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Weekly Tanker Time Charter Estimates, June 3 2020

There has been very little period enquiry in the crude market this week and rates have not moved, the average rate for a suezmax for one year remains at $29,000/pdpr.

The clean period market has also been quiet this week as ongoing uncertainty surrounding the pandemic and its impact on oil demand combined with falling spot rates, and port delays have all weigh heavily on the market.

Oil prices moved up at the start of the week over reports that OPEC+ will extend output cuts but dipped on Thursday as the ability of crude producers to agree to these cuts came in to question, combined with worries over a build-up of US fuel inventories.

 

 

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