Greek owners been behind a high proportion of the sales, offloading 37 vessels so far this year or c. 35.6%. The United Arab Emirates are currently in second place with c. 15%, Canada and China rank joint third with c. 8.4%.

Many sales continue to be to Unknown buyers, accounting for c. 38.3% since the start of 2023. Sales to unknown buyers has been a trend that we have encountered over the past year. Since the sanctions on Russian commodities came in to force a new breed of Tanker market player has emerged keen to take advantage of potentially elevated earnings.

Overall sentiment for this sector remains positive and Aframax newbuildings have increased by c. 191.7% YoY with 70 new contracts reported in this sector so far this year. The fact that there have been no demolition sales reported this year highlights the continued strong demand for this sector, and as values remain high, there are plenty of prospects for secondhand sales of older vessels at an age where such vessels would previously have been scrap candidates at current earnings levels.

Although the spot market has seen some volatility, the time charter market remains firm and one year time charter rates for Aframaxes are currently up by c. 44.9% year on year to around USD 41,770 USD/Day as Aframax earnings continue to outperforming the larger Suezmax sector.