Weekly Tanker Time Charter Estimates, March 04 2020
Once again, the topic of coronavirus has dominated the crude market as rates continue move lower. Reports that China has managed to control the spread of the virus has been taken as a positive sign, as a potential return to the market could signal some hope for rates.
On the clean side, a few short-term fixtures have been concluded at discounted rates, the average rate for an MR for one year is currently estimated as $14,750/pdpr.
Oil prices received a boost on Wednesday, based on hopes that OPEC+ will further reduce output to offset the fall in demand caused by the COVID-19 outbreak.