Weekly Tanker Time Charter Estimates, December 02 2020
In the crude market there has been some period activity around the six months to one-year mark and VLCC rates for one year have moved slightly higher to an estimated $24,500/pdpr.
The last few weeks have been encouraging for clean we have seen increase in short-term fixtures concluded, often with optionality to increase flexibility. There has also been more interest in longer term deals which indicates that market players are steadily gaining confidence in the market as we approach 2021. This week we have seen some MR period fixtures, mainly for short-term durations.
Oil prices fell mid-week as OPEC+ failed to reach a decision regarding production cuts and a further meeting has been rescheduled this week.