Weekly Tanker Time Charter Estimates, January 27 2021
A quiet week for crude as decreasing demand in the Middle East put pressure on the market. VLCC rates for one-year remained at $27,500/pdpr.
On the clean side, period activity reported but rates remain low overall. As sentiment in the longer-term is more positive, we are seeing more interest in optionality with staggered rates, increasing towards the end of the fixture.
Oil prices rebounded mid-week as the API reported a larger than expected draw in crude oil inventories.