Ton Mile Trader

Clean Tanker FFA Summary:

TC4 (MR SG-JP 30KT) The drum beat slowed yesterday with fewer trades going through. Q4 started the ball rolling with 151 & 150 given, then Q3 145 & 146 paid. The last trade of the day was Apr at 140. The close left Apr and May 139 at 142, and Q3 145 at 146. Q4 was 150 at 152.

TC5 (LR1 AG-JP 55KT) All in red today, the LRs are showing signs of weakness. Mar was given at 127 even as Platts maintained W130 in assessment. The implied balance of month is now at W126.29. Q3 was given a few times at 135, also a touch lower. The close saw Mar 125 at 127, Apr 126 at 130 and Q3 134 at 135. Q4 got to 144 at 147 late evening.

Physical market talking levels:

MR: Sing/Jpn estimate W125-130 North Asia remains strong, but choppy. We reported that the MAERSK KALEA fixed Dalian – Sing at $330K off the 16^th just yesterday. Today we see the ZYGI, a 1992 built DH, on subs on the same route at $445K off a week later. We hear that tonnage is tight in the North, which would explain the undulating rates. Conversely, tonnage around Singapore is evidently ample with rates supported by the strength of other regions.

LR1: Ag/Jpn estimate W125 We’ll make the jump today because Platts did not. The most recent reported fixture was the SUMMIT ASIA off 21 Mar at W125, yet this has been discarded as “rather prompt”. Genius. They go on to describe demand as supportive with an MR cargo loading mid-Apr as an example. Double genius. Rather than use current fixing info to make an assessment, we’ll use future demand for other vessel types as our guiding light. The herd is thinning somewhat though. With the five reported below, we now count 17 vessels (3 old) open east of Suez which can make AG dates this month plus another 7 positioned west.

LR2: Ag/Jpn estimate W120-125 Nothing new rate-wise here. The tonnage list as we count it for vessels east of Suez which can make Mar AG dates is 15 plus 4 west.

Reported fixtures: