Week 38 · Sep 12 - 18 Sep, 2026
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Week 38 · Sep 12 - Sep 18, 2026 · axia-snp.com
Weekly Market Report · Week 38
Shipping Intelligence

Week 38 · Sep 12 - 18 Sep, 2026

3336
Baltic Dry Index
$41,000
Capesize 1yr TC/day*
$178,500
VLCC 1yr TC/day*
32
S&P Transactions
$103.96
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 38 · Sep 12 - 18 Sep, 2026
Best relative value
Panamax / Kamsarmax Bulkers
Five-year-old Kamsarmax prices have risen strongly to $42m, but one-year TC rates at $19,475/day remain well supported relative to newbuild cost of $38.5m. The segment offers meaningful earnings yield with limited orderbook pressure relative to larger sizes.
Value screen
Most bankable asset
Ultramax Bulker
Japanese-built eco Ultramax vessels command steady period interest at $19,500-$20,000/day with transparent secondhand pricing around $39m for five-year-old units. Clean survey status and standardised designs make these the most lender-friendly dry bulk segment.
Financeable
Most overheated
VLCC Tanker
VLCC spot earnings have reached an unprecedented $643,000/day driven by Middle East supply disruption and Saudi Arabia's East-West pipeline outage. Five-year-old prices have surged to $169m — 33% above the prior year — reflecting crisis-level sentiment that may not be sustained once pipeline capacity is restored.
Premium risk
Momentum
Suezmax Tanker
Suezmax earnings jumped sharply on the Fujairah-West Coast India route to WS 975, gaining 55% week-on-week. Charterers splitting VLCC stems and strong crude flows east of Suez are driving a powerful momentum trade, with five-year-old prices reaching $116m.
Watchlist
Key downside risk
Indonesian Coal Supply Disruption — Panamax Dry Bulk
River level declines in Kalimantan are preventing coal movement from mines to ports, compressing near-term Panamax cargo availability. While rerouting to Australian and Russian coal offers tonne-mile support, any sudden resolution of Indonesian supply constraints could flood the spot market and weaken rates sharply in Q4.
Risk flag
AXIA view: The crude tanker market is experiencing a historic spike driven by the partial shutdown of Saudi Arabia's East-West pipeline following drone attacks, pushing VLCC earnings to a record $643,000/day and lifting secondhand values across all tanker sizes. While the immediate supply disruption creates extraordinary near-term earnings, the market faces a sharp reversal risk once pipeline capacity is restored in coming weeks and months. In dry bulk, the BDI eased modestly on Pacific softness and Indonesian coal supply constraints, though Atlantic routes held firm and the Handysize segment showed renewed strength. Newbuilding prices remain well-supported across all segments with the posting its second consecutive record high at $64,596/day, reflecting exceptional cross-sector strength.

Baltic Indices

BDI
Baltic Dry Index
3336
-5.25%
WoW
BCI
Capesize Index
5612
-8.33%
WoW
BPI
Panamax Index
2282
-5.27%
WoW
BSI
Supramax
1762
+2.86%
WoW
BHSI
Handysize
980
+5.26%
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
Sea Leopard
VLCC. 314,000 dwt. 2011. DSME, South Korea. Undisclosed buyers
Price
$135m
AXIA Fair Value Score
48 · Market level
Spec
15-year-old, DSME built
Why it matters: At $135m the Sea Leopard is the single largest reported transaction of the week, edging out the Kallista ($132m) and Ashoka ($130m) as buyers competed for prompt VLCC tonnage. All three deals were struck in the same $130-135m band, confirming that the extraordinary VLCC earnings spike — driven by Saudi Arabia's East-West pipeline outage and the wider Middle East supply disruption — has lifted 14-15 year old VLCCs to price levels that would ordinarily be associated with far younger tonnage. UAE-based buyers (clients of Onex) were again active across the sector this week.
◆ AXIA Value Pick — Best Fair Value Signal
Dennie
VLCC. 308,491 dwt. 2000. HD Hyundai HI, South Korea. DD due 11/2026. UAE buyers (clients of Onex)
Reported price
$40m
AXIA Fair Value Score
91 · Below market
Spec
Korean built. DD due 11/2026
Why it stands out: The Dennie carries the strongest fair value score of the week at 91. A 26-year-old VLCC sold at just $40m, against a market where 15-year-old units are now trading around $112m and even scrubber-fitted 2010-2011-built tonnage is fetching $130-135m, the Dennie stands out as a rare discounted entry point into the current VLCC earnings supercycle. The low price reflects the vessel's age and upcoming drydocking, but for a buyer willing to absorb the survey cost, the earnings yield at today's $178,500/day 1-year TC is exceptional relative to acquisition cost.

Dry Bulk

1
BW Japan
Kamsarmax . 81,609 dwt . 2019 . Tsuneishi Cebu, Philippines . Scrubber fitted. Eco Modern. SS due 05/2029. DD due 05/2027
$38.2m
AXIA 54
Clients of Great Eastern Shipping (Indian)
2
Osaka Star
Kamsarmax . 84,947 dwt . 2016 . Sasebo HI, Japan . Eco Modern M/E. Wide beam
~$33.25m
AXIA 50
Undisclosed
3
Daebo Gladstone
Kamsarmax . 81,399 dwt . 2013 . Hyundai Samho, South Korea . DD due
$21.0m
AXIA 63
Undisclosed
4
CK Venture
Kamsarmax . 82,269 dwt . 2012 . Dalian Shipbuilding, China . Eco M/E
~$19.5m
AXIA 66
Undisclosed
5
King Loong
Panamax . 77,430 dwt . 2006 . Oshima Shipbuilding, Japan . SS/DD passed June 2026. New benchmark
$13.0m
AXIA 0
Chinese
6
Sea Orion
Panamax . 76,602 dwt . 2005 . Imabari Shipbuilding, Japan . Delivery October 2026 Singapore-Japan range. New benchmark
$11.5m
AXIA 0
Undisclosed
7
Dolphin 76
Panamax . 74,133 dwt . 2002 . Namura Shipbuilding, Japan
$7.85m
AXIA 31
Chinese
8
Aeriko
Ultramax . 63,351 dwt . 2013 . Yangzhou Dayang, China . Eco M/E
$24.0m
AXIA 54
Undisclosed
9
Indigo Breeze
Ultramax . 60,430 dwt . 2017 . Mitsui Shipbuilding, Japan . Eco M/E. SS/DD due 02/2027
$30.5m
AXIA 54
Greek
10
Sky Knight
Supramax . 58,078 dwt . 2012 . SK Onishi (Shin Kurushima), Japan . 4 x 30.5t cranes. Call for bids 8 Sep
$21.5m
AXIA 48
Undisclosed
11
Ipsea Colossus
Supramax . 58,818 dwt . 2011 . Kawasaki HI, Japan . 4 x 30.5t cranes. Sister to Stenia Colossus
~$20.5-21m
AXIA 46
Undisclosed
12
Desert Spring
Supramax . 57,437 dwt . 2012 . HMD, South Korea . 4 x 30t cranes. SS/DD due 01/2027
$17.9m
AXIA 59
Undisclosed
13
Luzon
Supramax . 55,657 dwt . 2010 . Mitsui SB (Tamano), Japan . 4 x 30t cranes. SS/DD due 12/2025
$18.2m
AXIA 49
Undisclosed
14
Er Nazire
Supramax . 56,716 dwt . 2010 . COSCO Guangdong, China . 4 x 30t cranes
$14.5m
AXIA 64
Undisclosed
15
Vela
Supramax . 53,565 dwt . 2007 . Nam Trieu, Vietnam . 4 x 36t cranes. Diamond 53 type
~high $10m
AXIA 64
Undisclosed
16
Boston Harmony
Handysize . 38,561 dwt . 2015 . Shin Kurushima, Japan . 4 x 30t cranes. New benchmark
$23.0m
AXIA 40
Greek
17
Ultra Tatio
Handysize . 37,927 dwt . 2016 . Shimanami, Japan . Eco M/E. SS/DD due 10/2026
$22.0m
AXIA 51
Undisclosed
18
Crimson Wyoming
Handysize . 33,117 dwt . 2015 . Kanda Zosensho, Japan . 4 x 30t cranes. Open hatch/box shaped. New benchmark
$18.0m
AXIA 58
Greek
19
Highland
Capesize . 174,092 dwt . 2006 . Shanghai Waigaoqiao, China
$25.0m
AXIA 37
Chinese
20
NBA Viva
Panamax . 75,026 dwt . 2010 . Jinglu Shipyard, China
$15.5m
AXIA 41
Undisclosed

Tankers

1
Sea Leopard
VLCC . 314,000 dwt . 2011 . DSME, South Korea
$135m
AXIA 48
Undisclosed
2
Kallista
VLCC . 317,441 dwt . 2010 . HD Hyundai HI, South Korea . Scrubber fitted. SS/DD due 02/2030
$132m
AXIA 51
Undisclosed
3
Ashoka
VLCC . 302,550 dwt . 2010 . Universal Shipbuilding, Japan . Scrubber fitted. SS due 03/2030
$130m
AXIA 52
UAE (clients of Onex)
5
Hedda Knutsen
Suezmax . 154,348 dwt . 2024 . COSCO, China . Epoxy. 3 pumps. SS due 10/2029. DD due 10/2027
$113m
AXIA 51
Norwegian
6
Stella
Suezmax . 164,714 dwt . 2011 . HD Hyundai HI, South Korea . SS due 04/2031. DD due 05/2029
$80m
AXIA 46
Singapore-based
7
Evridiki
Suezmax . 167,294 dwt . 2007 . HD Hyundai HI, South Korea . En bloc with Orpheas. SS/DD due 01/2027
$68m each
AXIA 39
UAE (clients of Onex)
8
Kos
Aframax . 115,026 dwt . 2025 . Shanhaiguan, China . Scrubber fitted. Epoxy. 3 pumps. SS due 06/2030
$95m
AXIA 51
Greek
9
Green Adventure
Aframax . 114,319 dwt . 2022 . COSCO, China . 3 pumps. SS due 09/2027
$83m
AXIA 53
Greek
10
Marlin Hera
Aframax . 74,198 dwt . 2017 . Sungdong SB, South Korea . En bloc with Marlin Hestia. Epoxy. 12 pumps. SS due 05/2027
$49m each
AXIA 70
Undisclosed
11
PS Amalfi
LR2 . 108,958 dwt . 2010 . Hudong Zhonghua, China . DPP trading. 14 epoxy tanks. 3 pumps. SS due 06/2030
$45m
AXIA 43
Chinese
12
Xi Xiu
VLCC . 299,996 dwt . 2003 . Samsung HI, South Korea . SS due 01/2028. DD due 08/2026
$61m
AXIA 78
UAE or Greek
13
Dennie
VLCC . 308,491 dwt . 2000 . HD Hyundai HI, South Korea . DD due 11/2026
$40m
AXIA 91
UAE (clients of Onex)
Signal summary
A very active week with 32 recorded S&P transactions — 20 in dry bulk and 12 in tankers. Tanker activity was dominated by an unprecedented surge in VLCC earnings to record levels following Middle East pipeline disruption. UAE-based buyers (clients of Onex) were the most active VLCC purchasers, acquiring Ashoka ($130m), Xi Xiu ($61m, jointly with Greek interests) and Dennie ($40m), alongside a Suezmax pair (Evridiki and Orpheas) en bloc at $68m each. The VLCC Sea Leopard fetched the week’s highest tanker price at $135m, while newer scrubber-fitted units — Kallista and Ashoka — commanded $130-132m. In dry bulk, the benchmark BW Japan Kamsarmax sale at $38.2m set a new high for scrubber-fitted 2019-built tonnage, while Panamax prices remained anchored in the $8-13m range for 2002-2006-built Japanese units. Greek buyers were active across Handysize and Ultramax segments, and two Panamax benchmark sales were noted for older Japanese-built units. Indonesian coal supply constraints are beginning to drive rerouting activity and provide support to longer-haul Pacific demand, particularly for Panamax-sized vessels.

Price Drivers

Why are vessel prices moving this way this week? Newbuilding vs 5yr and 15yr secondhand analysis per segment — Week 38.

Capesize 180k
DRY BULK · Iron Ore / Coal
NB Newbuilding
$76.0m → +0.00% week-on-week
  • 1newbuild price for 182k dwt Capesize confirmed at $76.0m for fresh Chinese yard order with 2029 delivery, unchanged from the prior week trajectory but 3-month trend positive at +0.4%.
  • 2Newbuild orderbook for Capesize stands at 17.6% of the fleet, with 344 vessels on order for delivery through 2028+, limiting near-term supply pressure despite elevated demand.
  • 3Average spot earnings for eco Capesizes eased 7-8% week-on-week to ~$47,982/day as Pacific routes weakened, though Atlantic routes remained firmer, keeping newbuild appetite supported.
5YR 5yr Secondhand
$75.0m ↑ +1.35% week-on-week
  • 1Five-year-old 182k dwt eco Capesize price steady at $75.0m per the published price table, reflecting a 3% three-month appreciation trend.
  • 2The 5-year-old price is effectively at parity with newbuild, a rare condition that signals strong secondhand demand and limited willingness to discount premium modern tonnage.
  • 3Period rates for 1-year TC at $41,000/day for eco Capesize provide attractive earnings yield against the acquisition cost, supporting owner confidence in secondhand pricing.
SH 15yr Secondhand
$39.0m ↑ +2.63% week-on-week
  • 1The 15-year-old Capesize (180k dwt) is indicated at $39.0m, up 3% over the three-month period, reflecting strong investor appetite even for older tonnage amid the current cycle.
  • 2The Highland (174k dwt, built 2006, Shanghai Waigaoqiao) sold at $25m to Chinese interests this week — illustrating that a ~20-year-old Capesize fetches around $25m, contextualising the 15-year benchmark.
  • 3The gap between 15-year-old ($39m) and 5-year-old ($75m) pricing is roughly $36m, representing a meaningful age discount that buyers of older tonnage are willing to pay for immediate cash-flow generation in a strong freight market.
Kamsarmax 82k
DRY BULK · Grain / Coal
NB Newbuilding
$38.5m → +0.00% week-on-week
  • 1Newbuild price for 83k dwt Kamsarmax confirmed at $38.5m, up 2.4% on a three-month trend basis, with Chinese yards quoting for 2029 delivery slots.
  • 2The BW Japan sale at $38.2m for a 2019-built scrubber-fitted unit effectively validates that secondhand resale prices are converging with fresh newbuild quotes, a strong signal of underlying demand.
  • 3Kamsarmax 5-year TC period market at $15,850/day (5-year) and $19,475/day (1-year) provides respectable earnings cover against the $38.5m acquisition cost.
5YR 5yr Secondhand
$42.0m → +0.00% week-on-week
  • 1Five-year-old 82k dwt Kamsarmax price has surged to $42.0m, a 6% three-month gain, driven by active Asian buying and the scrubber premium on modern units.
  • 2The Osaka Star (84,947 dwt, 2016 Sasebo, eco modern) sold at approximately $33.25m, consistent with the 8-10 year age bracket pricing, while the BW Japan 2019-built achieved $38.2m confirming the 5-year bracket.
  • 3Forward FFA Cal 27 for Kamsarmax at $18,175/day provides a reasonable floor for buyers underwriting acquisitions at current price levels.
SH 15yr Secondhand
$22.5m → +0.00% week-on-week
  • 1The 15-year-old Kamsarmax 82k dwt is indicated at $22.5m per the published price table, up 8% on a three-month basis, reflecting strong appetite from Asian and Middle Eastern buyers for older but functional geared/gearless Kamsarmax tonnage.
  • 2The CK Venture (82,269 dwt, 2012 Dalian, eco) sold at $19.5m — a 2012-built (~14 years old) — illustrating pricing just below the 15-year benchmark, consistent with the published indication.
  • 3Indonesian coal supply disruption and rerouting to longer-haul Australian origins supports tonne-mile demand for this size, providing fundamental justification for sustained secondhand values.
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
$22.0m → +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.
Ultramax 63k
DRY BULK · Grain / Minor Bulk
NB Newbuilding
$35.5m → +0.00% week-on-week
  • 1Newbuild price for 63k dwt Ultramax confirmed at $35.5m per published table, up 2.7% on a three-month trend, reflecting robust demand for eco geared bulk carriers from Greek, European and Asian owners.
  • 2The Elisabetta (2026-built, 66,000 dwt) was fixed on a 6-8 month charter at $23,500/day prompt from Zhoushan, confirming that new eco Ultramax designs command strong period rates immediately upon delivery.
  • 3Average Ultramax spot earnings at $27,920/day (eco 2015-built) remain well above operating costs, supporting newbuild economics at current yard prices.
5YR 5yr Secondhand
$39.0m → +0.00% week-on-week
  • 1Five-year-old eco Ultramax (63.5k dwt) price at $39.0m, up 3% over three months, with the Indigo Breeze (60,430 dwt, 2017 Mitsui Japan) sold at $30.5m this week providing a reference for a 9-year-old Japanese eco unit — at a meaningful discount to the 5-year benchmark.
  • 2The Aeriko (63,351 dwt, 2013 Yangzhou Dayang, eco) sold at $24m — a 13-year-old Chinese-built eco Ultramax — illustrating the age-to-price curve and confirming the $39m 5-year level is well-supported.
  • 3One-year TC rate for Ultramax 61k at $19,500/day versus 5-year acquisition cost of $39m implies a cash-on-cash yield that remains attractive at current secondhand levels.
SH 15yr Secondhand
$21.0m → +0.00% week-on-week
  • 1AXIA estimate: No 15yr quote available this week — extrapolated from the 5yr ($39.0m) → 10yr ($30.0m) slope.
  • 2The Er Nazire (56,716 dwt, 2010 COSCO China) sold at $14.5m — a Chinese-built 16-year-old Supramax — contextualising the significant premium that Japanese construction commands at the 15-year mark.
Supramax 58k
DRY BULK · Minor Bulk / Grain
NB Newbuilding
$32.0m → +0.00% week-on-week
  • 1Newbuild prices for Supramax (56-58k dwt) remain broadly flat as ordering activity is concentrated in the larger Ultramax design; most new orders placed in this size band are for 63-64k dwt eco Ultramax rather than traditional 58k Supramax.
  • 2Average Supramax earnings at $23,500/day (trip charter) remain firm, supporting owner sentiment and period TC activity in the $17,500/day range for 1-year contracts.
  • 3The segment's orderbook remains manageable, with Handymax (45-70k dwt) orders representing 13.6% of the fleet at 568 vessels.
5YR 5yr Secondhand
$34.0m → +0.00% week-on-week
  • 1Five-year-old Supramax pricing is stable around $34m indicatively; however, the most actively traded comparable this week was the Sky Knight (58,078 dwt, 2012 SK Onishi Japan) at $21.5m for a 14-year-old unit.
  • 2The Ipsea Colossus (58,818 dwt, 2011 Kawasaki Japan) was rumoured sold at $20.5-21m, confirming consistent pricing for 2011-2012 Japanese Supramax in the low-to-mid $20m range.
  • 3USG/Cont trip charter rate at $34,000/day and ECSA/Cont at $24,000/day provide solid Atlantic earnings support for owners maintaining period coverage.
SH 15yr Secondhand
$19.5m → +0.00% week-on-week
  • 1The 15-year-old Supramax (56k dwt) is indicated at $19.5m per, up 6% on a three-month basis, consistent with the Desert Spring (57,437 dwt, 2012 HMD Korea) selling at $17.9m for a 14-year-old Korean-built unit with surveys due.
  • 2The Luzon (55,657 dwt, 2010 Mitsui Japan) sold at $18.2m for a 16-year-old Japanese unit, slightly below the 15-year benchmark of $19.5m, reflecting age but also confirming Japanese construction commands a premium at any age.
  • 3The Stenia Colossus (58,731 dwt, 2011 Kawasaki) sold in excess of $20m on 7 September, providing a near-identical reference to the Ipsea Colossus transaction this week.
Handysize 38k
DRY BULK · Agricultural / Minor Bulk
NB Newbuilding
$31.0m → +0.00% week-on-week
  • 1Newbuild price for 40k dwt Handysize confirmed at $31.0m per, up 1.6% on a three-month trend, with Japanese yards commanding premium pricing for modern geared designs.
  • 2Average Handysize earnings (38k eco) jumped 11% week-on-week to $17,667/day, the strongest recent performance, with USEC-USG/Cont surging 26% on end-September cargo demand.
  • 3The BHSI closed at 980 points — the highest level of the recent BDI reporting period — confirming relative outperformance of the Handysize segment this week.
5YR 5yr Secondhand
$31.0m → +0.00% week-on-week
  • 1Five-year-old 38k dwt eco Handysize held at $31.0m, unchanged on the week, with Japanese-built geared tonnage continuing to attract active demand from Greek and European buyers.
  • 2The Boston Harmony (38,561 dwt, 2015 Shin Kurushima Japan) sold at $23m to Greek buyers this week — an 11-year-old vessel confirming pricing well above the 15-year benchmark, illustrating the premium Japanese construction holds.
  • 3The IVS Kestrel (32,768 dwt, 2014 Kanda Japan, open hatch) was rumoured at $17m, reflecting box-shaped design characteristics and slightly smaller size at a modest discount.
SH 15yr Secondhand
$13.0m → +0.00% week-on-week
  • 1The 15-year-old Handysize (33k dwt) held at $13.0m, unchanged on the week; the Crimson Wyoming (33,117 dwt, 2015 Kanda Japan) sold at $18m — a new benchmark for this specific open-hatch box design that carries a premium over standard Handysize.
  • 2The Ultra Tatio (37,927 dwt, 2016 Shimanami Japan, eco) sold at $22m basis surveys due, confirming that 10-year-old Japanese eco Handysize fetches well above the $13m 15-year indicator.
  • 3Handysize scrapping activity remains low at 0.8m dwt year-to-date, with fleet growth of 8.5% in the orderbook for 10-45k dwt vessels providing a modest supply headwind beyond 2026.
VLCC 300k
TANKER · Crude Oil
NB Newbuilding
$131.0m → +0.00% week-on-week
  • 1Newbuild price for 320k dwt VLCC confirmed at $131.0m per, up 0.3% on a three-month basis, with Korean and Chinese yards quoting for 2028-2029 delivery slots in high demand.
  • 2Contracting activity for oil tankers YTD stands at 535 vessels — 53% above last year's pace — with VLCC orders up sharply as owners seek to lock in newbuild slots amid surging earnings expectations.
  • 3The 1-year VLCC TC rate at $178,500/day (scrubber) reflects unprecedented market conditions driven by the Middle East conflict and Saudi pipeline disruption, far exceeding the long-run average and supporting aggressive newbuild economics.
5YR 5yr Secondhand
$169.0m ↑ +4.32% week-on-week
  • 1Five-year-old VLCC price at $169.0m, up 13% on a three-month basis, represents an extraordinary appreciation from $120m at end-2025, driven by the current earnings surge and Middle Eastern buyer appetite.
  • 2The Ashoka (302,550 dwt, 2010 Universal Japan, scrubber) sold at $130m — a 16-year-old vessel — providing context: buyers paid $130m for a 2010-built unit versus $169m for a 5-year-old, reflecting the extreme market premium on modern eco tonnage.
  • 3The Kallista (317,441 dwt, 2010 Hyundai Korea, scrubber) sold at $132m, confirming that 2010-built scrubber-fitted VLCCs command ~$130-135m in the current environment.
SH 15yr Secondhand
$112.0m ↑ +2.75% week-on-week
  • 1The 15-year-old VLCC (300k dwt) is indicated at $112.0m, up modestly on the week — an extraordinary valuation for an ageing asset that reflects the crisis-driven demand surge.
  • 2The Nissos Heraclea (313,525 dwt, 2009 HHI Korea, scrubber), sold at $112m in Week 37, continues to exactly match the published 15-year indicator, confirming the data point.
  • 3The Dennie (308,491 dwt, 2000 Hyundai Korea) sold at $40m — a 26-year-old VLCC — illustrating the very wide age-to-price spread and confirming that even vintage tonnage commands elevated prices in the current market.
Suezmax 160k
TANKER · Crude Oil
NB Newbuilding
$113.0m ↑ +25.56% week-on-week
  • 1Newbuild price for 157k dwt Suezmax confirmed at $90.0m per, up 0.6% on three months, with Korean yards leading in specification and delivery reliability for this segment.
  • 21-year Suezmax TC at $130,000-132,000/day (scrubber) provides exceptional earnings cover against the $90m newbuild acquisition cost, driving high owner interest in ordering.
  • 3Suezmax earnings surged on the Fujairah-WC India route to WS 975 (+330 points week-on-week), with owners capitalising on VLCC stem-splitting and robust eastbound crude flows.
5YR 5yr Secondhand
$116.0m ↑ +4.50% week-on-week
  • 1Five-year-old 160k dwt eco Suezmax price reached $116.0m, up 14% over three months, with the Hedda Knutsen (154,348 dwt, 2024 COSCO China) selling at $113m — a near-new vessel that serves as the closest proxy to the 5-year indicator.
  • 2The Stella (164,714 dwt, 2011 HHI Korea) sold at $80m for a 15-year-old unit, contextualising the $116m 5-year benchmark and confirming a roughly $36m age discount over 10 years.
  • 3Three-year Suezmax TC at $70,000-72,250/day (scrubber) provides a strong underwriting basis for secondhand acquisitions at current price levels.
SH 15yr Secondhand
$73.0m ↑ +2.82% week-on-week
  • 1AXIA estimate: no 15yr quote available this week — extrapolated from the 5yr ($116.0m) → 10yr ($96.0m) slope, giving $73.0m.
  • 2The 15-year-old Suezmax (approximate 160k dwt) is estimated at $68m based on the Evridiki and Orpheas (167,294-167,282 dwt, 2007 Hyundai Korea) en bloc sale at $68m each — 19-year-old vessels sold this week, suggesting the 15-year benchmark is well above this level.
  • 3Middle Eastern buyers (clients of Onex) were the most active Suezmax purchasers this week, acquiring the en bloc pair of 2007-built Suezmaxes at $68m each — highlighting the extraordinary depth of demand for crude tanker tonnage at all ages.
Aframax 115k
TANKER · Crude Oil
NB Newbuilding
$95.0m ↑ +25.83% week-on-week
  • 1Newbuild price for 115k dwt Aframax confirmed at $72.0m per, up 1.1% on three months, with Korean yards dominating order intake for this segment given their expertise in LR2/Aframax designs.
  • 21-year Aframax TC at $75,000/day and LR2 (scrubber) at $76,500/day provide strong earnings support for newbuild economics at the current $72m price point.
  • 3Aframax average earnings (eco 2015-built) rose 18% week-on-week to $183,691/day, with UKC-UKC surging 40% to WS 310 on Atlantic basin momentum.
5YR 5yr Secondhand
$85.0m → +0.00% week-on-week
  • 1Five-year-old 115k dwt eco Aframax indicated at $85.0m, up 5% on three months; the Kos (115,026 dwt, 2025 Shanhaiguan China, scrubber) sold at $95m — a near-new vessel — confirming that very modern scrubber-fitted Aframax commands a significant premium above the standard 5-year benchmark.
  • 2The Green Adventure (114,319 dwt, 2022 COSCO China) sold at $83m — a 4-year-old unit — providing the closest comparable to the 5-year indicator and confirming the $85m level.
  • 3Three-year Aframax TC at $44,500/day underpins period market confidence and provides cover for buyers underwriting acquisitions at $85m.
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, giving $60.0m, unchanged on the week.
  • 2The PS Amalfi (108,958 dwt, 2010 Hudong China, DPP/LR2) sold at $45m — a 16-year-old Chinese-built LR2 trading on the clean/DPP platform, priced below the dirty Aframax 15-year benchmark reflecting its product-tanker employment.
  • 3The Martini (69,431 dwt, 2006 Daewoo-Mangalia Romania) sold at $19.5m as a DPP trader — a 20-year-old smaller product tanker — providing a floor reference for vintage tonnage.
MR2 50k
TANKER · Clean Products
NB Newbuilding
$52.0m → +0.00% week-on-week
  • 1Newbuild price for 51k dwt MR tanker confirmed at $52.0m per, up 2.0% on three months, driven by strong ordering activity including Asyad Shipping exercising options for 2 x 49,999 dwt MRs at HD Hyundai (Medium) for 2029 delivery.
  • 21-year MR TC at $31,500/day reflects solid period demand for modern eco MR tonnage, though this is below the extraordinary earnings seen in crude tanker segments.
  • 3Total MR ordering YTD stands at 535 for all product tankers, with the MR segment remaining the most active sub-sector of product tanker contracting.
5YR 5yr Secondhand
$50.0m → +0.00% week-on-week
  • 1Five-year-old 51k dwt MR price at $50.0m, down 3% on three months, represents a modest softening relative to peak levels, with product tanker earnings under some pressure as MR spot rates in UKC-USAC declined sharply earlier this quarter.
  • 2The Jocelyn Glory (49,700 dwt, 2023 built) was fixed on a 6-month TC at $30,000/day from UKC and separately on a 5-year TC at $23,000/day, showing the wide spread between short and long period rates.
  • 3MR clean average earnings (eco 2015-built) at $39,341/day remain healthy and up 10% week-on-week, though significantly below the VLCC/Suezmax earnings explosion.
SH 15yr Secondhand
$27.0m → +0.00% week-on-week
  • 1The 15-year-old MR (50k dwt) is indicated at $27.0m per, down 4% on three months, reflecting the relative underperformance of product tankers versus crude in the current Middle East-driven market.
  • 2No directly comparable 15-year-old MR sales were reported this week; the Minerva Rita (50,922 dwt, 2005 STX Jinhae) sold in late July at $16.2m — a 21-year-old Korean-built IMO II MR — contextualising the very low end of the market for vintage MR tonnage.
  • 3The Gran Couva (47,128 dwt, 2008 HD Hyundai Mipo) sold on 7 September at $19.25m as an IMO III unit, illustrating ~18-year-old product tanker pricing and providing a reference bracket below the 15-year indicator.

Freight Rates

1-Year Time Charter Period Rates — $/day
Dry Bulk
Vessel type 1yr TC WoW WoW
Capesize 182k eco$41,000$2,0004.65% WoW
Kamsarmax 82k$19,475$5252.62% WoW
Panamax 76k$18,500$2501.33% WoW
Ultramax 63k$19,5000+0.00% WoW
Supramax 58k$17,5000+0.00% WoW
Handysize 38k$17,000+$500+3.03% WoW
Tankers
Vessel type 1yr TC WoW WoW
VLCC 310k (scrubber)$178,500+$20,500+12.97% WoW
Suezmax 150k (scrubber)$132,000+$26,250+24.82% WoW
Aframax 110k$75,000-$15,000-16.67% WoW
LR2 110k (scrubber)$76,5000+0.00% WoW
MR 50k$31,500+$2,500+8.62% WoW
Key Spot Routes
Dry Bulk — Spot
Route Rate WoW
ore Tubarao - Qingdao$50,087Steady
coal Bolivar - Rotterdam$51,868Softening
coal USG - Rotterdam$19,545Softening
grain USG - N. China$37,499Softening
baux.Guinea - Yantai$49,497Steady
ore Tubarao - Rotterdam$18,610Softening
Tankers — Spot
Route Rate WoW
TD3C MEG – China (VLCC 270k)$1,212,503/dayFirming
TD20 West Africa – UK Continent (Suezmax 130k)$238,500/dayFirming
Aframax basket, Med / Caribs / US Gulf (Aframax 80k)$143,233/dayFirming
TC17 MEG – East Africa (MR 35k)$90,500/dayFirming

Ship Financing

Current lending conditions, LTV ratios, and financing market intelligence — Week 38, September 2026.

SOFR 3M
3.85%
As of September 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 38
→ 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.
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Market-focused Tracks dry bulk, tanker and wider shipping market developments with emphasis on asset values.

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