Weekly Tanker Time Charter Estimates, August 02 2017
Despite the fact that growth in US shale oil production is slowing, it still makes OPEC’s efforts to cut supply and normalize global inventories more difficult, keeping benchmark prices capped at around $50/bbl on this quarter.
The benchmark for oil futures remained at low levels due to doubts behind whether the OPEC plan to deepen its cuts will succeed.
Freight rates remained at the same levels this week with most of the TC activity around CPP MR2 tankers. 1 year TC rates for MRs are hovering at $13,250/pdpr while 2 years straight deals can achieve $14,500/pdpr levels.