Page 148 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - MARTIOS 2023

FREIGHT MARKETS

Russia’s invasion of Ukraine in February 2022 was at the core of a new global crisis at a native consumers and vice versa, drove
time when the global economy hadn’t recovered yet from the pandemic disruptions and lock- freight rates to record highs in 2022. VLCC
downs. The sanctions against Russia that followed sent energy prices soaring - in March During 2022, 708 tankers were sold, 77
2022, the WTI climbed to $120/barrel, the highest level since August 2008 - and triggered 183 more than in 2021 - the highest
a wave of inflation the likes of which the global economy had not seen for decades. volume since 1995. As can be seen in
the pie chart, the main interest was Suezmax
in the MR2, Aframax/LR2 and Chem-
ical sectors, which account for 79% 60
of the total tanker sales. The VLCC
sector was the only sector whose
sales volume decreased by about 9% Aframax / LR2
in 2022 compared to 2021.
THE EFFECTS Furthermore, the age preference, 153
as in 2021, was for ships between 11
OF THE and 20 years, which represent 72% of
2022’s transactions as these asset
UKRAINE WAR ages were considered better priced, Panamax / LR1
and age-wise, they were acceptable
ON THE TANKER by the major oil traders. Increased 58
buying appetite for tankers has firmed
MARKET up second-hand prices. From January MR1
2022 to December 2022, 10-year-old
second-hand prices rose by 40% in the 87
VLCC sector, while 10-year-old sec-
ond-hand prices in the Suezmax, Afra-
max/LR2, and MR sectors increased
by around 50%. For instance, in Feb- MR2
ruary 2022, the LR2 “Phoenix Hope”
was sold for about USD 18.25 mill,
whilst 7 months later, the same vessel 173
(renamed to Keros Voyager) was sold
for USD 36 mill.
During 2022, we observed a renewed
interest in ship-to-ship transfers in the Small (>=10,000)
Mediterranean, with cargoes either
Europe’s gradual moving away from pandemic, many refineries were shut being combined onto larger vessels or 100
Russian oil has benefited the Suez- down due to the declining demand transferred from Ice-classed tankers
max and Aframax markets, given the and low oil consumption, triggering to others to allow those vessels to be
short-and medium-haul demand for issues in many countries, especially in
North Sea, West Africa, and US crude. Europe, and pushing the seaborne oil
On 18 February 2022, just one week trade mainly from East of Suez to the
before the Russian-Ukraine conflict West. As a result, clean tankers bene- 2022 2021
commenced, the Aframax TCE paid fited from the increase in tonne miles.
USD 4,411/day. However, by the end of For example, on 18 February 2022, the Vessel Type 0-5Y 6-10Y 11-15Y 16-20Y 20+Y Total Vessel Type 0-5Y 6-10Y 11-15Y 16-20Y 20+Y Total
2022, it had risen significantly to USD MR Pacific Basket and the MR Atlantic Small (>=10,000) 18 7 50 15 10 100 Small (>=10,000) 8 10 37 8 6 69
73,004/day after peaking at around Basket paid USD 7,969/day and USD
USD 125K/day at the end of Novem- 15,658/day, respectively. However, by MR1 6 10 34 32 5 87 MR1 2 2 18 8 2 32
ber 2022. the end of 2022, those rates surged
Furthermore, the Suezmax TCE rate to USD 57,851/day and USD 35,964/ MR2 10 36 80 38 9 173 MR2 30 17 61 21 2 131
was negative, reaching USD -1,820/ day, respectively. PANAMAX/LR1 0 11 24 23 0 58 PANAMAX/LR1 4 4 20 12 0 40
day in mid-February 2022, while it The booming of the tanker market,
closed the year at USD 83,640/day. driven by the Russian invasion of AFRAMAX/LR2 10 10 56 67 10 153 AFRAMAX/LR2 24 10 40 41 4 119
Another boost for the wet market was Ukraine and sanctions on Russian oil, SUEZMAX 3 9 12 33 3 60 SUEZMAX 5 5 5 19 5 39
by Eirini Diamantara, that refineries increased production as led the second-hand tanker market to
Research Analyst, they imported great volumes of crude heat up in 2022. High oil prices and VLCC 14 7 17 32 7 77 VLCC 28 3 17 30 7 85
Research & Valuations Dept. oil due to the post-pandemic recov- the increase in tonne miles, triggered
Xclusiv Shipbrokers Inc. Total 61 90 273 240 44 708 Total 101 51 198 139 26 515
ery of oil consumption. But during the by oil suppliers’ efforts to find alter-

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