Ton Mile Trader

IMAREX - ASIAN CLEAN TANKER FFA REPORT

1 July, 2009

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Clean Tanker FFA Summary:

TC4 (MR SG-JP 30KT) All of the clean market was in the red yesterday. Jul paper was consistently given at 88, Aug at 98 and Q3 at 96 & 95. The close saw Jul 85 at 87, Q3 92.5 at 95 and Q4 101 at 103. This market is still showing some decent contango as spot has not risen over the last two weeks along with TC5.

TC5 (LR1 AG-JP 55KT) A further erosion of contango took place with Jul paper dipping from 102 to sub-100 then recovering later. Q4 was given at 107 three times before getting lifted at 108. The close saw Jul 98 at 102, Q3 102 at 107 and Q4 108 at 109 for what is now a remarkably flat curve.

TC11 (TRIAL SKOR–SING 40KT) The month ended with a third consecutive day of decline. $8.98 was down 7¢ for a total of 22¢ from the peak. (see chart below)

Physical market talking levels:

MR: Sing/Jpn estimate W75 We’re running out of synonyms for “dull” here. One leading publication pointed out what we noticed last week, that the AG has a particularly long tonnage list, and that the Singapore market is slow. Welcome to the party.

LR1: Ag/Jpn estimate W94 We’re beginning to have our doubts here. The talk in the physical market is of owners asking for triple digits, but the paper market has at this point almost leveled through the calendar. The DIFKO CHASER is a 1990 built girl, and although just reported to us yesterday, was likely fixed early last week. China discharge, depending on where, can make a 5-10 pt difference vs Japan. As such, we’re not taking this one as a good example of market level.

LR2: Ag/Jpn estimate W85 Nothing new to report.

Reported fixtures: