航运日报：干散货运费本周收高；LPG目标价上调

DayAgoChangeWeekAgoYear AgoYTD2025YTD2024$25,6000.8%$23,500$21,600$37,200$42,500$32,8000.6%$30.700$30,100$44,500$51,000$35,0001.1%$33,400$32,100$45,600$54,700$33,600-0.9%$35,500$38,800$38,300$44,600$36,900-0.8%$38,600$42,400$41,400$48,300$37,900-0.5%$39,700$43,000$42,000$50,000$31,800-2.2%$32,700$39,900$34,500$47,800$34,600-1.7%$35,400$43,100$37,400$51,100$35,300-2.0%$36,200$43,900$37,800$52,500ChangeWeek AgoYearAgoYTD 2025YTD2024-1.3%$46,600$29,300$23,900$26,100$58,700$27,500-1.1%$29,700$50,900$33,000$63,000$29,100-0.7%$31,500$52,400$33,900$65,600$20,200-5.4%$26,100$30,200$21,200$33,700$23,900$34,500$24,900$38,000-4.6%$29,700$24,500-4.5%$30,300$35,300$25,500$39,300ChangeWeek AgoYTD 2025YTD 2024Year Ago$13,80026.8%$15,400Q$27,300$15,700$23,800$17,70018.1%$作,6007$32,500$19,700$29,000$19,10016.2%7 $20,000$33,700$20,400$31,200$13,200$11,300$12,700$8,600$13,400$15,5000.0%$13,700$15,100$10,900$15,8000.6%$15,000$16,200$11,600$17,500$12,2000.0%$10,900$15,000$8,700$14,100$14,9000.0%$13,700$17,100$11,400$16,200$16,0000.0%$14,800$17,900$12,000$17,700Day AgoChangeWeek AgoYear AgoYTD 2025YTD 2024$5,0000.0%$5,000$35,000$4,000$29,000$24,000-4.2%$26,000$58,000$14,000$44,000$37,000-10.8%$39,000$70,000$25,000$56,000$64,000-0.5%$63,800$33,500$42,500$52,200$66,900-0.3%$66,700$37,100$45,500$55,800$69,100-0.1%$69,300$39,700$47,100$59,700DayAgoChangeWeek AgoYear AgoYTD 2025YTD 2024$2,600%0°0$2,700$7,800$3,600$4,600$4,6000.0%$4,800$9,700$4,900$6,000$3,6000.0%$3,600$8,700$3,100$4,900$4,2000.0%$4,400$8,600$4,300$6,000 Capesize spot rates are finishing this weekon a stronger note with the Baltic Exchangeassessing Capes ats17,500/day,upabouts$2,000+ from last week after seeing someeasing earlier this week. Despite softerChinese steel demand and limited iron oreimport price arbitrage, Capes are on firmerfooting. The FFA curve points to spot ratespushing upwards toward an average ofs22,000/day during the August-Decemberperiod. This compares to spot rates yearto date averaging $15,700/day. We notetoday's spotassessmentofs17,500/day isfor older Capes, while more modern Capesare assessed by the Baltic Exchange at$20,900/day.Earliertoday.we updatedourviewson Dorian (LPG). lifting our price targetfrom $33 to $35 and reiterating ourBuy rating. Dorian shares have returned19.5% this year (S&P +7.5%) but remaindiscounted relative to prior earnings andfree cash tflow multiples and also onNAV. The VLGC market has continuedto exceed expectations with strong LPGcargo growth in both the US and MiddleEast markets while newbuilding deliverieshave moderated. We raised our Dorianearnings estimates to reflectstronger spotrates; we lifted our PT from $33 to $35 andreiterate our Buy rating. See full note fordetail: Raising target to $35 on strong LPGtrade growth and healthy freight ratesOmar Nokta *IEquity Analyst1 (212) 778-8405|onokta@jefferies.comJaeyoung McGarry * IEquity Associate(212) 778-8358 ljmcgarry@jefferies.comEmily Harkins * IEquity Associate+1 (212) 778-8584 leharkins@jefferies.com JefferiesCrude Tanker RatesExhibit 1 - VLCC Crude Tanker Spot Rates per day (eco)$120,000$100,000$80,000$20,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCExhibit 2 - Suezmax Crude Tanker Spot Rates per day (eco)$80,000$70,000$60,000$50,000$40,000$30,000$20,000$10,000soJan-24Apr-24Exhibit 3 - Aframax Crude Tanker Spot Rates per day (eco)$120,000$100,000$80,000$60,000$40,000$20,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unau Jul-24Jul-24 JefferiesProduct Tanker RatesExhibit 4 - LR2 Product Tanker Spot Rates per day (eco)$120,000$100,000$80,000$60,000$40,000$20,000$oJan-24Apr-24Source: Baltic Exchange, Jefferies LLCExhibit 5 - MR Product Tanker Spot Rates per day (eco)$60,000$50,000$40,000$30,000$20,000$10,000soJan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited Jul-24Oct-24Jul-24Oct-24 JefferiesDry Bulk RatesChart 6 - Capesize Spot Rates per day (eco)$60,000$50,000$40,000$30,000$20,000$10,000SoJan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 8 - Kamsarmax Spot Rates per day$25,000$20,000$15,00$10,000$5,000soJan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart10 - Ultramax Spot Ratesperday$25,000$20,000$15,000$10,000$5,000soJan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unaut Jul-24 JefferiesLNG & LPG RatesChart 12 - LNG Spot Rates per day (MEGI)$140,000$120,000$100,000$80,000$60,000$40,000$20,000$oJan-24Apr-24Exhibit 6 - VLGC Spot Rates per day (eco)$140,000$120,000$100,000$80,000$60,000$40,000$20,000$oJan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 - 13 of this