Weekly Tanker Time Charter Estimates, May 27 2020
In the crude market, VLCC rates came under pressure due to limited demand in the Middle East and West Africa and period rates for one year moved lower for all sectors. The average rate for a VLCC for one year has dropped by 15% this week to an estimated $40,000/pdpr.
Period activity in the clean market has been limited this week and rates for one year have softened.
Oil prices firmed this week as demand sentiment improved and hopes that production cuts will ease supply.