A mixed week – at the start of last week it didn’t look as though OPEC would find any agreement and so the market eased a little. As the week went on, comments became more positive with the start of the role out of Covid vaccinations in the UK, and more positive news for other countries gave a firmer end to the week. However, this week has started off weak again as the US Rig count increased by another 5 and more countries reported increased Covid cases, as well as California and Germany tightening restrictions due to Covid.
Singapore barges looking 5-7 days out, China showing some tightness and Korea still tight, Fujairah 2-3 days out so no major issues there. We expect to see dates tightening as we head nearer to the Christmas and New Years holidays, and the end of year accounting close. I would also would be worth starting to look a little earlier to fix business. Storms are building up around Indonesia and west into the Indian ocean so this may cause traffic and potentially bunker issues in the next few days. US Gulf avails are good with suppliers needing only a few days notice. Avails in Panama are good with suppliers needing about 5-7 days notice.
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