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Weekly Tanker Time Charter Estimates, February 17 2021

Another quiet week for the crude market thanks to the ongoing lunar new year celebrations in the far east and this has put pressure on timecharter rates with the average for one-year dropping $4,000/day to $24,000/pdpr.

In the clean sector, the LR market remained quiet, the MR market has been particularly active this week, with a heavy focus around the one-year mark indicating that charterers are now more willing to consider longer periods.

Oil prices continued to move higher this week rising to pre pandemic levels, supported by sentiment that demand will improve in the coming months.

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