ECONOMY

Shipping Report

TANKERS A quiet start in the Med., with rates at around W/S 180 for modern Aframaxes and W/S 130 for round-trip voyages in the N. Sea. – On Suezmaxes, rates have been improving out of W. Africa due to noticeable activity of VLCCs over the last few days. Sun has fixed at W/S 125 with destination USAC. – Med. on Suezmaxes quiet with 135,000-ton cargoes being fixed at W/S 120. – In the Med., Sibneft has fixed M/T «Arafura Sea» for 80,000 tons of cargo, loading May 25 Russia, discharging UKC/Med. at W/S 190. – In the Cont., CSSA for 80,000 tons of cargo, loading May 29 Germany, discharging US Gulf, has fixed OSG tonnage at W/S 160. – In W. Africa, BP has fixed M/T «Voyager» for 130,000 tons of cargo, loading May 26, discharging UKC/Med. at W/S 105. DRY CARGO Rates for Capesizes in the East continue to firm with trips to the Atlantic around USD 26,000 daily, while round-trip voyages for large modern types are over USD 30,000 daily in the area. – In the Atlantic, the focus largely remains on transatlantic business, although there are more than a few cargoes for eastbound destinations. – Panamaxes rates still very solid in the Atlantic, despite more ships available. Modern tonnage with destination east via Brazil are being fixed at USD 23,000 daily. – In the East, rates continue to climb, especially for short T/C periods. – Handies / Handymax rates also remain high. US Gulf still a very firm market with several vessels being fixed with no further details. A 40,907-dwt vessel was fixed for delivery in Boston via US Gulf to Spain at USD 15,250 daily. – On Panamax in Far East, Bottiglieri has fixed M/V «Global Harmony,» 73,763 dwt, built 1997, delivery May 17-24 for 6-8 month period at USD 14,500 daily. – In the Atlantic, Damato has fixed M/V «Mass Merit,» 69,620 dwt, built 1993, delivery Argentine end May, redelivery Japan, at USD 19,600 daily and USD 460,000 ballast bonus. – On smaller sizes, IVS has fixed M/V «Star 2000» delivery S. Africa May 12-16, redelivery UKC, at USD 11,500 daily.