Ton Mile Trader

VLCC AG/East 232.5 ($183k).     Suezmax Wafr/Usac 340 ($132k).

Activity in the AG remains slow.  We have seen about 50 cgos covered thus far - close to the halfway point. Charterers appear content to enter the market at a measured pace, implying a “rush” of cgos may not be imminent. Positions for mid-August seem ample enough to handle inquiry over the next few days.  The Atlantic basin remains strong. 

Crude FFAs are very quiet.  Bid/asks for TD3 imply a slightly softer tone today.  TD5 Aug trades down 7 points to 240, while Q4 loses 2 points 196.  As I hit send, TD3 Aug trades down 8 points to 184.

The cont/ta clean market is so ugly…<<response:  How ugly is it?>>… it went to the zoo and they refused to let it out.  Markets get the humor they deserve, but I am running our of ugly jokes  Cont/ta is now rated at about 210 ($7k) and soft while Caribs/Usac stands at about 290 ($22.5k).  Simple supply and demand.  Asian clean remains steady, as LR1s Ag/Japan still fetch 315 ($40k).  Neil Mulhern is my hero.  

Clean FFAs have been somewhat snoozy today.  TC2 Q4 trades down 2 points to 260.  In Asia, activity is slow as well.  TC4 Aug trades down 7 points to 275.  TC5 Aug and Sep trade flat at 299 and 283.