Weekly Tanker Time Charter Estimates, December 14 2016
Oil prices fell on Wednesday, following the rise in US crude inventories and estimates that OPEC may have produced more crude than expected in November.
WTI crude oil futures were down 61 cents at $52.37 a barrel, possibly due to US oversupply.
In the AG/Red sea market about 45 ships fixed/ put on subs last week while rates to the West climbed into the mid-WS 40s. The East market moved up reaching low-WS 80s.
In the period sector we noticed an increase in short term fixtures that allow charterers to cover their cargoes for the winter months.
Meanwhile, charterers increased their enquires for 12 months contracts which for VLCC’s estimated to be $30,500/pdpd and Suezmaxes $22,500/pdpr.