Weekly Tanker Time Charter Estimates October 11 2017
Oil prices rose about 2% yesterday, supported by Saudi Arabian export cuts in November and comments from the OPEC meeting in Moscow that the market is rebalancing after years of oversupply.
In the spot market average VLCC earnings firmed by 30% w-o-w, while the Suezmax market has deflated in WAF region. No big changes on the period rates across the board.
Despite the increased t/c enquiry in the West over the last few weeks, MR rates for 1 and 2 year time charter are holding at $13,500/pdpr and $14,500/pdpr respectively.