Little excitement in the crude market with rates moving more or less sideways this week. Some short-term TC fixtures were reported and the average rate for a VLCC for one-year is currently estimated as $30,000/pdpr.

Chinese buyers struck deals to buy 195,000 tonnes of American corn, the U.S. Department of Agriculture said on Tuesday, as China grapples with spiking domestic prices. China’s demand for corn to feed animals has increased as its pig herd has rebounded more quickly than expected from a deadly swine disease first detected in the country two years ago. Chicken producers are also pushing ahead with aggressive expansion plans, according to traders in China. Chinese corn inventories have dwindled following years of government efforts to whittle down a previously massive stockpile. ...

Weekly Tanker Time Charter Estimates, August 19 2020

Period rates for crude have remained stable on the whole this week and the average rate for a VLCC for three-years is currently estimated as $36,000/pdpr.

Crude rates remained flat this week with some medium term VLCC fixtures reported around 12-18 months.

The crude market has been quiet overall with the summer season underway, some activity has been reported in the Aframax sector mainly focused on short-term.

The crude period market has been quiet this week except for one fixture for a modern VLCC reported for two years at around $31,000/day.

With the summer lull already in full swing there has been very little enquiry for the crude timecharter market this week and rates have moved lower.

There has been an increase in crude vessels available as the market moves into backwardation and tanker storage begins to draw down.

A very quiet week for crude as pressure in the spot market filtered through into the period sector, very little has been reported in the way

Crude rates continued to soften this week with very period activity reported as oil demand concerns weigh heavily on the market.

Crude period rates came under pressure this week and rates moved lower. Very little activity reported in the time charter market due to weakening sentiment.

There has been very little period enquiry in the crude market this week and rates have not moved, the average rate for a suezmax for one year remains at $29,000/pdpr.

In the crude market, VLCC rates came under pressure due to limited demand in the Middle East and West Africa and period rates for one year moved lower for all sectors. The average rate for a VLCC for one year has dropped by 15% this week to an estimated $40,000/pdpr.

The crude period market continued to soften this week and fewer period fixtures reported compared to the levels seen in recently. The average rate for a VLCC for one-year has dropped to $47,500/pdpr.