Weekly Tanker Time Charter Estimates, September 21 2016
In the wet sector, analysts claim that the recovery of the market will eventually come, but this is not expected to happen before 2017.
MEG trading remains sluggish with continued tonnage oversupply and in order to see VLCC improved rates, especially in short term we need to see crucial changes to fundamentals.
It would also be necessary to consider the fact that 35-40 more VLCC NBs will be delivered over the next six months.
Cargos from WAF have remained steady however Crude markets await OPECs Algeria meeting as trade has fluctuated this week with Brent at $45.8/bbl.
A couple of period fixtures this week proved that VLCCs fixed for 1 Year TC can achieve rates as high as $30,000/pdpr.
Source: Hellenic Shipping News