We were still able to generate another $10 million operating cash flow in Q2 despite this, about the same as the first quarter with products. After booking April at a respectable $15,500 a day, rates fell through the $10,000 level and finished the quarter at operating cost breakeven levels.Activity in Atlantic fell off as product pricing fell on weak pre-summer demand on both sides of the Atlantic, and the arbitrage window closed in both directions. As weak as the Atlantic was, the Far Eastern markets were even weaker. This prompted many Eastern owners to reposition vessels to the Atlantic basin where our MRs are focused. This added competition and a loss of rate discipline exacted a heavy price on our MR spot market. So after an encouraging start to the quarter, our MR has averaged just about $10,000 a day with crude.
Overseas Shipholding Group Management Discusses Q2 2012 Results - Earnings Call Transcript
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