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.

In the crude market there has been very little reported in the way of time charter fixtures but both the spot and period markets remain strong.

Crude TC rates remained firm overall this week with interest in suezmax fixtures around the one-year mark.

Crude TC rates have remained firm although few fresh fixtures have been reported with owners holding out for longer periods.

Supported by strength in the spot market, crude TC rates have remained firm this week with rumours of a newbuild VLCC fixed for five years at $48,000/day.

Supported by a boost in the spot market, crude TC rates have firmed overall this week.

The VLCC market experienced a downward correction this week and rates have fallen.

In the crude market there has been very little reported in the way of time charter fixtures as the spot market remains strong.

Crude market rates continue to balance out this week and on the period front, few fixtures have been reported as charterers and owners are waiting to see which direction the market will take.

Last week’s momentum in the crude period market has dropped off slightly.