Weekly Tanker Time Charter Estimates, April 22 2020
After a slower week last week, tanker rates for one-year have begun to move upwards again and the average rate for a VLCC is currently estimated as $67,500/pdpr. Tanker demand is likely to continue in the short term as oil has nowhere to go and we have seen short term period fixtures increase with storage options.
On the clean side, shorter period rates also increased with interest in MRs and LR2s, mainly for storage. The average rate for an LR2 for one year moved upwards to an estimated $35,000/pdpr.