Weekly Tanker Time Charter Estimates, June 28 2017
Due to the hit in a major refinery in Salina Cruz refinery (WCMex), which is not expected to be restarted until the end of July 2017, Pemex (Mexican National Petroleum Company) is looking to import about 3.5M bbls if refined products to meet the outages creates.
This will assist the MR market and boost the demand out of the USG. MR period rates started following the upward move of the product market, especially in the US Gulf reaching $13,950/pdpr for 1 year period time charters. There are also expectations that LR1 market will follow this upward move however period rates are still depressed reaching $12,850/pdpr for 1 year charter period.