ECONOMY

Shipping Report

TANKERS There are stable market levels in the Med., with modern Aframaxes out of Black Sea at around W/S 200 and intermediate voyages at W/S 180. – Cont. continues to be tight despite there being less inquiry. Rates are being fixed at around W/S 145-150. – Caribs are improving, with the latest fixtures for 70,000-ton cargo liftings fixed at W/S 145. – Suezmaxes are weaker out of W. Africa, with Sun having fixed M/T «Genmar Zoe» for 130,000 tons of cargo, loading June 6, discharging USAC at W/S 120. Meanwhile CSSA for the same quantity of cargo, loading June 7, discharging UKC/Med., has fixed M/T «Eurosea» at W/S 117.5. – In the Med., Karran for 80,000 tons of cargo, loading May 28 Black Sea, discharging Med., has fixed M/T «Armata» at W/S 137.5. – In the Cont., Navion for 80,000 tons of cargo, loading May 30, discharging US Gulf, has fixed M/T «Aegean Pride» at W/S 160. – In Caribs, Koch for 70,000 tons of cargo, loading May 22, discharging US Gulf, has fixed M/T «Harmony» at W/S 145. – In W. Africa, Sun for 130,000 tons of cargo, loading June 8, discharging USAC, has fixed M/T «North Star» at W/S 122.5. DRY CARGO On Capers, rates strong with Zodiac vessels being fixed in second half of June for 160,000-ton ore cargoes from Brazil to China at a rate equal to USD 41,000 daily gross. – Panamax rates continue to climb in the East, with period activity dominating. Rates for 5-7 months are hovering close to a high of USD 16,000 daily, while round-trip voyages are at USD 16,500 to 17,000 daily. – Atlantic trading has stalled, with charterers talking the market lower. A growing list of ships for later positions and tonnage in ballast has prompted charterers to either cut their rates or to remain aloof. – On Handymaxes out of US Gulf, charterers attempting to talk rates lower but so far there is little evidence of weaker rates. – On Panamaxes in Far East, Baumarine has fixed M/V «An Angel Galini,» 74,362 dwt, built 2002, delivery May 22-24 for 11-13 months trading at USD 14,000 daily. – In the Atlantic, Dreyfus has fixed M/V «Red Fern,» 73,317 dwt, built 1998, delivery end May-beg. June, redelivery Thailand, at USD 22,000 daily and USD 460,000 ballast bonus.