Weekly Tanker Time Charter Estimates, January 29 2020
In the crude market, VLCCs and Suezmaxes have continued to drop off. The aframax sector has also begun to slow down, following last week’s gains.
Sentiment across the clean market has also fallen this week and the LR1 trade in the AG has crashed, the average rate for an LR1 for one-year is estimated as $18,000/pdpr.
The rapid spread of the coronavirus in China has shaken the market over fears that the virus will erode oil demand in China- the world’s largest oil importer and the main driver of oil demand growth.