Week 45 · Oct 31 - Nov 6, 2026
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Week 45 · Oct 31 - Nov 6, 2026 · axia-snp.com
Weekly Market Report · Week 45
Shipping Intelligence

Week 45 · Oct 31 - Nov 6, 2026

2740
Baltic Dry Index
$34,550
Capesize 1yr TC/day*
$273,500
VLCC 1yr TC/day*
31
S&P Transactions
$98.29
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 45 · Oct 31 - Nov 6, 2026
Best relative value
MR2 mid-age secondhand
Mid-age Japanese MR2s: Virgen del Quinche (2010 Iwagi) sold at $26m, below the 2008-built Mayfair at $27m and about 18% under the age-adjusted MR2 level, while MR earnings held up better than crude (Baltic TC17 up $1,000 to $113,900/day).
Value screen
Most bankable asset
Kamsarmax 5yr eco
Five-year-old Kamsarmax eco vessels at $42m combine a modern electronic engine, broad charterer acceptance and a 1-year TC market at ~$17,750/day, keeping debt service ratios within standard bank covenants even at current elevated asset prices.
Financeable
Most overheated
VLCC secondhand
VLCC 5yr prices have surged to $220m against a newbuilding quote of $131.5m, implying a 67% premium for immediate delivery — a historically extreme ratio driven by extraordinary spot earnings above $500,000/day that are unlikely to persist if Middle East tensions ease.
Premium risk
Momentum
Capesize earnings and values
Capesize earnings firmed through the week: the Baltic 5TC closed at $39,395/day (+5.3% w-o-w) and the C8 transatlantic route reached $41,000/day. Five-year-old values rose to $77.5m and the 2019-built Nightsky sold at $73m to Greek buyers.
Watchlist
Key downside risk
Middle East ceasefire / Brent collapse
Brent fell 16.5% in a week to $98.29/bbl on ceasefire expectations, and crude tanker earnings dropped sharply: Baltic TD20 Suezmax -43% to about $224,500/day and the Aframax basket -58% to about $111,100/day. Suezmax asset prices still rose (5yr $150m, Fleves $110m), so values now look exposed if earnings keep falling.
Risk flag
AXIA view: Stance: cautious on crude tankers, selective in dry bulk and product tankers. Crude tanker earnings fell sharply this week (Baltic TD20 -43%, Aframax basket -58%, TD3C -3.1%) as Brent dropped to $98.29/bbl, yet crude tanker values kept rising (Suezmax 5yr $150m; Rising Sun 1 committed at region $126m). That gap between falling earnings and rising prices is the main risk. Dry bulk was steadier: the Capesize 5TC rose to $39,395/day and buyers paid firm prices for modern ships, while older Supramax and Handysize units traded at clear age discounts. Product tankers saw the most S&P activity, with MR prices holding up and MR earnings more stable than crude.

Baltic Indices

BDI
Baltic Dry Index
2740
+1.03%
WoW
BCI
Capesize Index
4191
+2.47%
WoW
BPI
Panamax Index
1956
+1.82%
WoW
BSI
Supramax
1824
-2.46%
WoW
BHSI
Handysize
1021
+0.59%
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 — Highest Single-Vessel Price
Rising Sun 1
VLCC. 297,439 dwt. 2005. Dalian New Shipbuilding, China. SS due 04/2030. DD due 04/2028. Committed, buyers undisclosed
Price
rgn $126m
AXIA Fair Value Score
56 · Market level
Largest deal by total value
CS Fujairah, CS Rotterdam, CS Houston, CS Singapore: 4 x rgn $53-55m (c. $212-220m)
Why it matters: A 21-year-old VLCC committed at region $126m is the highest single-vessel price this week and is above the $117m paid for the 2006-built Vadin in Week 43. It came in the same week that VLCC earnings started to fall: TD3C eased 3.1% to $1,303,616/day and Brent fell 16.5% to $98.29/bbl. Buyers are still paying for older crude tonnage at peak levels, so this deal shows how exposed old VLCC values are if earnings normalise. The largest deal by total value was the four 2026-2027-built Chengxi MR2s reported at region $53-55m each (c. $212-220m), two with time charters attached; the source does not confirm whether they were sold as one package.
◆ AXIA Value Pick — Best Fair Value Signal
Virgen del Quinche
MR2. 48,026 dwt. 2010. Iwagi, Japan. Pumproom type. Undisclosed buyers
Reported price
$26m
AXIA Fair Value Score
62 · Market level
Spec
Japanese built. 16 years old
Why it stands out: The Virgen del Quinche is two years younger than the 2008 HMD-built Mayfair ($27m) yet sold for $1m less, and about 18% below the age-adjusted MR2 level (around $31.9m). Part of the discount reflects the pumproom design (Mayfair has deepwell-type pumps) and a slightly smaller size. MR is the most liquid tanker segment, and MR earnings held up better than crude this week (Baltic TC17 up $1,000 to $113,900/day). Several older MRs score higher (2007-built Hansa Oslo, New Future and LS Neptune at 66-67, Ocean Thalia (2004) at 73), but the three 2007 ships all sold at the same $20-20.2m, so their scores reflect the age curve rather than a discount to comparable sales, and at 19-22 years old they are hard to finance. The Virgen del Quinche is the clearest discount against a direct comparable.

Dry Bulk — 10 transactions (11 vessels)

1
Nightsky
Capesize . 183,017 dwt . 2019 . Namura, Japan . Eco M/E (source: AXIA broker data)
$73m
AXIA 49
Greek
2
Delmax66
Ultramax . 66,565 dwt . 2026 . Tsuneishi Cebu, Philippines . Scrubber fitted. Everllence B&W 6S50ME-C9. Resale
$47m
AXIA 28
Bulgarian
3
Miao Zhou
Supramax . 58,595 dwt . 2013 . Kawasaki, Japan . CCS SS due 03/2031. 4 x 30.5t cranes. Scrubber fitted
rgn xs $23m
AXIA 57
Undisclosed
4
SW Mistral I
Supramax . 58,110 dwt . 2011 . Tsuneishi Zhoushan, China . RINA SS due 05/2031. 4 x 30t cranes. Sister of Kristinita
$20m
AXIA 53
Undisclosed
5
HV Alice
Supramax . 52,425 dwt . 2003 . Tsuneishi Cebu, Philippines . SS due 06/2028. 4 x 30t cranes + grabs
$9m
AXIA 61
Undisclosed
6
Icy Bay
Handysize . 37,570 dwt . 2017 . Shimanami, Japan . Eco M/E. 4 x 30.5t cranes (source: AXIA broker data)
$24m
AXIA 54
Undisclosed
7
Astro Castor
Handysize . 37,347 dwt . 2016 . AVIC, China . SS due 02/2031. 4 x 35t cranes
$21.5m
AXIA 53
Greek
8
Skyfall
Handysize . 34,987 dwt . 2012 . Shanghai Shipyard, China . SS due 08/2027. 4 x 30t cranes. Forward delivery March 2027
$11.5m
AXIA 67
Undisclosed
9
OBE Dinares
Handysize . 33,440 dwt . 2008 . Shin Kochi, Japan . NK SS due 11/2030. 4 x 30.5t cranes
rgn $12.4m
AXIA 19
Undisclosed
10
Paiwan Wisdom
Handysize . 31,967 dwt . 2010 . Hakodate, Japan . 4 x 30t cranes. Box-shaped, logs fitted. En bloc with Daiwan Wisdom
$11.75m each
AXIA 49
Umran Global (USA)
11
Daiwan Wisdom
Handysize . 31,833 dwt . 2010 . Hakodate, Japan . 4 x 30t cranes. Box-shaped, logs fitted. En bloc with Paiwan Wisdom
$11.75m each
AXIA 49
Umran Global (USA)
Tankers — 21 transactions (25 vessels)
1
Rising Sun 1
VLCC . 297,439 dwt . 2005 . Dalian New SB, China . SS due 04/2030. DD due 04/2028. Committed
rgn $126m
AXIA 56
Undisclosed
2
Fleves
Suezmax . 158,517 dwt . 2012 . Hyundai, South Korea . SS due 02/2027. Scrubber fitted. Prompt delivery UAE
rgn $110m
AXIA 52
UAE (clients of BGN Intl)
3
Haima
LR2 . 104,991 dwt . 2009 . Mitsui, Japan . SS due 03/2029. Epoxy coated. 3 pumps
$65m
AXIA 43
Greek
4
Raffles Harmony
LR2/Aframax . 105,405 dwt . 2013 . Hyundai, South Korea . Scrubber fitted. Trading CPP. Sold with T/C attached until Feb 2027
$60.5m
AXIA 60
Undisclosed
5
Aegean Harmony
Aframax . 115,824 dwt . 2007 . Samsung, South Korea . SS due 07/2027. Coiled
$55m
AXIA 49
Undisclosed
6
Kamome Victoria
LR1 . 74,908 dwt . 2011 . Minaminippon, Japan . SS due 11/2030. Epoxy coated
$39.5m
AXIA n/a
Greek
7
Albaro
LR1 . 74,999 dwt . 2007 . Brodosplit, Croatia
$24.4m
AXIA n/a
Greek
8
CS Fujairah
MR2 product/chemical . c. 50,000 dwt . 2026-2027 . Chengxi, China . MarineLINE. IMO II/III. Reported as a group of four. Delivered 2026, T/C attached
rgn $53-55m each
AXIA 48
Undisclosed
9
CS Rotterdam
MR2 product/chemical . c. 50,000 dwt . 2026-2027 . Chengxi, China . MarineLINE. IMO II/III. Reported as a group of four. Delivered 2026, T/C attached
rgn $53-55m each
AXIA 48
Undisclosed
10
CS Houston
MR2 product/chemical . c. 50,000 dwt . 2026-2027 . Chengxi, China . MarineLINE. IMO II/III. Reported as a group of four. Due 10/2027
rgn $53-55m each
AXIA 48
Undisclosed
11
CS Singapore
MR2 product/chemical . c. 50,000 dwt . 2026-2027 . Chengxi, China . MarineLINE. IMO II/III. Reported as a group of four. Due 12/2027
rgn $53-55m each
AXIA 48
Undisclosed
12
Great Epsilon
MR2 . 49,298 dwt . 2020 . New Times, China . MarineLINE. Scrubber fitted. Delivery Jan 2027
rgn $48.5-50m
AXIA 55
Undisclosed
13
Pyxis Karteria
MR2 . 46,652 dwt . 2013 . HD Hyundai Mipo, South Korea . IMO II/III (source: AXIA broker data)
$37m
AXIA 53
Undisclosed
14
Mayfair
MR2 . 49,999 dwt . 2008 . HMD, South Korea . KR SS due 12/2028. IMO II. 14 epoxy tanks. Sellers paid $16.5m in Aug 2025
$27m
AXIA 53
Undisclosed
15
Virgen del Quinche
MR2 . 48,026 dwt . 2010 . Iwagi, Japan . Pumproom type
$26m
AXIA 62
Undisclosed
16
CSC Auspicious
MR2 . 45,851 dwt . 2008 . Jinling, China . Ice classed
$22m
AXIA 65
Undisclosed
17
LS Neptune
MR2 . 50,530 dwt . 2007 . SPP, South Korea . SS/DD due 02/2027. Epoxy coated. CPP trading
$20.2m
AXIA 66
Undisclosed
18
Hansa Oslo
MR2 . 51,215 dwt . 2007 . STX, South Korea . Epoxy coated. Deepwell
$20m
AXIA 67
Undisclosed
19
New Future
MR2 . 49,990 dwt . 2007 . STX, South Korea . SS due 11/2027. Epoxy phenolic. IMO III. Ice Class 1A
$20m
AXIA 67
Greek
20
Ocean Thalia
MR2 . 51,319 dwt . 2004 . STX, South Korea . Epoxy coated
$15m
AXIA 73
Undisclosed
21
Helene Maersk
Chemical/product . 37,961 dwt . 2010 . STX Offshore, South Korea . MarineLINE. 18 pumps. IMO II. En bloc with Henning Maersk
$60m en bloc
AXIA n/a
Undisclosed
22
Henning Maersk
Chemical/product . 38,001 dwt . 2010 . STX Offshore, South Korea . MarineLINE. 18 pumps. IMO II/III. En bloc with Helene Maersk
$60m en bloc
AXIA n/a
Undisclosed
23
Seychelles Pioneer
Product/chemical . 37,500 dwt . 2005 . Lindenau, Germany . NV SS due 12/2029. Epoxy. 10 pumps. IMO II
$14.2m
AXIA n/a
Undisclosed
24
OM Borneo
Product/chemical . 29,013 dwt . 2007 . GSI, China . Epoxy phenolic. 13 pumps. IMO II. Ice Class 1C
rgn $12-12.2m
AXIA n/a
Undisclosed
25
Long Da 07
Chemical . 13,800 dwt . 2026 . Zhoushan Ningshing, China . Stainless steel. IMO II. Resale. Ice Class B
$28.5m
AXIA n/a
Chinese

Not counted this week: Cape Alliance, Ladycharm, Panorama, Charade and Bahamas L (already reported in Week 44); Xing Shan (79,496 dwt, 2012 Jinhai, online auction on 23 Oct for $19.74m, an earlier period); Lucky Voyager (2009, 37,317 dwt, rumoured region $14.5m) and Phoenix Vigor (2009 VLCC, rumoured region $150m), which are rumours only.

Signal summary
31 S&P transactions were reported this week, covering 36 vessels: 10 dry bulk deals (11 vessels) and 21 tanker deals (25 vessels). Product tankers dominated, with 14 MR and smaller product/chemical deals. Prices for older MRs stayed firm: three 2007-built MRs sold at $20-20.2m, and Mayfair (2008) made $27m, $10.5m more than her sellers paid in August 2025. Crude tanker buyers kept paying peak prices even as Baltic earnings fell: Rising Sun 1 (2005 VLCC) was committed at region $126m and Fleves (2012 Suezmax) sold at region $110m to UAE buyers, while TD20 Suezmax earnings fell 43%. In dry bulk, Greek buyers took Nightsky (2019 Capesize, $73m) and Astro Castor (2016 Handysize, $21.5m), and the 2026-built Ultramax resale Delmax66 sold at $47m to Bulgarian buyers. Older Supramax and Handysize units traded at clear age discounts (SW Mistral I $20m, HV Alice $9m, Paiwan and Daiwan Wisdom $11.75m each). Greek buyers were the most active nationality across both sectors.

Price Drivers

Why are vessel prices moving this way this week? Newbuilding vs 5yr and 15yr secondhand analysis per segment — Week 45.

Capesize 180k
DRY BULK · Iron Ore / Coal
NB Newbuilding
$76.5m → +0.00% week-on-week
  • 1Fresh newbuilding orders for 182,000 dwt Capesize at competitive Chinese yards are quoted at $76.5m for 2029 delivery, up 0.7% over three months as yard capacity remains tight.
  • 2Total contracting across all vessel types is running 21% ahead of last year, with bulkcarrier orders at 633 vessels year-to-date — keeping berth availability limited and supporting firm prices.
  • 3The Nomikos A.E. order for an 82,000 dwt Kamsarmax at Oshima confirms continued Greek and European demand for Japanese-built quality tonnage, indirectly supporting premium yard pricing for larger sizes.
5YR 5yr Secondhand
$77.5m ↑ +1.97% week-on-week
  • 1Five-year-old Capesize eco vessels are quoted at $77.5m, now trading at a slight premium to the newbuilding price — a rare inversion reflecting the value of earlier delivery and established trading history.
  • 2The sale of Nightsky (2019 Namura, 183,017 dwt) at $73m sets a strong floor for modern eco Capesize assets, with buyers willing to pay a substantial premium for vessels built 2018 and later.
  • 3Average Capesize spot earnings of approximately $33,917/day on a fleet-weighted basis remain well above operating costs, sustaining asset demand from both owner-operators and financial investors.
SH 15yr Secondhand
$41.0m → +0.00% week-on-week
  • 1The 15-year Capesize benchmark is quoted at $41.0m, up approximately 10% over three months as older tonnage benefits from both strong freight markets and limited scrapping availability.
  • 2Cape Alliance (2007-built, 206,190 dwt Imabari), first reported in Week 44, is now reported at region $35-36.5m to clients of Winning Shipping, Singapore, consistent with firm values for older large bulkers.
  • 3Scrapping of Capesize tonnage has fallen sharply year-to-date at only 0.5m dwt, limiting supply relief and keeping older vessels in active employment rather than recycling, which supports secondhand prices at the aged end.
Kamsarmax 82k
DRY BULK · Grain / Coal
NB Newbuilding
$38.5m → +0.00% week-on-week
  • 1Kamsarmax newbuilding prices at $38.5m reflect a 0.7% three-month increase, supported by firm ordering activity with 489 Panamax-category vessels currently on order representing 14.3% of the fleet.
  • 2The five-year TC rate for Kamsarmax at $16,000/day supports newbuilding economics, though the spread between 1yr and 5yr rates has tightened, suggesting the market is not fully pricing in long-term demand optimism.
  • 3Panama Canal water level recovery to 87.1 feet — near historical average — reduces the tonne-mile demand premium that had been supporting Kamsarmax values during the drought period.
5YR 5yr Secondhand
$42.0m → +0.00% week-on-week
  • 1Five-year-old Kamsarmax eco vessels are quoted at $42m, a premium of approximately 9% above the newbuilding price, reflecting the value of immediate delivery in a supply-constrained environment.
  • 2The 1-year TC rate of $17,750/day against an asset value of $42m implies a gross yield of approximately 15.4% — attractive relative to other shipping segments but increasingly priced in.
  • 3Vessel prices have risen sharply from recent lows, with the five-year index up 22% year-on-year, potentially limiting further near-term upside unless freight markets accelerate materially from current levels.
SH 15yr Secondhand
$23.0m → +0.00% week-on-week
  • 1The 15-year Kamsarmax benchmark is quoted at $23.0m, with limited reported sales of exactly this vintage making it difficult to identify specific comparable transactions this week.
  • 2Panorama (2012-built, 81,504 dwt Hyundai Samho), first reported in Week 44, is now quoted at region $19.8-20.5m basis January 2027 delivery, below the $23.0m 15-year level because surveys are due.
  • 3The divergence between prompt charter-free and forward delivery pricing is becoming more evident, as buyers factor in drydock costs and lost earnings during survey periods for vessels in the 12-15 year age bracket.
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
$22.5m → +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.
Ultramax 63k
DRY BULK · Grain / Minor Bulk
NB Newbuilding
$36.0m → +0.00% week-on-week
  • 1Ultramax newbuilding prices have risen 1.7% over the past three months to $36.0m for a 63,000 dwt vessel, the strongest percentage gain among dry bulk segments, driven by solid charterer demand for eco-design tonnage.
  • 2A new 2026-built scrubber-fitted Ultramax DELMAX66 (66,565 dwt, Tsuneishi Cebu) sold at $47m — representing a resale at a significant premium to the standard NB price, confirming strong appetite for immediate eco delivery.
  • 3The 1-year TC rate for Ultramax at $18,500/day and average Ultramax trip earnings of $25,500/day provide a broad-based earnings support for asset values across all vessel ages.
5YR 5yr Secondhand
$39.0m → +0.00% week-on-week
  • 1Five-year-old Ultramax eco vessels are quoted at $39m, comfortably above the newbuilding price, reflecting the market's willingness to pay for prompt delivery and established eco credentials.
  • 2Libra Confidence (2019-built, 63,500 dwt New Dayang, Eco Modern) sold at auction for $33.5m — a 7-year-old vessel confirming strong floor pricing for recent vintage eco ultramaxes.
  • 3Average Ultramax spot earnings of $28,032/day for eco-fitted ships represent a 3% week-on-week increase, maintaining positive momentum that underpins asset prices.
SH 15yr Secondhand
$22.0m → +0.00% week-on-week
  • 1AXIA estimate: No 15yr quote available this week — extrapolated from the 5yr ($39.0m) → 10yr ($30.5m) slope.
  • 2The 15-year Supramax/Ultramax benchmark is quoted at $21m; for reference, Bahamas L (2012-built, 56,141 dwt Mitsui Tamano) sold at $22.25m in Week 44.
  • 3Charade (2013-built, 58,109 dwt Tsuneishi Cebu, Week 44) at region $22.5-22.8m and SW Mistral I (2011-built Tsuneishi Zhoushan, this week) at $20m show a premium of about $2-3m for younger Philippine-built tonnage over 15-year-old Zhoushan units.
Supramax 58k
DRY BULK · Minor Bulk / Grain
NB Newbuilding
$36.0m → +0.00% week-on-week
  • 1Supramax newbuilding pricing broadly tracks the Ultramax segment given yard capacity interchangeability, with no distinct Supramax-only NB quotes diverging materially from the $36m Ultramax reference.
  • 2The 1-year TC rate for Supramax at $17,000/day provides a firm underpinning for asset values, though the spread to Ultramax has narrowed, reducing the incentive to order smaller vessels at the same yards.
  • 3Total Supramax/Handymax ordering year-to-date remains healthy at 652 vessels in the Handymax 45-70k category orderbook, keeping construction slots committed and prices stable.
5YR 5yr Secondhand
$39.0m → +0.00% week-on-week
  • 1Five-year-old Supramax eco vessels are broadly priced in line with Ultramax given the modest size differential, with buyers increasingly preferring the larger Ultramax specification.
  • 2The 2010-built FYM Crystal (56,830 dwt) fixed at $18,500/day for 1 year from an open position in Weihai following drydock — confirming that older Supramax vessels remain charterer-acceptable at firm rates.
  • 3SW Mistral I (2011-built, 58,110 dwt Tsuneishi Zhoushan) sold at $20m, comparable to its exact sister Kristinita, providing a consistent market reference for 15-year-old non-eco Supramax tonnage.
SH 15yr Secondhand
$21.0m → +0.00% week-on-week
  • 1Fifteen-year-old Supramax (56-58k dwt) is held at $21.0m. This week's evidence supports a $20-21m level for 2011-built Chinese-built tonnage, with younger, Japanese-built or scrubber-fitted units higher.
  • 2SW Mistral I is the only direct 15-year-old comparable. An exact sister of Kristinita (region $20-21m, Week 43), it sold at $20m, about 5% below the benchmark.
  • 3The other sales are not exact matches. Miao Zhou is 13 years old and scrubber-fitted, and HV Alice is 23 years old, so they show the age spread ($9m to over $23m) rather than the 15-year level. Delmax66 (66,565 dwt, 2026) is an Ultramax resale and is excluded.
Handysize 38k
DRY BULK · Agricultural / Minor Bulk
NB Newbuilding
$31.0m → +0.00% week-on-week
  • 1Handysize newbuilding prices are quoted at $31.0m for a 40,000 dwt vessel, unchanged on a three-month basis, with limited fresh ordering activity in this segment relative to larger dry bulk sizes.
  • 2The 1-year TC rate for Handysize at $17,000/day has strengthened relative to recent years, with the Far East Pacific market described as hot this week on strong Chinese general cargo and Korean steel movements.
  • 3Average Handysize earnings of $18,833/day across the tripcharter basket represent a 2% week-on-week gain, the most consistently positive segment in dry bulk this week.
5YR 5yr Secondhand
$32.0m → +0.00% week-on-week
  • 1Five-year-old Handysize eco vessels are quoted at $32.0m, slightly above the newbuilding price, reflecting the value of early delivery positions.
  • 2Astro Castor (2016-built, 37,347 dwt AVIC Weihai) achieved $21.5m for a 10-year-old vessel — consistent with the Handysize price curve and confirming firm demand from Greek buyers for Japanese-specification Chinese tonnage.
  • 3Fuga (2012-built, 38,036 dwt Shimanami) sold at $19.5m in Week 43 as a 14-year-old vessel, a reference point for Japanese tonnage close to the 15-year mark.
SH 15yr Secondhand
$13.5m → +0.00% week-on-week
  • 1The 15-year Handysize benchmark is quoted at $13.5m based on the prevailing market for 33,000 dwt vintage vessels.
  • 2OBE Dinares (2008-built, 33,440 dwt Shin Kochi) achieved region $12.4m as an 18-year-old Japanese-built vessel, confirming that well-maintained older Japanese handy tonnage continues to attract buyer interest above scrap-adjacent levels.
  • 3Paiwan Wisdom and Daiwan Wisdom (both 2010-built, Hakodate, Japan) sold en bloc at $11.75m each for 16-year-old box-shaped Handysize vessels — slightly below the standard 15yr benchmark reflecting their box-shaped design and log-fitted specification.
VLCC 300k
TANKER · Crude Oil
NB Newbuilding
$131.5m → +0.00% week-on-week
  • 1VLCC newbuilding prices are quoted at $131.5m for a 320,000 dwt vessel, up 0.5% over three months, with Venergy exercising options for 2 x 306,000 dwt VLCCs at Hengli SB for 2029 delivery.
  • 2Global Meridian ordered a scrubber-fitted 320,000 dwt VLCC at Hanwha Ocean for June 2030 delivery at $133.5m, confirming that premium yards command a meaningful premium over the standard competitive quote.
  • 3The VLCC orderbook stands at 310 vessels (95.9m dwt) representing 33.1% of the existing fleet — the highest orderbook-to-fleet ratio of any major segment, which will weigh on future market balance as deliveries accelerate from 2027.
5YR 5yr Secondhand
$220.0m → +0.00% week-on-week
  • 1Five-year-old VLCC eco vessels are quoted at $220m — a 67% premium over newbuilding cost — driven by extraordinary spot earnings well above $500,000/day on average across 2026 to date.
  • 2Rising Sun 1 (2005-built, 297,439 dwt) is committed at region $126m as a 21-year-old vessel, while Phoenix Vigor (2009-built, 309,887 dwt) is only rumoured at region $150m, so even very old VLCCs are trading at levels that would have been unimaginable two years ago.
  • 3The sharp week-on-week earnings correction of 20% for VLCCs, driven by Middle East geopolitical de-escalation expectations, is the key near-term risk to maintaining current five-year asset valuations.
SH 15yr Secondhand
$165.0m → +0.00% week-on-week
  • 1The 15-year VLCC benchmark is quoted at $165m — a 60% three-month increase — reflecting the extraordinary earnings environment where even aged tonnage generates returns that justify high acquisition prices.
  • 2Seaking (2013-built, 317,000 dwt HHI, scrubber-fitted) sold at $175m in late September as a 13-year-old vessel, providing a data point that supports the $165m 15yr benchmark as directionally consistent.
  • 3Rising Sun 1 (2005-built) committed at region $126m for a 21-year-old vessel shows how compressed the VLCC age-price curve has become, with little discount even for ships near the end of their usual economic life.
Suezmax 160k
TANKER · Crude Oil
NB Newbuilding
$90.5m → +0.00% week-on-week
  • 1Suezmax newbuilding prices have risen to $90.5m for 157,000 dwt, up 0.7% over three months, supported by strong period demand from major trading houses seeking term coverage at exceptionally elevated rates.
  • 2Three Marlin-class scrubber-fitted Suezmax vessels (2019 New Times SB) changed hands in October as an en bloc deal for undisclosed consideration to a major trading house, confirming the depth of institutional demand for modern scrubber-fitted Suezmax tonnage.
  • 3The 1-year TC rate for Suezmax reached $170,000/day for non-scrubber vessels and $172,000/day scrubber-fitted — rates that generate extraordinary returns against even the elevated current newbuilding price.
5YR 5yr Secondhand
$150.0m ↑ +3.45% week-on-week
  • 1Five-year-old Suezmax eco vessels are quoted at $150m — a 66% premium over newbuilding cost — driven by the same extraordinary earnings dynamic as VLCCs.
  • 2Fleves (2012-built, 158,517 dwt Hyundai, scrubber-fitted) sold at region $110m as a 14-year-old vessel basis prompt UAE delivery — confirming that the Suezmax market is pricing even aged tonnage at historically extreme levels.
  • 3Three-year TC fixtures for Suezmax at $77,500-79,750/day represent elevated medium-term charterer commitment, underpinning asset values across the vintage spectrum for vessels with clean surveys.
SH 15yr Secondhand
$110.0m ↑ +4.76% week-on-week
  • 1AXIA estimate: No 15yr quote available this week — extrapolated from the 5yr ($150.0m) → 10yr ($130.0m) slope.
  • 2The 10-year Suezmax benchmark is quoted at $130m, up 36% over three months — one of the most dramatic revaluations in any shipping segment during the current cycle.
  • 3Fleves at $110m for a 14-year-old scrubber-fitted vessel confirms that the market is pricing age differently from historical norms, with the scrubber premium adding meaningful value even for older assets.
Aframax 115k
TANKER · Crude Oil
NB Newbuilding
$76.5m → +0.00% week-on-week
  • 1Aframax newbuilding prices have risen 1.3% over three months to $76.5m for 115,000 dwt, the strongest three-month gain among tanker newbuilding segments, driven by Aframax/LR2 demand from both crude and product charterers.
  • 2The 1-year TC rate for Aframax at $100,000/day implies a yield of approximately 47% gross on the current newbuilding price — the most attractive newbuilding economics of any tanker segment on a yield basis.
  • 3Aframax earnings fell 47% week-on-week on average, with some routes down as much as 69% in a single week — a sharp reminder of the volatility embedded in current rate levels and the risk to asset prices if this proves to be a trend rather than a correction.
5YR 5yr Secondhand
$95.0m → +0.00% week-on-week
  • 1Five-year-old Aframax eco vessels are quoted at $95m — a 24% premium over newbuilding, more moderate than VLCC and Suezmax — reflecting somewhat better relative newbuilding availability for this size.
  • 2Raffles Harmony (2013-built, 105,405 dwt Hyundai, scrubber-fitted) sold at $60.5m basis delivery with TC attached — a 13-year-old vessel confirming that scrubber-fitted LR2/Aframax tonnage commands significant premiums.
  • 3Aegean Harmony (2007-built, 115,824 dwt Samsung) achieved $55m as a 19-year-old Aframax, illustrating how the age-related discount has compressed dramatically across all tanker segments in the current environment.
SH 15yr Secondhand
$65.0m → +0.00% week-on-week
  • 1AXIA estimate: No 15yr quote available this week — extrapolated from the 5yr ($95.0m) → 10yr ($80.0m) slope.
  • 2The 10-year Aframax benchmark is quoted at $80m. This week's smaller LR1 sales are not direct Aframax comparables: Kamome Victoria (2011-built, 74,908 dwt Minaminippon) sold at $39.5m and Albaro (2007-built, 74,999 dwt Brodosplit) at $24.4m.
  • 3Aframax earnings fell sharply: on the Baltic, TD7 Cross-UKC fell 212.5 WS points to WS350 (TCE about $242,600/day) and TD19 Cross-Med fell to WS300 (TCE about $100,300/day).
MR2 50k
TANKER · Clean Products
NB Newbuilding
$52.5m → +0.00% week-on-week
  • 1MR2 newbuilding prices are quoted at $52.5m for a 51,000 dwt vessel, up 1.3% over three months, with four Chengxi-built newbuildings reported at region $53-55m each including time charter attachments.
  • 2The 1-year TC rate for MR at $43,000/day provides solid economics against the newbuilding price, with multiple fixtures confirmed at $42,000-45,000/day across different charterers and delivery zones.
  • 3MR average clean earnings held steady week-on-week at $65,157/day for eco non-scrubber vessels — one of the most resilient freight outcomes across all tanker segments during this week's broad correction.
5YR 5yr Secondhand
$56.0m ↑ +3.70% week-on-week
  • 1Five-year-old MR2 eco vessels are quoted at $56m — a 7% premium over newbuilding — a more compressed premium than crude tanker segments, reflecting a more liquid newbuilding market and broader selection of yards.
  • 2Great Epsilon (2020-built New Times, MarineLINE coated, scrubber-fitted) sold at region $48.5-50m basis January 2027 delivery — confirming that six-year-old premium-specification MRs transact well above the five-year benchmark for standard spec tonnage.
  • 3CS Fujairah and CS Rotterdam (2026-built Chengxi, IMO II/III, MarineLINE) are reported at $53-55m with TC attached, representing near-NB resales that confirm the premium associated with early delivery and charterer-approved specification.
SH 15yr Secondhand
$34.0m ↑ +6.25% week-on-week
  • 1The 15-year MR2 benchmark is quoted at $34m, up 11% over three months, confirming that even older product tankers are being re-rated significantly as the product tanker cycle remains robust.
  • 2Mayfair (2008-built, 49,999 dwt HMD, IMO II) sold at $27m as an 18-year-old vessel — sellers who paid $16.5m in August 2025 realised a $10.5m profit in just 15 months, one of the most striking value creation examples of the week.
  • 3Hansa Oslo (2007-built, 51,215 dwt STX, epoxy, deepwell) achieved $20m as a 19-year-old vessel, while LS Neptune (2007-built, 50,530 dwt SPP) sold at $20.2m with SS/DD due in February 2027 — confirming strong floor pricing even for vessels facing imminent survey costs.

Freight Rates

1-Year Time Charter Period Rates — $/day
Dry Bulk
Vessel type 1yr TC WoW WoW
Capesize 182k$34,550-$1,050-2.95% WoW
Kamsarmax 82k$17,750-$250-1.39% WoW
Panamax 76k$16,750-$250-1.47% WoW
Ultramax 61k$18,5000+0.00% WoW
Supramax 58k$17,0000+0.00% WoW
Handysize 38k$17,0000+0.00% WoW
Tankers
Vessel type 1yr TC WoW WoW
VLCC 310k$273,5000+0.00% WoW
Suezmax 150k$170,0000+0.00% WoW
Aframax 110k$100,000-$2,500-2.44% WoW
MR2 Product 50k$43,000+$2,000+4.88% WoW
Handy Tanker 37k$37,000n/an/a WoW
Key Spot Routes
Dry Bulk — Spot
Route Rate WoW
C3 · ore Tubarao - Qingdao$40,035/day+8.7%
C7 · coal Bolivar - Rotterdam$39,089/day+31.7%
coal USG - Rotterdam$18,418/day+14.0%
grain USG - N. China$32,764/day+4.5%
baux.Guinea - Yantai$40,428/day+9.4%
C2 · ore Tubarao - Rotterdam$15,512/dayn/m*
Capesize 5TC (Baltic, 5-route average)$39,395/day+5.3%

Capesize 5TC is the Baltic Exchange week 45 assessment ($35,944 on Monday, $39,395 on Friday). The Baltic weekly report gives C3 (about $37.00/t) and C5 ($13.25/t) only as voyage rates in $/tonne and gives no daily TCE for the other routes, so the six route rates above are time-charter equivalents in $/day from AXIA broker data, not Baltic assessments. WoW % is against the Week 44 report. *Tubarao - Rotterdam: the Week 44 figure ($1,268/day) was an error, so no weekly change is shown.

Tankers — Spot
Route Rate WoW
TD3C MEG – China (VLCC 270k)$1,303,616/day-3.1%
TD20 West Africa – UK Continent (Suezmax 130k)$224,500/day-43.3%
Aframax basket, Med / Caribs / US Gulf (Aframax 80k)$111,133/day-58.4%
TC17 MEG – East Africa (MR 35k)$113,900/day+0.9%

Baltic Exchange weekly tanker report, week 45 (week ending 6 Nov 2026). Round-trip TCEs in $/day, not Worldscale. The Aframax basket is the simple average of TD19 ($100,300), TD9 ($111,100) and TD26 ($122,000). WoW % is against the Week 44 report; Week 44 TC17 was $112,900/day per the Baltic Exchange (the Week 44 report showed $112,200).

Ship Financing

Current lending conditions, LTV ratios, and financing market intelligence — Week 45, November 2026.

SOFR 3M
3.94%
As of November 2026
All-in Rate
4.94–6.94%
SOFR 3.94% + bank margin 1.00–3.00%
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.)4.94–5.94%
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.)6.19–6.94%
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.)5.24–6.44%
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 45
→ 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

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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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