Freight Swaps Market Report (July 25th 2005)
Assessment of July 22th 2005

PLATTS
SG/JP (TC4) : 255
AG/JP LR1 (TC5) : 225
AG/JP LR2 (TC1) : 185

BITR
AG/JP VLCC (TD3): 104.83
AG/SG Aframax (TD8) : 165

Paper Trade:
TC4 Aug heard traded at 265, and Sep 280
TD3 Aug 88, 89, 87. Sep 92. Q4 110 traded

Physical Market Clean:
SG/JP MR (TC4): Kerteh/JP WS257.5-260 level heard fixed. Market sentiment still firm. SG/Pac island heard on sub at 405.
AG/JP LR1(TC5): No fresh fixture was heard. Mkt Steady.
AG/JP LR2 (TC1) :No fresh fixture was heard. Mkt Steady.

Physical Market Dirty:
AG/JP VLCC (TD3): No fresh fixture for AG/JP VLCC. Sentiment weak..
AG/SG Aframax:(TD8) : No fresh fixture heard for AG/SG.

Paper Indicative lvl:
SG/JP (TC4) Aug: 265/275
SG/JP (TC4) Sep: 275/285
SG/JP (TC4) Oct: 285/300
SG/JP (TC4) Q4: 300/310
SG/JP (TC4) Aug/Sep spread -15 offer

AG/JP LR1 (TC5) Aug: 230/235
AG/JP LR1 (TC5) Sep: 240/250
AG/JP LR1 (TC5) Q4: 265/280

AG/JP VLCC (TD3) Aug: 85/90
AG/JP VLCC (TD3) Sep: 88/92
AG/JP VLCC (TD3) Q4: 108/115

Best regards,

Freight Swaps Team
Chisa Wada
Mobile: +65-9754-4773
Yahoo ID: chisa2001sg chisa@ginga.com.sg

Laura Lim
Mobile: +65-9734-2030
Yahoo ID: lauralim_22 laura@ginga.com.sg

Annie Lee
Mobile: +65-9696-9890
Yahoo ID: annielee_ginga annielee@ginga.com.sg

Mayu Sasako
Mobile: +65-9299-1535
Yahoo ID: mayusasako mayu@ginga.com.sg