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.

The crude period market continues to benefit from the spot market that still continues to soar, this week we have seen a number of suezmax and the average rate for one-year is estimated as $42,500/pdpr.

Crude period rates have continued to surge this week off the back of gains in the spot market.

US sanctions imposed on Cosco’s tankers have caused spot rates to soar and this is also having a positive effect on VLCC period rates that have increased this week to $38,000/pdpr for one year.

Supported by strength in the spot market, TC and rates have remained firm although the crude period market has been quiet with just a few fixtures coming to light.

Slightly more activity for the crude period market this week as sentiment begins to improve, the average rate for one year is currently estimated as $31,000/pdpr.

There has been very little activity in the way of crude period fixtures this week although rates have remained stable.

Crude rates have remained flat this week and aside from a recent 10 vessel suezmax period deal, there have been very few tc fixtures to report in this sector.

Little excitement in the crude market with rates moving more or less sideways this week.

It has been a busy week for the VLCC period market that has moved up in line with the spot market as refinery overhauls come to an end.

In the crude market there has been interest in shorter periods, we estimate that the rate for a VLCC for one year is currently $31,000/pdpr.

Period rates for crude moved downwards this week, the average one-year rate for suezmaxes is estimated at $24,000/pdpr.

Dirty Time Charter Rates vs Fixtures for the first six months of 2019

VLCC rates firmed this week and the average tc rate for one year is estimated as $36,000/pdpr.