Weekly Tanker Time Charter Estimates, March 31 2021

Whilst the crude spot market reacted quickly, to the Suez Canal block, the timecharter market was a different story with many players holding back although some aframax fixtures have been reported this week across various periods.

On the clean side, the MRs continue to fare well with a focus on scrubber and eco tonnage, the average rate for one-year remains at $14,000/pdpr.

Oil prices fell this week on news that the Suez Canal blockage was cleared and the bottleneck began to ease. The focus is now on the impending OPEC+ meeting this week which may result in a further extension to cuts as oil demand in Europe continues to suffer.