Weekly Tanker Time Charter Estimates, April 14 2021
Despite the news of increased production from OPEC+ this has yet to translate to increased enquiry for crude. A few VLCC fixtures have been reported over the past week around 12-24 months but there is hope that the market will continue to improve as Middle East volumes increase and demand returns as lockdowns in Europe ease.
The clean market has seen period enquiry pick up for LR2s, the LR1 sector is still catching up but rates for one-year moved up to £14,850/pdpr. MRs are also in demand but there is some disparity between owners’ expectations and what charterers are willing to pay.
Oil prices moved up this week as OPEC’s latest monthly oil market reported revised oil demand for 2021 at higher levels than in March.