Crude timecharter rates moved sideways once again this week with very little fixture activity reported. As we approach the summer period that is traditionally busier for tankers, there is some growing concern that the market might not experience the usual seasonal up-tick.

On the clean side, another lacklustre week. Even the MR sector was uncharacteristically quiet and rates remained flat with the average for one-year at $12,750/pdpr.

Oil prices climbed this week due to a huge inventory draw last week reported by the American Petroleum Institute (API).