Weekly Tanker Time Charter Estimates, February 08 2017
Changing government policies put even more pressure in the refining capacity in Asia while the refining margins in Europe are getting weaker.
Japan is expecting to close 300,000 bbls/d by March 2017, under the instructions of the country’s Ministry of Economy, Trade and Industry.
Furthermore, Russia is changing product export duties that will risk closure of 160,000 bbls/d. In the meanwhile, everybody is trying to identify the direction of the market in the forthcoming months while TC rates of the clean vessels seen to continue the downwards move this week.
Fixed for 1 year period, LR2’s are expected to gain $17,250/pdpr, while for 3 years the same vessels can can achieve rates just above $20,000/pdpr.