Semi-annual tanker market update - June 2022

Published 8. June 2022 09:05 AM

We continue to see increasing asset prices amidst an optimism in the market which hasn’t been present since H1 2020. The fact that vessels (+15 and 20 years old) are being pulled out of the second-hand market and owners now arranging to dock rather than selling SS/DD due suggests that there is a general belief that the crude market will go through a positive trend, which is being reflected in the asset prices.

With the newbuilding market seeing historical prices and very low order book, due to increasing equipment and labor cost, owners who would normally seek to contract newbuildings in fleet renewal strategies have also sought to the second-hand market for younger eco-modern tonnage in order to secure vessels for continued trading.

  • The short-term outlook suggests that we will continue to see elevated interest for second-hand tonnage but fewer official sales candidates pushing asset prices upwards. Product tanker prices have seen a more rapid increase as the underlying spot market has overperformed the dirty/crude market in the last couple of months.
  • The mid-term to long-term outlook is a bit foggier with rising inflation and increasing fuel prices which could eventually reduce demand, however, with inventories at the lowest levels in years and that accounts for both gasoline, diesel, and crude oil, we do also have a strong expectation that importers will increase their purchase positions as soon as oil prices level down, this time with a further reliance on seaborne transport as import through Russian pipelines including the Druzhba pipeline will have been banned by then.

Tanker asset price index:
(Year to date changes)

VLCC: 52.3 +3.7 (7.61%)
Suezmax: 35.5 +2.7 (8.23%)
Aframax: 31.5 +4.7 (17.53%)
LR2: 33.8 +6 (21.58%)
LR1: 24.3 +3.7 (17.96%)
MR: 22.2 +3.7 (20%)

Newbuilding market:
(Year to date changes)

VLCC: $119m +11 (10.18%)
SUEZ: $80m +4.5 (5.96%)
AFRA: $63m +3 (5%)
MR: $43m +2.5 (6.17%)

VLCC China: $104m +5.5 (5.58%)
SUEZ China: $67m +3 (4.68%)
LR2 China: $59m +3 (5.35%)
MR China: $38m +2.5 (7.04%)


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