Ton Mile Trader

Crude
VLCC Ag/East       90       ($51k)   date dependent…estimates in the 85-90 range
SM Wafr/Usac      102     ($25k)   about same
AG March             104        up 2
AG April               5           up 1
Wafr March          104m        up 3
Wafr April             10m        same
Turkish Straits      2n/2s     same
Fujairah bunkers   474        down 1

Physical:  The fixing pace has slowed a touch from recent steady inquiry.  Rates could be considered “about the same” in the AG and Wafr.  The demand numbers at this point are impressive – and if they become part of an uptrend in inquiry, the tanker market might indeed see a decent year.  Worth noting is that Q2 rates are, on average, about 15% lower than Q1 historically – though we all recall Q2 2008 where Vs averaged about $120,000/day for the period.  

Crude FFAs:  TD3 April trades 1 point to 76.50 on light volume though is bid on at that level.  TD5 April trades up 1 point to 95 on small volume.

Clean
37kt Cont/ta          175     ($11k)    firmer
38kt Caribs/up       167     ($10k)    same
55kt Ag/East         127      ($10k)  about same

Physical:    Cont/ta activity has improved thereby lifting rates a few points despite a closed arb.  Though the Caribs mkt is stable/steady – USG distillate exports towards S and C America continues to flow.

Clean FFAs:   Negligible TC2 volume.  April remains priced at about 175 – in line with spot.  Eastern volumes have been light as well.  TC4 and TC5 April remain priced at about 140 and 129.