ECONOMY

Shipping Report

TANKERS As we predicted, the market on VLCCs has rebounded with several fixtures for 255-260,000-ton cargoes with destinations east at W/S 82.5. – The Suezmax market out of W. Africa remains quiet with 130,000-ton cargoes being fixed at around W/S 145. – In the Med., OMV has fixed Iran tonnage for 135,000 tons of cargo, loading June 17 Egypt, discharging Trieste at W/S 172.5. – Aframaxes stable in the Med./Cont. and Caribs are at rates for 80,000 tons at around W/S 200 / W/S 160 respectively. Caribs for 70,000-ton cargoes at W/S 240. – In the Med., Tupras for 80,000 tons of cargo, loading June 15 Libya, discharging Turkey, has fixed M/T «Velimir Skorpic» at W/S 147.5. – In the Cont., CSSA has fixed M/T «Molda» for 80,000 tons of cargo, loading June 16 N. Sea, discharging UKC, at W/S 160. – In Caribs, Exxonmobil for 70,000 tons of cargo, loading June 13 East Coast Mexico, discharging US Gulf, has fixed M/T «Bornes» at W/S 230. – In W. Africa, Exxonmobil has fixed M/T «Cap Jean» for 130,000 tons of cargo, loading June 25, discharging Med., at W/S 142.5. DRY CARGO Activity is increased on Capers, with the Capesize index rising after having fallen steadily since May 21. – In the East, M/V «Cape America,» 149,515 dwt, built 1991, delivery China 25-27 June, trip via Australia, redelivery Far East, was fixed at USD 24,000 daily, while Transfield has fixed M/V «Star Zulu,» 170,698 dwt, built 1986, delivery June 5 China for an Australian round-trip voyage at USD 23,500 daily. – Panamax market in the Atlantic appears more active with several vessels with early dates being fixed at firmer rates. Daeyang has fixed M/V «National Prestige,» 75,100 dwt, built 1995, delivery Ventspils June 5-15, redelivery Far East at USD 18,500 daily and USD 30,000 ballast bonus. – In the east, the pace is slower, though somes ships have been fixed at rates for longer round-trip voyages that are over USD 16,000 daily. – Handies/Handymaxes remain unchanged with Nordern in the Far East having fixed M/V «Valiant,» 41,455 dwt, built 1995, delivery Malaysia via Australia, redelivery Far East at USD 11,750 daily. – On Panamaxes in Far East, Pan Ocean has fixed M/V «SD Nova,» 70,108 dwt, built 1996, delivery Japan beg. June for 4-6 month period at USD 16,250 daily. – In Atlantic, Transfield has fixed M/V «Thalia,» 75,120 dwt, built 2001, delivery N. France June 10-15 for 8-10 month period at USD 15,000 daily.