Weekly Tanker Time Charter Estimates, March 11 2020
In the crude market, we have seen a number VLCC timecharter fixtures for short-term storage off Singapore, the average rate for a VLCC for one year remains at $31,000/pdpr.
At the end of last week the clean period market picked up but has now flattened out and very little activity has been reported.
The situation with oil prices crashing due to Saudi Arabia and the impact of Corona Virus on the market has been unprecedented. If this fall in oil price is sustained, it could have an effect on jobs in Texas as it remains to be seen how the US will sustain fracking at this price.