ECONOMY

Shipping Report

TANKERS Modern Aframaxes in the Med. are still being fixed at W/S 350-360, while the Continent market remains tight for tonnage up to the middle of the month. – Caribs firmer with rates above W/S 400 for 70,000-ton cargo liftings. – Stable conditions on Suezmaxes, with Exxonmobil out of the Continent having fixed M/T «Voyager,» for 135,000 tons of cargo, loading March 15 North Sea for US Gulf, at W/S 200. – In West Africa Sun has fixed M/T «Front Leader» for 130,000 tons of cargo, loading March 20, discharging USAC, at W/S 202.5. – In Caribs, Citgo has fixed M/T «Emerald Sun» for 50,000 tons of cargo, loading March 3, discharging USG, at W/S 375, while Hess has fixed M/T «Alfios I» for the same size cargo, loading March 12 St Croix, discharging USAC, at W/S 355. DRY CARGO Atlantic Capesize market appears steady. Rates still essentially strong but at present many charterers reluctant to fix in hope of exerting downward pressure. – In the East, Glory Wealth has fixed X/V «Pacific Enterprise» delivery Beilun March 10-20, trip via West Australia, redelivery Beilun, at 23,500 USD daily. – The Panamax backhaul rates in the East are hovering around 10,000 USD daily, while a Nopac round-trip voyage was done at 11,000 USD daily. The market is seeing a reduction in early ships at low rates but some brokers suggest that the market will recover. – In the Atlantic, the supply of tonnage is tight for early positions, especially on the Continent. Agroship has fixed M/V «Angelic Faith,» built 1984, 65,772 dwt, delivery Rotterdam March 1-2 via Ventspils, redelivery India, at 14,250 USD daily. – Bunge has fixed M/V «Nord Phoenix,» built 2000, 50,244 dwt, delivery S. Brazil March 10-15 via South America, redelivery Continent, at 10,500 USD daily and 160,000 USD ballast bonus, while Cafemar has fixed M/V «Bonavis,» built 1983, 37,531 dwt, delivery USEC March 15-20 via US Gulf-Caribs, redelivery Continent, at 9,600 USD daily.