Ton Mile Trader

Crude
VLCC Ag/East      85     ($49k)     softer
SM Wafr/Usac      87.5  ($16k)     about same, possibly touch softer
Feb AG                 70 
March AG             0      
Feb Wafr bbls       81m  
March Wafr           7m   
Turkish Straits       5n/3s  down 3  
Fujairah bunkers   448      down 2       

Physical:  Limited activity brings softer sentiment and in some cases softer rates.  Some cgos are seeing a large amount of offers come in – thereby allowing Charterers room to leverage rates down.

Crude FFAs:  Trading is off to a slow start and bid/asks provide few clues as to the state of today’s sentiment, though the market seems largely in line with Friday’s closing levels:   TD3 Feb 80, TD3 March 69, TD3 Q4 75.

Clean
37kt Cont/ta        180     ($12k)    about same
38kt Caribs/up     145     ($6k)      about same, soft tone
55kt Ag/East       140     ($13k)      softer

Physical:  Wafr activity has kept regional demand alive, though overall sentiment in the Atlantic basin in somewhat weak.  Eastern rates are showing a soft underbelly as well as rates on a few trade lanes move a touch further to the downside.

FFAs:   Negligible activity thus far.  Bid/asks imply that we remain close to closing levels for time being.  TC2 Feb 178, March 158.  TC4 Feb 135, TC5 Feb 135.