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Historically, there has been a strong correlation between tanker spot and time charter rates, with period rates tracking (with some time lag) developments in the spot market. However, this year TC and spot values have moved in opposite directions. Spot earnings on benchmark trades gradually cooled over the course of this year, with returns in the clean tanker market reaching in July their lowest level this year. rude has performed somewhat better, but TCE returns have been weak nonetheless. In contrast, time charter rates have firmed, reaching in July their highest level since 2016/17. The biggest uplift has been seen in 1 and 3 year period assessements for eco VLCCs and LR2/Aframaxes.
The weekly tanker market report by Gibson Shipbrokers.
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