Front Topic
Tanker fleet growth remained positive during the first half of 2026, with supply expanding across every major segment while the orderbook increased further. Fleet growth was supported by 193 deliveries against limited recycling, with Aframax/LR2 adding the most capacity and MR and Small Tankers adding the most vessels. VLCC remains the largest segment by carrying capacity, while MR leads by vessel count, keeping capacity exposure concentrated in crude tankers and unit growth concentrated in product and smaller tonnage. Freight market strength after the Strait of Hormuz disruption pushed VLCC asset values higher, especially for older and immediately available ships, while five year old VLCC values moved above comparable newbuilding prices. Newbuilding contracting therefore remained active, with VLCC driving most of the orderbook expansion, while strong earnings and asset values kept recycling limited and delayed tanker fleet renewal.
Dry Bulk Earnings
Capesize average earnings were $44,900/day, with the BCI at 5,336 up 17% w o w. Panamax average earnings were $20,800/day, with the BPI at 2,315 up 10% w o w. Supramax average earnings were $20,800/day, with the BSI at 1,647 up 0.4% w o w. Handysize average earnings were $15,900/day, with the BHSI at 881 up 0.8% w o w.
Dry Atlantic
Capesize strengthened as the North Atlantic firmed and South Brazil and West Africa to China improved, with C3 at $38.36/ton.
Panamax improved on firmer North Atlantic, fronthaul and East Coast South America demand, with an 82,000 dwt fixed Liverpool via the US Gulf to China at $32,750/day.
Supramax stayed mostly steady in the Atlantic as North America flattened after a softer start, while the Mediterranean remained pressured, with a 63,000 dwt fixed Altamira to Bahudopi with petcoke at $31,000/day.
Handysize improved on stronger US Gulf and East Coast South America demand, with a 40,000 dwt fixed Altamira to Guayaquil at $21,000/day.
Dry Pacific
Capesize gained on consistent miner participation and operator controlled cargoes, with C5 rising to $16.18/ton.
Panamax strengthened as North Pacific grains and Australian mineral demand supported round voyage rates, with an 82,000 dwt fixed from Kashima for a grains round voyage at $20,000/day.
Supramax rates increased slowly on North Pacific grain demand and stronger Indonesian cargo flow to India and Bangladesh, with a 63,000 dwt fixed South Korea for a North Pacific grain trip to Southeast Asia at $21,000/day.
Handysize showed gradual improvement on limited prompt tonnage and steady cargo demand, with a 38,000 dwt fixed for a Pacific round voyage around $15,000/day.
Wet Atlantic
VLCC Atlantic momentum slowed, with TD15 (West Africa/China) easing to $177,500/day and TD22 (US Gulf/China) easing to $168,500/day.
Suezmax corrected sharply, with TD20 (West Africa/UK Continent) at $95,400/day and TD27 (Guyana/UK Continent) at $96,300/day as oversupply and weaker charterer urgency pressured rates.
Aframax softened in the US Gulf, with TD25 (US Gulf/Continent) at $45,200/day and TD26 (East Coast Mexico/US Gulf) at $40,600/day, while TD19 (Cross Med) rose to $85,000/day.
LR eased slightly, with TC20 (ME Gulf/UK Continent) at $117,200/day.
MR remained under pressure in the Atlantic, with TC21 (US Gulf/Caribs) falling to $11,700/day while TC2 (Continent/US Atlantic Coast) stayed weak.
Wet Pacific
VLCC remained supported East of Suez, with TD3C (ME Gulf/China) at $656,200/day and TD34 (Gulf of Oman/China) at WS 230.42, equivalent to $43.02/ton.
Suezmax had no dedicated East of Suez benchmark provided, while Black Sea CPC rates corrected sharply and reduced support for wider earnings.
LR remained firm, with TC1 (ME Gulf/Japan) at $153,000/day and TC5 (ME Gulf/Japan) at $117,000/day.
MR strengthened in the Far East, with TC7 (Singapore/East Coast Australia) at $33,300/day.
SnP
Over the past twelve months, Greece led secondhand selling with 320 vessels across sectors, versus 160 sales by Chinese sellers. Greek sales were led by 166 dry bulk and 121 tankers, plus 21 containers and 8 gas carriers, while Chinese sales comprised 101 dry bulk, 40 tankers, 10 containers and 4 gas carriers. On the buying side, Greece recorded 227 purchases and China followed with 208, with Greek buying led by 116 dry bulk and 88 tankers, plus 18 containers and 1 gas carrier, while Chinese buying was led by 162 dry bulk and 35 tankers, plus 7 containers and 1 gas carrier.