ECONOMY

Shipping Report

TANKERS Freight rates remain high, with modern Aframaxes in the Med. still being negotiated around W/S 300, mainly due to adverse weather conditions and delays in Bosphorus transiting. Algeria and a few ports in Italy are closed for the above reasons. – Cont. is hovering around W/S 245 for modern tonnage with room for further improvement. – Suezmaxes in good demand, with Med. out of Novorossisk negotiated around W/S 220. Wincor has fixed M/T «Minerva Symphony» for 140,000 tons of cargo, loading Feb. 26, discharging UKC/Med., at W/S 220. – In the Cont., Petrogal has fixed M/T «Sea Grace» for 135,000 tons of cargo, loading March 3 West Coast Norway, discharging Portugal, at W/S 202.5. – In the Med., Erg has fixed Minerva tonnage for 80,000 tons of cargo, loading Libya, discharging Med., at W/S 305, while Stasco has fixed M/T «Framura» for same cargo quantity, loading Feb. 26, discharging Med., at W/S 310. – In the Cont., BP has fixed M/T «Nordic Yukon» for 80,000 tons of cargo, loading March 2 for a cross-UKC trip, at W/S 240, while BP on Suezmax for 135,000 tons of cargo, loading Feb. 26, discharging UKC, has fixed M/T «Knock Clune» at W/S 207.5. – In W. Africa and on VLCCs, Stasco has fixed M/T «Patris» for 260,000 tons of cargo, loading March 25, discharging US Gulf, at W/S 162.5. DRY CARGO Capesize market has changed dramatically within the last week, with rates near USD 30,000 daily for trips to the East and USD 21,000 daily for the run back. – Coeclerici has fixed M/V «Mona Frontier,» 172,565 dwt, built 2001, delivery Feb. 23-25 S. Japan, trip via Richards Bay, redelivery Continent, at USD 21,000 daily. – Panamax rates continue to firm in the Atlantic basin with premiums being paid for destinations East. Freight rates are close to USD 14,000 daily for such destinations. – In the East and in the short T/C periods, Worldlink has fixed M/V «Maja Vetida,» 70,213 dwt, built 1994, delivery Feb. 16-18 Japan for 3-5 months’ trading, at USD 12,450 daily. – Handies/Handymaxes are still fixed at high numbers out of US Gulf / Brazil / Argentine areas. Ed & F Man has fixed M/V «Eleoussa,» 44,950 dwt, built 1994, for a trip from North Coast S. America to the Cont., at USD 11,000 daily. – In the Atlantic, Cobelfret has fixed M/V «Hai Ji,» 70,083 dwt, built 1994, delivery Continent end Feb. – beg. March, trip via Gdansk, redelivery Antwerp, at USD 11,250