Weekly Tanker Time Charter Estimates, January 04 2017
Oil markets have fallen in the wake of a strengthening US Dollar leading to reduced investor demand for commodities linked to the currency.
Other market movements include OPEC’s agreement along with 11 other nations to cut output which started on January 1st this year. Analysts continue to predict that Brent will average $58 a barrel in 2017, with Brent currently trading at around $55 and WTI at $52. VLCC activity has been steady with rates remaining around the $31,000/pdpr mark for 1 year period TC. Rates for MR’s fixed for 1 year period TC have strengthened and estimated to be around $13,000/pdpr.