ECONOMY

Shipping Report

TANKERS Quieter conditions in the Cont. but rates are holding at around W/S 250. Tonnage is still reasonably tight with dates being fixed over two weeks ahead. Little prospect of rates falling and, as month-end approaches, we do not expect any substantial changes. – Med. market at W/S 340 for modern tonnage but Black Sea is still earning a premium. Older vessels are still being fixed to Spain. – Suezmaxes out of W. Africa quieter with four VLCCs being fixed, of which three are for destination India. IOC has fixed M/Ts «New Circassia,» M/T «Olympic Breeze» and M/T «Radiant Jewel» for 260,000 tons of cargo at about 3.0 m each. – In the Med., Stasco for 80,000 tons of cargo, loading March 19 Syria, discharging Med., has fixed M/T «Eagle Lyra» at W/S 345. – In the Cont., Repsol has fixed Lundquist tonnage for 80,000 tons of cargo, loading N. Sea, discharging Spain, at W/S 252.5. DRY CARGO Very little fresh inquiry to be reported for Capers, with more transatlantic business being quoted. China steel has fixed M/V «United Resolve,» 151,049 dwt, built 1995, delivery March 16-20 Passero, trip via Brazil, redelivery China, at USD 25,000 daily. – Panamax rates in the Atlantic remain strong with a high volume of business yet to be fixed. – Owners in the East with prompt tonnage are finding it difficult to cover their vessels. Noble has fixed M/V «Irene’s Vigor,» 65,224 dwt, built 1983, delivery Singapore, trip via East Coast India, redelivery China, at USD 10,250 daily. – In the Atlantic, Industrial has fixed M/V «Cinzia d’Amato,» 74,700 dwt, built 2001, delivery March 10-15 Brazil, redelivery Far East, at USD 15,250 daily. – Handy/Handymax rates remain strong out of US Gulf and Cont. Ed&F Man has fixed M/V «Archimedes,» 40,940 dwt, built 1984, delivery March 10-15 US Gulf, redelivery UKC/Med., at USD 12,100 daily. – On smaller sizes, Bunge has fixed M/V «Nord Ace,» 47,263 dwt, built 1999, delivery Brazil mid-March, redelivery UKC, at USD 10,500 daily and USD 160,000 ballast bonus.