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Weekly Tanker Time Charter Estimates, August 09 2017

Oil surpassed USD 52/ bbl today ahead of the US stocks report which is expected to show crude stocks down for 6 weeks in a row, however it is still uncertain if the OPEC led oil supply cuts will materialise. A further drop in US crude inventories could actually be the first signal that OPEC’s effort to gradually diminish the supply glut is working.

In the spot market VLCC reached the TCE of $10,000/pdpr which is the lowest levels for the last three years while TC rates across the board are hovering at the same levels this week.

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