Weekly Tanker Time Charter Estimates, May 12 2021

In the crude timecharter market the VLCC sector remained quiet with little activity. However, some period fixtures were reported in the suezmax sector, taking into account both very short tc fixtures to longer periods of around 2-years.

On the clean side, some MR fixtures continue to be reported although rates remained flat, the average for an MR for one-year is unchanged from last week at $12,750/pdpr.

Oil prices continued to rise as demand figures in the latest month oil market report from OPEC show no change, despite the situation in India. The American Petroleum Institute (API) also reported a draw down in crude inventories which further supported prices.