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Weekly Tanker Time Charter Estimates, March 18 2020

VLCC period rates have moved up off the back of the increased oil supply caused by the combination of decreased demand due to Covid-19, OPEC+s ‘no deal’ and consequently the Saudi Arabia/ Russia oil price war, flooding the market with unprecedented volumes of crude.

In the clean sector, there has been some interest in MR period fixtures ranging from 12 months to three years, the average rate for an MR for one-year has currently moved up to $16,000/pdpr.

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