Weekly Tanker Time Charter Estimates, May 20 2020
The crude period market continued to soften this week and fewer period fixtures reported compared to the levels seen in recently. The average rate for a VLCC for one-year has dropped to $47,500/pdpr.
A similar situation for the clean timecharter market as negative momentum has led to limited activity and a drop in rates for most periods.
Oil prices firmed mid-week boosted by signs of improved demand and a drawdown in US crude inventories. However, gains were capped over concerns surrounding the future of the global economy due to the current pandemic and week refining margins.