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.

VLCC period rates have moved up off the back of the increased oil supply caused by the combination of decreased demand due to Covid-19, OPEC+s ‘no deal’ and consequently the Saudi Arabia/ Russia oil

In the crude market, we have seen a number VLCC timecharter fixtures for short-term storage off Singapore, the average rate for a VLCC for one year remains at $31,000/pdpr.

Once again, the topic of coronavirus has dominated the crude market as rates continue move lower. Reports that China has managed to control the spread of the virus has been taken as a positive sign,

The crude market period rates remained steady this week but there has been little to report in terms of period fixtures.

In the crude market, few short-term VLCC fixtures were reported last week ranging from six months to one-year.

Crude rates continued to come under pressure this week and period activity has been limited as owners and charterers wait for more clarity before making decisions.

Crude rates have dropped off significantly in the past week amid oil demand worries in China due to the coronavirus outbreak.

In the crude market, VLCCs and Suezmaxes have continued to drop off.

The crude market has dropped off this week, VLCC rates have fallen across all periods and the average rate for a VLCC for one year is currently estimated as $46,500/pdpr.

The dry bulk market has faced additional pressure this week and rates have continued to fall, the timecharter market has been no exception and capesize rates have fallen across all periods, with little signs of recovery in the coming weeks due to the impending Chinese New Year celebrations.

A positive start to the year for crude- rates have remained stable, supported by the spot market.