Week 20 · May 11–18, 2026
Weekly Market Report · Issue 20
AXIA.
Shipping Intelligence

Dry Bulk · Tankers · S&P Markets · Newbuildings · Freight
Week 20 · May 11–18, 2026

3,092
Baltic Dry Index
$43,413
Capesize TC/day
$22,691
Panamax TC/day
17
S&P Transactions
$109
Brent $/bbl

Baltic Indices

BDI
Baltic Dry Index
3,092
+3.0% WoW
+79% YoY
BCI
Capesize Index
5,013
+4.4% WoW
+195% YoY
BPI
Panamax Index
2,511
+12.9% WoW
+70% YoY
BSI
Supramax
1,565
+2.8%
WoW
BHSI
Handysize
850
+2.0%
WoW
BDTI
Dirty Tanker
2,375
-7.7%
WoW
BCTI
Clean Tanker
1,726
-6.8%
WoW

S&P Transactions

⭐ Deal of the Week — Best Value
Ken Orchid
Handysize 28,225 dwt · Built 2011 · 15 years old · I-S Shipyard, Japan
Asking price
$10.0m
Benchmark
$13.0m
Discount
−23.1%
vs Newbuilding
−66.7%
Buyers
Undisclosed
Est. Payback
~5.8 yr
Why it stands out: Asking price $10.0m vs market benchmark $13.0m — a 23.1% discount to fair value. At current Handysize TC rates ($15,000/day) with 92% utilization, the vessel is cash-generative with sub-6 year payback. Asia tonnage supply remains tight, supporting near-term employment.

Dry Bulk

1
Pigassos
Capesize 176,364 dwt · 2011 · Shanghai Waigaoqiao
$31.70m
Chinese
✓ Value −13.2%
2
Nord Polaris
Kamsarmax 81,791 dwt · 2016 · Tsuneishi Cebu · ECO ME
$28.25m
Blumenthal
→ Fair +0.5%
3
Moana
Kamsarmax 82,000 dwt · 2026 · Yizheng Yangzi · Resale
$36.50m
Undisclosed
✓ Value −14.1%
4
Huayang Rose + Lily
Ultramax 63,562/553 dwt · 2016 · China Shipping · En bloc
$50.40m
Chinese
✓ Value −10.0%
5
Sumaq Queen
Supramax 51,052 dwt · 2017 · Imabari · OHBS
$25.00m
Greek
→ Fair −9.4%
6
Joy
Kamsarmax 81,096 dwt · 2019 · Chengxi Jiangyin
$31.00m
Undisclosed
→ Fair −7.3%
7
Sety
Supramax 55,753 dwt · 2010 · IHI Marine United
$16.50m
Undisclosed
⚠ Premium +12.1%
8
Jalma Topic
Supramax 51,966 dwt · 2006 · Tsuneishi Cebu
>$12.00m
Undisclosed
⚠ Premium +25%
9
Ken Orchid
Handysize 28,225 dwt · 2011 · I-S Shipyard
$10.00m
Undisclosed
✓ Value −23.1%

Tankers

1
Hengli Dalian
VLCC 306,000 dwt · 2026 · Hengli Shipbuilding · Ex-yard
$163.00m
Trafigura
⚠ +25% vs NB
2
High Tide
MR2 51,768 dwt · 2012 · Hyundai Mipo · Fwd delivery
$28.45m
Precious Shipping
→ Fair −6.1%
3
Horizon Syros + Andros
MR2 50,000 dwt · 2026/27 · Zhoushan Changhong · En bloc
$51.00m
Danish
→ At NB price
4
Royal Jasmine
MR2 53,148 dwt · 2008 · Guangzhou · SS Jul 2028
$20.80m
Turkish
✓ Value −2.3%
5
MTM Hamburg
Handy Tanker 20,564 dwt · 2008 · Kitanihon
$17.00m
Undisclosed
✓ Value −20.1%
Signal summary
Dry bulk activity firm with multiple en-bloc transactions. Chinese buyers dominating eco-design Ultramax and Kamsarmax acquisitions. Tanker market seeing VLCC premiums driven by Hormuz disruption. Best value overall in smaller Handysize and MR2 segments.

Price Drivers

Why are vessel prices moving this way this week? Newbuilding vs 10–15 year secondhand analysis per segment.

🚢 Capesize 180k
DRY BULK · Iron Ore / Coal
📦 Newbuilding
$75.5m ↑ +2% YoY
  • 1BCI at 5,173 (+195% YoY, $41,438/day) — extraordinary earnings justify NB prices; long-term iron ore contracts driving investment
  • 2Simandou (Guinea) 1.82m mt exported in April — creates 20-year tonne-mile demand narrative for Guinea→China route
  • 3Chinese yards fully booked through 2028–29; slot scarcity pushing prices upward
  • 4EEXI/CII regulations making old Capes uncompetitive — owners paying premium for LNG-ready eco-designs
🔄 10–15yr Secondhand
$54.5m ↑ +22% vs 2024
  • 1BCI earnings ($41k+/day) make 10–15yr Capes highly cash-generative — buyers pricing 2–3yr payback
  • 2Brazil→China C3 at $36–37/mt; WA→China at $15/wmt — strong route demand creates valuation floor
  • 3Risk factor: China April crude steel at 8-year low (83.63m tons) — limits upside for older Cape values
🚢 Kamsarmax 82k
DRY BULK · Grain / Coal
📦 Newbuilding
$37.0m → −0.4% YoY
  • 1Peak Brazil soybean season (Feb–Jul) — Brazil→China flows +11% YoY to 16.1m mt Jan–Apr 2026; primary employment driver
  • 2Trump-Xi $17bn farm deal: limited direct soybean upside — China maintaining 59% Brazil / 28% US split
  • 3Orderbook at 12.22% of fleet — manageable; yards pricing flat vs 2024 with no capacity scarcity
🔄 10–15yr Secondhand
$28.1m ↑ +14% vs 2024
  • 1Nord Polaris (2016) sold to Blumenthal at $28.25m — institutional confidence confirms floor at benchmark level
  • 2Scrubber-fitted vessels commanding $3–5m premium over non-scrubber equivalents
  • 3Post-March sanitary episode: inspection clauses and certification timing now factored into Brazil-China stems
🚢 Ultramax 63k
DRY BULK · Grain / Minor Bulk
📦 Newbuilding
$34.0m ↑ +1.6% YoY
  • 1Highest orderbook risk at 25% of fleet — large delivery wave 2026–28 is primary price pressure concern
  • 2Modern eco-Ultramaxes (2022+) with scrubbers achieving $30,000–35,000/day ECSA fronthaul — 75% premium vs older vessels
  • 3Versatility premium: 4×30–35t cranes open access to minor bulk terminals unavailable to gearless Kamsarmax
🔄 10–15yr Secondhand
$28.0m ↑ +21% vs 2024
  • 1Huayang Rose/Lily (2016, 63k) sold en bloc at $50.4m ($25.2m each) — confirms eco-vessels hold value well at 10yr
  • 22016 builds typically rated B–C under CII 2026 — not yet at operational risk, charterer acceptance maintained
  • 3Large orderbook ceiling: 2026–27 deliveries will add supply pressure — buyers pricing in competition from new eco-units
🚢 Supramax 58k
DRY BULK · Minor Bulk / Grain
📦 Newbuilding
$32.0m ↑ +6.7% YoY
  • 1Orderbook only 6.06% of fleet — lowest among dry bulk segments; mostly replacement ordering keeping prices stable
  • 2Indian Ocean support: Richards Bay coal, Mina Saqr limestone, Persian Gulf business provide steady employment floor
  • 3ECSA fronthaul premium: West Africa→ECSA→China at $18,000–23,000/day supporting NB investment viability
🔄 10–15yr Secondhand
$26.0m ↑ +12% vs 2024
  • 1Sety (2010, 55k) sold at $16.5m — 16yr vessel at +12.1% above benchmark signals continued demand for older Supras
  • 2India West Coast monsoon approaching (June onset) — buyers pricing in seasonal slowdown; WCI rates softening
  • 3Pakistan demolition market bullish ($465/LDT) — ~$4.1m scrap value provides solid floor for 20yr+ vessels
🚢 Handysize 38k
DRY BULK · Agricultural / Minor Bulk
📦 Newbuilding
$30.0m ↑ +1.2% YoY
  • 1Lowest orderbook of all segments at 2.78% — structural supply constraint; Norden acquiring 4×40k resales at $30.5m each
  • 2Highest utilization rate (92%) of dry bulk fleet — tight tonnage availability supports NB economics for Pacific owners
  • 3Niche trade resilience: fertilizers, scrap, forest products less exposed to China macro risk than larger sizes
🔄 10–15yr Secondhand
$23.0m ↑ +28% vs 2024
  • 1Ken Orchid (2011) sold at $10m — 23.1% below benchmark; market penalising age and DD timing heavily
  • 2Strong geographic split: Asia vessels earning $17,000/day vs Europe at $6,000–7,000/day — 2.5× differential
  • 32010–2011 builds at 15–16yr: remaining useful life 8–10yr limits upside — buyers pricing scrap + discounted earnings
🛢 VLCC 300k
TANKER · Crude Oil
📦 Newbuilding
$130.5m ↑ +4% YoY
  • 1Hormuz closure: 14m+ bpd shut in, cumulative supply losses >1bn barrels — entire VLCC fleet rerouting via Cape of Good Hope
  • 2TCE at $220,361/day (+335% YoY) — PAN OCEAN ordering 4×320k at $131m each; Trafigura paid $163m for one NB (panic premium)
  • 3War risk driving owners toward newer vessels with better insurance terms — 2026 builds command strong premium
🔄 10–15yr Secondhand
$110.5m ↑ +32% vs 2024
  • 1At $220k+/day earnings, even 15yr VLCCs are highly profitable — all tonnage in demand regardless of age
  • 2CoGH routing adds 15–20 days voyage time — effectively absorbs fleet capacity and tightens available supply
  • 3Ceiling risk: If Hormuz reopens (IEA base case Q3 2026), VLCC values could retreat sharply from current peaks
🛢 Suezmax 160k
TANKER · Crude Oil
📦 Newbuilding
$89.0m ↑ +2% YoY
  • 1CPC/Black Sea explosion: TD23 MEG-Med at WS 639.7 (+627% YoY) — Kazakhstan/Caspian crude generating extraordinary earnings
  • 2West Africa rerouting — Nigeria/Angola crude now self-contained in Atlantic; firm rates at $138,340/day TD6-TCE
  • 3US Gulf / Guyana export growth maintaining steady demand independently of Hormuz crisis — diversified base supports NB investment
🔄 10–15yr Secondhand
$77.0m ↑ +26% vs 2024
  • 1TCE $109,747/day avg but fell 10.9% WoW — strong regional divergence; Black Sea firm, West Africa volatile
  • 22011–2016 builds broadly compliant for CII 2026 — charterer acceptance maintained, but efficiency gap vs modern vessels widening
  • 3War premium risk: values already at significant premium; if conflict resolves, correction likely for 10–15yr Suezmaxes
🛢 Aframax 115k
TANKER · Crude Oil / Dirty Products
📦 Newbuilding
$77.0m ↑ +2% YoY
  • 1Med/Black Sea specialisation — war-related rerouting of Libyan/Iraqi grades creating surge in Mediterranean Aframax demand
  • 2US Gulf/Caribbean active: TD9 Caribs-USG at WS 266.6 (+75% YoY) — US crude export program sustains Atlantic employment
  • 3Turkish Straits 2-day delays (both directions) — creates natural scarcity for well-positioned Aframax owners
🔄 10–15yr Secondhand
$66.0m ↑ +33% vs 2024
  • 1Worst performer this week: Aframax TCE fell 25% WoW to $63,098/day — Med-Med cross down 52.8% WoW; correction risk for SH values
  • 2STI Condotti (2014 LR2, scrubber) sold at excess $70m — confirms 5–10% scrubber premium even on 12yr vessels
  • 3Insurance complexity: Black Sea/Turkish Straits operations face elevated war risk; younger vessels preferred, discounting older fleet

Freight Rates

Capesize Key Routes
W. Australia → Qingdao
C5 · 170,000 mt
$15.01/wmt
−1.3% WoW
Tubarao → Qingdao
C3 · 150,000 mt
$36.80/mt
+3.6% WoW
BCI TC Average
5 routes
$43,413/day
+4.8% WoW
Panamax Key Routes
Transatlantic RV
P1 82k
$20,995/day
+25.5% WoW
Skaw-Gib → Far East
P2 82k fronthaul
$31,143/day
+11.7% WoW
BPI TC Average
5 routes
$22,691/day
+12.9% WoW
Tanker Key Routes
MEG → China VLCC
TD3C 270k mt
WS 447.5
−2.9% WoW
VLCC TCE Average
Time Charter Equiv.
$220,361/day
−5.3% WoW
Aframax TCE
Average all routes
$63,098/day
−25.0% WoW

Newbuilding Prices

Capesize 180k
$75.5m
↑ +2% YoY
Kamsarmax 82k
$37.0m
→ −0.4% YoY
Ultramax 63k
$34.0m
↑ +1.6% YoY
Handysize 38k
$30.0m
↑ +1.2% YoY
VLCC 300k
$130.5m
↑ +4% YoY
Suezmax 160k
$89.0m
↑ +2% YoY
Aframax 115k
$77.0m
↑ +2% YoY
MR2 50k
$50.0m
↑ +3% YoY