Weekly Tanker Time Charter Estimates, April 8 2020

The crude period market has remained firm this week with over 40 VLCCS fixed mainly on short term charters from around 6-12 months and many of these fixtures are reportedly for storage.

Period fixtures are also up for the clean segment that has also seen an increase in demand for short-term storage, particularly in the LR2 sector where one-year rates moved up to $33,500/pdpr.

Oil prices have moved higher this week, boosted by hopes that Thursday’s OPEC+ meeting will reach a deal on output cuts.