Weekly Tanker Time Charter Estimates October 25 2017
The head of oil giant Saudi Aramco yesterday claimed that the lack of recent investments in the oil sector could lead to a shortage of supplies.
At the same time, Brent oil rose towards $58/bbl on Tuesday after Saudi Arabia’s statements of determination to end a supply glut.
VLCC spot rates remained positive this week to hold at levels around WS70 for eastbound runs out of the MEG and WAF. On the t/c side, rates seem to be stable across the board. 1 Year time charter rates for Suezmaxes are hovering on $18,500/pdpr.