Weekly Tanker Time Charter Estimates, November 18 2020

It is too early to gauge the impact on the tanker market of news of two new Covid-19 vaccines over the past week. Global markets have reacted positively to this news and sentiment for tanker demand seems to be ever so slightly more positive, with hopes that a vaccination program will lend support to tanker demand. In the crude market this week there has been some interest in short term VLCC fixtures of around 12-15 months and the average rate for this period is estimated as $24,000/pdpr.

On the clean side, a quiet week with not much reported in the time charter market and as a result rates remained under pressure.

Oil prices continued to move up this week based on hopes that a mass vaccine program will prompt travel once again and news that OPEC+ will extend oil production cuts for three more months.