Despite the news of increased production from OPEC+ this has yet to translate to increased enquiry for crude

News from OPEC+ that the group will slowly unwind production cuts has been boosted sentiment for the crude market

Whilst the crude spot market reacted quickly, to the Suez Canal block, the timecharter market was a different story with many players holding back

Crude timecharter rates remained stable this week and there have been a number of period fixtures reported in the aframax and VLCC sectors

Another lacklustre week for the crude market with little activity for the VLCCs and suezmaxes

Yet another quiet week for crude as the outcome of the latest OPEC+ meeting announcing continued production cuts sent waves of pessimism

The crude market remained subdued this week with little to report on the period front, despite China returning to work

The dirty market remains in a weak state with very little activity on the timecharter front

Another quiet week for the crude market thanks to the ongoing lunar new year celebrations in the far east and this has put pressure on timecharter rates

A quiet week for Crude with little reported in the timecharter market, fixtures reported focused on optionality and charterers looking to lock in periods to provide cover

On the crude side, the period market has picked up this week with some short-term fixtures reported but rate levels remain low

A quiet week for crude as decreasing demand in the Middle East put pressure on the market

In the crude sector there has been very little period enquiry this week

A quiet week on the whole for crude as new lockdowns around the world put further pressure on oil demand. Some interest has been reported in the VLCC sector for fixtures for one-year and the average price is currently estimated as $28,750/pdpr. The focus in the clean market this week has been on MRs for one-year indicating some confidence on longer periods. Oil prices continued to move higher following the news of the OPEC+ cuts and a weaker dollar rate.

A number of timecharter fixtures reported over the last few weeks for VLCCs across all periods, rates for one-year moved up to $28,000/pdpr.