax activity was the broadest, with Japanese-built vessels from 2013-2018 attracting strong buyer interest from Greek, Middle Eastern and Vietnamese buyers, while deep-value trading continued further down the age curve: Avra I (2010) and HTK Lucky (2003, logs fitted) changed hands at $7.7m and a region $6.0m respectively, and the 24-year-old sister ships Vw Trust and Grace Bali (both 2002 Tsuneishi-family, ~52,000 dwt) sold to Chinese buyers at $8.0m and $8.8m. In tankers, the market remains cautious as buyers await a price correction; the main deal was Y/Knot Investment's acquisition of the scrubber-fitted LR2 Jag Lokesh for $44.1m with very prompt delivery, slightly below the mid-June comparable, suggesting modest softening in older LR2 values, while the 24-year-old MRs Caroline & Lanikai changed hands en bloc for $19.0m total ($9.5m each) to Chinese buyers, a heavily distressed level reflecting their advanced age.

Price Drivers

Why are vessel prices moving this way this week? Newbuilding vs 5yr and 15yr secondhand analysis per segment — Week 27.

Capesize 180k
DRY BULK · Iron Ore / Coal
NB Newbuilding
$76.0m
  • 1Newbuild price based on Chinese-built Tier III Newcastlemax (~208k dwt) for 2029 delivery at approximately $76m.
  • 2Resale price for same specification with 2026 delivery is quoted at $90m, reflecting a significant premium for early delivery slots.
  • 3BCI 5TC rebounded to $37,181/day by week end after touching a multi-month low of $32,091 mid-week, supporting owner confidence.
5YR 5yr Secondhand
$71.5m
  • 1Five-year-old Japanese-built eco Capesize assessed at $71.5m (Jul print, updated assessment).
  • 2Pacific weakness mid-week dragged on sentiment but Atlantic firming and FFA recovery into contango restored equilibrium.
  • 3One-year period assessed near $29,750/day, providing a reasonable return benchmark for owners considering period cover.
SH 15yr Secondhand
$36.5m
  • 1Secondhand ~15-year-old Capesize values assessed at $36.5m, broadly stable in the mid-$30s million range.
  • 2Ballast speeds rebounded from April lows of 11.4 knots to 11.8 knots by end-May as bunker prices moderated, supporting asset utilisation.
  • 3Australia-to-China C5 route recovered from low-$10/mt to $10.85/mt by week end, providing support to older asset valuations.
Kamsarmax 82k
DRY BULK · Grain / Coal
NB Newbuilding
$37.0m
  • 1Genuine newbuild price for Chinese-built Kamsarmax with 2029 delivery is approximately $37m, per MB Shipbrokers table.
  • 2Resale price for a prompt 2026-delivery position is quoted at $40m, a $3m premium reflecting delivery scarcity.
  • 3Cosco Shipping ordered 24 newbuilding bulkers worth over $1.27bn this week, signalling strong institutional appetite for fresh capacity.
5YR 5yr Secondhand
$40.0m
  • 1Five-year-old Kamsarmax assessed at $40.0m (Jul print, updated assessment).
  • 2Scion Mathilda (2024 Hantong) sold at $41.9m confirms premium pricing for near-new tonnage versus the 5-year benchmark.
  • 3Kamsarmax 1-year TC period held at $18,500/day, unchanged, providing a stable earnings floor for asset underwriting.
SH 15yr Secondhand
$21.5m
  • 1C.S. Olive (2009 Tsuneishi Zhoushan, ~17 years old) sold at $17m, a discount to the ~15-year secondhand benchmark of $21.5m.
  • 2AC Youth (2007 Tsuneishi, ~19 years, scrubber fitted) achieved $15m, showing age-related discount versus the 2009 comparable.
  • 3Both Tsuneishi TESS units commanded firm prices relative to the older New Harmony 8 (2006) which sold for $13m in late May.
Panamax 76k
DRY BULK · Grain / Coal
NB Newbuilding
$33.0m
  • 1No specific Panamax newbuild price change reported this week; indicative level held flat.
  • 2BPI closed at $19,825, up $835 on the week, as Atlantic tightening and Pacific recovery supported sentiment.
  • 3North Atlantic Panamax market remained firm with transatlantic rates in the low $20,000s/day and USEC-India in mid-to-high $30,000s/day.
5YR 5yr Secondhand
$34.0m
  • 1Five-year-old Panamax values unchanged week-on-week at indicative $34m.
  • 2South Atlantic P6 index advanced from mid-$19,000s to $20,186/day, supporting period rate expectations for modern vessels.
  • 3Indonesia-South China trips recovering to $11,000-$12,000/day for large modern eco tonnage after touching recent lows.
SH 15yr Secondhand
$24.0m
  • 1Fifteen-year-old Panamax secondhand value held broadly flat at indicative $24m with no specific reported sale at this age.
  • 2Guo Gai Lian 665 (75,492-dwt, 2013) fixed at $20,000/day for a trip via EC South America, supporting freight context for mid-age values.
  • 3Indonesia-Southeast Asia trips fixing at $12,000/day for modern eco Panamax, with older tonnage commanding lower rates.
Ultramax 63k
DRY BULK · Grain / Minor Bulk
NB Newbuilding
$35.0m
  • 1Ultramax newbuild price for Chinese-built vessel with 2029 delivery quoted at $35m per MB Shipbrokers table.
  • 2Resale price for prompt delivery quoted at $37.5m, a $2.5m delivery premium.
  • 3JNS Phoenix (40,504-dwt, 2025 JNS China, Eco M/E) is under negotiation in the low $34m range, consistent with the newbuild benchmark.
5YR 5yr Secondhand
$38.0m
  • 1Five-year-old Ultramax assessed at $38.0m (Jul print, updated assessment).
  • 2WF Artemis (63,547-dwt, 2020 Iwagi Japan) is under negotiation at approximately $36.5m, providing a firm data point for early 2020s vintage.
  • 3Ultramax 1-year TC held at $19,250/day, up $250/day on the week, underpinning period asset values.
SH 15yr Secondhand
$23.5m
  • 1Haato (61,472-dwt, 2011 Shin Kasado) sold at $23.5m, representing a new benchmark for ~15-year-old Japanese ultramaxes.
  • 2Lagonda (55,733-dwt, 2011 IHI) sold at $18.2m basis delivery China yard with surveys freshly passed, slightly lower due to Chinese delivery basis.
  • 3Both sales confirm that surveys-due position significantly influences pricing in the 2011-vintage bracket.
Supramax 58k
DRY BULK · Minor Bulk / Grain
NB Newbuilding
$32.0m
  • 1Supramax newbuild indicative price unchanged on the week with no fresh yard quotes reported.
  • 2BSI closed at $21,153, up marginally week-on-week, reflecting stable fundamentals in the Atlantic and Pacific.
  • 3USG Supramax/Ultramax market remained strongly positioned heading into July with fronthaul rates in mid-to-high $30,000s/day.
5YR 5yr Secondhand
$34.0m
  • 1Five-year-old Supramax assessed at $34m, flat on the week.
  • 2South Atlantic transatlantic rates holding above $30,000/day APS for Supramaxes, supporting period market assumptions.
  • 3Ultramax rates from USG to Continent/West Med discussed in low $30,000s/day, providing comparable earnings context.
SH 15yr Secondhand
$18.2m
  • 1Lagonda (55,733-dwt, 2011 IHI) sold at $18.2m basis China delivery with surveys freshly passed, closest to 15-year benchmark.
  • 2Omega S (56,892-dwt, 2011 Hantong) sold at $14.2m with SS/DD due August 2026, showing $4m discount for pending surveys.
  • 3Indonesian coal demand remaining weak due to high Chinese stockpiles, keeping rate pressure on older Southeast Asia-open supramaxes.
Handysize 38k
DRY BULK · Agricultural / Minor Bulk
NB Newbuilding
$30.5m
  • 1Handysize newbuild quoted at $30.5m for Chinese-built vessel with 2029 delivery, unchanged on the week.
  • 2Resale for prompt delivery quoted at $34.5m, a material premium reflecting strong demand for early availability.
  • 3BHSI closed at $16,960, down marginally $54 on the week, with the market broadly steady across Continent, Med and Pacific.
5YR 5yr Secondhand
$30.5m
  • 1Five-year-old Handysize assessed at $30.5m (Jul print, updated assessment).
  • 2Atlantic Star (2018 Oshima, ~8 years old) sold at $26m with DD freshly passed and forward October-December delivery.
  • 3Handysize 1-year TC period held at $14,500/day, up $250/day on the week, per MB Shipbrokers period table.
SH 15yr Secondhand
$14.3m
  • 1Tania (37,188-dwt, 2014 Yangzhou, ~12 years old) sold at $17.1m with eco M/E, closest reported sale to the 15-year secondhand benchmark.
  • 2African Piper (34,365-dwt, 2015 Namura, ~11 years) sold at $20m scrubber-fitted, commanding a premium for equipment and Japanese design.
  • 3Southern Cross (37,085-dwt, 2014 Saiki Japan) under negotiation in the $18-19m range, corroborating the 2014-vintage pricing level.
VLCC 300k
TANKER · Crude Oil
NB Newbuilding
$130.5m
  • 1VLCC newbuild price at $130.5m (Jul print), firm +0.8% on a 3-month basis; no new yard quotes reported this week.
  • 2C. Innovator (313,999-dwt, 2012 Dalian, scrubber fitted) sold at $52m including TC to Mercuria until mid-2027 at ~$28k/day.
  • 3VLCC 1-year TC (scrubber) unchanged at $121,000/day w-o-w; spot TD3C ended at WS 297 after a volatile week with a 16-point intraweek drop.
5YR 5yr Secondhand
$145.0m
  • 1Five-year-old ECO VLCC basket assessed at $145.0m (Jul print, updated assessment).
  • 2VLCCs increasingly ballasting back to the Middle East Gulf rather than the Atlantic Basin as Hormuz operations partially normalise.
  • 3Ship-to-ship transfers still prevalent as risk appetite for full Hormuz transit remains concentrated among a few risk-tolerant owners.
SH 15yr Secondhand
$83.5m
  • 1C. Innovator (2012 Dalian, ~14 years old, scrubber fitted) sold at $52m including attached TC, well below the ~15-year secondhand benchmark of $83.5m, reflecting the attached TC and structural overhang from sanctioned crude.
  • 2More than 58 million barrels of Iranian crude were on the water as of July 1 without clear destinations, creating structural overhang.
  • 3Brent crude at $72/bbl, down sharply from the $118 YTD peak on April 29, weighing on VLCC earnings sentiment.
Suezmax 160k
TANKER · Crude Oil
NB Newbuilding
$90.0m
  • 1Suezmax newbuild price held at $90m, unchanged on the week with no fresh yard quotes reported.
  • 2Suezmax ECO basket 1-year TC firmed by $1,000/day to $68,000/day per MB Shipbrokers, the only tanker segment to improve on TC.
  • 3TD20 (WAF-Continent) ended the week at WS 245 after a tightening Atlantic tonnage list pushed rates higher throughout the week.
5YR 5yr Secondhand
$104.0m
  • 1Five-year-old Suezmax ECO assessed at $104.0m (Jul print, updated assessment).
  • 2CPC and Med markets in a standoff for most of the week before eventually printing higher as owners resisted repeat levels.
  • 3Heavy July loading programme and tight prompt list tilts Suezmax sentiment toward further firmness if enquiry persists.
SH 15yr Secondhand
$70.0m
  • 1No specific ~15-year-old Suezmax sale reported this week; indicative secondhand value held flat at approximately $70m.
  • 2Brazil Suezmax rates repeating around WS 240 for UKCM options, tracking the firmer Atlantic tone.
  • 3USG Suezmax market comparatively quiet with Aframaxes continuing to look more competitive on a dollar-per-barrel basis.
Aframax 115k
TANKER · Crude Oil
NB Newbuilding
$75.0m
  • 1Aframax/LR2 newbuild price at $75.0m, unchanged on the week.
  • 2LR2 (Aframax) 1-year TC unchanged at $51,500/day; spot LR2 TC1 rate fell sharply to $102,800/day, down $36,860 week-on-week.
  • 3Jag Lokesh (LR2, 2009 Hyundai, scrubber fitted) sold at $44.1m, slightly below the mid-June Samos comparable of $44.9m.
5YR 5yr Secondhand
$85.0m
  • 1Five-year-old Aframax ECO basket assessed at $85.0m (Jul print, updated assessment).
  • 2Mediterranean Aframax market held around WS 150-152.5 early week before softening to WS 143.75 by Thursday.
  • 3TD19 (Med/Med) ended the week at WS 160 and is expected to rise further as prompt vessels get covered.
SH 15yr Secondhand
$52.0m
  • 1Jag Lokesh (105,599-dwt, 2009 Hyundai, ~17 years old, LR2/DPP, scrubber fitted) sold at $44.1m with very prompt delivery, below the ~15-year secondhand benchmark of $52.0m.
  • 2Price slightly below the June sale of Samos (104,649-dwt, 2010 Sumitomo) at $44.9m, reflecting age difference and forward delivery discount.
  • 3North Sea Aframax market softened throughout the week with TD7 ending at WS 135, limited enquiry and growing tonnage supply.
MR2 50k
TANKER · Clean Products
NB Newbuilding
$57.0m
  • 1MR newbuild price at $57m.
  • 2MR West 1-year TC unchanged at $28,000/day; spot MR West basket at $24,651/day, up $11,117 on the week.
  • 3TC2 (Cont/USAC) edged higher, closing the week at WS 130, as North Sea MR market absorbed workable tonnage with availability extremely tight inside July 8.
5YR 5yr Secondhand
$51.0m
  • 1Five-year-old MR ECO assessed at $51m, unchanged on the week.
  • 2ES Valor (13,799-dwt chemical tanker, 2019 Fujian Mawei) invited offers this week; details expected next week.
  • 3Med MR market active with 15 surface fixtures, though a stacked tonnage list post-quiet period kept rates from moving higher.
SH 15yr Secondhand
$29.0m
  • 1Caroline and Lanikai (both 2002 STX Korea, ~24 years old) sold en bloc for $19m total ($9.5m each) — a heavily distressed price versus the ~15-year secondhand benchmark of $29.0m.
  • 2Both vessels are epoxy IMO II MRs, noting the significant age means this reflects distressed/end-of-life pricing rather than a 15-year benchmark.
  • 3No ~15-year-old MR sale was reported this week; the $29.0m figure reflects the broader assessed market level, with the 2002 en bloc the only actual reference sale (heavily distressed given vessel age).

Freight Rates

1-Year Time Charter Period Rates — $/day
Dry Bulk
Vessel type 1yr TC WoW WoW
Capesize 180k$34,200+$2,450+7.7% WoW
Kamsarmax 82k$17,500+$500+2.9% WoW
Panamax 76k$16,500+$500+3.1% WoW
Ultramax 63k$18,250-$500-2.7% WoW
Supramax 58k$16,250-$500-3.0% WoW
Handysize 38k$15,000-$1,000-6.3% WoW
Tankers
Vessel type 1yr TC WoW WoW
VLCC 300k$121,00000.0% WoW
Suezmax 160k$73,750+$2,250+3.1% WoW
Aframax / LR2 115k$55,00000.0% WoW
MR2 Product 50k$26,500-$2,000-7.0% WoW
LR1 / MR1 55k$35,625-$375-1.0% WoW
Key Spot Routes
Dry Bulk — Spot
Route Rate WoW
Tubarao – Qingdao (Capesize, iron ore)$32,633/day+11% WoW
Dampier – Qingdao (Capesize, iron ore)$32,133/day+41% WoW
Hay Point – Qingdao (Capesize, coal)$33,202/day+41% WoW
Saldanha – Qingdao (Capesize, iron ore)$30,320/day+9% WoW
USG – Rotterdam (Panamax, coal)$17,563/day+3% WoW
USG – N. China (Panamax, grain)$29,791/day+1% WoW
Santos – N. China (Panamax, grain)$17,889/day-2% WoW
Tankers — Spot
Route Rate WoW
MEG – China (VLCC 270k)$303,189/day-3% WoW
WAF – China (VLCC 260k)$137,774/day-24% WoW
USG – China (VLCC 270k)$132,331/day-11% WoW
WAF – UKC (Suezmax 130k)$124,708/day+6% WoW
Med – Med (Suezmax 135k)$261,413/day+25% WoW
UKC – UKC (Aframax 80k)$48,888/day-18% WoW
USG – Caribs (MR 38k)$49,051/day+171% WoW

Ship Financing

Current lending conditions, LTV ratios, and financing market intelligence — Week 27, July 2026.

SOFR 3M
3.66%
As of July 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.
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Swiss Banks
UBS · 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: UBS, 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 27
→ 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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