DRY BULK

Despite abruptly losing significant trade volumes following the Russian invasion of Ukraine at the end of February, made worse by an apparent scarcity of alternative supplies across many cargo groups, the four main dry markets have not only proved resilient, but are all firmer.

TANKER

Average monthly returns for a benchmark MEG-China VLCC voyage fell to the lowest
level on SSY records dating to 2013 at – $9,600/day in February. However, earnings
jumped to the highest since January 2021 at $12,450/day by early-March amid the uncertainty of Russia’s invasion of Ukraine.

FLEET DEVELOPMENTS

Tanker removals (of over 10K dwt) in the first two months of 2022 have totalled 19
ships of 1.76M dwt, which is the highest volume for this period since 2018. Aframaxes have dominated the deletions. Despite this, so far in 2022, the crude tanker fleet has expanded by a net 0.6% and the product fleet by 0.4%.

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Source: SSY