Weekly Tanker Time Charter Estimates, July 1 2020
There has been an increase in crude vessels available as the market moves into backwardation and tanker storage begins to draw down. Continued supply cuts from OPEC have further impacted vessel demand and with the traditionally quieter summer months upon us, interest in period deals has been put on hold for now until demand returns and rates pick up which is expected to be later in the second half of 2020.
The clean market has remained quiet with rates low and little has been reported in the way of period activity.
Oil prices moved lower on Tuesday amid fears of Covidd-19 cases increasing and a possible increase in Libyan oil production.