Charterers continue to chip away making the most of the bearish sentiment with a market that slides along at rock bottom rates.

As brokers we are disappointed to see such a stale market with little activity.

Limited activity across the board and hire rates remain flat due to the Lunar New Year and few incentives for much change on the horizon.

No real change in the market at the moment except the jojo interest in MRs.

Following a peak of $70/bbl Brent crude has fallen since the turn of the month back to mid-$60/bbl levels despite US. crude stocks falling 1.05 million barrels last week.

The current market tenor lingers reflecting in suppressed rate estimates with Aframax trading around $16,250/pdpr for 2YR period.

There are no momentous market trend shifts to report in this week’s wet time charter estimates.

The Iranian tanker Sanchi sinks after a second explosion leaving no hope for any survivors from the 32-strong crew.

OPEC’s oil cut has reduced the number of cargoes at a time when a significant amount of N/B’s are being delivered resulting in further downwards market pressure not seen since 2009.

Oil reached near its highest level since 2015 today, having risen above $67/bbl near 35% increase over the last two quarters.

An pipeline explosion in Libya saw domestic output fall  by around 100,000 barrels per day causing a two-year high surge in the oil price.

The direction of oil prices in 2018 will be decided in Texas.

North Sea pipeline fracture led on 2% rise in BRENT prices.

Goldman Sachs on the recently released report expects crude oil prices to be retained and strong.

Oil prices this week set to go up after market expectations of a 9mos  cuts extension.