ECONOMY

Shipping Report

TANKERS Despite an increased number of VLCCs, fixture rates remain low. – Out of Arabian Gulf, the 270,000-ton cargoes are being fixed with destinations east at W/S 42.5-45. Similar rates also being fixed for western destinations. CSSA has fixed M/T «Oly Legacy» for 270,000 tons of cargo loading May 25, discharging UKC/Med. – Steady conditions in Aframaxes in the Med., with modern tonnage at W/S 195-200, irrespective Black Sea or normal Med. loads. – N. Sea appears to be weakening with the 80,000-ton cargoes trading at around W/S 135. – Caribs seem quieter with Stasco having fixed Teekay tonnage for 70,000 tons of cargo, loading May 16 East Coast Mexico, discharging US Gulf at W/S 132.5. – W. Africa stable, with fixtures at W/S 100-102.5, irrespective of discharging destinations. – In the Med., Erg for 80,000 tons of cargo, loading May 14 Libya, discharging Italy, has fixed M/T «Petroatlantic» at W/S 185. – In the Cont., Gunvor for 80,000 tons of cargo, loading May 13 Baltic, discharging UKC, has fixed Lundqvist tonnage at W/S 145. – In Caribs, Valero has fixed Genmar tonnage for 70,000 tons of cargo, loading May 15 Colombia, discharging USAC at W/S 150. – In W. Africa, Stasco has fixed M/T «Genmar Gulf» for 130,000 tons of cargo, loading May 24, discharging US Gulf-Eccanada at W/S 105. DRY CARGO Freight levels still at high rates in all sizes and areas. – The bulk carriers index on Tuesday has gained eight points, totaling 2,818, while the Panamax index has moved upward 16 points, totaling 2,186. – On Panamaxes in Far East, Changbai has fixed M/V «Sd Triumph,» 70,029 dwt, built 1994, delivery Korea mid-May for two legs, redelivery Far East at USD 14,300 daily. – In Atlantic, Wilmar has fixed M/V «Pleiades,» 68,962 dwt, built 1997, delivery France May 10-12, trip via East Coast S. America, redelivery Far East at USD 21,000 daily. – On smaller sizes, IVS has fixed M/V «Sanko Robust,» 42,529 dwt, built 1995, delivery S. Africa May 5-10, redelivery UKC at USD 13,250 daily.