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Weekly Tanker Time Charter Estimates, July 19 2017

Brent crude is currently trading around $49/bbl as the market was boosted by rumours that Saudi Arabia could cut output by 1 m bbl’s/pd.

However Chinese demand remains a concern, particularly for fuel oils as the IEA cut China’s demand projections by 385,000bbl/pd for the remainder of 2017.

Shipping rates saw little change with the exception of the 1 year Aframax rates which fell $500 to $14,500/pdpr due to slow markets in the North Sea, Baltic and Caribs.

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