Back to the Futures – January 10, 2008

The tanker market is losing steam, although Owners are still seeing some very strong returns. With TD3 currently at WS 167, the TCE is an impressive $130,000/day. Over the past two weeks, however, the supply of tonnage has managed to overwhelm the list of requirements, keeping steady downward pressure on rates. FFAs have been very active, although futures prices for the crude routes have given back some of their recent gains. The near months have suffered the most – while the further out contracts have been less affected.

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