Clean freight WoS market report: Fair value now, bullish set-up ahead

USGC MR: Spot at 140 WS is fair value given supply-demand. LATAM diesel/gasoline arbs improved with weaker freight and Aug TA diesel now shut by just $2.75/mt. Tonnage at 17 (avg 14) but should soon drop below average. Spot outlook neutral but skewed bullish as LATAM margins are healthy and supply is only marginally long. Forward TC14 (Sep–Dec) remains 5–10 WS undervalued vs arb margins and should strengthen; diesel TA margins nearly open for Sep–Dec loaders.

Takeaway: TC14 forward curve undervalued; bias higher if tonnage length eases and LATAM demand holds.

Michael Ryan, our Freight Commodity Owner at Sparta, brings over a decade of experience with Trafigura in the energy sector managing risk across products and regions before becoming Head of Risk for subsidiary Puma Energy. Michael then joined the Trafigura commercial team trading freight while successfully growing the physical fleet through strategic dealmaking.

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