ECONOMY

Shipping Report

TANKERS A quiet start to the week due to holidays in the USA and UK. – Rates on VLCCs at around W/S 70 for 270,000-ton cargoes with destinations East. – Aframaxes steady in the Med., with cargoes out of B. Sea at W/S 195 and cross Med. around W/S 180. – Stable conditions in the N. Sea with 80,000-ton cargo liftings being fixed at W/S 170. – Similar rates are being fixed in Caribs for 70,000-ton cargo liftings. – Suezmaxes steady in the Med. at W/S 180 with loadings out of B. Sea, while W. Africa still at W/S 150 for 130,000-ton cargoes irrespective of destination. – In the Med., Sibneft for 80,000 tons of cargo, loading June 2 Black Sea, discharging Med., has fixed M/T «Minerva Alexandra» at W/S 197.5. – In the Cont., Vitol has fixed M/T «Sea Pride» for 90,000 tons of cargo, loading beginning of June, discharging Atlantic at W/S 165. – In Caribs, Koch for 70,000 tons of cargo, loading June 4, discharging US Gulf, has fixed M/T «Genmar Nestor» at W/S 172.5. – In W. Africa, Hess has fixed M/T «Genmar Alta» for 130,000 tons of cargo, loading June 19, discharging Caribs at W/S 145. DRY CARGO Capesize rates in Far East are on a downtrend, with charterers fixing at softer rates. – An easier tone also prevails in the Atlantic basin. M/V «Hadera,» 166,013 dwt, built 1983, with delivery Passero June 15-30 for 12 months’ trading, has fixed at USD 17,000 daily. – Panamaxes are also at a lighter tone, with prompt tonnage in US Gulf / Cont. area and number of vessels in ballast. Dreyfus has fixed M/V «Aldebaran,» 74,677 dwt, built 2000, delivery end of May Argentina, redelivery Far East, at USD 17,000 daily and USD 140,000 ballast bonus. – Easier rates in Asia too, although rates seem steady. M/V «Marinchris,» 71,761 dwt, built 1993, delivery China end of May or beginning of June for 5-7 months’ trading, was fixed at USD 15,750 daily. – Rates on Handymax sizes in the US Gulf and S. America are seeing downward pressure too. – On Panamaxes in Far East, NKK has fixed M/V «Oriental Fortune,» 69,606 dwt, built 1996, delivery May 22-24 Japan, trip via Philippines, redelivery Far East at USD 18,000 daily. – In Atlantic, Bunge has fixed M/V «Halo Cygnus,» 73,937 dwt, built 1998, delivery US Gulf May 29-31, redelivery Egypt at USD 16,000 daily and USD 325,000 ballast bonus. – On smaller sizes, ED&F Man has fixed M/V «Sanmar Pavilion,» 36,416 dwt, built 1977, delivery at end of May India, redelivery UKC at USD 6,500 daily.