ABGSC Shipping Daily 23 June

研报英文原文证据摘录

ABGSC Shipping Daily 23 June

Equity Research - 23 June 2026 07:57 CEST

Shipping & Transport

• Tanker markets mixed, dry bulk down, LPG flat

• Shipping peer group now at P/NAV 1.07x; small increases in dry bulk values

• K Line linked to record sale of 20Y old VLCC, ~15% above ABGSCe

• Crude oil in transit up 11% y-o-y, while Chinese imports continues to slide

Tanker markets mixed, dry bulk down, LPG flat

In the tanker market, VLCC (TD3C) spot rates were quoted at USD 505,252/day on Monday, 22,186 higher than Friday.

Suezmax rates came in at USD 91,271/day, 17,105 up and in the product tanker market MR (Atlantic basket) spot rates came in

at USD 17,875/day, -1,936 lower.

In the dry bulk market, Capesize spot rates were quoted at USD 33,444/day on Monday, -684 down from Friday. Panamax

came in at USD 18,532/day, -328 down and Supramax came in at USD 19,640/day, -41 down.

In the LPG market, VLGC (Middle East to Japan) spot rates were quoted at USD 183,670/day, flat from Friday.

Shipping peer group now at P/NAV 1.07x; small increases in dry bulk values

We calculate an average P/NAV of 1.07x for our shipping coverage (including car shipping). Dry bulk is trading at 0.83x, tankers

at 1.10x, LNG at 1.44x and LPG at 1.26x.

We update current vessel values weekly and this week we note the following changes:

In the tanker market, there were no notable changes last week. However, we note that K Line is linked to the sale of a 20-year-

old VLCC in the low USD 60m, reportedly a record high price per VesselsValue, and ~15% above our estimate of USD 52m

(extrapolated from Clarksons quotes).

In the dry bulk market, we note the following changes: Newcastlemax and Capesize newbuilding prices both quoted up USD

0.5m to USD 79.0m (78.5m) and USD 76.0m (75.5m), respectively.