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Weekly Tanker Time Charter Estimates, April 15 2020

VLCC period rates moved lower this week and period activity has been limited as owners as the market began to lose momentum following the announcement of oil production cuts from OPEC+.

Compared to recent activity, the clean TC market has been quiet this week, rates for handys and MRs softened and the average rate for an MR for one year is $15,250/pdpr.

Oil prices have come under pressure mid-week due to persistent oversupply and a global drop in demand caused by Covid-19.

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