USG–TA MRs have slipped about 10–15 points since last week while VLs on MEG–China hold firm, and I’m seeing charterers stretch laycans and add options. For clients with Q2 uplift exposure, are you fixing short period now (6–8 months around mid‑teens k/day) or staying spot and leaning on optionality given Red Sea routing and Houston delays?
I’d layer in about 50% on short period now at “mid‑teens k/day” with a broad Atlantic redelivery and a WAF/Caribs option, and keep the rest spot — call it a sleep‑at‑night premium. Caveat: if LR2s keep siphoning barrels and Houston queues ease, TA could stay soft, so the hedge covers the Q2 uplift while preserving upside. Are owners giving you +15/‑30 day redelivery on 6–8m right now?
I’d price a 6–8m index‑linked MR against “TC14” with Atlantic redelivery and a WAF/Caribs option, targeting a 14k floor and 50/50 profit share above 18k to cover downside while keeping upside if Houston queues/Red Sea spillover bite. @charterfixer, are you seeing live Q2 TC14 bids today or is it still patchy? If that structure isn’t on the screen, lock about 30% at mid‑teens and layer TC14 FFAs into May–Jun — belt and suspenders.