Weekly Tanker Time Charter Estimates, March 10 2021
Yet another quiet week for crude as the outcome of the latest OPEC+ meeting announcing continued production cuts sent waves of pessimism through the market as oil prices reacted by moving up, impacting bunker prices and therefore earnings.
On the clean side there was some demand for LR2s although the LR1 market remained quiet. There has been a continuous stream of activity in the MR sector and average rates for one year are estimated to be around $12,250/pdpr.
Following outcome of the OPEC+ meeting that caused oil prices to surge, the market levelled off mid-week following a reported build in crude inventories from the American Petroleum Institute (API).