Charterers continue to chip away making the most of the bearish sentiment that dominates the market.

The Easter Holidays brought slight relief with VLCC being able to get $21,750, but the crude market keeps moving sideways at the close of 2018’s first quarter.

Rates remain supressed as the market fails to uphold any significant momentum with VLCC period rates  estimated at $21,000 pdpr.

A stale market and limited activity across the board with LR2 estimated at $16,150/ pdpr for 2 year period.

The tanker market remains at its weakest state in years with Suezmax estimated at 18,000/pdpr for 2 year period.

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.