Weekly Tanker Time Charter Estimates, December 28 2016
After bringing off the biggest oil-market deal in a decade, OPEC now is trying to increase oil prices without igniting shale.
The analysts predicting that Brent will average $58 a barrel next year. WTI will be $1.50 cheaper than Brent in 2017, while it settled at $53.90 in New York yesterday.
VLCC activity in MEG has been low this week, with all rates across the board, down. However, there’s a feeling that ex-WAF will become more attractive, as rates in the AG reached the zenith for now.
In the same area, LRs were much more active this week strengthening the rates for the routes to Japan. Rates for LR1s fixed for 1 year period TC, estimated to be around $14,000/pdpr.