Sep. 3 at 4:46 PM
$NAT SUEZMAX MARKET VERY STRONG!💪
Solid rates for longer-term suezmax TCs
• A couple of longer-term suezmax TCs have been reported by brokers recently. Phillips 66 are said to have taken a 2021-built scrubber-fitted vessel (‘Dimitrios’) at
$31,500/day (SIN quotes these at
$33,250/day). This should equal EV/EBITDA ~10x, with the ship generating half its value in EBITDA over the contract
• Trafigura is said to have chartered a scrubber-fitted newbuild (‘Geneva Star’) for 12 – 18 months when it delivers in October at
$42,500/day. SIN quotes 1 – 2Y TCS at
$35 – 40k/day, but a premium is justified for a newbuild that can do both crude and clean. Our Q4 / 2026 – 27 suezmax estimate is
$50K/day /
$37.5 – 35k/day
