Weekly Tanker Time Charter Estimates, September 16 2020
The crude timecharter sector has been the focus of the tanker market this week with the spotlight on the VLCCs following a flurry of short-term fixtures around the six month mark as potential to store oil at sea due to widening contangoes continues as the outlook for a recovery in demand weakens. The sentiment then filtered through to the Suezmax sector with several period fixtures reported towards the end of last week.
In contrast, the clean side was quieter with some MR and LR2 fixtures reported around the 12-18-month mark.
After falling to the lowest levels since June earlier this week, oil prices began trading up as the American Petroleum Institute (API) reported a major draw in crude oil inventories.