Rates have remained flat this week as demand remains muted.

A mixed week for oil prices this week as Norwegian oil workers went on strike on Tuesday after rejecting a proposed wage deal, causing oil prices to rise.

Tankers in both products and crude still show no sign of improvement.

The one-year t/c rate for VLCCs declined to $23,500/day whilst the five-year rate dropped to $30,000/day.

At best rates are flat due to insufficient volumes.

Oil prices have fallen hit by rising supplies in the US and expectations that OPEC could relax voluntary output cuts.

A quiet week with limited activity in both dirty and clean markets due to Posidonia, with rates remaining flat.

The market keeps moving sideways due to lack of significant t/c activity, partly because of the public holidays in the US and Europe.

Oil prices reached 80 USD/barrel again yesterday on the back of the US sanctions against Venezuela and Iran.

Little excitement in the dirty market with rates moving more or less sideways.

The lack of activity due to an abiding combination of scarce demand, oversupply of tonnage and high bunker prices, bars time charter rates from turning around.

At best rates are flat due to insufficient volumes. On the supply side: already 24 VLCCs ordered this year.

Estimated earnings of $20,000 pdpr for 1 year period charters leave the VLCC market desperate for increased volumes.

Rates remain supressed as the market fails to uphold any significant momentum with VLCC period rates  estimated at $21,000 pdpr.

Charterers continue to chip away making the most of the bearish sentiment that dominates the market.