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Weekly Tanker Time Charter Estimates, July 05 2017

The latest developments in oil news show that crude oil snapped again, after a week of constant upward movement, as Russia stated that they will oppose to any proposals to extend the OPEC production cuts.

Meanwhile, futures dropped 1.7% after eight straight sessions of gains.

In the shipping side, it seems that MR activity softened again with MR rates at $13,000/pdpr for 1 year time-charter.

Aframaxes and CPP LR2s have the same gains currently, with rates hovering at $15,000/pdpr for 1 year period contracts.

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