# ![@MakaiMarine Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1473129133.png) @MakaiMarine Makai Research

Makai Research posts on X about $fro, $insw, $eco, $dht the most. They currently have [-----] followers and [---] posts still getting attention that total [-----] engagements in the last [--] hours.

### Engagements: [-----] [#](/creator/twitter::1473129133/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1473129133/c:line/m:interactions.svg)

- [--] Week [------] +44%
- [--] Month [------] +125%
- [--] Months [-------] -15%
- [--] Year [-------] +18%

### Mentions: [--] [#](/creator/twitter::1473129133/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1473129133/c:line/m:posts_active.svg)

- [--] Month [--] -18%
- [--] Months [---] +39%
- [--] Year [---] +48%

### Followers: [-----] [#](/creator/twitter::1473129133/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1473129133/c:line/m:followers.svg)

- [--] Week [-----] +0.60%
- [--] Month [-----] +1.10%
- [--] Months [-----] +5.20%
- [--] Year [-----] +20%

### CreatorRank: [-------] [#](/creator/twitter::1473129133/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1473129133/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[stocks](/list/stocks)  78% [cryptocurrencies](/list/cryptocurrencies)  #6174 [countries](/list/countries)  8% [travel destinations](/list/travel-destinations)  1% [technology brands](/list/technology-brands)  1%

**Social topic influence**
[$fro](/topic/$fro) #111, [$insw](/topic/$insw) #1, [$eco](/topic/$eco) #1, [$dht](/topic/$dht) #1, [$bwet](/topic/$bwet) #1, [$tnk](/topic/$tnk) #1, [$ten](/topic/$ten) #2, [$asc](/topic/$asc) #8, [$stng](/topic/$stng) #5, [$trmd](/topic/$trmd) #7

**Top accounts mentioned or mentioned by**
[@vkmacro](/creator/undefined) [@olaharaldmoen1](/creator/undefined) [@wolfofwalkerst](/creator/undefined)

**Top assets mentioned**
[Frontline Ltd. (FRO)](/topic/$fro) [International Seaways, Inc. Common Stock (INSW)](/topic/$insw) [Okeanis Eco Tankers Corp. (ECO)](/topic/$eco) [dHedge DAO (DHT)](/topic/$dht) [Tokenomy (TEN)](/topic/$ten) [ARDMORE SHIPPING CORPORATION (ASC)](/topic/$asc) [Scorpio Tankers Inc. (STNG)](/topic/$stng) [TORM plc Class A Common Stock (TRMD)](/topic/$trmd) [Hafnia Limited (HAFN)](/topic/$hafn) [Valero Energy Corporation (VLO)](/topic/$vlo) [PBF ENERGY INC. (PBF)](/topic/$pbf) [Phillips [--] (PSX)](/topic/$psx) [Intuit Inc. (INTU)](/topic/$intu) [Partisia Blockchain (MPC)](/topic/$mpc) [DinoLFG (DINO)](/topic/$dino)
### Top Social Posts
Top posts by engagements in the last [--] hours

"TD3C AG/China FFA update. The BALMO has been trading above spot for a couple of days giving rise to a near-term contango. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2021900675152859580)  2026-02-12T10:54Z [----] followers, [----] engagements


"In our Weekly Product Tanker Report two weeks ago we suggested that how the LR market resolved the wide LR2/LR1 premium would set the tone for the market but that the collapse in TC17 AG/EAF would make closure from an LR1 spike difficult. Voil. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI https://twitter.com/i/web/status/1970416956562977061 https://twitter.com/i/web/status/1970416956562977061"  
[X Link](https://x.com/MakaiMarine/status/1970416956562977061)  2025-09-23T09:16Z [----] followers, [----] engagements


"We just posted our latest Weekly Product Tanker Report on Substack (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/2011515032115560569)  2026-01-14T19:05Z [----] followers, [----] engagements


"We just posted our latest Weekly Product Tanker Report on Substack (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/2014049186446967190)  2026-01-21T18:55Z [----] followers, [----] engagements


"TD3C AG/China FFA update. An uptick in spot but interesting that the BALMO gave up much of its premium to spot as the rest of the curve moved higher. Even odder with the curve continuing its move today suggesting spot gains. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2014277406257762811)  2026-01-22T10:02Z [----] followers, [----] engagements


"TD20 WAF/UKC FFA update. The spot down move continues but the FFA curve caught a bid yesterday almost on the same order of magnitude as TD3C. Probably in sympathy with the jump in TD25 USG/UKC. #oott #tankers $FRO $INSW $ECO $TNK $TEN $BWET"  
[X Link](https://x.com/MakaiMarine/status/2014277612021952705)  2026-01-22T10:03Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Another downtick in spot but the BALMO has now given up all of its premium to spot and now trades at a discount. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2014653175874154758)  2026-01-23T10:55Z [----] followers, [----] engagements


"Updated rig count and frac spread count charts. #oott #tankers $FRO $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2015016123255623986)  2026-01-24T10:57Z [----] followers, [---] engagements


"Updated oil rig and frac spread productivity charts in case you were wondering why LTO production hasn't rolled over. Yet. #oott #tankers $FRO $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2015022925305303271)  2026-01-24T11:24Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Downdraft in spot but the BALMO remaining flat to spot. We'll see. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2015746108467662925)  2026-01-26T11:18Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Spot erosion has continued but interestingly both the BALMO and Feb contracts have traded up to $100k/day. The BALMO can be volatile near end-month but this is notable. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2016105028407251395)  2026-01-27T11:04Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Spot declines continue and the BALMO has come back near spot with two trading days remaining. Feb contract remains near $95k/day providing a near-term contango. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2016456478689821162)  2026-01-28T10:21Z [----] followers, [---] engagements


"We just posted our latest Weekly Product Tanker Report on Substack (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/2016599604649771179)  2026-01-28T19:49Z [----] followers, [----] engagements


"VLSFO bunker prices rebounding from five-year lows tracking the recent jump in crude prices. #oott #tankers $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2016796683812704550)  2026-01-29T08:52Z [----] followers, [---] engagements


"The Hi-5 spread (VLSFO-HSFO) still going nowhere which is odd considering the increase in OPEC AG crude production but the Dangote RFCC is down into Feb. #oott #tankers $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2016798588714492312)  2026-01-29T09:00Z [----] followers, [---] engagements


"Singapore VLSFO futures curve has returned to backwardation while Rotterdam remains in contango. Lower Russian HSFO imports have forced an even steeper backwardation in the Singapore HSFO curve. #oott #tankers $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2016811089271443816)  2026-01-29T09:50Z [----] followers, [---] engagements


"TD3C AG/China FFA update. Additional small losses in spot but the Feb/Mar contracts are making the near-term contango more emphatic. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2016820430724575596)  2026-01-29T10:27Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Tiny uptick in spot but the near-term contango steepened by $10k/day yesterday. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2017205050297270665)  2026-01-30T11:55Z [----] followers, [---] engagements


"TD25 USG/UKC FFA update. Little change in the FFA curve aside from spot ticking lower. #oott #tankers $FRO $INSW $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2017205262948458695)  2026-01-30T11:56Z [----] followers, [---] engagements


"Obviously need to repost this chart from last summer. Earnings levels are different due to the different starting point for this Iranian episode but same dynamic. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2017288288634097994)  2026-01-30T17:26Z [----] followers, [----] engagements


"Friday's Baltic closes for TD3C FFAs: Feb26 [-----] [-----] mid -5.9% Mar26 [-----] [-----] mid -1.5% not +2.46% Apr26 [-----] [-----] mid +0.9% not +3.48% The daily changes on the FIS screens are problematic. Some recognise this. Others well #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2018311471931797704)  2026-02-02T13:12Z [----] followers, [---] engagements


"TD3C AG/China FFA update. What happens to spot when owners do not offer into AG cargoes and the supply curve shifts to the LEFT 🙄. The shape of the FFA curve reflects the sudden enthusiasm for Iran hedges. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2018332254255141217)  2026-02-02T14:34Z [----] followers, [----] engagements


"The "Dos" part of the title relates to the remarkable collapse in Mexican crude exports as production continues to slide and as refining recovers. The IEA is forecasting that Mexico becomes a net crude importer by [----] but we have run some crude mass balance scenarios. #oott $VLO $PBF $CHV $PSX #tankers $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2021917270834888780)  2026-02-12T12:00Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Although the BALMO dropped by $3.6k/day yesterday the near-term contango is lingering. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2022279633081700389)  2026-02-13T12:00Z [----] followers, [---] engagements


"Panama bunker sales declined by 8.5% yoy in Nov from a robust [----] performance due to 3.6% fewer calls yoy and smaller stem sizes. The HSFO share of fuel oil sales is sliding below 27% for [----] after an outsized 32.2% share in [----]. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI $FRO $DHT $INSW $ECO $TNK $TEN https://twitter.com/i/web/status/2001585789398929887 https://twitter.com/i/web/status/2001585789398929887"  
[X Link](https://x.com/MakaiMarine/status/2001585789398929887)  2025-12-18T09:30Z [----] followers, [---] engagements


"The Mexican export situation becomes acute as the Dos Bocas refinery continues to improve runs but this is a conservative forecast. Tula & Salina Cruz offer more utilisation upside on the potential completion of their coker installations. #oott $VLO $PBF $CHV $PSX #tankers $FRO $DHT $INSW $ECO $TNK $TEN The "Dos" part of the title relates to the remarkable collapse in Mexican crude exports as production continues to slide and as refining recovers. The IEA is forecasting that Mexico becomes a net crude importer by [----] but we have run some crude mass balance scenarios. #oott"  
[X Link](https://x.com/MakaiMarine/status/2021918250607513993)  2026-02-12T12:04Z [----] followers, [----] engagements


"Offsetting flows do matter and most of the 0.27% increase in global crude tonne-mile demand (over three years) is from higher PADD3 utilisations and imports. Lower unfinished resid imports would remove 0.1% from this. #oott #tankers $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2022295013372186741)  2026-02-13T13:01Z [----] followers, [---] engagements


"TD25 USG/UKC update. What the FFA market has been saying about the spectacular TD25 spot surge during the past week. Will go out on a limb and suggest that maybe the market recognises the difference between temporary and sustainable Ax demand. #oott #tankers $FRO $INSW $TNK $TEN"  
[X Link](https://x.com/anyuser/status/2016458784118390835)  2026-01-28T10:30Z [----] followers, [----] engagements


"TD3C AG/China FFA update. More of the same except for the higher convexity in the near-term backwardation. BALMO and Mar26 contracts declining versus spot rise. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/anyuser/status/2018633390820606451)  2026-02-03T10:31Z [----] followers, [----] engagements


"TD25 USG/UKC FFA update. Also more of the same. #oott #tankers $FRO $INSW $TNK $TEN"  
[X Link](https://x.com/anyuser/status/2018633589651337667)  2026-02-03T10:32Z [----] followers, [---] engagements


"TD3C AG/China FFA update. Small downtick in spot and increasing convexity in the near-term backwardation. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/anyuser/status/2018984024354488392)  2026-02-04T09:44Z [----] followers, [---] engagements


"TD25 USG/UKC FFA update. Spot downdraft as predicted by the FFAs for the past week or so. The market did recognise the difference between temporary (VEN crude storage release) and sustainable Ax demand. #oott #tankers $FRO $INSW $TNK $TEN"  
[X Link](https://x.com/anyuser/status/2018984851974557948)  2026-02-04T09:47Z [----] followers, [----] engagements


"We just posted our latest Weekly Product Tanker Report on Substack (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/anyuser/status/2019141258489573856)  2026-02-04T20:09Z [----] followers, [----] engagements


"TD3C AG/China FFA update. A bit less convexity. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/anyuser/status/2019357341439918111)  2026-02-05T10:28Z [----] followers, [---] engagements


"TD25 USG/UKC FFA update. If spot continues to find support at these levels would not be surprised to see a small contango develop. #oott #tankers $FRO $INSW $TNK $TEN"  
[X Link](https://x.com/anyuser/status/2019357543286599725)  2026-02-05T10:28Z [----] followers, [----] engagements


"No FFA updates today; scrambling to finish a report. Also will be in London at IP Week (not IE) for a couple of days so no posting early next week. #oott #tankers"  
[X Link](https://x.com/MakaiMarine/status/2019721239821160851)  2026-02-06T10:34Z [----] followers, [---] engagements


"🚨 NEW REPORT 🚨 We just posted our analysis on the impact of Venezuelan imports on the US Gulf refining system and coker throughput on Substack (link in bio). It's entitled "Dos Amigos" since there is more at work here than just Venezuelan flows. #oott $VLO $PBF $CHV $PSX #tankers $FRO $DHT $INSW $ECO $TNK $TEN https://twitter.com/i/web/status/2020762590826336641 https://twitter.com/i/web/status/2020762590826336641"  
[X Link](https://x.com/MakaiMarine/status/2020762590826336641)  2026-02-09T07:32Z [----] followers, [----] engagements


"We just posted our latest Weekly Product Tanker Report on Substack (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/2021671217300709632)  2026-02-11T19:42Z [----] followers, [----] engagements


"FFA Markets page from yesterday's Weekly Product Tanker Report posted to Substack (link in bio to access the full nine-page report). #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI We just posted our latest Weekly Product Tanker Report on Substack (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI https://t.co/ITv3nEB5ud We just posted our latest Weekly Product Tanker Report on Substack (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG"  
[X Link](https://x.com/MakaiMarine/status/2021901239345102906)  2026-02-12T10:56Z [----] followers, [---] engagements


"Now back from IP Week so will post some charts from Monday's report on US Gulf refiners and Venezuelan crude imports. Primarily this is a story about improved coker utilisations and reduced imports of unfinished resid from higher Venezuelan intake. #oott $VLO $PBF $CHV $PSX #tankers $FRO $DHT $INSW $ECO $TNK $TEN https://twitter.com/i/web/status/2021916664866943074 https://twitter.com/i/web/status/2021916664866943074"  
[X Link](https://x.com/MakaiMarine/status/2021916664866943074)  2026-02-12T11:57Z [----] followers, [---] engagements


"Coker capacity constraints should limit PADD3 Venezuelan crude imports to [---] kbpd assuming continued losses in Mexican crude exports to the region. Texas Gulf refiners would run the majority of VEN crude. #oott $VLO $PBF $CHV $PSX #tankers $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2022249268099297332)  2026-02-13T09:59Z [----] followers, [---] engagements


"We excluded this chart from Monday's report since it was focused on PADD3 but a similar Venezuela vs Mexico dynamic emerges in Europe as it increases Venezuelan crude intake. Spain would be the principal driver of this. #oott #tankers $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2022295586511155394)  2026-02-13T13:03Z [----] followers, [---] engagements


"TD20 WAF/UKC FFA update. The Dec BALMO extending yesterday's move. #oott #tankers $FRO $INSW $ECO $TNK $TEN $BWET"  
[X Link](https://x.com/MakaiMarine/status/1999444653872128239)  2025-12-12T11:42Z [----] followers, [---] engagements


"Panama bunker sales declined by 8.5% yoy in Nov from a robust [----] performance. The HSFO share of fuel oil sales is sliding below 27% in [----] after an outsized 32.2% share in [----]. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2001584613542535494)  2025-12-18T09:25Z [----] followers, [--] engagements


"TD3C AG/China FFA update. Spot has now spent [--] trading days in the same $3k/day range which is extraordinary for a market at 94-95% utilisation. The FFA market remains unimpressed with the front end of the curve continuing to steepen. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2001601920730042767)  2025-12-18T10:34Z [----] followers, [----] engagements


"TD20 WAF/UKC FFA update. As spot continues to move higher the front end of the curve is signalling an extended move for the remainder of the year (five days in the Baltic calendar). #oott #tankers $FRO $INSW $ECO $TNK $TEN $BWET"  
[X Link](https://x.com/MakaiMarine/status/2001602390311555230)  2025-12-18T10:36Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Farewell narrow 13-day trading range we hardly knew ye. FFA market acting accordingly to the move lower although 'tis the season for BALMO weirdness. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2001956123377893421)  2025-12-19T10:01Z [----] followers, [----] engagements


"TD20 WAF/UKC FFA update. Spot has followed the early-week BALMO path closely which is now indicating a near-term peak in spot. #oott #tankers $FRO $INSW $ECO $TNK $TEN $BWET"  
[X Link](https://x.com/MakaiMarine/status/2001956641676329244)  2025-12-19T10:03Z [----] followers, [----] engagements


"In addition to OPEC+ returning [--] mbpd of AG crude production since March a sharp drop in AG crude demand boosted Nov export volumes and added fuel to the VLCC rally. An upset at Kuwait's Al Zour refinery added [---] kbpd while extended maintenance at KSA's SATORP and Ras Tanura refineries contributed as well as fading direct crude burn. Al Zour has restarted one of its two afflicted CDUs and SATORP maintenance has ended along with other AG regional work. As crude intake recovers seasonally and with OPEC crude cut reversals on hold crude export availability should ebb by [---] mbpd through March."  
[X Link](https://x.com/MakaiMarine/status/2002021717032804494)  2025-12-19T14:22Z [----] followers, [----] engagements


"We discussed the AG crude fundamentals on Friday but if only there had been another sign of what was coming. #oott #tankers $FRO $DHT $INSW $ECO"  
[X Link](https://x.com/MakaiMarine/status/2003436093971267824)  2025-12-23T12:02Z [----] followers, [----] engagements


"TD3C AG/China FFA update. No comment since it is Christmas.🎄 #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2003747628325142657)  2025-12-24T08:40Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Happy New Year (unless you are still a VL supercycle believer). Meanwhile a contango was inevitable after a $90k/day earnings downdraft. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2008861943654948906)  2026-01-07T11:23Z [----] followers, [----] engagements


"TD20 WAF/UKC FFA update. Given the fixture & delivery lags VLs are typically the first to peak in winter followed by Sx and then Ax in response to the imminent peak in global crude runs. #oott #tankers $FRO $INSW $ECO $TNK $TEN $BWET"  
[X Link](https://x.com/MakaiMarine/status/2008863242626670707)  2026-01-07T11:28Z [----] followers, [---] engagements


"TD3C AG/China FFA update. As discussed yesterday this contango has been about re-equilibrating TD3C to other VL routes and dirty sectors. It has been in place since Friday but received a boost yesterday from VEN headlines. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2009226801445470516)  2026-01-08T11:32Z [----] followers, [----] engagements


"TD20 WAF/UKC FFA update. The jump in the TD20 FFA curve is now suggesting that spot stabilises immediately when the WAF differentials and near-term fundamentals may not support this. #oott #tankers $FRO $INSW $ECO $TNK $TEN $BWET"  
[X Link](https://x.com/MakaiMarine/status/2009227781981515911)  2026-01-08T11:36Z [----] followers, [---] engagements


"Yesterday we discussed the wide TD3C v TD22 differentials but another spread that requires re-equilibrating is the massive Suezmax premium to VLs. Again both the TD3C contango and TD20 backwardation reflect an expected realignment. #oott #tankers $FRO $DHT $INSW $ECO $TNK $TEN $BWET TD3C AG/China FFA update. As discussed yesterday this contango has been about re-equilibrating TD3C to other VL routes and dirty sectors. It has been in place since Friday but received a boost yesterday from VEN headlines. #oott #tankers $FRO $DHT $INSW $ECO $BWET https://t.co/dPmJIBavNx TD3C AG/China FFA update."  
[X Link](https://x.com/MakaiMarine/status/2009229677064290808)  2026-01-08T11:44Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Spot TD3C realignment continues as the route was severely undervalued relative to other VL routes and Suezmaxes at the start of the year. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2009576598404731358)  2026-01-09T10:42Z [----] followers, [----] engagements


"Re-equilibrium status. The jump in TD3C AG/China is closing the wild differentials seen following the earnings rout. Markets are approaching median spreads and equilibrium. #oott #tankers $FRO $DHT $INSW $ECO $TNK $TEN $BWET TD3C AG/China FFA update. Spot TD3C realignment continues as the route was severely undervalued relative to other VL routes and Suezmaxes at the start of the year. #oott #tankers $FRO $DHT $INSW $ECO $BWET https://t.co/x96ySYa1Gw TD3C AG/China FFA update. Spot TD3C realignment continues as the route was severely undervalued relative to other VL routes and Suezmaxes at the"  
[X Link](https://x.com/MakaiMarine/status/2009577018434994487)  2026-01-09T10:44Z [----] followers, [----] engagements


"Updated VLCC AG availability if you have any questions about the recent movement in spot earnings. Will be interesting to see if this week's spot rebound will bring availability back towards the median [---] level. #oott #tankers $FRO $DHT $INSW $ECO"  
[X Link](https://x.com/MakaiMarine/status/2009580586659381564)  2026-01-09T10:58Z [----] followers, [----] engagements


"TD3C AG/China FFA update. As the crude routes re-equilibrate from the year-end craziness the spot TD3C impulse may be slowing but the front-end FFA enthusiasm remains. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2010678387010932775)  2026-01-12T11:40Z [----] followers, [----] engagements


"@VKMacro @olaharaldmoen1 USG C5/naphtha export availability is constrained near [---] kbpd on runs/yields and much of it flows to Asia. To the extent that they use LTO as a diluent this too is constrained in the near-term so taking from Europe and mostly Asia flows"  
[X Link](https://x.com/MakaiMarine/status/2010679817822208373)  2026-01-12T11:46Z [----] followers, [--] engagements


"It is always more complex but there are those who can balance global naphtha flows across the dark and white fleets and those who cannot. Trying to intuit the answer on your own is probably not the best approach. Another partial derivative is displaced Russian naphtha that heads to Asia on dark vessels reducing AG/Asia flows on compliant vessels. https://twitter.com/i/web/status/2010680013486424145 https://twitter.com/i/web/status/2010680013486424145"  
[X Link](https://x.com/MakaiMarine/status/2010680013486424145)  2026-01-12T11:47Z [----] followers, [--] engagements


"TD3C AG/China FFA update. With the slowing in TD3C spot gains the FFA curve came in a little yesterday but with the FFA market all loved up again today we'll see. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2011077807678402647)  2026-01-13T14:08Z [----] followers, [----] engagements


"Once we get past our weekly report we will complete our comprehensive analysis of the US Gulf refining system under additional Venezuelan crude volumes. Note the impact of sanctions/waivers on historical VEN imports by refiner. #oott #tankers $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2011395825189167254)  2026-01-14T11:11Z [----] followers, [---] engagements


"TD3C AG/China FFA update. More of the same. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2011763182998814943)  2026-01-15T11:31Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Spot to $100k/day but the FFA curve came in slightly. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2012113178889740346)  2026-01-16T10:42Z [----] followers, [----] engagements


"TD20 WAF/UKC FFA update. The collapse in CPC pipeline flows has sparked a mad panic for light/sweet barrels in the Atlantic (WAF) steepening the Brent backwardation and widening Brent/Dubai. The CPC security situation has also sent TD6 CPC/Med to $130k/day. #oott #tankers $FRO $INSW $ECO $TNK $TEN $BWET https://twitter.com/i/web/status/2012113697057997302 https://twitter.com/i/web/status/2012113697057997302"  
[X Link](https://x.com/MakaiMarine/status/2012113697057997302)  2026-01-16T10:44Z [----] followers, [----] engagements


"Working on a VEN report at the moment. One of our favourite charts reflecting the aftermath of Chvez' socialist "Bolivarian Revolution" which sliced Venezuelan per capita income by 75% to near sub-Saharan levels. Note the relative performance to the rest of Latin America. #oott #tankers https://twitter.com/i/web/status/2013583802832957874 https://twitter.com/i/web/status/2013583802832957874"  
[X Link](https://x.com/MakaiMarine/status/2013583802832957874)  2026-01-20T12:06Z [----] followers, [---] engagements


"From our upcoming PADD3/VEN report. An incremental [---] kbpd of VEN imports would require 6-7 Afras or about 3-4 weeks of [----] Ax/LR2 deliveries. This excludes the offsetting declines in COL crude and MEX crude & resid imports. Compare and contrast this to the massive and immediate Ax/Sx demand impulse to move 30-50 MB of VEN crude from storage to refiners. They are not the same but some cannot differentiate between the two. #oott #tankers $FRO $INSW $ECO $TNK $TEN https://twitter.com/i/web/status/2015724863348965528 https://twitter.com/i/web/status/2015724863348965528"  
[X Link](https://x.com/MakaiMarine/status/2015724863348965528)  2026-01-26T09:53Z [----] followers, [----] engagements


"No Weekly Product Tanker Report today. Attending to some family medical things today. Will try tomorrow. Meanwhile last week's Short-term Outlook page was generally on target especially the LR1 move. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1993563085597294877)  2025-11-26T06:10Z [----] followers, [----] engagements


"TD3C AG/China FFA update. A burst in chartering volumes yesterday prompted a jump in spot TD3C maintaining FFA market enthusiasm. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2011392025812467846)  2026-01-14T10:56Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Spot to $120k/day but considerable market debate about this week's direction. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2013201961575755801)  2026-01-19T10:48Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Small downtick in spot convinced the FFA curve to come in a bit. The TD3C BALMO print is interesting in that both TD20 WAF/UKC and TD25 USG/UKC BALMOs are below spot. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2013560286343504357)  2026-01-20T10:32Z [----] followers, [----] engagements


"TD3C AG/China FFA update. Another downtick in spot has prompted a parallel shift lower in the FFA curve from Feb onwards as the BALMO remains sticky. Note the price action in TD20 WAF/UKC. #oott #tankers $FRO $DHT $INSW $ECO $BWET"  
[X Link](https://x.com/MakaiMarine/status/2013927267060093101)  2026-01-21T10:50Z [----] followers, [----] engagements


"TD20 WAF/UKC FFA update. The BALMO trading below spot was a hint as spot TD20 has reversed sharply hitting the BALMO/Feb/Mar contracts. #oott #tankers $FRO $INSW $ECO $TNK $TEN $BWET"  
[X Link](https://x.com/MakaiMarine/status/2013927609449472044)  2026-01-21T10:52Z [----] followers, [----] engagements


"That's right 3-4 weeks of Ax/LR2 deliveries. If European refiners import their previous [---] kbpd of VEN crude then that requires [--] Suezmaxes or [--] weeks of [----] Sx deliveries. That excludes the offsetting flows of other heavy/sour crudes since European imports are flat. #oott #tankers $FRO $INSW $ECO $TNK $TEN https://twitter.com/i/web/status/2016126801773289829 https://twitter.com/i/web/status/2016126801773289829"  
[X Link](https://x.com/MakaiMarine/status/2016126801773289829)  2026-01-27T12:31Z [----] followers, [----] engagements


"The EIA went medieval on its WTI price forecast in today's STEO release. #oott #tankers $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/anyuser/status/1955301928545493022)  2025-08-12T16:14Z [----] followers, 21.3K engagements


"We just posted our latest Weekly Product Tanker Report on t-h-a-t site (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1970893034855272859)  2025-09-24T16:48Z [----] followers, [----] engagements


"We just posted our latest Weekly Product Tanker Report on the site-that-must-not-be-named (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1973467143720280246)  2025-10-01T19:16Z [----] followers, [----] engagements


"Some confusing posts over the weekend about the Cass Freight Index which is at the lowest since the pandemic -- not the GFC -- but still a grim number. Curiously the index has become less correlated to US diesel demand over the past three years. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI https://twitter.com/i/web/status/1975118467255693542 https://twitter.com/i/web/status/1975118467255693542"  
[X Link](https://x.com/MakaiMarine/status/1975118467255693542)  2025-10-06T08:38Z [----] followers, [----] engagements


"And yet LRs remain lacklustre at best. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI Diesel prices ease amid export surge West of Suez markets are facing record #diesel exports from Asian and Middle Eastern producers as low and stable East/West spreads encouraged #arbitrage flows. This greater supply is now applying pressure on West of Suez prices and cracks. https://t.co/u5XFTa7oWd Diesel prices ease amid export surge West of Suez markets are facing record #diesel exports from Asian and Middle Eastern producers as low and stable East/West spreads encouraged #arbitrage flows. This greater"  
[X Link](https://x.com/MakaiMarine/status/1975877376451240217)  2025-10-08T10:54Z [----] followers, [----] engagements


"We just posted our latest Weekly Product Tanker Report on le site interdit (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1975986977104072932)  2025-10-08T18:09Z [----] followers, [----] engagements


"We just posted our latest Weekly Product Tanker Report on t-h-a-t site (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1981067045987827901)  2025-10-22T18:36Z [----] followers, [----] engagements


"We just posted our latest Weekly Product Tanker Report on le site interdit (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1986137367573332392)  2025-11-05T18:23Z [----] followers, [----] engagements


"The FFA markets page from last week's Weekly Product Tanker report. If you read it you would know that we have been discussing for weeks the coming winter seasonality for Atlantic MRs including their annual pre-Thanksgiving theatrics. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI https://twitter.com/i/web/status/1988190028497899944 https://twitter.com/i/web/status/1988190028497899944"  
[X Link](https://x.com/MakaiMarine/status/1988190028497899944)  2025-11-11T10:20Z [----] followers, [----] engagements


"Also the Short-term Outlook page from yesterday's Weekly Product Tanker report (link in bio). We have been constructive for weeks but need to remain balanced in our assessments. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1988935323427172446)  2025-11-13T11:41Z [----] followers, [---] engagements


"We just posted our latest Weekly Product Tanker Report on the verboten site (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1996292962813157541)  2025-12-03T18:58Z [----] followers, [----] engagements


"🚨 US MONTHLY REPORT 🚨 We just posted our latest US Monthly Oil Market Report with September EIA data on t-h-a-t site (link in bio). It includes a granular 23-page analysis covering demand crude & refining trade inventories and inter-PADD movements. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI $FRO $DHT $INSW $ECO $TNK $TEN $VLO $PBF $PARR $PSX $MPC $DINO https://twitter.com/i/web/status/1997991752150429953 https://twitter.com/i/web/status/1997991752150429953"  
[X Link](https://x.com/MakaiMarine/status/1997991752150429953)  2025-12-08T11:28Z [----] followers, [----] engagements


"We just posted our latest Weekly Product Tanker Report on the site-that-must-not-be-named (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1998811398596595821)  2025-12-10T17:45Z [----] followers, [---] engagements


"Key Observations page from Monday's Monthly US Oil Market Report. Each month we highlight interesting elements in the recent monthly data. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/1999079078134165926)  2025-12-11T11:29Z [----] followers, [---] engagements


"TC14 USG/UKC FFA update. As discussed in our Weekly Product Tanker Report for some time the market knows what happens to US Gulf refining in Jan/Feb. Pumpers hyperventilating over every green tick on a broker FFA screen not so much. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1999444973201293512)  2025-12-12T11:43Z [----] followers, [---] engagements


"We just posted our latest Weekly Product Tanker Report on le site interdit (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/2001386683808268775)  2025-12-17T20:19Z [----] followers, [----] engagements


"Out of the [--] vessels sanctioned by OFAC yesterday for Iranian involvement here are the [--] vessels that are above [--] kdwt and not asphalt carriers. Includes one Afra and one Pana bringing average dwt to [----] kdwt. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI $FRO $DHT $INSW $ECO $TNK $TEN https://twitter.com/i/web/status/2001933382653989176 https://twitter.com/i/web/status/2001933382653989176"  
[X Link](https://x.com/MakaiMarine/status/2001933382653989176)  2025-12-19T08:31Z [----] followers, [----] engagements


"The four vessels sanctioned by OFAC on Wednesday for Venezuelan involvement. The ROSALIND was already UK OFS sanctioned. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/2007029759168193007)  2026-01-02T10:02Z [----] followers, [----] engagements


"We just posted our latest Weekly Product Tanker Report on the verboten site (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/anyuser/status/1912542423588143543)  2025-04-16T16:23Z [----] followers, 15.6K engagements


"The FFA markets page from yesterday's Weekly Product Tanker report. Again a consistent theme on the coming winter seasonality for Atlantic MRs including their annual pre-Thanksgiving antics. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1988933718854287651)  2025-11-13T11:35Z [----] followers, [---] engagements


"Key Observations page from yesterday's European Monthly Oil Market Report. Each month we highlight interesting elements in the recent monthly data. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/1989290487224942761)  2025-11-14T11:13Z [----] followers, [---] engagements


"We just posted our latest Weekly Product Tanker Report on the site-that-must-not-be-named (link in bio to access the full nine-page pdf). The Product Tanker Fundamentals page is below. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1991187333803033025)  2025-11-19T16:50Z [----] followers, [----] engagements


"The FFA markets page from yesterday's Weekly Product Tanker report. As we said TC2 UKC/USAC surged in one of the most-telegraphed moves of the year in keeping with FFAs and its annual pre-Thanksgiving drama. Cue stupid memes. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI"  
[X Link](https://x.com/MakaiMarine/status/1991456934378311867)  2025-11-20T10:41Z [----] followers, [---] engagements


"Key Observations page from Friday's Monthly US Oil Market Report. Each month we highlight interesting elements in the recent monthly data. #oott #tankers $ASC $STNG $TRMD $HAFN $DIS.MI $FRO $DHT $INSW $ECO $TNK $TEN"  
[X Link](https://x.com/MakaiMarine/status/1992892804712837607)  2025-11-24T09:47Z [----] followers, [----] engagements

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