Weekly Tanker Time Charter Estimates October 18 2017
Ongoing political tensions in the Middle East buoyed oil prices this week. November WTI crude CLX7, was up $0.18, to $52.05/bbl.
On the spot market VLCCs firmed, with rates rising across all featured routes. Activity in the MEG, Caribbean and South America has increased while in the UK Cont, tonnage availability remained limited. On the period market, LR2 and LR1 rates for 1 year time charter showed some positivity to the Owners achieving $15,250 and $13,500/pdpr respectively.