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Oil freight rates fail to pick up momentum
Jan 27: Despite the fact that the Middle East market enjoyed another week of healthy enquiry, it failed to set a positive tone in the crude carriers market, which moved downwards overall last week.
8Oil prices have at the same time witnessed a negative correction last week, as the effect of the output cut seems to be waning for now, with most investors currently focusing on the quickly increasing U.S. production.
8VLCC rates moved sideways last week on the back of steady business in the Middle East market while enquiries in West Africa firmed significantly
8But West Africa Suezmax on the other hand witnessed a significant activity slowdown last week, which heavily weighed down on rates that were already under pressure amidst increasing tonnage availability in the region.
8The negative sentiment quickly fed through to the Black Sea/Med market, which on the positive side is still getting some support from delays in the Straits.
8After a very strong start to the year, cross-Med Aframax rates corrected downwards last week, while Carribean market activity failed again to shake off the pressure mounting from excess tonnage supply in the region.
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