Weekly Tanker Time Charter Estimates, November 10 2021
There seems to be slightly more interest in the crude sector this week and sentiment is growing that we are at the beginning of an upwards period. A handful of short-term VLCC period fixtures were reported and rates moved higher with the one-year average for VLCCs up $1,000 to an estimated $22,500/pdpr.
On the clean side, there has been little to report in the way of fixtures although rates for MRs increased slightly across all periods with one-year periods now approximately $12,250/pdpr.
Oil prices have risen to a two-week high as the US eases travel restrictions and the American Petroleum Institute (API) reported its first crude oil inventory draw in six weeks.