The crude market remained subdued with oil demand muted and as such very little period activity has been reported this week. VLCC rates for two years dropped by $1,000 to an estimated $28,000/pdpr.

Another quiet week for clean with very little to report in the way of period fixtures. With sentiment leaning towards a recovery in the near future, few owners will consider the current low timecharter market levels.

Oil prices have received another boost this week from falling crude inventories according to the latest report from the American Petroleum Institute (API).