Ready, Steady, & Go – Aframaxes Rates Continue to Rise

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aframaxes

The Story:

Ready, Steady, & Go – Aframaxes Rates Continue to Rise.

What Happened:

Dry bulk sector witnessed a huge dip in early 2016.  It appears that the dry bulk market continues to inch up and today the aframax spot rates rose as a key European route reached the highest level in about 17-months.  

Gimme Some Background:

Data from the Baltic Exchange show that the TD7 route between North Sea export terminals and continental Europe gained 3.4% today to reach $51,000 per day.  Average earnings for sector rise to highest level since late March.  Rates on the route haven’t seen earnings that high since June 2015.

Nuts & Bolts:

The upward trajectory nudged the worldwide average time-charter equivalent rate for the sector to just under $30,000 per day, a small gain for the day but a 4.4% improvement since this time last week.

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Source: Trade Winds