ECONOMY

Shipping Report

TANKERS Freight levels are being maintained in all areas. – In the Med., because of activity out of the Black Sea, modern Aframaxes are being fixed at W/S 195 and Suezmaxes at above W/S 190 for 140,000-ton cargoes. – The Cont. remains stable, with 1980s cargoes at W/S 165-170 due to activity out of the Baltic Sea. – Suezmaxes in the N. Sea are firm with the latest fixtures at mid-W/S 150 for transatlantic voyages. – W. Africa on Suezmaxes is moving upward, with Sun having fixed M/T «Front Emperor» for 130,000 tons of cargo, loading June 21, discharging USAC, at W/S 157.5. – Caribs appear active, with Aframax rates firm up to W/S 230. – VLCCs stable with PTT having fixed M/T «C. Achiever» for 270,000 tons of cargo, loading June 16, discharging Thailand, at W/S 98. – In the Med., Most has fixed M/T «Alfa Italia» for 80,000 tons of cargo, loading June 11 Egypt, discharging Italy, at W/S 192.5. – In the Cont., Gunvor for 80,000 tons of cargo, loading June 7 Baltic, discharging UKC, has fixed M/T «Olympic Spirit II» at W/S 180. – In Caribs, Chevtex has fixed M/T «Nordocean» for 70,000 tons of cargo, loading June 9 East Coast Mexico, discharging USAC, at W/S 175. – In W. Africa, NGT for 130,000 tons of cargo, loading June 28, discharging Japan, has fixed M/T «Sea Prince» at W/S 147.5. DRY CARGO Charterers on Capers are aggressively talking the market lower. In the last two days, the Capesize index has lost 174 points, moving below 3,000 points. – There are rumors that Chinese operators have «dumped ships and cargoes» in the last days, thus providing the market with oversupply tonnage. – On Panamaxes, rates also are dropping. In the Atlantic, present levels for round-trip voyages are at about USD 15,000 daily and for destinations east at USD 17,000. – In the Far East, there is a tone of uncertainty, with a number of early ships available. Trading is low, although brokers believe that few cargoes are expected and that the oversupply will be absorbed. – On Handies, the picture is similar, with fewer cargoes being quoted. – On Panamaxes in Far East, NYK has fixed M/V «Far Eastern Express,» 69,310 dwt, built 1992, delivery June 5-7 Taiwan, redelivery Japan, at USD 16,900 daily. – In Atlantic, Bunge has fixed M/V «Irene,» 65,671 dwt, built 1993, delivery Argentine end May, redelivery UKC/Med., at USD 14,000 daily and USD 300,000 ballast bonus. – On smaller sizes, MCL has fixed M/V «Dover Castle,» 41,800 dwt, built 1982, delivery S. Africa June 10-15, redelivery UKC, at USD 11,750 daily.