Ton Mile Trader

IMAREX - ASIAN CLEAN TANKER FFA REPORT

25 November, 2008

Clean Tanker FFA Summary:

TC4 (MR SG-JP 30KT) Again spot edged lower, this time by 2 pts to w200. Paper markets are still quiet. Dec was worked 172 at 179 and Jan 118 at 125 through most of the afternoon but saw no trade. Buyers showed interest below closing levels for the Qs, but were not met with offers. Trade was again nil.

TC5 (LR1 AG-JP 55KT) Spot slipped another 2 pts to w218 Monday. Paper markets were thinly traded at best. Nov worked 239 at 241 post-Platts leaving an implied balance of 210. Dec was given thrice and lifted once at 192 in the evening and left 192 at 195 working. The Qs were unmoved on the day. With the slow pace of spot price descent, Dec paper in the low 190s is starting to look like a reasonable bet

TC2 (MR CONT-USAC 37KT) Spot slipped 1.25 pts to just below w180, but it was not enough to bring the paper traders into the game again. Sellers appeared down the curve, but buyers were scarce. Dec left offering at 195, Q1 at 143 and Cal9 at 142. The ship brokers are saying that spot levels are unlikely to be maintained if activity does not pick up soon.

Physical market talking levels:

MR: Sing/Jpn estimate W195 Sentiment soft. The market has been quiet and no fixtures heard for the route.

LR1: Ag/Jpn estimate W200-205 Typically Mondays do not yield heaps of fixture info, and yesterday was no exception. Sentiment is still soft on these vessels.

LR2: Ag/Jpn estimate W170 Not much to hang your hat on here. Dec cargoes are at a trickle. We’ve heard that some have been broken up into smaller parcels.

Reported fixtures: