IMAREX - ASIAN CLEAN TANKER FFA REPORT 3 November, 2008
Mon, November 3, 2008 at 00:52 IMAREX - ASIAN CLEAN TANKER FFA REPORT
3 November, 2008
Clean Tanker FFA Summary:
TC4 (MR SG-JP 30KT) Paper continues in a steep backwardation with negative sentiment. Spot closing at 302 -5 and Dec and Jan at a -67 and -90 discount. The near months in paper tumbled. Nov traded 238,236,236,235 closing at 235 -7. Dec traded 215 closing at 210 -8 and was heard traded away at 212. The CAL09 curve also weakened q1 127.83 -5, q2 129 -4, q3 137 -3, q4 141 -3, CAL09 133.71 -4. Q1 traded at 131
TC5 (LR1 AG-JP 55KT) Spot softened another three points while the near paper months of Nov and Dec fell heavily and remained in steep backwardation of -82 and -98. Nov traded 212.50, 210,208,205 and was heard traded away from 215 to 205. closing 205 -13. Dec closed 189 -15 and was heard traded away around the 195 mark. The CAL09 curve softened slightly with q1 125.67 -5, 126 -3, 128 -2, 134 -2, CAL09 128.42 -3.
TC2 (MR CONT-USAC 37KT) The spot still in a trading range while sentiment whips the paper market around. Spot softened to 201.25 -1 while the near months fell heavily gapping nearly twenty points from the previous day. Nov traded 180, 180 closing at 178 -17. Dec traded 185,180,180 closing at 179 -20. The CAL09 curve also fell with Q1 137 -13, Q2 138 -9, Q3 142 -7, Q4 145 -9 CAL09 140.5 -10. Jan traded 135, Feb traded 136 Q1 traded at 140 while Q4 traded at 145.
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F F A s @ C l o s e |
|
|
|
|
|
|
|
|
TC2 |
NET |
TC4 |
NET |
TC5 |
NET |
|
SPOT |
201.25 |
-1.25 |
302.00 |
-5.00 |
287.00 |
-3.00 |
|
OCT |
207.32 |
avg |
328.29 |
avg |
328.33 |
avg |
|
NOV |
178.00 |
-17.00 |
235.00 |
-7.00 |
205.00 |
-13.00 |
|
DEC |
179.00 |
-21.00 |
212.00 |
-8.00 |
189.00 |
-15.00 |
Physical market talking levels:
Ø MR: Sing/Jpn estimate W295 Vessel supply continues to outweigh demand. Again, we’re picking up that the North Asian marketplace is where the buzz is and owners looking to reposition their vessels from the AG and Sing are willing to take a low rate to get there.
Ø LR1: Ag/Jpn estimate W270-275 The fixtures surfacing in Platts all appear to be from weeks gone by and are likely not representative of current market condition. We’re hearing that the naphtha cracking business in Japan & S Korea is slow and that imports have slowed, so the LR1s are at a trickle.
Ø LR2: Ag/Jpn estimate W245 The fixture list we get to see lists only one vessel AG – Jpn with naphtha, and that is on O/P. Almost universally the physical brokers have this route 30 or more points below Platts assessment.
Reported fixtures:
|
PHOENIX D |
75 |
NAP |
15-Nov |
AG |
JAPAN |
OWN |
FXD |
|
YU LIN WAN |
80 |
NAP |
13-Nov |
SIKKA |
UKC |
3.8M |
FXD |
|
OCEAN QUEST |
90 |
GO |
06-Nov |
SKOREA |
UK |
RNR |
FLD |
|
OCEAN ODYSS |
90 |
GO |
16-Nov |
SKOREAC |
UK |
RNR |
SUBS |
|
ETERNAL PRIDE |
65 |
UNL |
16-Nov |
TWN |
UKC |
4.1 M |
EXT |
|
CANCALE STAR |
65 |
JET |
07-Nov |
AG |
WEST |
RNR |
FXD |
|
GINNY |
50 |
NAP |
06-Nov |
AG |
HALDIA |
RNR |
SUBS |
|
ICE BLADE |
35 |
UMS |
02-Nov |
XAG |
USD |
180K |
FXD |
|
BRITISH SEREN |
35 |
UNL |
06-Nov |
AG |
OPTS |
RNR |
SUBS |
|
EMERALD STAR |
35 |
UNL |
08-Nov |
AG |
EAFR |
320 |
|
|
TORM GERD |
40 |
JET |
10-Nov |
AG/UKC |
USD |
2.0 LVL |
SUBS |
|
JAG PRAKASH |
35 |
UNL |
06-Nov |
AG |
OPTS |
RNR |
SUBS |
|
GAN-VOYAGER |
40 |
UNL |
11-Nov |
SKOREA |
DJAN |
RNR |
SUBS |
|
TBN |
35 |
UNL |
15-Nov |
DALIAN |
SING |
750K |
SUBS |
|
CLASSY VICT |
55 |
CL |
18-Nov |
AG |
JAPAN |
RNR |
CNR |
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