There has been an increase in crude vessels available as the market moves into backwardation and tanker storage begins to draw down.

A very quiet week for crude as pressure in the spot market filtered through into the period sector, very little has been reported in the way

Crude rates continued to soften this week with very period activity reported as oil demand concerns weigh heavily on the market.

Crude period rates came under pressure this week and rates moved lower. Very little activity reported in the time charter market due to weakening sentiment.

There has been very little period enquiry in the crude market this week and rates have not moved, the average rate for a suezmax for one year remains at $29,000/pdpr.

In the crude market, VLCC rates came under pressure due to limited demand in the Middle East and West Africa and period rates for one year moved lower for all sectors. The average rate for a VLCC for one year has dropped by 15% this week to an estimated $40,000/pdpr.

The crude period market continued to soften this week and fewer period fixtures reported compared to the levels seen in recently. The average rate for a VLCC for one-year has dropped to $47,500/pdpr.

Whilst tanker rates remain strong the pressure has come off the crude market and rates have moved lower, the average rate for a VLCC for one year has dropped to $55,000/pdpr.

A slightly quieter week for crude with various holidays internationally with fewer fixtures reported, although rates remain firm on the whole. The average rated for a VLCC for one year is estimated as $67,500/pdpr.

Although crude rates have experienced a slight correction in the past few days it has still been a very strong week for the tanker market with many period fixtures reported, particularly for VLCCs with the focus around the 6-month mark.

After a slower week last week, tanker rates for one-year have begun to move upwards again and the average rate for a VLCC is currently estimated as $67,500/pdpr.

VLCC period rates moved lower this week and period activity has been limited as owners as the market began to lose momentum following the announcement of oil production cuts from OPEC+.

The crude period market has remained firm this week with over 40 VLCCS fixed mainly on short term charters from around 6-12 months and many of these fixtures are reportedly for storage.

The crude period market has experienced a resurgence this week and the VLCC market in particular has been very busy with fixtures reportedly ranging from six months to three years, rates for one year have moved up 43% to $80,000/pdpr.

Crude period rates moved sideways this week except for one-year on VLCCs that increased by $1,000 to $56,000/pdpr. A few short term timecharter fixtures were reported, ranging from five months to one year.