ECONOMY

Shipping Report

TANKERS Firmer conditions in the Med., with at least 10-12 Aframaxes on subs at rates ranging from W/S 187.5 to W/S 195. – Similar conditions in the Cont., mainly due to a tight supply of tonnage. Rates are expected to move upward in the W/S 170-180 region. – Stable conditions in Caribs, with at least 6-7 Aframax fixtures at rates around W/S 177.5 for 70,000-ton cargo liftings. – Suezmaxes in good demand in the Med. where the obtainable rates are above W/S 180 out of the Black Sea and above W/S 150 for normal cross-Med. cargoes. – In W. Africa, rates have also moved upward, with Arcadia having fixed M/T «Front Breaker» for 130,000 tons of cargo, loading June 6, discharging US Gulf at W/S 150. – In the Med., BP has fixed M/T «St Helen» for 80,000 tons of cargo, loading June 8 Russia, discharging UKC/Med. at W/S 195. – In the Cont., Conoco has fixed Lundqvist tonnage for 80,000 tons of cargo, loading June 5 ECUK, discharging UKC at W/S 160. – In Caribs, Valero for 70,000 tons of cargo, loading May 31, discharging US Gulf, has fixed M/T «St Nicholas» at W/S 172.5. – In W. Africa, Cepsa for 130,000 tons of cargo, loading June 6, discharging Spain, has fixed M/T «Sea Sprite» at W/S 150. DRY CARGO A slower trading day for Capers with very few early ships in most areas. Rates remain strong with IVS having subcontracted a 2002-built vessel for five years with Sept. delivery at USD 16,000 daily and sublet to unknown charterers for two years at USD 19,775 daily. – Panamax rates have moved lower in the Atlantic with grain charterers continuing to talk the market lower. – In the East, some very strong rates have been agreed upon. Shinwa has fixed M/V «Maritime Suaran,» 74,222 dwt, built 2002, delivery Korea end May, trip via China, redelivery Japan at USD 25,000 daily. – Easier conditions for Handymaxes in the US Gulf area, with about 12-15 vessels available till the end of the month. Rates are expected to move lower. – On Panamaxes in Far East, Daeyang has fixed M/V «Cape,» 73,048 dwt, built 1997, delivey China June 6-8 for 12-14 months’ trading at USD 14,000 daily. – In Atlantic, Dreyfus has fixed M/V «Manna,» 71,062 dwt, built 1990, delivery Argentine May 24-28, redelivery Far East at USD 19,500 daily.