Ton Mile Trader

Imarex Academy – Professional FFA Trading Courses in London and Sydney, March 2010

You are invited to attend the Imarex Academy Professional FFA Trading Courses in London and Sydney in March 2010. Seize this opportunity to learn how to trade freight futures effectively andto gain a detailed perspective of the tanker and dry bulk freight derivatives market. For more information please refer to the Imarex Academy website
http://www.exchange.imarex.com/imarex-academy/category488.html .

Clean Tanker FFA Summary:

TC4 (MR SG-JP 30KT) It was a terribly quiet day for the clean markets. The lead-up to IP week & the Lunar New Year is delivering a moment of inertia on both fixtures & paper. Swaps were softer basis better selling interest down the curve. Mar paper got to 137 at 138.5 and Q2 138.5 at 140. Q4 was 151 at 155 in the end, knocking a point or two off the forward periods.

TC5 (LR1 AG-JP 55KT) The calm before the storm? We certainly hope so. Feb paper got to 134 at 137 and Mar 129 at 133 with little interest thereafter. No trades were heard done. The market close of 135 for Feb equates to a balance of month of W128.08.

For Platts TC4 & TC5 Spot please refer to the IMAREX trading screen.

Physical market talking levels:

MR: Sing/Jpn estimate W130 The fixtures below with rates are unfortunately not new and therefore do not sway our estimate back up. AG – Jpn was last heard done at W148 on the PACIFIC OASIS. The ARION deal was likely concluded early last week as well, so we’ll maintain our estimate for now.

LR1: Ag/Jpn estimate W137.5 The SENATORE was reported on subs at W138.5 or 137.5, depending on who you heard it from. Either way, it’s a lower level and is sure to have company as prompt tonnage is building. For dates up to the 20^th we see 12 LR1s on the list minus one old & one new. Almost all of the prompt vessels are positioned AG with a couple off Singapore. The last 8 days of the month adds another 5-6 of which 4 are positioned Singapore and 1 SKorea.

LR2: Ag/Jpn estimate W140 No new fixing info today, but we have updated our position list. The count for Feb is at 12, of which three are newbuilds. Prompt vessels are open AG while later dates are positioned Singapore & Far East ports.

Reported fixtures: