Weekly Tanker Time Charter Estimates, September 09 2020
On the crude side, rate levels remained low as the market has yet to pick up following the summer season. Some VLCCS have slowly returned to position lists following the storage boom earlier this year, however with the future of oil demand uncertain and oil contangoes widening, there are incentives for continued floating storage.
In the clean market, the focus has been on MR fixtures of around six months to one year, although still short term this is an improvement on the average period fixtures of three to six months that we have become accustomed to over the course of the summer.
Oil prices have fallen sharply mid-week over fears of a weakened demand outlook, Brent fell below $40/barrel for the first time since June.