Weekly Tanker Time Charter Estimates, December 21 2016
EIA announced a crude stock draw earlier this week and 11 non-OPEC member countries agreed to a 558,000 b/d production cut in order to go against the oversupplied market.
At the time of writing WTI is trading at $53.73/bbl while Brent at $55.85/bbl.
In the VLCC front, TD3 (AG/Japan) spot rates continue the rally to reach the highest levels since March.
That being said, increased interest on time charter helped Owners to see slightly improved tc rates.
VLs can currently achieve rates around $31,000/pdpr for 1 Year charter period.