1. In May, average guideline one year timecharter rates held relatively steady m-o-m, with rates across featured tanker sectors generally remaining at relatively suppressed levels compared to recent years, particularly in the crude tanker sector. The guideline one year rate for a VLCC fell marginally m-o-m to $19,375/day, down by 28% compared to the average rate in full year 2017. The guideline one year rate for a Suezmax held steady m-o-m, although remained 16% below the average level in 2017, whilst the guideline one year rate for an Aframax fell by 2% m-o-m to stand at $13,563/day. Meanwhile, the guideline one year rate for an MR eased back by 2% m-o-m in May to $13,031/day, marginally higher than the guideline rate for an LR1, which stood at $12,813/day. Guideline one year rates in the product tanker sector all stood slightly below the average level in full year 2017 in May, albeit to a far lesser extent than in the crude sectors. 2. Tanker timecharter activity in May included the charter of the 2010-built, 36,600 dwt Handy product tanker "ATLANTIC SIRIUS". The vessel was chartered by Clear-lake for an initial period of one year at a rate of $10,500/day, and included an option to extend the charter by a further year for a higher rate of $11,500/day. Later in the month, it was reported that Norden chartered the 2008-built MR tanker "LEFKARA", also for a one year period. The vessel was fixed for an initial rate of $13,250/day, and also included the option to extend the charter period by a further year for a rate of $14,650/day.
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