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Weekly Tanker Time Charter Estimates, October 02 2019

US sanctions imposed on Cosco’s tankers have caused spot rates to soar and this is also having a positive effect on VLCC period rates that have increased this week to $38,000/pdpr for one year.

In contrast to crude, the clean TC market has been relatively flat although sentiment going forward remains positive.

Oil prices have moved down this week as China’s latest manufacturing PMI index contracted for the fifth month running.

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